Daniel Miovcic
Ms.McCowen, Ms.Theobald
WPC 101
September 22, 2017
Entrepreneur mentor Rhett Trujio was viewed on September 21st 7:08 PM. Rhett Trujio
describes what is an entrepreneur. An entrepreneur is someone who is willing to take risks and
to be willing to fail and be able to communicated properly. How entrepreneurs handle
frustration seems to be a key factor in a successful business. There are two types of people who
handle frustrations properly; the opportunist and the revolutionary entrepreneur. Both are
successful ways to handle business problems and execute them properly. In addition there also
three different types of entrepreneurship. Traditional entrepreneurship, businesses that are
sim[ly out there to make money. Then there are social entrepreneurships, which essentially
wraps a community cause within a business and helps donate to a greater good. Finally there
are intrapreneurs, companies that implement entrepreneurial concepts within their corporation
(a business within a business). In addition Rhett Trujillo talked about the difference between
invention and innovation, concepts that are both truly misunderstood by students today.
Innovation is the successful commercialization of anew technology, product or service that
creates signification change in the value proposition offered to the user, while invention creates
something new that can potentially enable us to do things. Both are they ey factors to an
entrepreneurial back ground. With that being said, each idea becomes a product and the
product ends up having marketing value. Rhett Trujillo defines value as “a fair return or
equivalent in goods, services, or money for something exchanged.” and market price “ the
monetary worth of something.” Understanding the market price within a product is also one of
the key factors to look out for when selling a product. A marketing background implies certain
techniques in learning how to deal with value, and market price within a product. In addition
Mr. Trujillo compares the importance of economics and marketing. Rhett explained economics
as the worth of all benefits and rights arising from ownership. For example two types of
economic value are the utility of a good or services and power of a good or service to
command other goods, services, or money, in voluntary exchange. While marketing is and
extent to which a good or service is perceived by its customer to meet his or her needs or
wants, measured by customers willingness to pay for it. It commonly depends more on the
customers perception of the worth of the product than on its intrinsic value. Mr. Trujillo also
posed questions regarding how does one simply create value? Questions like “ When someone
buys a drill, what are they actually buying?” customers buying this product simply just want to
fix something therefore find value in buying this product. Finding value within a product is also
an important way to sell or to expand your product.
All in all the lecture provided important information on what is an entrepreneur rather
than how to become an entrepreneur. As an upcoming entrepreneur I would most definitely use
the concepts presented within the lecture to enhance my understanding on how to became a
successful business man, and how to properly handle certain situations within business or a
business corporation.
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