Chapter 1
- 1. CHAPTER 1 DISCUSSION QUESTIONS 1) In your own words, explain what an entrepreneur is. 2) In your opinion, what characteristics are required for someone to be a successful entrepreneur? 3) State 3 benefits to entrepreneurship & explain each. 4) State 3 drawbacks to entrepreneurship & explain each. 5) What are the 8 factors driving the entrepreneurial trend in our economy? 6) Define “small business.” 7) What percentage of businesses in America are considered “small?”
- 2. WHAT MAKES THE FOLLOWING BUSINESSES SUCCESSFUL?
- 11. 2) PROFITABILITY
- 12. 3) MARKET SHARE
- 14. 5) PERCEIVED VALUE / PRODUCT QUALITY
- 15. WHAT IS AN ENTREPRENEUR? -ONE WHO ORGANIZES, MANAGES, & ASSUMES THE RISKS OF A BUSINESS OR ENTERPRISE.
- 16. THE ENTREPRENURIAL PERSONALITY WHAT CHARACTERISTICS ARE NEEDED FOR AN ENTREPRENEUR TO BE SUCCESSFUL?
- 17. 1) LEADERSHIP -PREFER TO BE IN CONTROL & ACCEPT RESPONSIBILITY
- 18. 2) DARING -DESIRE TO ACCEPT MODERATE, CALCULATED RISKS
- 19. 3) CONFIDENCE -CONFIDENT IN THEIR ABILITIES & OPTIMISTIC ABOUT THEIR CHANCES TO SUCCEED “IF YOU’RE A LITTLE GUY, YOU CAN’T COMPETE WITH THE BIG GUYS. MY VIEW OF IT WAS, EXACTLY RIGHT. I WON’T BE COMPETING WITH THEM. I’LL BE MAKING SOMETHING BETTER, & THERE ARE DRINKERS WHO WILL DRINK THAT.”
- 20. 4) ENERGETIC -LONG HOURS ARE THE RULE NOT THE EXCEPTION FOR A START UP VENTURE TO SUCCEED
- 21. 5) VISIONARY -SEE POTENTIAL WHERE OTHERS SEE PROBLEMS
- 22. 6) MOTIVATED -SUCCESS IS DEFINED BY THE ACHIEVEMENT OF GOALS. MONEY IS SIMPLY A WAY OF KEEPING SCORE.
- 23. 7) TENACITY -DO NOT LET OBSTACLES DISSUADE THEM FROM ACHIEVING THEIR VISIONS
- 24. THE BENEFITS OF ENTREPRENEURSHIP
- 25. 1) TO CREATE YOUR OWN DESTINY -THE OPPORTUNITY TO “CALL THE SHOTS” & BE IN CONTROL OF YOUR OWN PROFESSIONAL CAREER.
- 26. 2) TO MAKE A DIFFERENCE -THE OPPORTUNITY TO MAKE A DIFFERENCE IN A CAUSE THAT IS IMPORTANT TO YOU.
- 27. 3) TO REACH YOUR FULL POTENTIAL -THE OPPORTUNITY TO MAKE YOUR WORK/BUSINESS AN INSTRUMENT FOR SELF-EXPRESSION & SELF- ACTUALIZATION.
- 28. 4) TO REAP IMPRESSIVE PROFITS -SELF-EMPLOYED PEOPLE ARE 4 TIMES MORE LIKEY TO BE MILLIONAIRES THAN PEOPLE WHO WORK FOR OTHERS.
- 29. 5) TO HAVE FUN -THE OPPORTUNITY TO DO WHAT YOU ENJOY & NOT HAVE WORK FEEL LIKE “WORK.” “FIND A JOB DOING WHAT YOU LOVE, & YOU’LL NEVER HAVE TO WORK A DAY IN YOUR LIFE.”
- 30. THE POTENTIAL DRAWBACKS OF ENTREPRENEURHIP
- 31. 1) UNCERTAINTY OF INCOME -NO MATTER HOW MUCH YOU DO YOUR HOMEWORK & PREPARE, THERE IS NO GUARANTEE THAT IF YOU BUILD IT, CUSTOMERS WILL COME.
- 32. 2) LONG HOURS & LOWER QUALITY OF LIFE -OFTEN, ENTREPRENEUR’S LIFE ROLES (HUSBAND, WIFE, FATHER, MOTHER) TAKE A BACK SEAT TO THEIR COMPANY ROLE.
- 33. 3) HIGH LEVELS OF STRESS -LONG HOURS, HARD WORK, & UNCERTAIN INCOME CAUSES ENTREPRENURIAL STRESS.
- 34. 4) COMPLETE RESPONSIBILITY -YOU BECAME AN ENTREPRENEUR TO BE THE “MAN/WOMAN” & HAVING ALL DECISIONS FALL ON YOUR SHOULDERS COMES WITH THE TERRITORY.
- 35. FACTORS DRIVING THE ENTREPRENEURIAL TREND IN OUR ECONOMY
- 36. 1) HERO STATUS 2) EDUCATION
- 37. 3) DEMOGRAPHICS & ECONOMICS 4) SHIFT TO A SERVICE ECONOMY
- 39. 1) AGRARIAN ECONOMY (1607-1792) COLONIAL AMERICA
- 40. 2) MANUFACTURING ECONOMY (1793-1980) THE INDUSTRIAL REVOLUTION
- 41. 3) SERVICE ECONOMY (1981-PRESENT) HIGHER EDUCATION
- 42. 5) TECHNOLOGY 6) FREEDOM
- 43. 7) E-COMMERCE 8) INTERNATIONAL OPPORTUNITIES
- 44. SMALL BUSINESS “ONE THAT EMPLOYS FEWER THAN 100 PEOPLE.” -OVER 30 MILLION (99.7%) OF BUSINESSES IN THE UNITED STATES ARE CONSIDERED “SMALL.” -SMALL COMPANIES EMPLOY 51% OF NATION’S PRIVATE SECTOR WORKFORCE. -ALMOST 90% OF SMALL BUSINESSES EMPLOY FEWER THAN 20 WORKERS. WHITE BIRCH BREWING CLIP