Chapter 1
- 1. CHAPTER 1 DISCUSSION QUESTIONS 1) In your opinion, what are 3 companies that you feel are successful & why? 2) In your own words, explain what an entrepreneur is. 3) In your opinion, what characteristics are required for someone to be a successful entrepreneur? 4) State 3 benefits to entrepreneurship & explain each. 5) State 3 drawbacks to entrepreneurship & explain each. 6) The chapter outlines 8 factors driving the entrepreneurial trend in our economy. Choose 4 & explain them. 7) Define “small business.” 8) What percentage of businesses in America are considered “small?” UNDER ARMOUR DISCUSSION QUESTIONS 1) Who founded Under Armour? 2) In whose basement did the founder start the company? 3) What former NFL quarterback is creditied with giving Under Armour its first big media plug? 4) What college was Under Armour's first big contract with? 5) In 2008 26,000 people applied to work at Under Armour, how many were hired? 6) What percentage of the market share in the performance apparel category does Under Armour own?
- 2. WHAT MAKES A COMPANY/BUSINESS SUCCESSFUL?
- 13. DETJEN’S SUCCESSFUL BUSINESS ATTRIBUTES
- 15. 2) PROFITABILITY
- 16. 3) MARKET SHARE
- 18. 5) PERCEIVED VALUE / PRODUCT QUALITY
- 19. WHAT IS AN ENTREPRENEUR? -ONE WHO ORGANIZES, MANAGES, & ASSUMES THE RISKS OF A BUSINESS OR ENTERPRISE.
- 20. THE ENTREPRENURIAL PERSONALITY WHAT CHARACTERISTICS ARE NEEDED FOR AN ENTREPRENEUR TO BE SUCCESSFUL?
- 21. MYERS-BRIGGS TYPE INDICATOR TEST (JUNG TYPOLOGY TEST) 4 DICHOTOMIES E XTRAVERSION I NTROVERSION S ENSING I N TUITION T HINKING F EELING J UDGMENT P ERCEPTION
- 22. 1) LEADERSHIP -PREFER TO BE IN CONTROL & ACCEPT RESPONSIBILITY
- 23. 2) DARING -DESIRE TO ACCEPT MODERATE, CALCULATED RISKS
- 24. 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.”
- 25. 4) ENERGETIC -LONG HOURS ARE THE RULE NOT THE EXCEPTION FOR A START UP VENTURE TO SUCCEED
- 26. 5) VISIONARY -SEE POTENTIAL WHERE OTHERS SEE PROBLEMS
- 27. 6) MOTIVATED -SUCCESS IS DEFINED BY THE ACHIEVEMENT OF GOALS. MONEY IS SIMPLY A WAY OF KEEPING SCORE.
- 28. 7) TENACITY -DO NOT LET OBSTACLES DISSUADE THEM FROM ACHIEVING THEIR VISIONS
- 29. THE BENEFITS OF ENTREPRENEURSHIP
- 30. 1) TO CREATE YOUR OWN DESTINY -THE OPPORTUNITY TO “ CALL THE SHOTS ” & BE IN CONTROL OF YOUR OWN PROFESSIONAL CAREER.
- 31. 2) TO MAKE A DIFFERENCE -THE OPPORTUNITY TO MAKE A DIFFERENCE IN A CAUSE THAT IS IMPORTANT TO YOU.
- 32. 3) TO REACH YOUR FULL POTENTIAL -THE OPPORTUNITY TO MAKE YOUR WORK/BUSINESS AN INSTRUMENT FOR SELF-EXPRESSION & SELF-ACTUALIZATION.
- 33. 4) TO REAP IMPRESSIVE PROFITS -SELF-EMPLOYED PEOPLE ARE 4 TIMES MORE LIKEY TO BE MILLIONAIRES THAN PEOPLE WHO WORK FOR OTHERS.
- 34. 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. ”
- 35. THE POTENTIAL DRAWBACKS OF ENTREPRENEURHIP
- 36. 1) UNCERTAINTY OF IMCOME -NO MATTER HOW MUCH YOU DO YOUR HOMEWORK & PREPARE, THERE IS NO GUARANTEE THAT IF YOU BUILD IT, CUSTOMERS WILL COME.
- 37. 2) LONG HOURS & LOWER QUALITY OF LIFE -OFTEN, ENTREPRENEUR ’ S LIFE ROLES (HUSBAND, WIFE, FATHER, MOTHER) TAKE A BACK SEAT TO THEIR COMPANY ROLE.
- 38. 3) HIGH LEVELS OF STRESS -LONG HOURS, HARD WORK, & UNCERTAIN INCOME CAUSES ENTREPRENURIAL STRESS.
- 39. 4) COMPLETE RESPONSIBILITY -YOU BECAME AN ENTREPRENEUR TO BE THE “ MAN/WOMAN ” & HAVING ALL DECISIONS FALL ON YOUR SHOULDERS COMES WITH THE TERRITORY.
- 40. FACTORS DRIVING THE ENTREPRENEURIAL TREND IN OUR ECONOMY
- 41. 1) HERO STATUS 2) EDUCATION
- 42. 3) DEMOGRAPHICS & ECONOMICS 4) SHIFT TO A SERVICE ECONOMY
- 44. AGRARIAN ECONOMY (1607-1792) COLONIAL AMERICA
- 45. 2) MANUFACTURING ECONOMY (1793-1980) THE INDUSTRIAL REVOLUTION
- 46. 3) SERVICE ECONOMY (1981-PRESENT) HIGHER EDUCATION
- 47. 5) TECHNOLOGY 6) FREEDOM
- 48. 7) E-COMMERCE 8) INTERNATIONAL OPPORTUNITIES
- 49. SMALL BUSINESS “ ONE THAT EMPLOYS FEWER THAN 100 PEOPLE.” -OVER 30 MILLION OR 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.