Posted: September 13th, 2017

Entrepreneurship

Chapter 1 Review Questions

1. Imagine that you’re the dean of your college and you’ve suggested that more entrepreneurship courses be taught throughout your college’s curriculum. You’re getting resistance from some professors who think that entrepreneurship is a fad. Make the argument that entrepreneurship isn’t a fad and is an extremely important topic.

2. Mark, a friend of yours, has always had a nagging desire to be his own boss. He has a great job with AT&T but has several ideas for new products that he can’t get AT&T interested in. Mark has done a good job saving money over the years and has over $100,000 in the bank. He asks you, “Am I crazy for wanting to leave AT&T to start my own business? How do I know that I have what it takes to be a successful entrepreneur?” What would you tell him?

3. Make a list of 10 prominent entrepreneurs (Living or Dead) who are women, minorities, or seniors (55 years or older when their firms were started). Single out one of these entrepreneurs and provide a brief overview of her or his entrepreneurial story. What did you learn about entrepreneurship by familiarizing yourself with this person’s story?

2 Discussion Questions

1. What is a product opportunity gap? How can an entrepreneur tell if a product opportunity gap exists?
2. What is an opportunity? What are the qualities of an opportunity, and why is each quality important?
3. What four environmental trends are most instrumental in creating business opportunities? Provide an example of each environmental trend and the type of business opportunity that it might help create.