Business Essays

1903 Words Jun 16th, 2012 8 Pages
Chapter Seven
Small Businesses and Entrepreneurship: Economic Rocket Fuel

Review Questions

1. Review the benefits an entrepreneur might seek in starting a new business. Which benefits are most appealing to you? Why?

2. Do you recognize any of the entrepreneurial personality characteristics in yourselves? Which ones? Do you think it’s possible for a person to develop the characteristics that he or she lacks? Why or why not?

3. What role does failure sometimes play in entrepreneurial success? What can an entrepreneur gain from failure?

4. How could you convince family and friends to support
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A huge number of successful businesses—such as Apple, The Cheesecake Factory, and eBay—were built around the personal passions of their founders. Consider your own personal passions. What do you love to do? What are you great at doing? Can you shape any of your interests into a business opportunity? Why or why not? Be sure to think big. For instance, if you love hanging out with friends and listening to music, a club promotion business might make sense for you. What steps would you need to take over the next few years to make your “dream business” real?

2. Identify a person in your neighborhood who started a business from scratch, a person who bought an existing business, and a person who bought a franchise (your local chamber of commerce can probably help you identify candidates). Interview each of the entrepreneurs to learn more about their experiences. What were the pros and cons of each approach? Would they use the same approach if they could do it over again? Why or why not? What are their long term goals? How did the actual experiences of the entrepreneurs you interviewed compare to the material in the book? Did you hear anything surprising?

3. The Global Entrepreneurship Monitor (GEM) suggests that only a small percentage of entrepreneurs launch “high expectation”

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