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?”
WHAT IS AN ENTREPRENEUR? -ONE WHO ORGANIZES, MANAGES, & ASSUMES THE RISKS OF A BUSINESS OR ENTERPRISE.
THE ENTREPRENURIAL PERSONALITY WHAT CHARACTERISTICS ARE NEEDED FOR AN ENTREPRENEUR TO BE SUCCESSFUL?
1) LEADERSHIP -PREFER TO BE IN CONTROL & ACCEPT RESPONSIBILITY
2) DARING -DESIRE TO ACCEPT MODERATE, CALCULATED RISKS
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.”
4) ENERGETIC -LONG HOURS ARE THE RULE NOT THE EXCEPTION FOR A START UP VENTURE TO SUCCEED
5) VISIONARY -SEE POTENTIAL WHERE OTHERS SEE PROBLEMS
6) MOTIVATED -SUCCESS IS DEFINED BY THE ACHIEVEMENT OF GOALS. MONEY IS SIMPLY A WAY OF KEEPING SCORE.
7) TENACITY -DO NOT LET OBSTACLES DISSUADE THEM FROM ACHIEVING THEIR VISIONS
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.