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1. DEVRY ENTR 510 Week 8 Final Assignment (2
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This Tutorial contains 2 Papers
Here are the questions for your final assignment.
These questions will cover the material from
Weeks 1–7 of this course and the assignment is
due at the end of Week 8.
1. Why are small businesses an important
consideration for state and federal politicians?
2. Explain, in your own words, Schumpeter’s view
of entrepreneurship’s role in an economy and
society.

2. 3. What are the stages described in the model of
the entrepreneurial process? What are the factors
that give birth to a new enterprise and influence
how it develops from an idea to a viable
enterprise?
4. Explain the rationale behind the statement, “A
first class team with a second-class idea is better
than a second-class team with a first-class idea.”
5. Why is the statement, “My startup has no
competition,” always wrong? How can you find out
about your competitors?
6. What can an entrepreneur do when there are no
business opportunities at all?
7. What are some of the trade-offs of the first
mover’s advantage?
8. Why is marketing critical for entrepreneurs?
9. Why is the marketing done by entrepreneurs
different from marketing done by established
companies?
10. Explain why solo entrepreneurs are generally

3. less successful than team players.
11. Describe the pros and cons of a dual job
strategy at the early stages of the venture.
12. Three major problems your team may face are
burnout, interpersonal conflicts, and family
pressure. Describe how you can prevent and
overcome them.
13. Inexperienced entrepreneurs often believe the
misconception that a business plan is solely
designed as a brochure for investors. The financial
benefits of using a business plan to raise capital
are well known. What are some additional
benefits?
14. What are the critical risks entrepreneurs need
to identify in the business plan?
15. Explain why it is important to construct pro
forma financial statements for new ventures.
16. Describe venture capital investing from the
perspective of the firm’s general partners.
17. Name the ways of valuing a business, and

4. explain why none of them can be called ideal.
18. Give a list and a brief description of the
possible ways to finance a new venture.
19. Provide a list of criteria an ideal candidate for
venture capital has to meet.
20. To qualify for assistance from the Small
Business Administration, the proceeds of an SBA-
guaranteed loan must be used for what purpose?
21. What are the pros and cons of patenting a
product?
22. List the common business entities and describe
them.