Part 1: Individuals who start their own firms have different reasons/motivations for doing so. However, their decisions to start their own businesses have strong impacts on the economy and society. The driving forces behind the entrepreneurial movement vary by individual, but there are some themes and motivators that are common to most. Please answer the following questions:
1. What is entrepreneurship?
2. What are the reasons that people become entrepreneurs? Which reason is given most commonly?
3. What are the characteristics of successful entrepreneurs?
4. What are the five common myths of entrepreneurship?
5. What are the four distinctive parts of the entrepreneurial process, and what is the relationship among the parts?
6. How is the demographic makeup of entrepreneurs changing in the United States? What do you believe is accounting for these changes?
7. What did Joseph Schumpeter mean by the term creative destruction?
8. Describe several examples of the impact that entrepreneurial firms have on a society. [MO1.1, MO1.2, MO1.3, MO1.4, MO1.5]
Part 2: Most entrepreneurial ventures are started in one of two ways. Some ventures are externally stimulated such as when an entrepreneur decides to launch a startup, searches for and recognizes an opportunity, and then starts a business. Other firms are internally stimulated. In this case, an entrepreneur recognizes a problem and creates a business to address the problem. Please answer the following questions:
1. Describe the three general approaches entrepreneurs use to identify opportunities.
2. What four environmental trends are most instrumental in creating business opportunities?
3. In what ways does an extensive social network provide an entrepreneur an advantage in recognizing business opportunities?
4. Briefly describe the five stages of the creative process.
5. Explain the difference between an opportunity and an idea.
6. How is a focus group used to generate new business ideas?
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