Deck 5: Entrepreneurship

Question 1

Assume you are writing a story about what it's really like to be an entrepreneur. To whom would you talk, and what questions would you ask?

Answer 1

The ideal person to talk to would be an individual who started a business at about the same age as the students with very little money and who had experienced a number of "ups and downs" before building a very successful business.
Among the questions one might ask are:
  What motivated you to start the business
  Where did you get the idea
  What were the major problems you experienced in starting up the business
  Which individuals were most helpful in the early stages of the business
  What, in your opinion, are the keys to success

Question 2

Conduct interviews with two entrepreneurs, asking whatever questions most interest you. Share your findings with the class. How do the interviews differ from one another, and what do they have in common?

Answer 2

Many students may not be personally familiar with any entrepreneurs, and thus the simplest way of handling this question may be to invite two local entrepreneurs to the class and have the students ask their questions in class.

Question 3

Read the text box on page 103, Some Myths About Entrepreneurs. Which myths did you believe? Do you still? Why or why not? Interview two entrepreneurs by asking each myth as a true-or-false question. Then ask students to elaborate on their answers. What did they say? What do you conclude from their answers?

Answer 3

This exercise could be handled by handing out a sheet listing the thirteen myths and asking students whether they agree or disagree with the statements.
One might also ask students whether or not they think myth #1 is, in fact, a myth. Many will argue that it is a true statement. Anyone can start a business. If one considers the incorporation of a company as its starting point, then one can start numerous businesses in a single hour. The problem, as pointed out, is surviving. The vast majority of new businesses are out of business within a year.

Question 4

With your classmates, form small teams of skunkworks. Your task is to identify an innovation that you think would benefit your school, college, or university, and to outline an action plan for bringing your idea to reality.

Question 5

Identify a business that recently folded. What were the causes of the failure? What could have been done differently to prevent a failure?

Question 6

Does franchising appeal to you? What franchises would have the most and least interest, and why?

Question 7

The chapter specified some of the changes in the external environment that can provide business opportunity (technological discoveries, lifestyle and taste changes, and so on.) Identify some important recent changes or current trends in the external environment and the business opportunities they might offer.

Question 8

Choose an Internet company with which you are familiar and brainstorm ideas for how its services or approach to business can be improved. How about starting a new Internet company altogether - what would be some possibilities?

Question 9

What is your level of personal interest in becoming an independent entrepreneur? Why did you rate yourself as you did?

Question 10

How would you assess your capability of becoming a successful entrepreneur? What are your strengths and weaknesses? How would you increase your capability?

Question 11

Most entrepreneurs learn the most important skills they need after age 21. How does this affect your outlook and plans?

Question 12

Identify and discuss new ventures that fit each of the four cells in the entrepreneurial strategy matrix.

Question 13

Brainstorm a list of ideas for new business ventures. Where did the ideas come from? Which ones are most and least viable, and why?

Question 14

Identify some businesses that have recently opened in your area. What are their chances of survival, and why? How would you advise the owners or managers of those businesses to enhance their success?