1. 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?”

2. WHAT MAKES A COMPANY/BUSINESS SUCCESSFUL?

3. SUCCESSFUL BUSINESS ATTRIBUTES

5. 2) PROFITABILITY

6. 3) MARKET SHARE

7. 4) BRAND RECOGNITION

8. 5) PERCEIVED VALUE / PRODUCT QUALITY

9. WHAT IS AN ENTREPRENEUR? -ONE WHO ORGANIZES, MANAGES, & ASSUMES THE RISKS OF A BUSINESS OR ENTERPRISE.

10. THE ENTREPRENURIAL PERSONALITY WHAT CHARACTERISTICS ARE NEEDED FOR AN ENTREPRENEUR TO BE SUCCESSFUL?

11. 1) LEADERSHIP -PREFER TO BE IN CONTROL & ACCEPT RESPONSIBILITY

12. 2) DARING -DESIRE TO ACCEPT MODERATE, CALCULATED RISKS

13. 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.”

14. 4) ENERGETIC -LONG HOURS ARE THE RULE NOT THE EXCEPTION FOR A START UP VENTURE TO SUCCEED

15. 5) VISIONARY -SEE POTENTIAL WHERE OTHERS SEE PROBLEMS

16. 6) MOTIVATED -SUCCESS IS DEFINED BY THE ACHIEVEMENT OF GOALS. MONEY IS SIMPLY A WAY OF KEEPING SCORE.

17. 7) TENACITY -DO NOT LET OBSTACLES DISSUADE THEM FROM ACHIEVING THEIR VISIONS

18. THE BENEFITS OF ENTREPRENEURSHIP

19. 1) TO CREATE YOUR OWN DESTINY -THE OPPORTUNITY TO “ CALL THE SHOTS ” & BE IN CONTROL OF YOUR OWN PROFESSIONAL CAREER.

20. 2) TO MAKE A DIFFERENCE -THE OPPORTUNITY TO MAKE A DIFFERENCE IN A CAUSE THAT IS IMPORTANT TO YOU.

21. 3) TO REACH YOUR FULL POTENTIAL -THE OPPORTUNITY TO MAKE YOUR WORK/BUSINESS AN INSTRUMENT FOR SELF-EXPRESSION & SELF-ACTUALIZATION.

22. 4) TO REAP IMPRESSIVE PROFITS -SELF-EMPLOYED PEOPLE ARE 4 TIMES MORE LIKEY TO BE MILLIONAIRES THAN PEOPLE WHO WORK FOR OTHERS.

23. 5) TO HAVE FUN -THE OPPORTUNITY TO DO WHAT YOU ENJOY & NOT HAVE WORK FEEL LIKE “ WORK. ” “ FIND A JOB DOING WHAT YOU LOVE, & YOU ’ LL NEVER HAVE TO WORK A DAY IN YOUR LIFE. ”

24. THE POTENTIAL DRAWBACKS OF ENTREPRENEURHIP

25. 1) UNCERTAINTY OF IMCOME -NO MATTER HOW MUCH YOU DO YOUR HOMEWORK & PREPARE, THERE IS NO GUARANTEE THAT IF YOU BUILD IT, CUSTOMERS WILL COME.

26. 2) LONG HOURS & LOWER QUALITY OF LIFE -OFTEN, ENTREPRENEUR ’ S LIFE ROLES (HUSBAND, WIFE, FATHER, MOTHER) TAKE A BACK SEAT TO THEIR COMPANY ROLE.

27. 3) HIGH LEVELS OF STRESS -LONG HOURS, HARD WORK, & UNCERTAIN INCOME CAUSES ENTREPRENURIAL STRESS.

28. 4) COMPLETE RESPONSIBILITY -YOU BECAME AN ENTREPRENEUR TO BE THE “ MAN/WOMAN ” & HAVING ALL DECISIONS FALL ON YOUR SHOULDERS COMES WITH THE TERRITORY.

29. FACTORS DRIVING THE ENTREPRENEURIAL TREND IN OUR ECONOMY

30. 1) HERO STATUS 2) EDUCATION

31. 3) DEMOGRAPHICS & ECONOMICS 4) SHIFT TO A SERVICE ECONOMY

32. AMERICA’S ECONOMIES

34. 2) MANUFACTURING ECONOMY (1793-1980) THE INDUSTRIAL REVOLUTION

35. 3) SERVICE ECONOMY (1981-PRESENT) HIGHER EDUCATION

36. 5) TECHNOLOGY 6) FREEDOM

37. 7) E-COMMERCE 8) INTERNATIONAL OPPORTUNITIES

38. 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.