978-0134741086 Chapter 1 Part 2

4. Work with a team of your classmates to interview at least one entrepreneur.

Does he or she fit the model described here? Explain, giving specific examples

from your interview. (LO 2) (AACSB: Application of knowledge)

You Be the Consultant: “College: The Ideal Place to

Launch a Business”

1. One venture capitalist says that entrepreneurship can’t be taught in a regular

classroom any more than surfing can. His view is that students should get their

feet wet in the real world of entrepreneurship. What do you think? (LO 9)

(AACSB: Analytical thinking)

2. In addition to the normal obstacles of starting a business, what other barriers do

collegiate entrepreneurs face? (LO 4) (AACSB: Analytical thinking)

3. What advantages do collegiate entrepreneurs have when launching a business?

(LO 4) (AACSB: Analytical thinking)

Chapter 1, Page 12

1-2. What is an entrepreneur? Give a brief description of the entrepreneurial

profile. (LO 2) (AACSB: Reflective thinking)

In addition, other characteristics of an entrepreneurial profile include:

1-3. Inc. Magazine claims, “Entrepreneurship is more mundane than it’s sometimes

portrayed … you don’t need to be a person of mythical proportions to be very, very

successful in building a company.” Do you agree? Explain. (LO 2) (AACSB:

Analytical thinking)

1-4. What are the major benefits of business ownership? (LO 3 A) (AACSB:

Reflective thinking)

1-5. Which of the potential drawbacks to business ownership are most crucial?

(LO 3 B) (AACSB: Reflective thinking)

1-6. Describe the small business failure rate. (LO 7) (AACSB: Reflective thinking)

Chapter 1, Page 14

1-7. Outline the causes of business failure. Which problems cause most business

failures? (LO 7) (AACSB: Reflective thinking)

1-8. How does a typical entrepreneur view the possibility of business failure?

1-9. How can the small business owner avoid the common pitfalls that often lead to

business failures? (LO 8) (AACSB: Reflective thinking)

Chapter 1, Page 15

1-10. Why is it important to study the small business failure rate and to understand

the causes of small business failures? (LO 8) (AACSB: Reflective thinking)

1-11. Explain the typical entrepreneur’s attitude toward risk. (LO 8) (AACSB:

Reflective thinking)

1-12. Are you interested in some day launching a small business? (LO 8) (AACSB:

Application of knowledge)

1-13. If you are interested in launching a business, when do you intend to start it?

(LO 8) (AACSB: Application of knowledge)

1-14. If you intend to start a business, what steps can you take to increase the

likelihood that it will succeed? (LO 8) (AACSB: Application of knowledge)

Chapter 1, Page 16

Part 5: Case Studies

The following text case complements lecture and assignments for the topics presented in

this chapter.

 Case 2: Bark & Co.

Part 6: Online Videos and Podcasts

These online videos may enhance class discussion and provide additional insight for the

chapter topics. You may consider searching “entrepreneur,” “small business” along with