Answer Questions about Entrepreneurship

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1) What does evidence show us about the rate of failure associated with entrepreneurial ventures?

2) What are four primary traits and characteristic of successful entrepreneurs?

3) How can ‘solving a problem’ create a business opportunity for an entrepreneur to pursue?

4) In what ways does prior industry experience provide an entrepreneur an advantage in recognizing business opportunities? Can prior experience be a handicap? Explain how.

5) What are the two ways that entrepreneurs assess the likely product demand for the proposed product or service they are analyzing?

6) What are the attributes or characteristics of an attractive industry for a new venture?

7) What is a company’s “basis of differentiation” (value proposition) and what is the importance of this part of a business template? Give examples of how a firm can differentiate its product or service.

8) How are a firm’s core strategy and its mission related to each other as parts of a business template?

9) What are the five forces that determine an industry’s likely profitability?

10) What are the characteristics of a mature industry?

11. What elements make up the “Climate of Performance”? Are these same elements related to innovation?

12. When Anheiser-Bush (Eagle Brand Snacks) entered the snack food industry …competing against Frito Lay….what mistake did they make…in other words…why did this venture fail?

13. What is the most important step in the “rational problem solving/decision-making process”? How can we do a better job with this step?

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