Chapter 1 Discussion Questions
1. The three stories discussed shown that entrepreneurial opportunity can be done in different ways. For example, Alex Calderwood uses his creativity in developing Ace Hotel. Also, through providing a low range of price and a different design of the hotel, it provides customer a sense of uniqueness on the hotel. In Shannon Guderian’s story, Guderian saw the need for the parts of latest model cars. With his interest in Ford Mustang, and the support of his friends, he started Late Model Restoration Supply. Jerry Murrell’s Five Guys Burgers and Fries discussed about the product quality control and also its consistency of the product and services. With these ...view middle of the document...
The individual will never be satisfied with the accomplishment he or she had gained, because there is always something, someone, or someplace better than what we already have. In addition, an individual could also become more unethical as he or she continues to pursue their obsession. Therefore, being obsessed with one of the rewards will only lead an individual to a miserable life.
5. The main difference between an artisan entrepreneur and an opportunistic entrepreneur is that an artisan entrepreneur is mainly skillful and knowledgeable in the technical abilities, but has only the basic business knowledge; whereas an opportunistic entrepreneur excels in both technical and business skills and knowledge. Therefore, an artisan entrepreneur might start their business with their own developed skills and knowledge, and might operate a business in a way that is more traditional, whereby he or she might start the business through logic, such as the price, quality, and also their branding. An example of an artisan entrepreneur is a musician who starts a music center for kids. On the other hand, the technical and business knowledge and skills that an opportunistic entrepreneur has, could also start a business with the developed skills and knowledge, or he could seek for a market need and use that opportunity to start off a business, hence, opportunistic entrepreneur. Therefore, with the business knowledge, an opportunistic entrepreneur might operate a business in a more sophisticated way, whereby he or she would lead and gives authority in a way that would help future business growth, and be more detail in terms of accounting, marketing, etc.
6. As defined in the book, “an entrepreneur team consists of two or more people who work together as entrepreneurs on one endeavor” (Longenecker, Petty, Palic, & Hoy, 2011). With having at least another person to start up a business with, it helps to covers the any flaws that a single individual might have. For example, one individual might not be good in financing documents, but another individual from the team could cover that up. Therefore, with an entrepreneur team, the business could be easier to start up with the many talents, skills, and resources from two or more entrepreneurs.
7. Customer focus helps ensure that the business to build up the connection with the customers. When the small business is customer focus, the business would operate in way that the customers are their first priority. This would ensure that their customers’ needs are being satisfied. By being innovative, the small business provides a new product to the community, which also gives a sense of novelty to the community. This helps attract new customers towards the business.
8. The 20s to 40s are considered the best time to become an entrepreneur because during this period of time, we still have the energy to start off something new. Other than that, at this period of time, we are more adventurous and are more of a...