ENTR 510 Final Exam

uestion: Why are small businesses an important consideration for state and federal politicians? Question: Explain, in your own words, Schumpeter’s view of entrepreneurship’s role in an economy and society. Question: What are the stages …… in the model of the entrepreneurial process? What are the factors that give birth to a new enterprise and influence how it develops from an idea to a viable enterprise? Question: Explain the rationale behind the statement, “A first class team with a second-class idea is better than a second-class team with a first class idea.” Question: Why is the statement, “My startup has no competition,” always wrong? How can you find out about your competitors?. Question: What can an entrepreneur do when there are no business opportunities at all? Question: What are some of the trade-offs of the first mover’s advantage? Question: Why is marketing critical for entrepreneurs? Question: Why is the marketing done by entrepreneurs different from marketing done by established companies? Question: Explain why solo entrepreneurs are generally less successful than team players. Question: Describe the pros and cons of a dual job strategy at the early stages of the venture. Question: Three major problems your team may face are burnout, interpersonal conflicts, and family pressure. Describe how you can prevent and overcome them. Question: Inexperienced entrepreneurs often believe the misconception that a business plan is solely designed as a brochure for investors. The financial benefits of using a business plan to raise capital are well known. What are some additional benefits? Question: What are the critical risks entrepreneur’s need to identify in the business plan? Question: Explain why it is important to construct pro forma financial statements for new ventures. Question: Describe venture capital investing from the perspective of the firm’s general partners.