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Product Description ENTR 510 Week 8 Final Assignment ENTR 510 Week 8 Final Assignment 1. Why are small businesses important to our economy? Provide an example of a company making an impact on the economy. 2. Explain, in your own words, Schumpeter’s view of entrepreneurship. Provide an example of your start-up and how it fits or does not fit within Schumpeter’s view.
3. What are the stages described 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? 4. Why does a start-up need a first-class team? What are some preferred skills team members need to function in a start-up? 5. Why does a start-up always have competition? What is the difference between direct and indirect competitors? How can you find out about your competitors? 6. What can an entrepreneur do when there are no business opportunities at all? 7. Explain the first mover’s advantage? Provide an example of a company that operated in the firstmover advantage. 8. Why is talking with customers critical for entrepreneurs? 9. Why is the marketing done by entrepreneurs different from marketing done by established companies? 10. Explain why team players are generally more successful than solo entrepreneurs. 11. Describe the pros and cons of having two jobs at the early stages of the venture. 12. Three major problems your team may face are burnout, interpersonal conflicts, and family pressure. Describe how you can prevent and overcome them. 13. Why do some start-ups use business plans and others do not? 14. What are the critical risks entrepreneurs need to identify in the business plan? Provide examples of ways entrepreneurs can overcome those risks. 15. Explain why it is important to construct pro forma financial statements for new ventures. 16. Describe venture capital investing from the perspective of the firm’s general partners. 17. Name the ways of valuing a business. Explain why none of them are ideal. 18. Provide a brief description of the various ways to capitalize a new venture. 19. Name at least eight criteria an ideal candidate for venture capital has to meet. 20. To qualify for assistance from the Small Business Administration, the proceeds of an SBAguaranteed loan must be used for what purpose? 21. What are the pros and cons of patenting a product? 22. List the common business entities and describe them