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Chapter 6 Review Questions Identify the three categories of entrepreneurs

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Chapter 6 Review Questions

1. Identify the three categories of entrepreneurs. How are they different from each other? How might an entrepreneur fall into more than one category?
2. People often become entrepreneurs because they want to be their own boos and be in control of most or all of the major decisions related to their business. How might this relate to potential financial success? If there are downsides. What might they be?
3. How have globalization and information technology created new opportunities for entrepreneurs? Describe current demographic trends that suggest new goods and services for entrepreneurial businesses.
4. Identify the eight characteristics that are attributed to successful entrepreneurs. Which trait or traits do you believe are the most important for success? Why? Are there any traits that you think might actually contribute to potential failure? If so, which ones- and why?
5. When selecting a business idea, why is the advice to “do what makes you happy” and “be true to yourself” so important?
6. Suppose an entrepreneur is considering buying an existing business or franchise. Which of the eight entrepreneurial traits do you think would most apply to the person, and why?
7. Imagine that you and a partner are planning to launch a business that sells backpacks, briefcases, and soft luggage made out of recycled materials. You will need seed capital for your venture. Outline how you would use that seed capital.
8. Describe the two main types of financing that entrepreneurs may seek for their businesses. What are the risks and benefits involved with each?
9. What is an enterprise zone? Describe what types of businesses might benefit from opening in such a zone-and how their success might be interconnected.
10. What is intrapreneurship? How does it differ from entrepreneurship?