ENTR 510 Week 8 Final Assignment 2020/2021-All Answers Coreect(Already Graded A+)

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1. Why are small businesses an important consideration for state and federal politicians? There are numerous reasons as to why small businesses are an important consideration for state and federal ... politicians. For starters, small businesses make up half of the work force, meaning that it helps the economy. Politicians need to provide special attention to small businesses because they are a stabilizing force in the economy. Small businesses keep unemployment rates low and it puts money back into the economy. By showing support of small businesses, politicians can win over hundreds of thousands of workers. 2. Explain, in your own words, Schumpeter’s view of entrepreneurship’s role in an economy and society. The role of an entrepreneur according to Schumpeter is a person who is an innovator in society and plays a very significant role in the development of the economy. The entrepreneur comes with new ideas or concepts to turn the small businesses in the society into very a big enterprise that employ thousands of people in the society. 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? The stages are in the entrepreneurial process are: idea generation, evaluation of the opportunity, formation of the company and lastly the growth of the company. There are four major factors which are: Personal, Environmental, Sociological and organizational.ENTR 510- Final Assignment Michael Smith 4. 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.” Given a situation where you have identified an excellent opportunity; if your team lacks the experience to implement it, you will not be able to use all of the idea’s potential or may even fail. The crucial ingredients for entrepreneurial success are an excellent entrepreneur with a firstrate management team and an excellent market opportunity. Entrepreneurship is not a matter of luck, but an ability to combine your experience knowledge to bring the idea to life. 5. Why is the statement, “My startup has no competition,” always wrong? How can you find out about your competitors? Competition is everywhere these days, some startups fail to keep up and ultimately fold under pressure. Even if you feel that you don’t have any competition right now, there is always a possible that someone will enter the market at any time. You can find out about your competitors by employing competitors’ employees, learning from competitors’ customers, and attending conferences and exhibitions of competition. Competition can be really healthy, and I think it actually pushes companies to work that much harder. Your strategy is especially crucial in regards to how you deal with competition. It is important to set yourself up in a way that interests your niche market? 6. What can an entrepreneur do when there are no business opportunities at all? When an entrepreneur thinks there are “no business opportunities at all”, they should look at opportunities that are already in existence and expand on these opportunities and make them better. It is important to look at an idea in two ways: first, to consider the initial inspiration for the business, and second, the con [Show More]

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