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ENTR 510-Entrepreneurship and New Ventures- Final Assignment-2021-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, meaningENTR 510- Final Assignment Neeraj Rao 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. 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 [Show More]

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