Reference no: EM131878904

Entrepreneurship & Small Business Management , Second Edition By Steve Mariotti and Caroline Glackin

Entrepreneurship and Small Business Management, Ch. 1

1. Entrepreneurs and Opportunities

Class, there are many ideas on what makes a successful entrepreneur. I have some characteristics that I feel are integral for success.

These include:

1. Do something that you love- You have to enjoy going to work if you want to be successful. If you start a business doing something that you do not like it becomes a chore and not something fun and exciting for you do on a consistent basis. Plan for fun and not duty!

2. Stay focused- an entrepreneur needs to be a person with a plan that understands the highs and lows of running a business. Most businesses do not earn a profit for several years (using around 5 years). As such the owner must have a plan for endurance and profitability in spite of the long wait.

3. Recognize an opportunity- I believe that this is the most challenging piece of the puzzle for an entrepreneur. Unfortunately, most new businesses fail within the first few years. As such it becomes imperative for business owners to recognize where they can be a success and when their idea may not be an opportunity.

One way to do this is through research. If there is an invention that you created and you think that others would purchase it research to see if anything similar is on the market.

If not, go straight to getting a patent and creating a prototype for this product. Class, what are the other ways to recognize an opportunity?150 words?

4. Plan, Plan, Plan

Planning is specifying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals.

Planning activities include analyzing current situations, anticipating the future, determining objectives, deciding in what types of activities the company will engage, choosing corporate and business strategies, and determining the resources needed to achieve the organization's goals. Plans set the stage for action and for major achievement (Bateman and Snell, 2007, p17).

Reference

Bateman and Snell. (2007). Management: Leading and Collaborating in a Competitive

World (7th ed). McGraw Hill: New Jersey

1. How to Recognize Opportunities.. Thoughts? 150 words?

Greetings Class, this chapter focuses on how an entrepreneur recognizes that an opportunity exists for a new venture. There are a number of ways to recognize a potential business opportunity. Some of these are:

1. Research trends - what are the trends either current or future in the industry in which you operate and how can you tap into these trends? How can you create a product or service based on the trends that will create a new market for you?

2. Can you find a different use for your product? If you can find different ways to use your product or service you may be able to tap into several new markets for your business.

3. Can you change your marketing plan to reach a new market? You may find that by changing your marketing strategy you are able to reach new consumers for your existing product or service.

As such class can you share other potential ways to find business opportunities and why these are viable choices for your business?

Entrepreneurship and Small Business Management, Ch. 2

3.Franchising and law? Any thoughts 150 words

4.Any topic 150 words