Reference no: EM133186659

Discussion questions

1. Why are most small businesses found in the service-producing sector? Identify five small service-producing businesses that you patronize frequently. What kinds of small businesses are found in the goods-producing sector? What small goods-producing firms do you do business with regularly?

2. why do some businesses succeed while others fail? Identify three factors that you believe to be the most critical to business success. Why did you select these factors? Identify three factors that you believe to be primarily responsible for business failures and indicate why you selected these factors.

3. Do you have what it takes to be an entrepreneur? To find out, start by reviewing the following list of characteristics commonly attributed to entrepreneurs:

• They are creative people who sometimes accomplish extraordinary things because they're passionate about what they're doing.

• They are risk-taking optimists who commit themselves to working long hours to reach desired goals.

• They take pride in what they're doing and get satisfaction from doing something they enjoy.

• They have the flexibility to adjust to changing situations to achieve their goals. We'll also add that entrepreneurs usually start small.

They begin with limited resources and build their businesses through personal effort.

At the end of the day, their success depends on their ability to manage and grow the organization that they created to implement their vision.

Now use the following three-point scale to indicate the extent to which each of these attributes characterizes you:

1. It doesn't sound like me.

2. It sounds like me to a certain extent.

3. It sounds a lot like me.

Based on your responses, do you think that you have the attributes of an entrepreneur? Do you think you could be a successful entrepreneur? Why, or why not?

4. Consider the things that the principal of your old high school had to do to ensure that the school met the needs of its students. Identify these activities and group them by the four functions of management: planning, organizing, directing, and controlling.