Small Business
Chapter Seven Aida Moua
Small Businesses and Entrepreneurship: Economic Rocket Fuel
Review Questions
1. Review the benefits an entrepreneur might seek in starting a new business. Which benefits are most appealing to you? Why?
Some benefits that are most appealing to me is having greater financial success, independence, flexibility, and challenge because with all of them combined, it’s beneficial to me and can help me gain more money easier.
2. Do you recognize any of the entrepreneurial personality characteristics in yourselves? Which ones? Do you think it’s possible for a person to develop the characteristics that he or she lacks? Why or why not?
Yes, I have some qualities of entrepreneurial personality characterics that are self-reliance, having confidence in myself, energy, and tolerance of failure.
It is possible for a person to develop those skills if they are devoted to changing their personality and are dedicated to learning the new skills.
3. What role does failure sometimes play in entrepreneurial success? What can an entrepreneur gain from failure?
They see it as a chance to learn and gain from their failures to become better in the future.
4. How could you convince family and friends to support your new business launch? What kind of assurances would they need? What could you do to keep the funding relationships professional?
I would convince my family and friends to support my new business launch by proving to them that I know what I’m doing and have enough experience to launch it. I could provide them with facts and experience to reassure them and I could create goals for me to reach to keep the funding relationships professional and create a business plan for them to see.
5. Beyond personal resources, what are other funding options for small businesses? Why don’t more entrepreneurs tap into these resources?
There are many other funding options such as bank loans, angel investors, and venture capital firms. Entrepreneurs don’t
Small Businesses and Entrepreneurship: Economic Rocket Fuel
Review Questions
1. Review the benefits an entrepreneur might seek in starting a new business. Which benefits are most appealing to you? Why?
Some benefits that are most appealing to me is having greater financial success, independence, flexibility, and challenge because with all of them combined, it’s beneficial to me and can help me gain more money easier.
2. Do you recognize any of the entrepreneurial personality characteristics in yourselves? Which ones? Do you think it’s possible for a person to develop the characteristics that he or she lacks? Why or why not?
Yes, I have some qualities of entrepreneurial personality characterics that are self-reliance, having confidence in myself, energy, and tolerance of failure.
It is possible for a person to develop those skills if they are devoted to changing their personality and are dedicated to learning the new skills.
3. What role does failure sometimes play in entrepreneurial success? What can an entrepreneur gain from failure?
They see it as a chance to learn and gain from their failures to become better in the future.
4. How could you convince family and friends to support your new business launch? What kind of assurances would they need? What could you do to keep the funding relationships professional?
I would convince my family and friends to support my new business launch by proving to them that I know what I’m doing and have enough experience to launch it. I could provide them with facts and experience to reassure them and I could create goals for me to reach to keep the funding relationships professional and create a business plan for them to see.
5. Beyond personal resources, what are other funding options for small businesses? Why don’t more entrepreneurs tap into these resources?
There are many other funding options such as bank loans, angel investors, and venture capital firms. Entrepreneurs don’t