I have reviewed all.
Chapter 7 Review Questions
1.Review the benefits an entrepreneur might seek in starting a new business. Which benefits are most appealing to you? Why?
There are many benefits people seek when they start a new business. In this economy the idea of an income stream that one manages and controls holds great motivation. The idea of doing work that one enjoys is also a benefit people seek, as is the ability to be in charge of one’s time, efforts, and the structure of the organization. Many entrepreneurs may have visions of making great fortunes, but must simply want to do something they love, have more control over their careers, fulfill visions and goals they have, or create new products or services they believe there is a good market for.
For me personally, the idea of controlling my own schedule is the greatest benefit to starting a new business. With a family and children the standard 8 AM to 5 PM work schedule does not work well. In fact, having a better work-life balance is the top reason many people often start their own businesses (Kenny, 2010). Further, the ability to work out of my home, particularly as the work I would do could easily be done using only a computer and my knowledge, would help me be available for my children’s school productions, meetings, and other needs. These factors are very important and are the most appealing benefits I would find from starting a new business.
Kenny, M. (2010). 10 Benefits Of Having Your Own Home-Based Internet Business. Retrieved November 4, 2010, from http://ezinearticles.com/?10-Benefits-Of-Having-Your-Own-Home-Based-Internet-Business&id=157115
2.Do you think it's possible for a person to develop entrepreneurial characteristics that he or she lacks? Why or why not?
It is always possible for a person to develop and improve characteristics he or she does not have. No one person may ever possess all of the characteristics that he or she will need to be a success in their chosen career path. When a person becomes an entrepreneur, however, he or she often needs to have multiple characteristics. Entrepreneurial characteristics include motivation, budgeting, planning, customer service, sales ability, marketing, promotion, and creativity (Stephenson, 2010). However, people who have some of these characteristics often do not have the others.
Persons who can plan and budget well, for example, tend to be viewed as “doers,” people who get things done, but those who are creative, inventive, and easily excited or motivated tend to be viewed as “feelers,” who are great with interpersonal skills and people tend to be either doers or feelers, but not both (Huling, 2005). Because so many people can develop effective businesses, however, this means that doers and feelers must be able to balance out their strong skills with their weaker skills. This means that they need to improve and strengthen those characteristics that are difficult for them to master, such as people skills or budgeting skills. Only in this way can most people develop a new business in many cases.
Huling, E. (2005). The psychology of getting work done. Rough Notes. Retrieved November 4, 2010, from http://www.sellingstrategies.com/articles/psychology_of_getting_work_done.htm
Stephenson, J. (2010). 25 Common Characteristics of Successful Entrepreneurs. Entreprenuer. Retrieved November 4, 2010, from http://www.entrepreneur.com/homebasedbiz/article200730.html
3.What role does failure sometimes play in entrepreneurial success? What can an entrepreneur gain from failure?
Experience is a great teacher. Painful lessons, in particular, often provide the best learning experiences because people remember them in specific detail. A 2007 study at the University of North Carolina at Chapel Hill found that painful memories are the hardest for people to forget (Painful, 2007). When one fails, therefore, one often recalls exactly how the failure began and the decisions one made…