Understanding Business
11th Edition
ISBN: 9780078023163
Author: William G Nickels, James McHugh, Susan McHugh
Publisher: McGraw-Hill Education
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Question
Chapter 6, Problem 2CT
Summary Introduction
To think critically about: The similarities between the characteristics demanded of an entrepreneur and those of a professional athlete and the importance of teamwork in an entrepreneurial effort.
Introduction:
The person who risks time and money to start and manage a business is known as an entrepreneur.
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Students have asked these similar questions
To what extent do good intentions make an entrepreneurial venture ethical? Do you agree that the Buy One Give One business model may have unintended consequences?
Are there any similarities between the characteristics demanded of an entrepreneur and those of a professional athlete? Would an athlete be a good prospect for entrepreneurship? Why or why not? Could teamwork be important in an entrepreneurial effort? Why or why not?
4. What are the characteristics of the marketplace?
characteristics of the marketplace you are about to enter, and not just about entrepreneurial
brilliance. If you decide to enter into a declining market that is full of strong competition, you will
multiply your chances of failure. On the other hand, enter into a market that is merging, growing,
and has few competitors and you will stand a higher chance of being successful. Features of the
marketplace you are about to enter? Is the market growing, or receding in size? If it's growing,
among which age and income groups. Do you have to know if the marketplace is shifting from
offline to online delivery? If so is the traditional marketplace moving towards the website, mobile,
and/or tablets.
Chapter 6 Solutions
Understanding Business
Ch. 6.1 - Prob. 6.1AQCh. 6.1 - Prob. 6.1BQCh. 6.1 - Prob. 6.1CQCh. 6.1 - Prob. 6.1DQCh. 6.1 - Prob. 6.1EQCh. 6.1 - Prob. 1TPCh. 6.1 - Prob. 2TPCh. 6.1 - Prob. 3TPCh. 6.1 - Prob. 4TPCh. 6.2 - Prob. 6.2AQ
Ch. 6.3 - Prob. 1MEDCh. 6.4 - Prob. 6.4AQCh. 6.4 - Prob. 6.4BQCh. 6.4 - Prob. 5TPCh. 6.5 - Prob. 6TPCh. 6.5 - Prob. 7TPCh. 6 - Prob. 1CTCh. 6 - Prob. 2CTCh. 6 - Prob. 3CTCh. 6 - Prob. 1DWSCh. 6 - Prob. 2DWSCh. 6 - Prob. 3DWSCh. 6 - Prob. 4DWSCh. 6 - Prob. 5DWSCh. 6 - Prob. 1TITCh. 6 - Prob. 2TITCh. 6 - Prob. 1VCCh. 6 - Prob. 2VCCh. 6 - Prob. 3VC
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- Entrepreneurial challenges that a new business can encounter in the first year of activity. How can an entrepreneur overcome these challenges.arrow_forwardWhat are some of the obstacles that must be overcome to establish a corporate entrepreneurial environment?arrow_forwardDetermine the characteristics that entrepreneurs need in order for their businesses to be profitable. How can these qualities be fostered in the company's employees?arrow_forward
- With the concepts you learned about Entrepreneurship, read and answer the following questions base on your opinion. Do you know someone who is an entrepreneur? How do you think an entrepreneur benefits from his/her business? Why should an entrepreneur be a leader, a communicator, a specialist, and a problem solver? If you could add one more from the common traits that entrepreneurs should have, what would it be and why?arrow_forwardEveryone has the same chance to identify entrepreneur opportunities. However, those who have high level of entrepreneur alertness are likely to identify potential entrepreneurial opportunities. True or False?arrow_forwardDiscuss an aspect of entrepreneurship that you found particularly interesting or useful for those starting a new business. Explain how you think it would help a young, budding entrepreneur.arrow_forward
- Consider a highly successful person. Which aspects of his or her success are due to luck and which come from dedication? How does your passion relate to your desired impact? What is an Entrepreneurial Mindsetarrow_forwardExplain the pros and cons of being an entrepreneur. How would you determine if an individual possesses the characteristics that it takes to creating their own business (self-direction, level of uncertainty, etc.)?arrow_forward3. Why doesn’t being smart easily translate into being rich? 4. How do entrepreneurial dimensions of individuals, environments, and organizations interact to produce new ventures?arrow_forward
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