Chapter 1 Application Questions

2. Imagine that you’re the dean of your college and you’ve suggested that more

entrepreneurship courses be taught throughout your college’s curriculum. You’re getting

resistance from some professors who think that entrepreneurship is a fad. Make the

argument that entrepreneurship isn’t a fad and is an extremely important topic.

This may be true it might be a fad right now for all these entrepreneurships to start up.

But some of those business had made millions of dollars for people and have led to great things

where they have benefited all of us. And a class about entrepreneurship will help students

understand the whole background when it comes to a business. They will understand what it

takes to run a business and what it takes to start up a business. This could help them in all

aspects not just the aspect of them starting up a business. But this also gives them the option to

fall back on or if down the line they do want to start a business they will know the proper

channels they will have to take to reach their goals of being an entrepreneur.

5. Mark, a friend of yours, has always had a nagging desire to be his own boss. He has a good

job with AT&T but has several ideas for new products that he can’t get AT&T interested in.

Mark has done a good job saving money over the years and has over $100,000 in the bank. He

asks you, “Am I crazy for wanting to leave AT&T to start my own businesses? How do I know

that I have what it takes to be a successful entrepreneur?” What would you tell him?

What I would tell Mark is yes it can be a little crazy. But you never know if your ideas

could turn into something great unless you put yourself out there and try. I would say go for it,

but remember you will have to work twice as hard and if you have the drive and passion you
will be fine. It’s going to take a lot of hard work and won’t happen overnight. But you will never

know how it will turn out until you try it. And you have been planning for being an entrepreneur

for a while, so you have done the things you need to see if you will make it or not. But one thing

is I would make sure you have a good business plan in place so you know all the steps you need

to take and then reach for your goals.

7. People are sometimes puzzled by the fact that entrepreneurs who have made millions of

dollars still put in 60- to 80-hour weeks helping their companies innovate and grow. After

reading the chapter, why do you think millionaire and multimillionaire entrepreneurs still get

up and go to work every day? If you were one of these entrepreneurs, do you think you would

feel the same way? Why or why not?

They work every day and put in the long hours to make sure their business continues to

grow. They put everything they had into it, and don’t want to see it fail they want to continue to

see it grow and be something bigger than they ever imagined. They know the hard work it takes

and are used to putting in the long hours to make that business grow, so its second nature to

them. Yes, I know I would feel the same way. I would work so hard to make sure my business

grows and so the employees I have will continue to have a job. I will know if I ever start my own

business I will work even more than I do now and it is something I am willing to do to be

successful.

9. You just made a trip home and are visiting with your dad. He is 59 years old and has spent

the past 12 years working in various management positions for Target. Prior to that, he

severed 20 years in the U.S. Marine Corps. Your fathers have always loved to fish and has
several ideas for new fishing tackle and hear. He’s made several prototypes of his ideas and

has received positive feedback from other fishermen. He wonders if he is too old to start a

firm and if his management experience and his military background will help him or hurt him

in a new-venture context. If your dad asked you for your advice, what would you tell him?

I would tell my dad to go for it. At this point in his life he needs to reach for his goals and

try everything he can do fulfill his dreams. I think his background managing people is great for

running a business. He will know what it takes to keep employees happy and how a business

needs to be ran to be successful. Also, the military background will show he is willing to work

hard and knows things just don’t come easy. But if he is doubting himself in any way to go and

take a business class just so he knows what to expect and some things he’s going to need to do.