What are five of the most important characteristics of a successful entrepreneur?

What are five of the most important characteristics of a successful entrepreneur?

Books used: Start your own business 5th edition entrepreneur by the staff of Entrepreneur Media Inc. with foreword by Peter Shea, CEO(B) and The New Business Road Test 3rd edition by John Mullins (M)

Exam 1: this exam is on chapters B: 1,2,3,4,5,6,7 & M: 1,2,3

BUS 289.90 – Entrepreneurship with Mike Tumbarello Name: __________________

This is an open book/file exam. You MUST complete this exam individually, but you may use either of the two texts from the class as well as the PowerPoints, etc. posted in the Learning Units in Blackboard. Answer all of these questions. Read carefully and answer succinctly but with no “fluff.” You must type and submit to Mike @ mike.tumbarello@garrettcollege.edu in MSWord document no later than Saturday, February 29th @ 5:00 pm. Any late papers lose a grade for each day or part of day they are late. Make sure Mike can follow. Good luck and remember, due to Mike on Saturday, 2/29 by 5:00 pm the latest!

Q1.) Define an entrepreneur in three sentences or less? (5 points)

Q2.) What is the “Ultimate Question” for entrepreneurs that the Mullins text presents as the core question of that book? (5 points)

Q3.) What does the completion of a personal S.W.O.T. assessment and goal-setting do for the prospective entrepreneur? (5 points)

Q4.) List five reasons people become entrepreneurs (don’t make them up)? (5 points)

Q5.) What are five of the most important characteristics of a successful entrepreneur? (5 points)

Q6.) What are five benefits that an entrepreneur may gain from being an entrepreneur? (5 points)

Q7.) What are the Seven Domains? Fully explain two? (10 points)

Q8.) What is the basic difference between a market and an industry (5 points)

Q9.) What does the statement “Will the fish bite” mean relative to starting a business according to the Mullins test? (5 points)

Q10.) What are three (3) of the questions you should ask as part of the micro-market test? (5 points)

Q11.) What is the symbolism/meaning of the “loaf of bread” as presented in one of the PowerPoints? (5 points

Q12.) What are three (3) of the questions you should ask as part of the macro-market test? (5 points)

Q13.) Bob Wire is thinking of starting a new business putting up fences for homeowners and businesses in Garrett County. Give him five (5) pieces of advice based on what you have learned? Show me some knowledge and some thinking! (10 points)

Q14.) According to Mullins, what are the ingredients necessary for enterprise success? (5 points)

Q15.) Your friend Anne Chovey is thinking of opening-up a shoe store in Oakland, Maryland. She is about to start writing her business plan but you told her she should wait and work on some of the things you learned in Mullins BEFORE she starts her planning effort. A new business road test of sorts? Tell Anne what she should do ASAP! Mike wants to see some effort, knowledge and good thinking! (10 points)

Q16.) Define innovation and give an example? (5 points)

Q17.) How many small businesses are there in the US at this time (look it up on the Internet and show your source WWW) (5 points)

Exam 2: This exam is on chapters: M: 4,5,6,7,9,10,12,13

Q1.) What is the “Ultimate Question” for entrepreneurs that the Mullins text presents as the core question of that book? (5 points)

Q2.) What are the Seven (7) Domains? Fully explain the two associated with industry evaluation (macro and micro)? (10 points)

Q3.) List the questions as part of the new business road test for each of the seven (7) components/domains as listed in Mullins. For example, micro-market test as listed ion p49. (20 points)

Q4.) Does the industry your new venture will be a part of truly matter? How and how can Porter’s Five Factors help you determine if it is a good industry? (10 points)

Q5.) What does “best beats first mean” (a quote from Jim Collins) and what does it have to do with competitive advantage? Give an example from the text? I need to see details and good thinking here. (10 points)

Q6.) Ignatz has heard that the concept, aspirations, mission, capabilities and connections of a start-ups TEAM are critical for its success. Tell Ignatz, in a detailed, clear way, what that means and give some examples to help him understand from the three chapters on teams in Mullins? (15 points)

Q7.) Summarize the key points in Mullins chapter nine (9), tell Mike your start-up idea for the class Business Plan project and explain how these key points will potentially impact your go/no-go decision? For example, consider the deal breakers mentioned in Mullins! (10 points)

Q8.) What is entailed in a customer-based feasibility study? List at least five components. (10 points)

Q9.) How can the checklists for market and industry analysis (chapters 12, 13) help you as you apply them in the development of your4 business plan? Please give an example for both markets and industry, for your specific business idea (10 points)