1. Why are small businesses an important consideration for state and federal politicians?

2. Explain, in your own words, Schumpeter's view of entrepreneurship's role in an economy and society.

3. What are the stages described in the model of the entrepreneurial process? What are the factors that give birth to a new enterprise and influence how it develops from an idea to a viable enterprise?

4. Explain the rationale behind the statement, "A first class team with a second class idea is better than a second class team with a first class idea."

5. Why is the statement, "My startup has no competition," always wrong? How can you find out about your competitors?

6. What can an entrepreneur do when there are no business opportunities at all?

7. What are some of the trade-offs of the first mover's advantage?

8. Why is marketing critical for entrepreneurs?

9. Why is the marketing done by entrepreneurs different from marketing done by established companies?

10. Explain why solo entrepreneurs are generally less successful than team players.

11. Describe the pros and cons of a dual job strategy at the early stages of the venture.

12. Three major problems your team may face are burnout, interpersonal conflicts, and family pressure. Describe how you can prevent and overcome them.

13. Inexperienced entrepreneurs often believe the misconception that a business plan is solely designed as a brochure for investors. The financial benefits of using a business plan to raise capital are well known. What are some additional benefits?

14. What are the critical risks entrepreneurs need to identify in the business plan?

15. Explain why it is important to construct pro forma financial statements for new ventures.

16. Describe venture capital investing from the perspective of the firm's general partners.

17. Name the ways of valuing a business, and explain why none of them can be called ideal.

18. Give a list and a brief description of the possible ways to finance a new venture.

19. Name at least eight criteria an ideal candidate for venture capital has to meet.

20. To qualify for assistance from the Small Business Administration, the proceeds of an SBA-guaranteed loan must be used for what purpose?

21. What are the pros and cons of patenting a product?

22. List the common business entities and describe them.