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

2. 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?

3. 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."

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

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

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

7. Why is marketing critical for entrepreneurs?

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

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

10. List the common business entities and describe them.