1. Explain the challenges involved in new-venture development.
2. Many entrepreneurs have a poor understanding of the finances associated with their new venture and/or have a venture that lacks uniqueness. Why are these characteristics considered pitfalls of selecting new ventures?
3. Describe each of the five critical factors involved in the prestart-up and start-up phases of a new venture.
4. List and describe four major types of problems that new ventures confront.
5. In your own words, what is a market? How can marketing research help an entrepreneur identify a market?
6. What are the five steps in the marketing research process? Describe each.
7. Identify and describe three of the primary obstacles to undertaking marketing research.
8. How would an entrepreneur's new-venture strategy differ under each of the following marketing philosophies: production driven, sales driven, consumer driven? Be complete in your answer.
9. Identify and describe four of the major forces that shape buying decisions in the new century.
10. What are the five steps that are particularly helpful for developing a marketing plan? Identify and describe each.