1) 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?

2) 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."

3) Explain the benefits and drawbacks of debt and equity financing, respectively.

4) The three crucial components of a successful venture are the opportunity, the entrepreneur/management team, and the resources needed to start the company. Explain the interrelation of these items.

5) How can one best predict the acceptance of the product by the customer?

6) What categories of customers exist? How do you prioritize and address them?

7) Explain why it is important to break down the revenue model into categories.

8) What are some of the trade-offs of the first mover's advantage?

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

10) What is guerrilla marketing, and what are the main categories of guerilla marketing?

11) Generally speaking, what are benefits of the business planning process?

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