Introduction to Entrepreneurship:-

Answer the following questions. Each answer should not be less than 100 words. Please provide references under each question.

• One entrepreneur claims, "Creativity unrelated to a business plan has no value." What does he mean? Do you agree?

• Explain the characteristics of effective objectives. Why are setting objectives important?

• How can an entrepreneur seeking funds to launch a business convince potential lenders and investors that a market for the product or service really does exist?

• Suppose that two of your friends are about to launch a business together with nothing but a handshake. "We've been best friends since grammar school," they say. What advice would you give them?

• One franchisee says, "Franchising is helpful because it gives you somebody (the franchiser) to get you going, nurture you, and push you along a little. But, the franchiser won't make you successful. That depends on what you bring to the business, how hard you are prepared to work, and how committed you are to finding the right franchise for you." Do you agree? Explain.

• Why is it important for small business owners to define their target markets as part of their marketing strategies?

• Why do so many small businesses use the manufacturer's suggested retail price? What are the disadvantages of this technique?

• How can breakeven analysis help an entrepreneur launch a business?

• How can an entrepreneur launching a new business forecast sales?

• What is an "angel"? Assemble a brief profile of the typical private investor. How can entrepreneurs locate potential angels to invest in their businesses?

• Why is it costly for a small firm to choose a location that is too small?