Week 1 - Weekly Written Assignment

Chapter 1

1. Explain what entrepreneurs do.

2. Describe how free enterprise economies work and how entrepreneurs fit into them.

3. Find and evaluate an opportunity to start your own business. The five roots of opportunity are:

      1. Problems that your business can solve.

      2. Changes in laws, situations, or trends.

      3. Inventions of totally new products or services.

      4. Competition. (If you can find a way to beat the competition on price, location, quality, reputation, reliability, or speed, you can create a very successful business with an existing product or service.)

      5. Technological advances. (Scientists may invent new technology, but entrepreneurs figure out how to sell it.)

4. Explain how profit works as a signal to the entrepreneur. Profit is the sign that an    entrepreneur has added value to the scarce resources he or she is using. Not making a profit is a sign that the entrepreneur is not using resources well and is not adding value to them.

5. A business opportunity is an idea plus these three characteristics: It is attractive to customers. It will work in your business environment. It can be executed in the window of opportunity that exists. Describe how your opportunity idea satisfies these three characteristics.

Chapter 2

1. Describe what a business plan is.

2. Explain the various purposes of a business plan and the audiences for it.

3. Describe the components of a business plan.

4. Demonstrate proper development and formatting of a business plan.