Question 112) Discuss the role that the following groups are playing in leading the ongoing surge in entrepreneurial activity: ? women

112) Discuss the role that the following groups are playing in leading the ongoing surge in entrepreneurial activity:

? women

? minorities

? immigrants

? part-time entrepreneurs

? home-based entrepreneurs

? family businesses

? copreneurs

? corporate castoffs

? corporate dropouts

113) Discuss the impact of small businesses on the U.S. economy, including sales, GDP, job creation, and innovation.

114) The following lists the ten deadly mistakes of entrepreneurship.

1. Management mistakes

2. Lack of experience

3. Poor financial control

4. Weak marketing efforts

5. Failure to develop a strategic plan

6. Uncontrolled growth

7. Poor location

8. Improper inventory control

9. Incorrect pricing

10. Inability to make the entrepreneurial transition

Select one of these deadly mistakes, describe what it may look like for the entrepreneur, and give an example.

115) Describe the small business failure rate. What are the primary causes of business failures, and what steps can an entrepreneur take to avoid becoming a business failure statistic?

business plan, learning to manage people effectively, and keeping in tune with yourself.

Mini Case 1-1: Hudson’s Dilemma

Bill Hudson was a real craftsman when it came to being a machinist. Bill had learned almost all that he knew from Hugo Huffman, his first and only employer. Bill Hudson was married and had three young children. He was 33 years old and had worked for Hugo ever since he finished his tour in the army. In 12 years, Bill had polished his skills under the watchful and critical eye of Hugo Huffman. Hugo was quick to recognize Bill’s talent for the trade. Bill had a positive attitude about learning and displayed a drive for perfection that Hugo admired.

Hugo’s Machine Shop was a successful small business. Its success was based mostly on the reputation for quality that had been established over its 42 years in operation. Hugo had come to this country with his new wife, Hilda, when he was in his late twenties. Now the business was a success, but Hugo remembered the early years when he and Hilda had to struggle. Hugo wanted the business to continue to produce the highest quality craftsman products possible. On a Friday evening, he called Bill into his office at closing time, poured him a cup of half-day-old coffee, and began to talk with him about the future.

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