MGT 121 A HW1
Pg104
Q1: Who can be an entrepreneur? There are no specific standards or definitive concept to judge whether one could be an entrepreneur. Everyone could be an entrepreneur even though that people differ diversely in personal experience and educational background. Some are born with a nature of entrepreneurship while others could learn necessary skills to become an entrepreneur. In general, successful entrepreneurs exhibit some common characteristics including leadership, self-confidence, passion, creativity, etc. In the Roxanne Quimby case study, Quimby shows her leadership and creativity when expanding her business outside of Maine. She took risks and changed her traditional hand work production line into automation in North Carolina.
Q2: What are the risks, rewards and trade-offs of a lifestyle business vs. a high-potential business that will exceed $5 million dollars in sales and substantial growth? Lifestyle business is less risky with limited sales revenue growth while high-potential business is more risky with potential opportunities to achieve huge and substantial growth of business scales. A high-potential business pursues new markets, which requires more cutting-edged technologies and strategies for production, management, as well as for marketing. Quimby expands her business in North Carolina is a shift from lifestyle business to a high-potential business.
Q3: What is the difference between an idea and an opportunity, for whom, and lessons learned from exhibits C and D? A good opportunity is not just a simple idea. Good opportunities are often attractive, meet-customers’ need, timely to the industry, and durable in operating business. Good opportunities should create more added values for target users through customized products or services, which will make the firm’s more competitive in the industry. Exhibit C and D clearly show that good opportunities do exist. The
Q1: Who can be an entrepreneur? There are no specific standards or definitive concept to judge whether one could be an entrepreneur. Everyone could be an entrepreneur even though that people differ diversely in personal experience and educational background. Some are born with a nature of entrepreneurship while others could learn necessary skills to become an entrepreneur. In general, successful entrepreneurs exhibit some common characteristics including leadership, self-confidence, passion, creativity, etc. In the Roxanne Quimby case study, Quimby shows her leadership and creativity when expanding her business outside of Maine. She took risks and changed her traditional hand work production line into automation in North Carolina.
Q2: What are the risks, rewards and trade-offs of a lifestyle business vs. a high-potential business that will exceed $5 million dollars in sales and substantial growth? Lifestyle business is less risky with limited sales revenue growth while high-potential business is more risky with potential opportunities to achieve huge and substantial growth of business scales. A high-potential business pursues new markets, which requires more cutting-edged technologies and strategies for production, management, as well as for marketing. Quimby expands her business in North Carolina is a shift from lifestyle business to a high-potential business.
Q3: What is the difference between an idea and an opportunity, for whom, and lessons learned from exhibits C and D? A good opportunity is not just a simple idea. Good opportunities are often attractive, meet-customers’ need, timely to the industry, and durable in operating business. Good opportunities should create more added values for target users through customized products or services, which will make the firm’s more competitive in the industry. Exhibit C and D clearly show that good opportunities do exist. The