Exam 1: The Foundations of Entrepreneurship

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Research has isolated a set of characteristics that can predict who will succeed as an entrepreneur.

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Because of their size and limited resources,small businesses rarely create innovations that are important to the U.S.economy.

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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.

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

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