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Chapter 1

1. Increasingly, entrepreneurship is being practiced in countries throughout the world. Why do you think this is the case? Do you expect entrepreneurship to continue to spread throughout the world, or do you think its appeal will subside over time? 2. What is entrepreneurship? How can one differentiate an entrepreneurial firm from any other type of firm? In what ways is an entrepreneur who just launched a restaurant different from someone who just took a job as a general manager of a restaurant owned by a major restaurant chain? 3. What are the three main attributes of firms that pursue high levels of corporate entrepreneurship? Would these firms score high or low on an entrepreneurial intensity scale? 4. What are the three primary reasons people become entrepreneurs? Which reason is given most commonly? Which reason best describes why you may choose to become an entrepreneur? 5. Some people start their own firms to pursue financial rewards. However, these rewards are often far fewer than imagined. Why is this so? 6. What are the four primary traits and characteristics of successful entrepreneurs? 7. Why is passion such an important characteristic of successful entrepreneurs? What is it about passion that makes it particularly compatible with the entrepreneurial process? 8. Why is a product/customer focus an important characteristic of successful entrepreneurs? 9. What is it about tenacity that makes it such an important characteristic for entrepreneurs? 10. What are the five common myths of entrepreneurship? 11. How would you characterize the risk-taking propensity of most entrepreneurs? 12. In general, are entrepreneurs high risk takers, moderate risk takers, or low risk takers? 13. In general, what effect does entrepreneurship have on economies around the world? 14. Describe several examples of the impact that entrepreneurial firms have on a society.