Entrepreneurship Chapter 2 Discussion Questions:

1. How do we know whether an idea has the potential to become a viable business opportunity?

2. Identify three types of startup firms. Salary -replacement firms, lifestyle firms, entrepreneurial firms or ventures

3. Briefly describe the process involved in moving from an idea to a business model/plan.

4. What are the components of a sound business model?

5. Describe the differences between entrepreneurial ventures and other entrepreneurial firms.

6. Identify some of the best marketing and management practices of high-growth, high-performance firms.

7. Describe and discuss some of the best financial practices of high-growth, high-performance firms. Why is it also important to consider production or operations practices?

8. Time-to-market is generally important, but being first to market does not necessarily ensure success. Explain.

9. What is meant by a viable venture opportunity?

10. Describe how a SWOT analysis can be used to con-duct a first-pass assessment of whether an idea is likely to become a viable business opportunity."

Chapter 3 Discussion Questions:

1. Describe the major differences between a proprietorship and a partnership.

2. What is a limited partnership?

3. Briefly describe the corporate form of business organization. What is meant by limited liability?

4. How does a subchapter S corporation differ from a regular corporation?

5. Describe the major characteristics of a limited liability company.

6. Describe the major taxation advantages of a limited liability company and a subchapter S corporation over a regular corporation.

7. What is meant by the term "intellectual properly"?

8. Identify and briefly describe the types of patents used to protect valuable intangible assets.

9. What was the purpose of the Leahy-Smith America Invents Act of 2011? Why is the U.S. Congress working on possible passage of an "Innovation Act?"

10. What are the benefits and costs of having a patent?

11. What are trade secrets? How are they used to protect valuable intangible assets?

12. What are trademarks? Identify the four types of "marks" used to protect intellectual property.

13. What are copyrights and how are they used?

14. What are confidential disclosure agreements? What are employment contracts?

15. What is seed and startup financing?

16. Describe the meaning of financial bootstrapping.

17. Describe some major characteristics of business angels.

18. What is first-round financing that occurs during the survival life cycle stage?

19. From the HeadlinesThe Fantasticks: Describe the fundraising tactic for the producers of The Fantasticks. What were the driving motivations for the angel investors?"