NOTE : include APA references below FIGURE 6.1 Personality traits and characteristics of entrepreneurs. Chapter 6 Case Shopify: Making Internal locus Commerce Better of control 1. Describe Lutke's Passion and High energy action orientation level entrepreneurial characteristics by applying Figure 6.1. Using a scale Flexibility Who are the of 1 to 10 with 1 being the entrepreneurs? Self-confidence weakest, rate Lutke on each characteristic and determine an overall rating High need for Tolerance for achievement ambiguity for him. Self-reliance and 2. Two years after Shopify desire for was launched, the independence economy tanked. Apply each of the criteria in FIGURE 6.2 Eight reasons why many small businesses fail. Figure 6.2 to determine the reasons why Shopify Lack of experience did NOT fail. Insufficient Lack of 3. Describe in as much detail financing commitment as possible, the stages in the life cycle of Shopify. Small Apply Figure 6.3 to Poor financial control business Lack of strategy conduct this analysis and failures use data from the case and elsewhere to back up Growing too your answer. Ethical failure fast Lack of 1. It appears from the case expertise data, that Shopify has financed the company on FIGURE 6.3 Stages in the life cycle of an entrepreneurial firm. several occasions in keeping with its growth Birth Stage Breakthrough Stage Maturity Stage options. Discuss the financing used at each Establishing the firm . Working on finances . Refining the strategy Getting customers Becoming profitable . Continuing growth step of the life cycle. . Finding the money . Growing . Managing for success Fighting for existence Coping with growth Investing wisely and survival and takeoff and staying flexible