Use the following scenario to answer Q. 54 Q.55 at the end.

Cathy Olson & Moves Studio: Realising the Entrepreneurial Dream The wood floors creaked and the studio was still warm. Classes had ended hours ago, but there was still work to be done. After teaching eight classes with a fever and surviving her first day as the owner of her own dance studio in Toronto, it was time for Cathy Olson to go home and get some much-deserved rest. But who could rest on a day like this, the day your dream comes true? Slowly she walked to the end of the studio and turned out the lights. She turned around to see the dark, quiet studio that hours ago was filled with dozens of people full of energy and excitement. The room was still buzzing with energy. You could feel it vibrating in the walls. Never had she imagined that so many people would share her vision and join her at her new studio. Cathy walked to the centre of the dance floor to take a look around to make sure everything was as it should be. Too busy with classes, customers, phone calls, ballet barre and equipment delivery, and a broken toilet, there had been no time to let any of it sink in. She stared at the walls she had painted herself and the paintings she had hung on them and marvelled at the sheer elegance of her dream having come to reality. Then she saw herself in the mirror: business owner, dance/fitness studio owner, teacher, motivator, single mother of twoan entrepreneur who had saved for an entire year for start-up costs and who had achieved a dream that others had told her she would never accomplish. Her knees buckled beneath her, and she fell to the floor. She felt so many emotionshappiness, sadness, exhaustion, and excitement. How else could you feel when you take a leap of faith and succeed? Cathy had been dancing all of her life anywhere there was space or an audience. As a teenager, Cathy lacked the money for dance lessons, but she struck a deal with a local studio owner in which she would work in the studio in exchange for lessons. Every night, she would clean the studio and prepare it for lessons for the next day. She also checked in dance students, took telephone messages, and assisted with the day-to-day running of the studio. In exchange, she had unlimited access to the studio's classes. Ballet classes usually were full, and because Cathy was a nonpaying student, instructors often moved her away from the barre to the floor to make room for students who paid tuition. Practising barre work without a barre was incredibly difficult, but it developed Cathy into the studio's strongest dancer. Shortly after Cathy married in 2002, her husband was assigned to duty in Afghanistan. She had her first baby alone in a Toronto Naval Hospital. When her husband returned from active duty, he was transferred to a Hospital near Montreal. Soon, Cathy was back at work in local fitness clubs in Toronto, where she introduced her cardio dance programs. She had a second child and earned an associate's degree before divorcing her abusive husband. Fortified by her courage and independence, she found herself thinking, "Why not follow my dream of owning my own dance-fitness studio? What do I have to lose?" Her classes were so popular that the exercise clubs required reservations for them, but working for someone else, Cathy had little room for creativity and self-expression. This felt like the right time to open her own studio. In 2009, at 26, Cathy started Moves Studio. With a backpack full of music and a portable stereo in hand, she rented various studios across the county and began advertising, relying on flyers, e-mail lists, demonstrations at community events, and word of mouth to promote her business. Later that year, Cathy signed a lease for a commercial store front in a busy shopping centre. Previously a women's exercise centre, the walls were purple, and the carpet was pink. "This will never do," she thought. Cathy and a friend replaced the carpet with hardwood flooring, repainted the walls, and hung some inexpensive decorations. In just three weeks, the studio was open for business. Cathy now had a business to manage, but the idea of having more control over her schedule so that she could spend more time with her children pushed her to work harder than she had ever worked. Cathy sometimes felt like a juggler with too many balls in the air, but she also was energised by the activity, knowing that she was fulfilling her dream and creating an avenue in which she could be creative and innovative and could grow. Dancing, teaching, and motivating young dancers make her happy. Although like every entrepreneur she continues to encounter challenges in her business, Cathy has achieved amazing success with Moves Studio. The Hamilton Gazette recently named Cathy one of the women business leaders in Ontario. She also was featured in Craig Toronto's list of the top 100 women in the GTA area. Local media has picked up on her entrepreneurial success as well. In addition to realising her entrepreneurial dream, Cathy is raising a happy, healthy family in a new home in Mississauga, Ontario.

Q. 54: What characteristics and traits of entrepreneurs did Cathy Olson exhibit that enabled her succeed even in the most difficult times?

Q.55: Develop at least three lessons about entrepreneurship that you can glean from Cathy's experience.