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16 Mar 2019

Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur.

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Lelia LubowitzLv2

18 Mar 2019

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One of the opportunity costs borne by anyone who starts a new business, whether it Akio Morita of Sony or our imaginary Ralph and Andrea Martin, is that of exchanging the secure life of employees of large firms for the risky life of entrepreneurs. Would you be willing to make that transition if you expected to earn no more than your previous salaries plus a ânormal profitâ on the capital you invested in the firm? Would you require some pure economic profit as compensation for the risks and responsibilities of being an entrepreneur? Or would the freedom of running your own business be so attractive you would do it even if your total income were less than you could earn working for someone else? Discuss.

Chapters 1-3: Select a question from the list below. Cite the question number (please refrain from restating the question, as we already know what it is), then give a good answer. Explain your reasoning or provide examples. If you answer the same as a prior respondent, give a unique rationale. Use original wording. Avoid copying any material from other sources in lieu of a unique answer, as that effort merely demonstrates that you know how to copy information. (Instead, we need evidence of thought.) The minimum length is a measly 125 words, which is probably attainable almost by accident, so try not to sneeze as you write.

No replies are necessary in concept challenges, but feel free to reply to others anyway, as often as you like.

1. Joseph Schumpeter described entrepreneurship as creative destruction. People have argued about what this means. Some people think it means that the entrepreneurial process is dangerous. What do you think Schumpeter actually meant by this?

2. Richard Cantillon coined the term entrepreneur in 1755. It means âone who undertakes [something].â How is this an apt description of the entrepreneurial function? Why do you suppose he chose âundertake,â rather than some other word?

3. Note how closely in time entrepreneurship and free-market economics (Adam Smith, 1776) emerged as concepts. Indeed, both Cantillon and Smith were economists (before there even were economists). What does this say about entrepreneurship?

4. How is the entrepreneur an inventor? How is the entrepreneur more than an inventor? What does an inventor need to become an entrepreneur? What kinds of innovations can an entrepreneur contrive, which simply never occur to an inventor?

5. Gifford and Elizabeth Pinchot coined the term intrapreneurship in 1978 to describe a person with entrepreneurial talent who was content to work for someone else. What quality does an entrepreneur have, which an intrapreneur is lacking?

(100 words addressing each question).

Q1: What is franchising?

Q2: Describe the three types of franchising and give an example of each

Q3: Discuss the advantages and disadvantages of franchising for the franchisee

Q4: Why might an independent entrepreneur be dissatisfied with the franchising arrangement?

Q5: Fran Lubbs says 'Follow the system. It's one of the reasons you bought the franchise, don't try to change it, break it, or fix it.' Do you agree with her? Explain.

Q6: What steps should a potential franchisee take before investing in a franchise?

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Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur.

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