In your own words and with ethical scholarship, complete the following.
Critical Thinking Exercises
What would be the best thing about owning your own business? What would be the worst?
Identify three nonfinancial benefits of entrepreneurship that might be important to you. Write a paragraph about each.
If you were to start a business, what would be your opportunity cost? In other words, what is the next-best use of your time? How much money could you make working at a job, instead? The answer to this last question will give you a rough idea of how to value your time when you start a business and figure out how much to pay yourself.
Describe an idea that you have for a business. Explain how it could satisfy a consumer need.
Explain how a business opportunity differs from a business idea.
Give an example of a change that has occurred or is about to occur in your area/neighborhood. Discuss business opportunities this change might create.
List five business opportunities in your environment and the need(s) each would satisfy. Note whether the opportunity you describe is internal, external, or a mix.
Key Concepts Questions
Define small business.
Explain how profit works as a signal to the entrepreneur.
Do you agree that it will probably take about three months for your business to start earning a profit? Why or why not? If not, how long do you expect it to take and why?
Describe three things you have learned about capitalism.
Visit the U.S. Small Business Administration Web site (http://www.sba.gov). Find and read one of the articles on starting a business and write a brief summary of the key information (200 words or fewer). Remember to create a proper citation for the article.
