Chapter 1 of Entrepreneurship: Theory, Process, and Practice by Donald F. Kuratko
1. In this chapter, the biggest surprise to me was the advancement of entrepreneurship in the last 15 years in the United States. According to the U.S. Small Business Administration reported that in the last decade, "new business start-ups numbered nearly 600,000 per year" (Kuratko). This surprised me because I had no idea there were so many start-ups happening so recent, especially with the crash of the economy in the 2000's, it makes sense on how things are playing out now in the stock market and economy.
2. The most confusing concept I tried to understand in this chapter was the strategic formulation school of thought. The bullet points consisting of mountain gap strategies, great chef strategies, better widget strategies, and water well strategies. I understood what the strategies are referring to but I do not completely get the value of the formula.
3. Two questions I would ask the author is: What do you think the future of entrepreneurship will hold? Do you think without the help of entrepreneurs, there would be no stability in the economy? Why or why not?
I want to get an insight from an entrepreneur's perspective on what the future might turn out to be like for businesses and of course, entrepreneurs.
4. This reading was all informative and interesting. I agree with Dr. Kuratko's insight and information about his field of speciality, but one myth I do not completely agree with his Myth 6: All Entrepreneurs Need Is Money. Now, I know successful and happy entrepreneurs's goal is not to make millions of dollars, but I do think it is something entrepreneurs need. Money is something everyone needs in order to survive and invest your business in. Yes, the people who work for your company may be at fault for not making the money you deserve, but it is the owner's responsibility to hire people with the same values and goals for the company. But like I said, money is a resource and we all need it. Fact.
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