Socratic Skill Builder Assignment
Entrepreneurial Challenges (answer a minimum of 100 words for this ENTIRE question – not for each challenge) The theme this week deals with the creation of a new venture and managing that new business. Based on the videos, readings, and your own experience/knowledge.
What are the TOP TEN biggest challenges facing an entrepreneur starting a new business (and explain why, for each issue)?
List these TEN challenges in order of priority and place an importance factor on each challenge (a number 0-100, with 100 signifying an enormously important challenge). Some students argue that it depends on the type of venture, and if you believe this to be true, then select a specific type of venture, identify it, and answer the question.
Challenges Managing New Venture (answer a minimum of 100 words for this ENTIRE question – not for each Challenge)
Unconscious Incompetence (answer a minimum of 100 words for this question) Assume the role of a business consultant who specializes in entrepreneurship, and explain how unconscious incompetence applies to entrepreneurship (be sure to address how unconscious incompetence can seriously impede entrepreneurial activity and venture survival/performance).
Risk Factors (answer a minimum of 100 words for this ENTIRE question – not for each risk) Based on what you know, and the material presented in the course thus far, what are the TOP TEN risks associated with starting a new business, and why? Just like in the previous questions, place in order of priority and place a degree of importance/severity on each risk factor. (Hint: some people think the biggest risk is sunk salary you could have earned, or damage to ego, or wasted time, or damaged reputation, or letting down one’s family, or being sued, or going to jail, etc, etc.)
Professional Support Team (answer a minimum of 100 words for this question) Explain the importance of a professional support team for new ventures, and how would you suggest the new team (attorneys, accountants, consultants, suppliers, etc.) be formed (who do you acquire first, when, etc.)?
Video Favorite (answer a minimum of 100 words for this question) This week there was a large quantity of videos (and readings) assigned to explore the very essence of entrepreneurship (the word – the concept). Which of these videos most resonated with you in regard to understanding entrepreneurship (and why)?
Team Contribution (answer a minimum of 100 words for this question) Assess the contribution of each team member thus far in the semester. How exactly have they contributed, and how valuable have their contributions been? What needs to be done to make your team work more effectively and perform better? Compared to other team members, what is the value of your contribution to the team thus far in the semester?
