INSTRUCTIONS: This is a writing assignment that covers the assigned materials (readings, videos, lectures, etc.) for Module 3. Download the Skill Builder #2 assignment template (the link is found below), then write your answers directly into that template (it is a WORD file). Write a minimum of 200 words for each question. This is a TURNITIN assignment on Moodle, which means that when you submit it, you will be submitting it to TURNITIN, and thus receive an originality report indicating possible plagiarism or cheating (there have been problems in the past with students copying the work from past students, or copying from materials previously posted on the internet). You may keep uploading versions of your assignment until you are satisfied with your TURNITIN Originality Report.
For Skill Builder assignments, focus on thoughts and reasoning rather than spelling and grammar. You will NOT be penalized for incorrect spelling or improper grammar or sentence structure. This is a Socratic exercise – an opportunity for you to think and express your thoughts. This assignment is a reflection of the degree to which you are engaged in the course material, and how well you learned the topics assigned this week. The emphasis of this assignment is synthesis – the connecting of dots – where you tie together in a meaningful way (1) the assigned readings and videos, (2) current business and world events, and (3) your previous knowledge and experience. There is no correct or incorrect answer, but rather YOUR answer, based on YOUR thoughts and understanding of the material/concepts. Please avoid trying to answer what others would say, or copy what someone else has thought or written. There are three fundamental mistakes students often make on these assignments: (1) simply rambling unsupported opinions or simply listing the topics assigned this week, (2) failing to apply one’s personal perspective (i.e. writing as if it were a research paper, with no personal perspective applied), and (3) failing to incorporate all the assigned materials for the week (which demonstrates that the student decided to skip some of the readings and other assigned materials).
Question #1: 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.
Question #2: Same as question #1 except regarding the MANAGING of a new venture.
Question #3: 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).
Question #4: 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.)
Question #5: 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.)?
Question #6: 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 regards to understanding entrepreneurship (and why)?
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