From the e-Activity, debate the role entrepreneurship plays in America. Next, determine three to five potential advantages and challenges that entrepreneurial ventures must consider. Justify your response.
The role an entrepreneur plays in America, per the e-Activity, is huge. Entrepreneurs create new jobs and drive innovations. Jim thought to move the country forward; it will be small businesses that take us there. And his wife’s comment explain it well when she spoke about employing a group of people, who in turn live in a community and support the health of that community, which is critical to that momentum. Without entrepreneurs, opportunities are lost.
Three potential advantages considered by an entrepreneur are personal benefits, professional benefits, and financial benefits. Personal benefits are things such as self derived satisfaction, being able to select what you want to focus and spend your time on, setting one’s own hours, and working for oneself. Professional benefits are advancing more quickly than if you worked for someone else, flexibility around creativity and speed to implement ideas, selecting people you want to work with because you hire them, and finally, quicker personal growth because of all of the experiences. Lastly, there are financial benefits. The sky is the limit and anyone has the potential to make more for yourself than if you worked somewhere else.
But it is not all rosy. The challenges an entrepreneur faces are many and range from risk level, instability of finances, perform multiple roles, remaining disciplined, dealing with continuous change, and making final decisions. None of these are easy but need to be addressed by the owner/entrepreneur.
Abrams, R. (2012). entrepreneurship A Real-World Approach. Palo Alto, CA: PlanningShop.
Using the build-your-business worksheet on the Four Cs from Chapter 1 of the textbook, evaluate the Sharp Details in terms of the owner’s personal goals. Support your response.
The owner of Sharp Details, from a Creativity focus, is focused on creating new product or services. It does not mean that he has all the ideas himself. To the contrary, he relies on his employees to offer suggestions. If he finds them investment worthy, he helps get them started. This is mentioned in the video for example with him helping one of his employees starts MAIDay MAIDay.
Jim Garland is also focused on Controlling the company decisions and directions. This is evidenced not only with how to bring revenue to the company but also how to control costs. Although he reinvests most of his profits back into the company, he has control how much he can invest on new business ideas. With health care costs rising and being unpredictable in the short term, he also needs to control company costs to continue to absorb the increase in health care costs.
A Challenge Sharp Details faces is long term problem solving. With a decrease in sales due to a decline in airplane use and increasing health care costs, it can be difficult to plan for the long term in terms of company growth. Sales could increase quickly but if unknown health care costs increase more than sales increase, company growth would need to occur much slower if at all. The increasing health care cost does not appear to have a short term solution making long term problem solving more difficult.
Abrams, R. (2012). entrepreneurship A Real-World Approach. Palo Alto, CA: PlanningShop
Week 1 Discussion 1
"Entrepreneurship" Please respond to the following:
The role of entrepreneurship in America is one of, first, stretching ones imagination of something new, different, improved, or creative of sorts to help the economy grow and give the entrepreneur a way to make a better living for themselves. In years past, there was the big companies employing the town of folk to produce their shoes, fabrics, and food supply, but the problem we had with that is that if that company went under so did the town. Growing up in Detroit, we saw the rise of the automotive companies that brought in tons of jobs for more then half of the city and surrounding Canada Provinces. During the 70's, these companies were hit by everything from the oil and gas crunches and everything in between. So many auto workers lost their only way of supporting their families and it took almost a generation of folks later to get their footing back under them. The entrepreneur came along and offered jobs to a few in a different line of business, which helped to keep the economy moving if only a trickle at a time.
Some of the advantages and challenges that the entrepreneurial venture must consider: