A Framework for Entrepreneurship 29- What kind of American-style ventures do you think would prosper abroad, especially in
those countries with a low level of economic freedom? Provide examples. - What are Drucker’s seven sources of opportunity? Provide examples of each. Which seem
to be the easiest, hardest to find? - Why doesn’t being smart easily translate into being rich?
- How do entrepreneurial dimensions of individuals, environments, and organizations inter-
act to produce new ventures? - Discuss the different forms of quality. Why is quality important for an entrepreneur?
- What is value? How is it created? Provide examples of value products that you use and enjoy.
What makes these special to you?
EXERCISES
- Search the business press (Business Week, Fortune, The Wall Street Journal, and others) to
identify future entrepreneurial opportunities. These opportunities may meet any of
Schumpeter’s criteria. What different options would an entrepreneur have in developing
these opportunities? Could you develop these? Distinguish between the opportunities of
which you could take advantage and those that you could not, even though others might
be able to. - Interview an entrepreneur. Find out what “rules” he or she followed to become a successful
entrepreneur. Ask your entrepreneur if he or she agrees with Sam Walton’s rule 10. - Interview a government official in your city or county. How does this person view entre-
preneurship? What does the government do to encourage or discourage entrepreneurship?
Why do they do this? - Read a nonbusiness book or article about entrepreneurship. (Hint: Go to the library.) Or
see a video that depicts entrepreneurs in action. How is entrepreneurship treated in this
material? How does it complement or add to the economic and managerial approach we
take in the business school? - Jack Welch, the famous former CEO of General Electric and management guru, recom-
mends in his book, Winning, that people entering business consider careers in companies
doing business at the “intersection of biology and information technology.” What kind of
businesses could be created at this intersection? How would these businesses be developed?
What role could you play in their development?
KEY TERMS
Creation
Economic organization
Entrepreneurship
Ethics
Gazelles
New venture creation
Opportunity analysis
Quality
Resource-based theory
Risk
Uncertainty
Value
Virtual organization