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Overview, Learning Objectives, Class Preparation

CHAPTER 3 - Starting a New Business

OVERVIEW

The first of the three routes into entrepreneurship is described in this chapter, starting a business. The topics include innovation, sources of ideas, entry strategies, and the
possibilities associated with partnerships

LEARNING OBJECTIVES

• The idea for a new business can come from anywhere, but the most common source is the work experience of the entrepreneur.
  

• The advisability of entering an industry depends on how well the customers are being served by the companies already in the industry.
  
• The basic strategies that may be adopted by new firms are low cost, differentiation, and focus.
• The great majority of businesses in the United States are operated by one person, rather than some kind of partnership, despite some important advantages of multiple-person management.

Format for Discussion Questions: Typed, (Question in bold) followed by your answer. May be submitted in class paper copy, email, or Blackboard.

READ CHAPTER 3
READ Case Study #2

Power Point Slides