Convenience

Chapter 5:
Entrepreneurship and New Venture Management
1 5 3
Copyright 2016 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
www.MyEbookNiche.eCrater.com

---

BUILDING EFFECTIVE CONCEPTUAL SKILLS
Exercise Overview
Conceptual skills
require you to think in the abstract.
This exercise will help you apply your conceptual skills
to an analysis of certain criteria for successful
entrepreneurship.
Exercise Background
Now that you’re about to graduate, you’ve decided to
open a small business in the local community where
you’ve been attending college. We won’t ask where
you got them, but we’ll assume that you have enough
funds to start a business without having to worry about
finding investors.
Based solely on your personal interests
, list five busi-
nesses that you might want to open and operate. For
the moment, forget about technicalities such as market
potential or profitability. If, for example, you like riding
your bicycle, think about opening a shop that caters to
cyclists.
Next,
without regard for any personal interest you
might have in them
, list five businesses that you might
want to open and operate. In this case, your only criteria
are market opportunity and profitability. What types
of businesses might be profitable in your chosen
community? Use the Internet to gather information on
factors such as population, local economic conditions,
local competition, and franchising opportunities.
Finally, evaluate the prospects for success of each of
the ten businesses that you’ve listed, and jot down
some notes to summarize your conclusions.