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2.1 Learning Outcomes:
• Define the role of the entrepreneur in the U.S. economy.
• Describe the entrepreneurial profile.
• Explain how entrepreneurs spot business opportunities.
• Describe the benefits of owning a small business.
• Describe the potential drawbacks of owning a small business.
• Explain the forces that are driving the growth of entrepreneurship.
• Discuss the role of diversity in small business and entrepreneurship.
• Describe the contributions small businesses make to the U.S. economy.
• Put business failure into the proper perspective.
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Explain how small business owners can avoid the major pitfalls of running a business
2.2 Action Required:
• Watch the short video at the following link:
2.3 Test your Knowledge (Question):
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Identify and explain the advantages and the disadvantages of small business ownership.
2.4 Instructions
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Answer the question available in the “Test your Knowledge” section.
Post your answer in the discussion board
3.1 Learning Outcomes:
• Explain the differences among creativity, innovation, and entrepreneurship.
• Describe why creativity and innovation are such integral parts of entrepreneurship.
• Understand how the two hemispheres of the human brain function and what role they
play in creativity.
• Explain the 10 “mental locks” that limit individual creativity.
• Understand how entrepreneurs can enhance the creativity of their employees as well as
their own creativity.
• Describe the steps in the creative process.
3.2 Action Required:
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Watch the short video at the following link
3.3 Test your Knowledge (Question):
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What are the barriers to creativity?
3.4 Instructions
• Answer the question available in the “Test your Knowledge” section.
Post your answer in the discussion board
4.1 Learning Outcomes:
• Discuss the issues that entrepreneurs should consider when evaluating different forms of
ownership.
• Describe the advantages and disadvantages of the sole proprietorship, partnerships, and
corporations.
• Describe the features of the S corporation and the limited liability company.
• Discuss the alternative options for corporate forms, both for-profit and non-profit,
available to social entrepreneurs.
4.2 Action Required:
• Watch the short video at the following link
News) – YouTube
4.3 Test your Knowledge (Question):
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Why would an entrepreneur choose a sole proprietorship? What drawbacks should be
considered?
4.4 Instructions
Answer the question available in the “Test your Knowledge” section.
Post your answer in the discussion board
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