Below you will find 8 questions. You must answer questions 1-4. Of the remaining 4 questions, you are to choose 2 of them to answer totaling 6 questions you must answer.. Please type your answers using double space and make sure you use the corresponding question number to indicate which one you are answering. You may use any resources at your disposal, but please do use the lecture notes and text. Please do not plagiarize

Must answer: 1. We discussed three ways to identify opportunities. They are observing trends, solving problems, and finding gaps in the marketplace. The most important trends are the macro environment forces. List the five forces, define each, and give two examples of how to exploit the opportunities of each force. For example: a global force explain what it is first, then state something such as: more and more Chinese businesses are trying to expand overseas and develop international contacts. As a result, that opens a whole new market for the Chinese to learn Western manners. The Chinese speak loudly in public, they cross the road when the traffic lights are still red, and they spit anywhere, damaging the international image of the Chinese people. As a result, there is now a market for Western etiquette classes to be taught in China.

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Must answer: 2. Why is a business plan important? Why is the executive summary so important? According to the article handed out in class entitled, “Why Business Plans Don’t Deliver,” give three reasons in your own words why such plans may be rendered irrelevant.

Must answer: 3. Explain Michael Porter’s five competitive forces model. What does it assess? What are the forces? Give at least two examples of each force.

Must answer: 4. What does a business model do? What are the four major components of a business model? How did Netflix change the industry? Give two other examples of business models and how they served as a strategic advantage to the company.

Choose 2 questions to answer from the remaining questions below.

5. We discussed 6 major reasons why businesses fail. List three of them as well as three successful entrepreneurs who failed before they found success and the businesses they founded.

6. Researchers have identified four characteristics that tend to make some people better at recognizing opportunities than others. List and discuss what each involves giving an example of each.

7. Explain the four examples of non financial resources that may be critical to starting a new business.

8. What is the first mover advantage and give three examples of companies that were first movers. How might being the first mover be a disadvantage? Site two examples where being the first mover had adverse effects.

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