The fact that at least 600,000 new companies have emerged in the United States every year since the mid 1990s was what surprised me the most in this reading. If you do the math, that's over 12 million new businesses since I was born! What comes as no surprise to me is how the emerging of those businesses helps make the U.S. the greatest nation in the world. We can credit this success to the resources and opportunities we have that allow these businesses to start.
The "Evaluation Process" confused me the most in this reading section. I understand the profile analysis, but the feasibility criteria approach and the comprehensive feasibility approach are very confusing to me. These different approaches to evaluate the viability of a new venture need to be better explained. In my opinion, the more you understand about what's going into a new venture, the more you are prepared to handle any unexpected challenges that you may face early on in the development process. The goal is to reduce as many obstacles as possible!
Two questions I'd ask the author are:
- What are the common key characteristics among the most successful entrepreneurs? Learning this would allow me to gain insight about what I would need to change about my tactics if I were to pursue my own entrepreneurial venture.
- On average, how much time time do successful entrepreneurs spend planning/researching, evaluating, and validating their ventures before they actually get the ball rolling and begin? Learning this would give me an idea of how long this process would take if I were to pursue my own entrepreneurial venture.
I agreed with everything I read!
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