5.14.8: Discussion Questions

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Discuss how a small business can be bootstrapped at its inception. What kind of costs can the entrepreneur avoid or lower with tenacity and sweat equity?

If you were to start a small business, what would it be and what kind of resources would you need to get started?

Which do you think are more difficult to protect: tangible or intangible resources and why?

Discuss how political factors can impact a business.

What are some examples of sociocultural factors that may affect a business?

Explain how economic factors can increase the price of a product.

When is it a good time to hire an independent contractor and when is it a good time to hire an on-staff employee?

Explain how resource dependence theory helps a venture grow.

Discuss the steps required in hiring new employees. What sorts of factors must you think of before you hire a new team?

10.

Discuss the importance of having personal resources, such as a strong support system, when starting a venture.