Entrepreneurship is an important component in our economy. New start-ups create new jobs, ideas, products and services. Answer the following...

Entrepreneurship is an important component in our economy.

New start-ups create new jobs, ideas, products and services.

Answer the following questions:

1.   If you were to start a new business, what would it be?

2.   Why did you select this? What attributes do you have that would contribute to the business' success?

3.   Who are your main competitors?

4.   What would make your business different? (hint: offering a lower price and better service may not lead to success - this may lead to financial loss and ultimate failure).

5.   Where would you locate? Why did you choose this location? How will it benefit the business?

6.   Who is your target market? Why did you select this market?

7.   Do you have all of the skills/experience needed to start-up a successful business? If not, who else would you need to hire?

8.   Develop a brief statement that highlights the reasons why your business will be a success.