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Date Assigned Date Completed

CHAPTER 3 Recognizing Opportunity

PREREADING ACTIVITIESBuild Background1. Have you ever heard the phrase, «think like an entrepreneur"? What do you think it means

to think like an entrepreneur? .

Preview Vocabulary2. Mark each pair of words S if they are similar in meaning. Mark D if they are different.

.-.!. :.

_ execute I perform

_ strategic I unplanned

alliance I union

_ process I method

_ efficiency I wasteful

_ regulatory I govern

_ compliance I disobey

_ competency I skill

. innovative I outdated

_ complimentary / opposite

_ perplex / understand

_ concierge / helper

_ insight / understanding

commerce / business

chamber I council

_ enterprise / company

_ endure I quit

transition / remain

_ saturation / empty

_ feasible I unlikely

Choose two of the word pairs from above. Explain the relationship between the words.

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Entrepreneurship and Small Business Management, Chapter 3 29

Brainstorm3. What are some ways that an entrepreneur can identity business opportunities? list as many

as you can think of.

Make Generalizations4. What would be some advantages to working in a family business?

What would be some disadvantages to working in a family business?

Compare and Contrast5. Some entrepreneurs buy existing businesses and take them over to operate. List some pros

and cons of purchasing an existing business.

Pros Cons

Draw Conclusions6. Do you think buying a business is a good idea or a bad idea? Give several reasons for your

opinion.

30 Entrepreneurship and Small Business Management, Chapter 3