Week Five Reading Reflection - Assessment of Entrepreneurial Opportunities

1)      What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?

What surprised me the most about this chapter was the description of the three major cause for failure on new ventures which are based on the following:

•      Product/Market Problems
•      Financial Difficulties
•      Managerial Problems

  I was not aware of this components and I thought that failure was common in the first stages of a “new born” business.

2)      Identify at least one part of the reading that was confusing to you.

One part that was a little bit confusing within this chapter is the description of the failure prediction model on pg.268. In fact, it was hard to understand the table 9.3 which describes the determinants of new-venture failures. I believe that if the author included example in this part it would be helpful for the students to understand the concept.

3)      If you were able to ask two questions to the author, what would you ask? Why?

I would like to ask the author if there is a relationship between failure and new business, in other words, Are new businesses vulnerable to failure more than any other businesses? Is it something common that has to be avoided, or is it a necessary step to be successful in the future?

4)      Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I believe that in the table Facing your Fears! on page 273, the author could have also added one key aspect that an entrepreneur has to have in mind anywhere he or she goes, which is the fact of realizing that failure is the common denominator of success. In other words, I think that the author should have included one more aspect that describes how to overcome failure to be successful.