Reading Assignment

• Text: Chapter 1, pp. 1–34
• Text: Chapter 2, pp. 38–66
• Article from Research Penn State (http://www.rps.psu.edu/probing/entrepreneur.html)

Learning Objectives

The readings and questions in the lesson will help you to:

• identify the importance of small business for today.
• define entrepreneurship.
• review some of the benefits and drawbacks of owning a small business.
• explain the uniqueness of entrepreneurship.
• understand the role of diversity and its growth in entrepreneurship.
• understand why planning is important, especially for the small business.
• understand how to utilize the strategic management process to develop a strategic plan.
• review the concept of vision and an organizational mission.
• understand the use of measurement tools.
• differentiate between strategic and operational planning.
• explore the purpose and value of a business plan.
• define the components of a business plan.