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For this assignment, I would ask students to create a list of five of their interests and hobbies. Entrepreneurs are often more successful if they create a business based around something that they have previous experience in and know well, rather than tackling a random new idea. Take these five hobbies and interests that you have identified and identify two businesses that are related to the activity that you have chosen that already exist. State the opportunity that those businesses have outlined and how you think they were able to capitalize on this opportunity. I believe that this assignment will help students develop a mindset of identifying opportunities within a market. 

1.       I plan on using my business as a way to create connections and build a large network within the marine industry. When my business becomes successful, I would eventually hire a CEO or and act as a silent owner. I would use the profits and connections that I made from this venture to launch a new business that is also within the marine industry. I would most likely not sell my business within five years because my business operates on contracts, which once are setup, are very easy to resign and keep profitable. I would consider passing one of my businesses to a child, but this is very far down the road and am unsure if the boat cleaning business would be the one that I decide to keep in the family. 2.       I have selected this exit strategy because I will be able to continue to reap the benefits of my successful business while being a silent part of the business. The nature of my business makes it easy to uphold once the ini...

1.       I believe that the general theme of this book is that there are certain mindsets that you can adapt that will help aid you to success. Also, failure can be inevitable and should not hinder you from trying to succeed. 2.       This book was relevant to what we are learning in ENT 3003 because it explained the different ways that one may fail when they begin a new enterprise or business. This book explains how failure can help aid one to success and to not let failure discourage one from trying to create new businesses even if their first one does not end up successful. This enhances what we are learning because the main objective of this class is to create a business plan of our own and formulate a path to success for our own businesses. There are over 500 people in this class, and if we were to all actually follow through with our plans on starting and running a profitable business, very few would be successful. In “How to ...

1.       Growing up I was always interested in sports. I played baseball, basketball, soccer, and lacrosse, so naturally, I enjoyed watching sports as well. This year, I began to dabble in the world of sports betting. I love statistics and thought that if I do a lot of research and follow the world of sports closely, I can make some money. Initially, I made some money, but as the semester went on, I began to lose money. I have since then stopped sports betting. 2.       I learned that betting on sports is not a good way to make extra money in college. Additionally, it takes the fun out of sports and adds a lot of unnecessary stress into your life. 3.       I believe that failure is something that you can learn from. In order to fail, you have to try, and trying something new will always be something that I will support. You should handle failure in a positive way and think of the lessons you learned whi...