Critical Thinking Questions 1. Jose is an up and coming entrepreneur working on solidifying his business plans. After meeting
with his mentor, he learns that he needs to carefully define his prospective business by creating a
concise vision/mission statement that identifies the direction and objectives of his business.
Why is this important for Jose to do? Explain.
2. Why is there a need for entrepreneurial discovery? Briefly explain what this term means and
evaluate several ways that life might be different today if not for entrepreneurial discovery
3. How do you define a small business? Not the textbook definition but how you define it in your
own words. List several small businesses in your local area and evaluate what makes them a
small business and how you know. What impact do these small businesses have on your local
economy? Explain.
4. Lila and Jillian both own small businesses in the town where they live. The women are friends
and often get together to discuss their businesses, both the struggles and successes. Evaluate
some of the differences that Lila and Jillian may discuss if one of their businesses is product-
based and the other is service-based
5. Kelly is at the beginning stages of starting a business and looking for resources that could prove
helpful. How helpful might various sources of assistance such as the Small Business
Development Center (SBDC), Small Business Administration (SBA), etc. be for Kelly? Evaluate and
explain