Week 2 Reading Reflection ch. 1

The biggest surprise for me in the reading was learning that kids and teens ages 8-14 have a purchasing power of over $40 billion dollars annually.  Wow.  I knew that the tween market must be large, but I didn't know that that age bracket dominated in the marketplace.  Entrepreneurs should enter this market and/or come up with the latest and greatest products that will succeed in it.  I also didn't know that the market for high school athletics was so large.  There are more than 7 million high school athletes in the United States who demand products, transportation services for games and tournaments, and even recruitment events and programs.

When reading about the integrative approach to entrepreneurship I became a little confused and had to re-read the section to grasp its main points.  What particularly confused me were the input and output components involved in the entrepreneurship process. The integrative approach is meant to "provide a logical framework for organizing entrepreneurial inputs" such as environmental opportunities, the individual entrepreneur, creation of a business concept, implementation of a business concept, and financial/non-financial resources.  Entrepreneurship, itself, is also its own output variable, and specific "entrepreneurial events" can differ in measures of intensity.  Entrepreneurship as a variable will discussed in more detail in the next chapter, so with further reading, I am sure I will be able to fully grasp the material.

I would ask the author why he claimed that "sooner or later, all companies wither and die."  I do understand that interests among people are always changing, but I also believe that brand loyalty is a very strong entity.  With the right strategic planning and implementation, business can keep their loyal customers and continue to grow through innovation and acting on changes in consumer demand.  For example, Macy's Department store has been in business for 157 years and is still a leading company in the retail fashion industry due to its high quality yet affordable products, excellent customer service, online presence, and technical innovations.

I disagree partly with "myth 2" that states, "entrepreneurs are born, not made."  I don't think this statement should be classified as a myth.  Yes, teaching entrepreneurship as a discipline where individuals can acquire knowledge on the subject can be beneficial.  However, the drive certainly has to be there, and an individual needs to be bold, assertive, and not risk-averse.  I think being a people-person and being naturally creative are necessary to be an entrepreneur as well.