COLLEGE OF INDUSTRIAL TECHNOLOGY

ENTREPRENEURIAL COOPERATIVE MANAGEMENT

NAME:________________________________ DATE:_______________
COURSE:______________________________ SCORE:______________
Part 1:  Determine/Answer what is required. (30 points)

1. Not all Entrepreneurs start just with an idea. Identify at least three pathways into
entrepreneurship and describe the merits/demerits of each. 

You might not consider becoming an entrepreneur in the same manner that you would
consider being a nurse, an attorney, or an engineer when deciding which career route (as shown
in Figure 2.21) to take, but you should. You have the ability to express your creativity, business
savvy, and self-determination through entrepreneurship. On the other hand, if you obtained an
engineering degree, working for an engineering firm can be an alternative for you. Your position
would be quite structured and safe, with a salary and some benefits. Or you may use your
engineering degree to start your own business.
Your entrepreneurial goals can be attained through a variety of events and choices you make
along the way. For instance, some people get the family company. If your chosen employment
turns out to be less desirable or accessible than anticipated, starting your own business might be
a tempting solution. However, an increasing number of people consciously select business
ownership as a means of achieving their professional objectives and personal interests. How do
you successfully negotiate the entrepreneurial pathway as a career option if you get to this fork in
the road in terms of choosing your ideal profession? Before you arrive at your destination, your
entrepreneurial trip may take one of numerous paths, each of which will provide challenges and
detours.
Many of today's entrepreneurs have taken diverse paths—sometimes traditional, sometimes
unconventional—that have resulted in the development of distinct business structures tailored to
each one's entrepreneurial spirit. These companies use tried-and-true or modified business
methods that filled needs, addressed issues, or created social solutions.

Part 2: Case Study 

Thanaphol Virasa is a salesperson for a large Thai company. He has a bachelor’s

degree in marketing and is one of the company’s best salespeople. It is likely that Thanaphol
will one day become a sales manager if he stays with the company. However, he secretly
hopes to start his own business. Since he was hired seven years ago, Thanaphol has managed
to build a nest egg of 5 million Thai baht (about 170 000 Australian dollars). He is now
looking for a business that would require no more than 2 million Thai baht to get started. The
rest would be used for operating capital and to keep him going until the company turns
profitable. In the past, Thanaphol has gathered ideas by reading magazines that report new
types of businesses. Last week, Thanaphol read a story that intrigued him. A man on the
Malaysian border has been building ‘bird houses’ so that anyone can get into the lucrative
 Chinese Bird’s Nest business. These bird houses are purpose-built, reinforced concrete
structures designed for swifts or swallows to build their nests. The white swiftlet’s nest is a
Chinese edible delicacy. Bird’s Nest is a centuries-old Chinese medication yan wo or
‘swiftlet’s nest’ (yan ¼ swiftlet, wo ¼ nest). Swiftlets weave their nests from long, gooey
saliva strands that come from glands under their tongues. The birds coil the threads of saliva
into nests shaped like half a teacup. They attach them high off the ground against the walls of
caves, abandoned apartments and now even small custom-built concrete bird houses. A bird’s
nest factory can now be run by any peasant as long as they are situated near the sea. Although
the benefits of edible bird’s nests are still scientifically disputed, Bird’s Nest has been used for
thousands of years in traditional Chinese medicine and cooking. Bird’s Nest is one of the most
valued commodities on the market today, typically costing about AU$4000 per kilogram.
Currently these Bird’s Nest ‘factories’ sell for 300 000 Thai baht each. Thanaphol knows that
few people can afford to pay this much for a bird house. He believes a market may exist for
cheaper bird houses, in the range of 20 000 Thai baht each. Thanaphol has done the research
and believes it would not be too difficult to differentiate his product from the standard bird
house with all the same functionality. The two biggest obstacles will be marketing and
production; that is, getting people to order bird houses from him rather than copying the design
and building it themselves. Thanaphol believes that, with his background, he can handle the
marketing and it should not be too difficult to find someone to handle the construction.
Moreover, until the business takes off, he believes he can continue with his sales job.

QUESTIONS

1. Is anything unique about Thanaphol’s idea? Explain. 

He has the ability to be brainy even in his future business, he made techniques that went
around in his brain that what he did could happen so Thanaphol continued to sell Bird's Nest.

2. What is the first thing Thanaphol should do to follow up on his idea? Explain.

The first thing he needs for his idea to continue is to find a person or big people who will buy or
take from him products that are made especially for the sale of this Bird's Nest, so when that happens, his
progress in life continues or enrichment

3. When this is done, what else should Thanaphol do? Outline a general course of action for
him.

When everything goes as planned, he may explain how he accomplished it to others and impart
the marketing approach. that is, persuading others to purchase birdhouses from him as opposed
to using the design as a model and making them themselves. With his background, Thanaphol
thinks he can manage marketing, and finding someone to take care of construction shouldn't be
too tough. He also thinks he can keep working in sales until the company really takes off.

PART 3
 Read a success story of an entrepreneur and  write a reflection paper base on your
readings.

Although there were many things we learnt in this course, I believe the most significant
lesson I took away was how difficult it is to be an entrepreneur. After reading The Art of Start
and E-myth Revisited, I was able to understand why this occurs more frequently than one may
anticipate. I was astonished to learn in the first lesson that 80% of startups fail. Some people
launch their own companies for the wrong reasons, and others do it with the incorrect mindset.
I've always believed that someone will thrive and expand their business if they have a great
business idea and work hard.

However, I now realize that there are a lot of factors to take into account before
establishing any business. In truth, there are a variety of tactics that entrepreneur may use to be
successful, including knowing your customers, working "on" your business, and how to...show
more content...
Every "real" business owner is aware that there is never enough time or money to start a new
company correctly. Therefore, it's crucial to concentrate on the consumer, who is the most
crucial factor. Imagine an entrepreneur who has a brilliant product but not enough consumers to
support the business, or the opposite is true, to see the significance of knowing customers.

ASSIGNED  RUBRIC
Use: This rubric is intended for grading an assigned personal response essay with three writing prompts
and a 500-word limit. The student has the opportunity to work on the rubric outside of class with explicit
instructions that the essay is graded on content and writing. 
Category 9 7 5 3
A. Response to Written response Written response Response to Response lacks
Essay Question addresses all essay addresses at least 2 writing prompts is any
Writing question writing of 3 essay writing unclear or vague comprehension of
Prompts prompts clearly and prompts clearly and/or addresses the essay question
(content) directly. and directly. only one writing or appears to
prompt in a clear, address a different
direct manner. essay question.
No essay response
provided.
B. Quality and Response indicates Response indicates Response lacks Response is
Clarity of depth and simplistic or focus or unfocused,
Thought complexity of repetitive thoughts demonstrates illogical or
(content) thought in in answering the confused or incoherent.
answering the essay question. conflicting No essay response
essay question. thinking. provided.
C. Organization Response is well Response is Response is fairly Response is
& Development organized and organized and organized and disorganized and
of Ideas  developed with developed with developed, underdeveloped,
 (writing) appropriate support general supporting presenting providing little or
to make meaning ideas provided generalizations no relevant
clear (well-chosen (reasons/general without adequate support.
examples). examples). support. No essay response
provided.
D. Grammar, Response is free Response has 3 or Response has 4-5 Response has 6 or
Usage, and from any errors in less errors in errors in grammar, more errors in
Mechanics grammar, usage, grammar, usage, usage, and grammar, usage,
(writing) and mechanics. and mechanics. mechanics. and mechanics.
No essay response
provided.
Distinctive Sufficient Very little No
E. Originality experimentation experimentation experimentation to experimentation
(Expression of with language and with language and enhance concepts nor enhancement
the theme in a usage to enhance usage to enhance Does not exhibit of concepts No
creative way) concepts Applies concepts Applies creativity adherence to the
higher order basic creative theme
thinking and skills to relay
creative skills to ideas
relay complex
ideas

500 words or YES NO

less (following

 
Assigned Essay ________
Additional Comments