Question

read the following entrepreneur profile and respond the following questions. 1. what idea did michael and sheena develop into a business idea? 2. how can you prepare for things that might go wrong in business ventures? 3. how would you get the information you might need for writing a book? 4. why might starting a business while you are in school be a good idea? 5. what are some of the pitfalls? entrepreneur profile spreading the word! when michael simmons was 16 years old, he co - founded his first business, princetonwebsolution, a web - development company. although his company was very successful, michael made one mistake that cost him and his partner several thousand dollars. the mistake? they didnt prepare and plan enough for what could go wrong. now,said michael, before i do any - thing, i do a pre - mortem by making a list of what could go wrong and how i can keep it from happening. an early age, michael learned one of the basic prin - ciples of starting a business. michael met sheena lindahl on their third day of college at new york university. the two discovered they had a lot in common. sheena had become finan - cially independent of her parents when she was 17 and was paying for her own college tuition, which cost over $30,000 a year. she used the same strategies michael was using to run his business. both had learned how to capitalize on limited resources, build a network, develop a personal brand, and step outside their com - fort zone, even to the point of getting married. putting it together in their junior year, sheena and michael launched the extreme entrepreneurship tour. they interviewed entrepreneurs and put their research as well as their life experiences into the student success manifesto, which they self - published. the student success manifesto helps to create a life of passion, purpose, and prosperity by michael simmons became an amazon best - seller. after publishing the book, sheena and michael started receiving speaking requests. as they spoke to high school and college students, they recognized the need for students to hear about young entrepre - neurs—about their peers who were taking action and starting businesses. they decided to spread the word to help college students plan, prioritize, and pursue their vision for life. going on the road just after sheena and michael graduated, they launched the extreme entrepreneurship tour. traveling in a big bus, they started visiting college campuses nationwide, conducting half - day work - shops where students could hear about entrepre - neurship and how to fulfill their dreams. michael put together a network of young entre - preneurs who shared their experiences at these events. as a follow - up to workshops, they developed an online anti - procrastination and coaching tool called journeypage. michael and sheena believe the best time for stu - dents to start a business is while theyre in college. a number of resources support entrepreneurs, including foundations and organizations. many stu - dents dont necessarily have to worry about paying for health care or raising children, factors that may influ - ence their decisions in later life. often, students can receive financial support from their parents. sheena and michael feel that becoming entrepreneurs gives students a unique experience that will help them in the future and promote a maturity and personal growth that comes from launching a business. thinking like an entrepreneur 1. how can you prepare for things that might go wrong in business? 2. how can you get the information you might need for writing a book? 3. why might starting a business while youre in school be a good idea? what are some of the pitfalls?

Explanation:

1. Michael and Sheena developed the idea of helping college students plan, prioritize, and pursue their vision for life into a business idea by creating Extreme Entrepreneurship Tour and related resources like The Student Success Manifesto.
2. To prepare for things that might go wrong in business ventures, one can make a list of what could go wrong and have a pre - mortem by looking at potential failures in advance.
3. To get information for writing a book, one can interview successful people, conduct research, and draw from personal experiences as Michael and Sheena did.
4. Starting a business while in school can be a good idea as it can provide real - world experience, help build a network, and allow for the development of leadership and entrepreneurial skills. Also, students may have access to resources and support from their school and parents.
5. Some pitfalls could include lack of time due to school commitments, potential financial stress as students may not have a stable income source, and inexperience in handling complex business situations.

Answer:

1. The idea of helping college students plan, prioritize, and pursue their vision for life.
2. Make a list of what could go wrong and have a pre - mortem.
3. Interview successful people, conduct research, and draw from personal experiences.
4. Provides real - world experience, helps build a network, and develops skills; access to school and parental resources.
5. Lack of time, potential financial stress, inexperience in complex business situations.