Lesson 3 - Ideas Into Action

Chapter 1: Barriers to entry

1. What do you think are the greatest barriers to entry for becoming an entrepreneur?

2. Are they internal or external barriers?

Chapter 2: Lack of money

1. Do you think that it takes money to make money? Why or why not?

2. How did Ryan Blair characterize the lack of money as an obstacle to starting a business?

Chapter 3: Bootstrapping

1. Describe the term bootstrapping and why it is important to an entrepreneur?

2. How can the lack of resources become an advantage to an entrepreneur?

3. How did Ted and Sirena Moore bootstrap their business? What resources did they have? What challenges did they face? What sacrifices did they make? How did they overcome their lack of money?

Chapter 4: Proof of Concept

1. Describe the term "proof of concept".

2. How did Ted and Sirena prove their concept?

3. Why is it important to acknowledge the uncertainty of a new venture?

4. How does proving your concept empower you as an entrepreneur?

5. How does it help reduce risk?

6. How can proving your concept increase your chances of finding money you need to start your business?

7. How did Ted and Sirena find their first customers?

Chapter 5: Lack of time

1. Time is the currency we all have. How do entrepreneurs overcome the lack of time as a barrier? What sacrifices must you make?

2. In terms of time, what sacrifices did Palwasha Siddiqi make to become an entrepreneur?

3. How did Keith Kokal manage his time as well as the risks involved in starting his business?

Chapter 6: Lack of experience

1. How do entrepreneurs like Ted and Sirena Moore, Brian Scudamore, Dawn Halfaker or Carey Mobius overcome their lack of experience as aspiring entrepreneurs?

2. As an entrepreneur, how can you manage your risk when you don't have experience?

Chapter 7: Fear

1. Describe an example of how fear may prevent you from taking action.

2. In some cases we make excuses rather than acknowledge our fears. How does the "good" become the enemy of the "great"?

Chapter 7: Fear - Part 2

3. How did Jason Campbell describe his experience of overcoming his fear?

4. How did Susana Cabrera manage her fears? How did she demonstrate her power to choose? Was she operating from an internal or an external locus of control? How?

5. What was the result of overcoming her fear? How did her beliefs change as the result of her actions?

Chapter 7: Fear - Part 3

6. What was the most important thing you learned from the entrepreneurs featured in this chapter?

7. How has fear or the lack of confidence prevented you from doing something you wanted to do? Did you make excuses or did you acknowledge your fear? Did you overcome your lack of confidence? If so, how? Why is it important to acknowledge your fear than rather make excuses?

Chapter 8: Re-inventing work

1. What influenced David Petite to become an entrepreneur?

2. How did he approach his work differently than most? What motivated him to work 42 hours straight?

Chapter 8: Re-inventing work - Part 2

5. Was David Petite motivated by money (extrinsic) or by the enjoyment of the work itself (intrinsic) -by his ability to solve problems and make a difference in the lives of others?

6. How did Brain Scudamore describe his motivation to succeed?

7. How did Susana Cabrera describe her work?