1. In terms of strategic management, how does a new venture’s situation differ from that of an ongoing small company?

2. How should a small entrepreneurial company engage in environmental scanning? To what aspects of the environment should management pay most attention?

3. What are the characteristics of an attractive industry from an entrepreneur’s point of view? What role does innovation play?

4. What considerations should small-business entrepreneurs keep in mind when they are deciding whether a company should follow a growth or a stability strategy?

5. How does being family owned (as compared to being publicly owned) affect a firm’s strategic management?