Introduction to Corporate Finance What Companies Do 3rd edition John Graham, Scott Smart - Solutions

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What are four basic rules entrepreneurs should remember about securing a patent?
In your own words, what is a copyright? What benefits does a copyright provide?
How much protection does a copyright afford the owner? Can any of the individual’s work be copied without paying a fee? Explain in detail. If an infringement of the copyright occurs, what legal recourse does the owner have?
When may a trademark be invalidated? Explain.
What are the specific advantages and disadvantages associated with each primary legal form of organization?
What is the nature of an S corporation? List five requirements for such a corporation.
Explain the value of the B Corporation and the L3C corporation as new legal forms.
When can a patent be declared invalid? Cite two examples.
In your own words, what is a trademark? Why are generic or descriptive names or words not given trademarks?
What are three of the pitfalls individuals should avoid when seeking a trademark?
What is the ULPA? Describe it.
Explain the limited liability partnership.
What is a limited liability company?
What type of protection does Chapter 11 offer to a bankrupt entrepreneur? Why do many people prefer Chapter 11 to Chapter 7?
1. Given the nature of the industry, how valuable will a patent be to Tom? Explain.2. If Tom does get a patent, can he bring action against infringers? Will it be worth the time and expense? Why or why not?3. What do you think Tom should do? Why?
1. What are the advantages and disadvantages of a partnership?2. Contrast the advantages and disadvantages of a partnership with those of a corporation.3. Provide your opinion on whether the Harlow’s should incorporate.4. Would the LLC option be a value to them? Explain.
1. What type of bankruptcy agreement would you recommend? Why?2. Why would you not recommend the other types of bankruptcy? Be complete in your answer.3. When selling the creditors on your recommendation, what arguments would you use?
Describe the “new” marketing concept for entrepreneurs with the 4Cs.
What are the five steps in the marketing research process? Briefly describe each.
Describe social media marketing and mobile marketing. Be specific in your answer.
Discuss some of the entrepreneurial tactics in market research that are accomplished with limited resources.
Identify and discuss three of the psychological characteristics that help an entrepreneur identify and describe customers. Also, explain how the product life cycle will affect the purchasing behavior of these customers.
What are the five steps that are particularly helpful for developing a marketing plan? Identify and describe each.
What are some of the major environmental factors that affect pricing strategies? What are some of the major psychological factors that affect pricing? Identify and discuss three of each.
Explain how pricing is viewed in different ways. Be specific.
How do pricing strategies differ based on the product life cycle?
Identify the five revenue models for social media start-ups.
In your own words, what is a market? How can marketing research help an entrepreneur identify a market?
Identify and describe three of the primary obstacles to undertaking marketing research.
How would an entrepreneur’s new-venture strategy differ under each of the following marketing philosophies: production-driven, sales-driven, consumer-driven?
1. Will the information that Roberta is seeking be of value to her in competing in this market? Why or why not?2. How would your recommend Roberta put together her marketing research plan? What should be involved?3. How expensive will it be for Roberta to follow your recommendations for her
1. Has Brian completed the proper marketing research for this potential opportunity? Why or why not? Explain.2. Based on the case, are there key mistakes that you would caution Brian about? Explain.3. What specific steps would you recommend to Brian in order for him to better assess this
What is the importance of financial information for entrepreneurs? Briefly describe the key components.
What are pro forma statements? How are they constructed? Be complete in your answer.
Describe how a capital budget is constructed.
One of the most popular capital budgeting techniques is the payback method. How does this method work? Give an example.
Describe the net present value method. When would an entrepreneur use this method? Why?
Describe the internal rate of return method. When would an entrepreneur use this method? Why?
If an entrepreneur wants to use break-even analysis but has trouble assigning some costs as either fixed or variable, can break-even analysis still be used? Explain.
What is ratio analysis? How is horizontal analysis different from vertical?
What are the benefits of the budgeting process?
How is the statistical forecasting technique of simple linear regression used in making a sales forecast?
When would an entrepreneur be interested in break-even analysis?
1. What is the purpose of a cash flow budget? What does it reveal? Of what value would it be to Regina?2. How does the payback method work? How does the net present value method work? How would you explain each of these methods to Regina?3. How does the internal rate of return method work? How
1. What is the break-even point for this project? Will the company make money if it manufactures the components? Show your calculations.2. If the project is profitable, will it provide Dennis the desired 20 percent? Explain.3. Of what value is break-even analysis to Dennis? Be complete in your
Describe each of the five planning pitfalls entrepreneurs often encounter.
Identify an indicator of each pitfall named in question 2. What would you do about each?
Identify the benefits of a business plan (a) For an entrepreneur and (b) For financial sources.
What are the three major viewpoints to be considered when developing a business plan?
Describe the six-step process venture capitalists follow when reading a business plan.
What are some components to consider in the proper packaging of a plan?
Identify five of the ten guidelines to be used for preparing a business plan.
Briefly describe each of the major segments to be covered in a business plan.
Describe each of the three financial statements that are mandatory for the financial segment of a business plan.
Why is the summary segment of a business plan written last? Why not first?
What is the meaning of the term critical risks?
Why update a business plan?
Outline some of the critical points to capture in an elevator pitch.
1. In addition to financial questions, what other questions is the venture capitalist likely to ask Pedro?2. Would a business plan be of any value to Pedro? Why or why not?3. How would you recommend Pedro get ready for his meeting with the venture capitalist? Be complete in your answer.
1. What should Theresa put in the marketing segment? What types of information will she need?2. For the critical risks assessment segment, what key areas does Theresa have to address? Discuss two of these.3. For the financial segment, what suggestions would you make to Theresa regarding the kinds
In what way does an entrepreneur’s vision affect the company’s strategic plan?
Give three reasons why many entrepreneurs do not like to formulate strategic plans.
Describe the entrepreneurial strategy matrix and explain why it is effective for entrepreneurs.
Firms that fail to innovate will die. What does this statement mean in the context of new ventures?
How can entrepreneurs build an entrepreneurial firm? Be complete in your answer.
Successful ventures balance entrepreneurial characteristics with managerial style.
Define the one-person-band syndrome.
How is the strategic plan of an engineer/scientist entrepreneur likely to be different from that of an entrepreneur whose primary strength is in the manufacturing area?
Briefly identify and describe the stages of development for a new venture.
Identify and describe the four key factors that need to be considered during the growth stage.
What is meant by managing paradox and contradiction?
Identify five unique managerial concerns of growing businesses.
1. What is the danger in Hendrick’s thinking? Explain in detail.2. Could the concept of understanding managerial versus entrepreneurial as described in the chapter be of any value to Hendrick? Why or why not?3. Using Table as your point of reference, how would you describe Hendrick’s focus?
1. In what phase of the venture life cycle is Jan’s firm currently operating? Defend your answer.2. How are Jan’s actions helping to build an adaptive firm? Give three specific examples.3. If Jan’s firm continues to grow, what recommendations would you make for future action? What else should
Identify and discuss the three underlying issues in the evaluation of a business.
Define the term due diligence. How is it applied to the acquisition of an existing venture?
To analyze a business, what types of questions or concerns should the entrepreneur address in the following areas: history of the business, market and competition, sales and distribution, management, and finances?
How do the following methods of valuation of a venture work: fixed price, multiple of earnings, return on investment, replacement value, liquidation value, excess earnings, and market value? In each case, give an example.
Explain why the following are important factors to consider in valuing a business: start-up costs, accuracy of projections, degree of control.
One of the most popular methods of business valuation is the adjusted tangible book value method. Describe how this method works.
Explain how the price/earnings ratio method of valuation works. Give an example.
What are the steps involved in using the discounted earnings method? Give an example.
1. Under the adjusted tangible book value method, what is Charles's business worth? Show your calculations.2. Under the discounted earning method, what is Charles’s business worth? Show your calculations.3. Which of the two methods is most accurate? Why?
1. If the owner reduces the earnings estimates from seven to five years, what effect will this have on the final valuation? If the individual increases the discount factor from 15 percent to 20-22 percent, what effect will this have on the final valuation?2. How do the replacement value and
What are the potential choices for an entrepreneur to examine as the venture matures?
A number of barriers to succession in privately held businesses exist. Using Table, identify some of the key barriers.
An entrepreneur can make a number of choices regarding a successor. Using Table as a guide, discuss each of the choices.
What eight steps should be followed to harvest a business? Discuss each of these steps.
What pressures do entrepreneurs sometimes face from inside the family?
What pressures do entrepreneurs sometimes face from outside the family?
How might the Oakland Scavenger case affect succession decisions in small business?
Why do entrepreneurs look forward to the day when they can take their company public?
1. Why is Pablo reluctant to turn over the reins to José? Include a discussion of Figure 15.1 in your answer.2. Cite and discuss two reasons that Pablo should begin thinking about succession planning.3. What would you recommend that Rebecca and José do to convince Pablo that they are right? Offer
1. Identify and briefly describe four characteristics you would expect to find in a successful manager in this type of venture.2. What steps does Jack need to follow to successfully identify and groom a successor? Be complete in your answer.3. If you were going to advise Jack, what would you
1. What are the major problems facing Google in 2009?2. Given the economic environment in 2009 as described in the case, what implications, opportunities and threats does this context pose for Google currently? What about in 2012?3. Based on the content of the case, what was the primary Strategic
1. Is the business model sustainable (can it pay its expenses and eventually make a profit)?2. Is business scalable (and what are the aspects that will govern the pace of growth and ultimate scale of the enterprise)? 3. Will the business make a significant impact on a real problem?
1. Should CommuniteeWeb utilize Wall Street Venture Capital as its primary funding source? If not, why and what should the firm’s next step be?2. Assess the company’s burn rate (cash expenditure without any notable cash inflow) and financial outlook.3. What are some critical mistakes made by
1. Compare the typology of risks encountered by entrepreneurs with those encountered by Styles.2. Assess the pros and cons of entering into the proton cancer therapy center deal.3. Analyze the sources of funding available for new ventures and their applicability to the proton center cancer therapy
What is float? What are its four basic components? Which of these components is the same from both a collection and a payment perspective? What is the difference between availability float and clearing float, and from which perspective—collection or payment—is each relevant?
What is cash position management? What types of firms set a target cash balance? Why? What is the purpose of a bank’s requiring the firm to maintain a minimum balance in its checking account? How does this relate to a bank account analysis statement?

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