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Questions and Answers of
Business Law
Why is it important to study the small business failure rate?
Explain the typical entrepreneur's attitude toward failure. (LO 9: Put business failure into the proper perspective)
What advice would you offer an entrepreneurial friend who has just suffered a business failure?
What is an entrepreneur? Give a brief description of the entrepreneurial profile.
What are the major benefits of business ownership?
Which of the potential drawbacks to business ownership are most critical?
Briefly describe the role of the following groups in entrepreneurship: women, minorities, immigrants, "part-timers," home-based business owners, family business owners, copreneurs, corporate
What contributions do small businesses make to our economy?
Describe the small business failure rate.
How can the small business owner avoid the common pitfalls that often lead to business failures?
What is ethics? Discuss the three levels of ethical standards.
Describe business's social responsibility to each of the following areas: The Environment; Employees; Customers; Investors; and The community.
What can businesses do to improve the quality of our environment?
Should companies be allowed to test employees for drugs? Explain. How should a socially responsible drug testing program operate?
Many owners of trucking companies use electronic communications equipment to monitor their drivers on the road. They say that the devices allow them to remain competitive and to serve their customers
What rights do customers have under the Consumer Bill of Rights? How can businesses ensure those rights?
In any organization, who determines ethical behavior? Briefly describe the three ethical styles of management. What are the benefits of moral management?
Why do ethical lapses occur in businesses?
Describe the various methods for establishing ethical standards. Which is most meaningful to you? Why?
What can business owners do to maintain high ethical standards in their companies?
What is a social entrepreneur? How do they differ from traditional entrepreneurs? (LO 4: Explain the difference between social entrepreneurs and traditional entrepreneurs)
What is social responsibility?
Explain the differences among creativity, innovation, and entrepreneurship. (LO 1: Explain the differences among creativity, innovation, and entrepreneurship)
How are creativity, innovation, and entrepreneurship related? (LO 1: Explain the differences among creativity, innovation, and entrepreneurship)
Why are creativity and innovation so important to the survival and success of a business?
Can creativity be taught, or is it an inherent trait? (LO 3: Understand how the two hemispheres of the human brain function and what role they play in creativity)
How does the human brain function? What operations does each hemisphere specialize in? Which hemisphere is the "seat" of creativity?
Briefly outline the 10 "mental locks" that can limit individual creativity. Give an example of a situation in which you subjected yourself to one of these mental locks. (LO 4: Explain the 10 "mental
What can entrepreneurs do to stimulate their own creativity and to encourage it among workers?
Explain the steps in the creative process. What can an entrepreneur do to enhance each step? (LO 6: Describe the steps in the creative process)
Why is strategic planning important to a small company?
What is a balanced scorecard? What value does it offer entrepreneurs who are evaluating the success of their current strategies? 1. Customer: How do customers see us? 2. Internal Business: At what
What is a competitive advantage? Why is it important for a small business to establish one?
What are the steps in the strategic management process?
What are strengths, weaknesses, opportunities, and threats? Give an example of each. (LO 3: Develop a strategic plan for a business using the nine steps in the strategic planning process)
What is knowledge management? What benefits does it offer a small company? (LO 3: Develop a strategic plan for a business using the nine steps in the strategic planning process)
Explain the characteristics of effective objectives. Why is setting objectives important? (LO 3: Develop a strategic plan for a business using the nine steps in the strategic planning process)
What are business strategies? Explain the three basic strategies from which entrepreneurs can choose. Give an example of each one. (LO 4: Discuss the characteristics of three basic strategies)
Describe the three basic strategies available to small companies. Under what conditions is each most successful? (LO 4: Discuss the characteristics of three basic strategies)
How is the controlling process related to the planning process? (LO 5: Understand the importance of controls such as the balanced scorecard in the planning process)
What factors should an entrepreneur consider before choosing a form of ownership? (LO 1: Discuss the issues that entrepreneurs should consider when evaluating different forms of ownership)
What advantages does an LLC offer over an S corporation? Over a sole proprietorship? (LO 6: Describe the features of the LLC)
How is an LLC created? How does this differ from creating an S corporation?
What criteria must an LLC meet to avoid double taxation?
What are the advantages to organizing as a nonprofit for a social entrepreneur? What are the critical steps a social entrepreneur must take to launch a nonprofit?
How can a for-profit pursue a social mission? What is meant by a double bottom line for such an organization?
What is an L3C? How is it similar to and how is it different than an LLC?
Why are sole proprietorships the most popular form of ownership?
How does personal conflict affect partnerships? What steps might partners take to minimize personal conflict?
Why are the articles of partnership important to a successful partnership? What issues should the articles of partnership address?
Can one partner commit another to a business deal without the other's consent? Why and what are the potential ramifications?
Explain the differences between a domestic corporation, a foreign corporation, and an alien corporation.
What issues should the certificate of incorporation cover?
How does an S corporation differ from a regular corporation? (LO 5: Describe the features of the S corporation)
What role do limited partners play in a partnership? What will happen if a limited partner takes an active role in managing the business?
What is franchising?
What is the function of the FTC's Trade Regulation Rule? What function does the FDD perform?
Outline the rights the Trade Regulation Rule gives all prospective franchisees.
What is the source of most franchiser-franchisee litigation? Which party does the standard franchise contract favor?
Describe the current trends affecting franchising. (LO 9: Explain the current trends shaping franchising)
One franchisee says, "Franchising is helpful because it gives you somebody (the franchiser) to get you going, nurture you, and shove you along a little. But, the franchiser won't make you successful.
Why might an entrepreneur consider franchising as an attractive growth strategy? (LO 2: Define the concept of franchising)
What should an entrepreneur be prepared for when considering franchising his or her business?
Describe the three types of franchising and give an example of each.
How does franchising benefit the franchisee? Franchisor?
Discuss the advantages and the disadvantages of franchising for the franchisee.
How beneficial to franchisees is a quality training program? What types of entrepreneurs may benefit most from this training?
Why might an independent entrepreneur be dissatisfied with a franchising arrangement?
What are the clues in detecting an unreliable franchiser?
Should a prospective franchisee investigate before investing in a franchise? If so, how and in what areas?
What advantages can an entrepreneur who buys a business gain over one who starts a business from scratch?
Explain the buyer's position in a typical negotiation for a business. Explain the seller's position. What tips would you offer a buyer about to begin negotiating the purchase of a business?
What benefits might you realize from using a business broker? What are the disadvantages?
How would you go about determining the value of the assets of a business if you were unfamiliar with them? (LO 3: Explain the four steps in the search stage for buying the right business)
Why do so many entrepreneurs run into trouble when they buy an existing business? Outline the steps involved in the right way to buy a business. (LO 3: Explain the four steps in the search stage for
When evaluating an existing business that is for sale, what areas should an entrepreneur consider? Briefly summarize the key elements of each area. (LO 3: Explain the four steps in the search stage
How should a buyer evaluate a business's goodwill? (LO 3: Explain the four steps in the search stage for buying the right business)
What is a restrictive covenant? Is it fair to ask the seller of a travel agency located in a small town to sign a restrictive covenant for one year covering a 20-square-mile area? Explain. (LO 4:
How much negative information can you expect the seller to give you about the business? How can a prospective buyer find out such information? (LO 4: Describe the five steps of the deal stage for
Why is it so difficult for buyers and sellers to agree on a price for a business? (LO 4: Describe the five steps of the deal stage for buying a business the right way)
Which method of valuing a business is best? Why?
What does a feasibility analysis encompass and what value might it provide? (LO 1: Present the steps involved in conducting a feasibility analysis)
Explain the nine components of the business model canvas.
Why should an entrepreneur develop a business plan?
Why do entrepreneurs who are not seeking external financing need to prepare business plans?
Describe the major components of a business plan.
How can an entrepreneur seeking funds to launch a business convince potential lenders and investors that a market for the product or service really does exist?
What are the 5 C's of credit? How do lenders and investors use them when evaluating a request for financing?
How would you prepare to make a formal presentation of your business plan to a venture capital forum?
What is a marketing plan? What lies at its center?
With a 70 percent customer retention rate (average for most U.S. firms according to the American Management Association) every $1 million of business in 1995 will grow to more than $4 million by the
What objectives should a marketing plan accomplish?
How can market research benefit a small business owner? List some possible sources of market information.
Does market research have to be expensive and sophisticated to be valuable? Explain.
Why is it important for entrepreneurs to define their target markets as part of their marketing strategies?
What is a competitive edge? How might a small company gain a competitive edge?
Describe how a small business owner could use the following sources of a competitive advantage: "niche-picking," "entertailing," emphasizing their uniqueness, connecting with their customers,
Explain the concept of the marketing mix. What are the four Ps?
List and explain the stages in the product life cycle. How can a small firm extend its product's life?
What are the three elements of promotion? How do they support one another?
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