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business
entrepreneurial small business
Questions and Answers of
Entrepreneurial Small Business
Take 10 businesses that operate in your community and categorize them in the appropriate type of overall growth strategy. Why do you put them there?
Create a Google Adword account at www.google.com/adwords (it’s free) and load the keywords tool. Use the keyword daycare to see the kinds of related search terms come up, and the level of
Read your local newspaper for information about a small business that you think stems from a publicity effort (e.g., new location or management, product line shift or expansion, special events or
Entrepreneur Magazine is a leading resource for small business. Download their media kit at www.entreprenerus.com/mediakit. For this exercise, use the kit for digital media. What approach would
Imagine that a small independent bookstore in your neighborhood is holding a special reading and book signing by a well-known author. Describe what your goal(s) might be in arranging this
Product markets can be segmented in a number of ways. See if you can’t fill in three of the four columns for each of the following products or services.
You’ve heard about Paul Scheiter and his firm, HedgehogLeatherworks.com. One of his customers, Ian Atkinson, is a big fan and also a leatherworker, and provided his analysis of the pricing behind
Choose a business that you might someday like to start. Try one of the direct marketing address providers’ Websites listed in the chapter and locate a list that you feel would be appropriate to
Select a major high customer contact business category – restaurant, retail, dry cleaning, beauty salon, etc., etc. – and visit two or more different providers. What do you see in their store
Visit two stores – one where you belong to the target market and one where you do not. Make a list of all the atmospherics you detect and explain how they appeal to the target market.
Go to either QuickbooksTM or Sage 50 AccountingTM web site. Download and install a demonstration copy of their accounting program. Using either the budget schedules you developed in exercise 4, or
Do a Google search on the terms "accounting system" and "small business." Follow the Google returns to the websites of the companies (other than the ones named in the text) that you can find that
The text calls the practice of gaming the payment process "underhanded." What is your opinion of this common practice? Does it have any ethical implications?
Form a group from your classmates who completed exercise 1, above. Collect your findings into a chart. Compare and contrast bank offerings. Present your findings to your class with a recommendation
Form a group from your classmates who completed exercise 4, above. Collect your findings into a chart. Compare and contrast bank offerings. Present your findings to your class with a recommendation
Create the cash budget. Do you remember where to find the beginning balance?
Now try the Proforma Balance sheet. Assume no changes in notes payable, mortgage or assets. Assume inventory is zero and there are no customer deposits.
Which of the asset valuation methods, book value, disposal value, replacement value, and fair market value is the best for determining the value of your business' assets? Explain choice, detailing
Shawn was thrilled to be finally opening his own medical practice. Before he opened for business, he asked a lot of area doctors for things that they had found to be problematic when they first
Vicky Volare fell in love with motor scooters on vacation and now wants to bring the idea to Vail, Colorado. In doing so, she will be assuming a number of risks she’ll need to manageWhat financial
As mentioned, one of the most common problems in a family business is the hiring of relatives who do not have talent to fulfill the necessary job responsibilities. What can you do if you are
At ReCellular, Inc., a cellular phone remanufacturing company in Ann Arbor, Michigan, the small business owner put together a list of interview questions that immediately improved the hiring process.
The federal minimum wage is $7.25 per hour, of $14,500 a year (although there are places where it is higher, see http://www.raisetheminimumwage. com/ pages/minimum-wage-state for those). As an
Go to Salary.com and look for a position in retail sales in Lincoln, NE. Look for “retail Sales Staff – Full Time” and look at the job description as well as salary and benefits. What is the
Using your job description from above, craft 5 questions you would ask prospective candidates for this position.
Lenny (from question 1) has decided that he’ll hire a part time high school student to help out in the book store. Think of three things on which this employee might need to be trained and
Lenny is considering a lot of different psychological contract items that he could use in addition to the competitive salary he is offering. Can you tell if the following are autonomy and growth,
Angie is now writing her senior thesis in entrepreneurship and asks Lenny to describe how he set up her pay system all those years ago when she was first hired. This is what Lenny told her: I knew
SkyBOX has grown with employees in three waves. Each wave came with it’s own set of issues. The programmers in the first two waves had left, so Tim offered equity to the third set. Unfortunately,
Collect promotional materials for a small business in your area. These can include coupons, loyalty programs, special tie-ins, special events, advertisements or any other promotional materials. Using
Think about your product or service. How can you extend your offerings to better keep and grow your customers?
Select a service you know. Brainstorm a list of potential incremental changes – whether technologically feasible or not – that might extend the product life cycle for them over the next several
With a group of friends, brainstorm a list of ideas for a service you could provide for your college professors. Design an idea checklist to evaluate this list.
Without doing a whole lot of research, draft a potential pitch deck for Minnie. (That is, make some reasonable guestimates for items not listed in previous questions.)
Randomly assign different franchise opportunities to students or groups of students. You can use www.franchise.org for a list of possibilities. Select some well-known ones and some more obscure
Arline thinks she’s ready to take her part time eBay selling into a full time job, but she’s just a bit unsure. She has heard that you are taking a small business class and comes to you for
The following entrepreneurs have set up home-based businesses. Which ones followed good home-based business rules?a.Janet sometimes had a dozen or more clients parked in her driveway or on the street
Do a Google search for "pop-up business guides." See if you can find a guide for your city or state. If not, what kind of help do you find?
Go to the Web sites of Facebook and LinkedIn.From what you can learn from the Web sites , how do these two differ? Consider the market to which they are aiming, their relative sizes, and the kinds of
Evaluate a franchise using the tables for the three forms of legitimacy. Go to the franchise’s local operation to look around and check out the franchiser’s Website. What forms of legitimacy are
Pick an existing business or use the one you own or are thinking about developing. For that business, identify at least two key players in at least two areas of its task environment (e.g., media and
Would you like more information on LLCs? Go to http://nolo.com, click on “legal articles” at the top of the home page and then on “business formation LLCs and Corporations” to learn more.
You may be able to represent yourself on small matters by going to small claims court. These courts of limited jurisdiction have different names in different states. Go to
In most states you can contact the state bar, the state supreme court or a state commission to check on whether a particular attorney has been disciplined for professional conduct violations. To find
Find your state’s Secretary of State’s home page on the Internet. Find information on forming LLCs. Can the form(s) be submitted online? If not, can the form(s) be downloaded or filled in using
Identify a business you want to own. Use the resources of your library and the Internet to identify what insurance you are legally required to carry. Contact an insurance broker to determine how, and
Identify a specific location (street address) where you would like to operate a business. Visit your city's planning and zoning office (or their web site, if they have one) and determine if this site
Suppose you are going to open a consulting business. You are going to finish half of your garage to use as an office. Go to the ADA site and determine what accessibility requirements you
Identify the business you would like to own. Go to the OSHA web site and find out what rules and regulations apply to this business. Create a chart of hazards of this business and the applicable OSHA
Identify the business you would like to own. Make a list of the risks that are specific to that business. Contact an insurance broker to find out what coverages are available, and what they would
Assume that you own a 2005 Ford F750 Super Duty truck. The truck has been driven 32,000 miles. What is a reasonable disposal value for this truck? (Be sure to reducing your estimate of sales price by
Assume that you have a plumbing business that requires the use of a backhoe. Contact equipment rental businesses in your area and find out the rental cost and terms for a suitable machine. Contact
Contact a dealer who sales expensive capital assets, such as earth moving or transportation equipment. Find out the costs of acquiring, owning, operating, and disposing of the asset. Use a
Make a search, using your library, the Internet, and your business contacts to find factors in your area. Interview the factor and determine the terms offered. Ask what things about the receivables
Choose a local business in the industry that you would like to own. Visit the business that you chose, walk about to observe the amounts and types of inventory on display. Interview the owner or
Do a search of Entrepreneur, Inc., and Business Week Small Business websites looking for information about businesses that were successful in obtaining financing. Write a report detailing how the
Make an appointment with a commercial bank loan officer who handles business loans. Ask about the bank's documentation requirements to consider a loan. Determine what commitment, if any the bank has
Find out if your city or county has any tax abatement economic development zones. What must you do to be able to take advantage of the tax abatement?
Find out if your city has an office of economic development. (Almost every city with a population greater than 100,000 does.) Contact the office and inquire about the programs that it supports. As
Contact the owner of a business you would like to own. Arrange an interview. Ask how the owner arranged for startup financing. What sources of financing does the owner use today? Report your findings
Go to the SBA directory of SBIC's. Search through the directory, specifically looking for SBIC's that will invest in businesses in the industry in which you are interested. Make a chart of the
Assume that you are preparing to open a new business. You need both an on-location sign and professional accounting services. Do a web search and examine your local telephone book to find (1) a sign
Use the resources of your library and/or the Internet to identify 5 credit card processing providers. Contact each and determine the following:The cost of equipment to be able to accept credit card
Do a telephone survey of banks in your area. Ask:Do they use electronic check clearing?If they use a clearing bank to manually clear checks, ask what bank they use.Ask what the average period of
Do a Google search, using the name of your city and "online banking." Examine the sites returned to determine:How often is the account balance updated online?Are monthly account statements available
Make an appointment with a loan officer at your bank who handles small businesses. Conduct an interview to find out the following:Will the bank lend to small businesses, using receivables for
Either by yourself or in a group of your fellow students, select a business that you could reasonably expect to be able to start and run right now. (This could be as simple as a T-shirt company.)
If one or more of the accounting software mentioned in the text are available, have students in groups attempt to set up the system for a company and go through an imaginary month’s activities. If
Choose a public business that is in the same industry as the business you would like to own. Go to the company's web site and find "investor relations." Download a copy of the business' most recent
Choose an industry in which you would like to own a small business. Use the Internet, the university library, and the public library to find the names and addresses of industry trade associations.
Assume that you have determined to purchase a computerized small business accounting system. Visit the web site of each of the accounting systems named in this chapter. From the information there
Keep a list of direct marketing you experience for a week. Which messages did you find particularly appealing? Why? Which ones were you more likely to ignore?
This chapter does not begin to cover the vast number of sales forecasting methods, but only attempts to bring in a few. Should time and interests allow, other methods may be discussed and
Pick a small business with which all the class is familiar. Discuss what are the customer benefits that the business is trying to offer. Could they do a better job if they chose some other benefit?
Look at hamburger restaurants. How do they pursue imitative status and when do they offer innovation.
a. Is it possible to sell products on eBay without having an online store? What would be the advantages and disadvantages of doing so?b. How would you use multi-channel marketing to promote your
When talking about codes of ethics, you were encouraged to do a Google search. One of the sites that may have turned up is the Center for the Study of Ethics in Professions at the Illinois Institute
Decide on three areas of the general environment you do not usually consider. Put together a profile of sources (online, print, of both) that you would use to do environment scanning in those three
For students in your class thinking about (or in the process of) starting their own business, find out which items on the BRIE checklist they have completed. Ask them which items they expect they
Write a job description for your mother.
How did the small businesses find the following employees?Wendell was happy to help out his brother on weekend until he could afford to hire extra help.Milton lived in Nebraska but worked in
Lenny’s Used Book Store is doing pretty well. Lenny has been the sole employee as well as the owner since it started a year ago. At this point, he limits the hours he is opened and simply shuts the
What are creative ways that you can retain your first employee and ensure you are meeting his/her needs? Consider how you can meet or exceed the employee’s “psychological contract.”
What specific training guidelines would you incorporate into your business? What inexpensive techniques (on-the-job training) can you use after you make the first hire? Did the owner of the business
While a smaller firm can actually outperform large businesses in attracting high quality employees, how can you communicate to the job market the multiple benefits of working within your firm? How
Major League baseball was developing their own iPhone application and filed a cease-and-desist against Vivid Sky. Tim knew that Vivid Sky conformed to all copyright issues and were legally within
Complete the following table:What it coversLength of time in effectHow establishedPatentTrade secretCopyrightTrademarkTrade name
What sorts of contracts or clauses do we have or need here?a.Crystal knew she couldn’t handle all the sewing for the huge order of bridesmaids’ dresses she just received – especially in the
Elvira has found that her customer’s claim might very well have been discrimination. What are two arguments that Elvira could claim in order to get her “off the hook?” What are her choices of
Loretta was going to have to renegotiate her rent contract for her warehouse next month and she was beginning to give it some thought. “What I really want more than anything is to not have my rents
The following entrepreneurs were seated at the same table for a local small business awards night. Throughout dinner, they discussed the businesses they had started and were surprised to see that
“I think I’m in trouble,” Elvira confided to her husband, Curtis. “I had a customer in today who complained that one of my clerks had discriminated against her and that she was going to sue.
How would you go about finding a lawyer for your business?
Kimberly has an idea of a new type of hazardous waste recycling company. Due to the liability issues of hazardous waste, she is a little leery of getting into this business without some protection
After coming up with his plan to manage risks, Shawn called his insurance agent, Dixie. “Dixie,” he said, “I want to have insurance that will cover everything I may ever
Property, personnel, or customer and others? Can you put the event in the correct category?Rhonda’s Roadside Assistance experienced a fire.Brad’s Barbeque Grills hasn’t yet been paid for the
It’s been a bad day for the following entrepreneurs and they have all been exposed to different sorts of business risk. Can you identify the risks they have had?Wendy just couldn’t believe
One of your partners has special skills that would be very difficult to replace. His great joy in life is single track bicycle racing. How can you protect yourself from the probability that he will
Which is easier to steal, money from an employer's bank account, or a secret business processes? Why?
The text discusses methods to protect against weather. What might a business do to protect itself against earthquake?
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