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entrepreneurship
Entrepreneurship Successfully Launching New Ventures 6th Edition Bruce R Barringer, R Duane Ireland - Solutions
Describe Proactiv’s positioning strategy. To what extent did the three critical marketing decisions discussed in the case shape the evolution of Proactiv’s positioning strategy?
Discuss the things that Rodan and Fields learned, prior to meeting guthy-Renker, that persuaded them that infomercials were the best way to sell Proactiv. If Proactiv hadn’t developed infomercials in partnership with guthy-Renker, do you think Proactiv would be in existence today? Why were
how has Proactiv gone about establishing its brand? To what degree do you believe Proactiv is important in its customers’ lives?
Follow ModCloth’s primary Twitter account (@ModCloth) for five days. Write a short summary of how ModCloth uses Twitter to engage its customers and promote its products. On a scale of 1 to 10 (10 is high), how effectively does ModCloth use Twitter as a promotional tool?
In what ways, if any, do you think ModCloth will look different five years from now?
What is the difference between ModCloth’s core product and its actual product? Describe its actual product and your assessment of whether the actual product provides an attractive mix of characteristics.
In a short paragraph, describe ModCloth’s brand.What are the strengths and weaknesses of this firm’s brand?
If you had to make your decision on just the information provided in the pitch and on the company’s website, would you fund this company? Why or why not?
Based on the material covered in this chapter, what questions would you ask the firm’s founders before making your funding decision? What answers would satisfy you?
If you had to make your decision based only on the information provided in the pitch and on the company’s website, would you fund this company? Why or why not?
Based on the material covered in this chapter, what questions would you ask the firm’s founders before making your funding decision? What answers would satisfy you?
In a group of three, visit the nearest food outlet in your vicinity. Interview the entrepreneur or manager of the chosen outlet on how they decided the branding.Is the brand important to the firm’s marketing efforts?
Your friend, Jason Bates has just developed a new application for smartphones and he needs to market the apps.Suggest a viral marketing technique for his new product.
Marie Francis needs to prepare a business plan for her angel investor. She is in the middle of preparing for her new establishment, a yoga and fitness center for women. In her business plan, she needs to include a precise sales process to convince her investor that she has thought everything
Kelly Andrews has developed a new line of jewelry that has created some positive buzz among friends and some stores in her local community. When asked by a reporter, “Where do you plan to sell your jewelry?” Kelly said, “Hopefully everywhere—jewelry stores, Target, Walmart, gift shops,
Shannon has developed a new type of space heater that is quieter and safer than previous generations of space heaters and is particularly geared to people who live in small spaces, such as apartments or dorm rooms. Shannon doesn’t know how to price this product. Describe to Shannon the two most
Spend some time looking at Red Bull’s website (www.redbull.com). Comment on each element of Red Bull’s marketing mix (product, price, promotion, and place in terms of distribution and sales). If you need additional information, conduct Internet or library research to obtain it. Using a scale of
Imagine you’re opening a tutoring service near the college or university you attend.What would be the characteristics of a comprehensive social media strategy that you could employ to build your brand, engage customers, and generate leads and sales revenue?
Brandon Smith has just opened a juicebar next to the local recreational park.He is planning to promote his product to boost sales. He has noticed that most startups do not advertise their products broadly. What could be the reasons behind small-scale promotional activities of new businesses?
Reread the Opening Profile. After doing this, make a list of all the things that you think that Megan Cox and Miguel Salinas have done well to build an effective marketing program for Wink Natural Cosmetics.
What is the purpose of having an organized sales process?
Why do firms focus on promotional activities?
What is the purpose of writing a blog and establishing a presence on Facebook and Twitter?
Contrast the roles of advertising and public relations in promoting a firm and its products.
What are the different ways people think about the meaning of a brand?
What is meant by the phrase “pricequality attribution”? How does an understanding of this phrase help an entrepreneur know how to price a product?
Contrast cost-based pricing and valuebased pricing.
How can a firm obtain a unique market position?
Describe the difference between a core product and an actual product.
What are the four elements of a firm’s“marketing mix”?
What is meant by the term brand equity?
What is meant by creating “buzz” for a company? Provide an example of a firm that has created effective buzz for its product or service.
What is the purpose of brand management?
What is a brand? Provide an example of a brand that you buy frequently and describe the mental image that pops into your mind when you hear or see the brand’s name.
What is the use of a tagline?
What is meant by a firm’s positioning strategy?
What is a niche market?
How should a firm go about constructing a product attribute map?
Explain the importance of market segmentation.What are several ways markets can be segmented?
What is a target market? What are the factors that need to be considered when selecting a market?
To what degree do you believe Kickstarter itself is a successful start-up?
Cities are able to set up Kickstarter pages that list all the active Kickstarter projects from their community. For example, the Kickstarter page for Oklahoma City, Oklahoma, is available at https://www.kickstarter.com/discover/places/oklahomacity-ok. Is this a potentially effective way for cities
Kickstarter is not the first crowdfunding platform, yet it is the most successful. List five reasons that you believe account for Kickstarter’s success.
Do you think Kickstarter is a viable alternative to raising equity funding or debt financing? If so, under what circumstances?
To what degree do you think Revolights is a successful start-up venture? how successful do you believe the firm will be going forward? Justify your answer.
Assume that Revolights was interested in working with strategic partners in order to enhance the firm’s success. What types of companies might Revolights partner with to become more successful?
In response to a request from Kent Frankovich and Adam Pettler, write a 60-second elevator pitch about Revolights’s product.
The following sentence appears early in this chapter:“There are three reasons that most entrepreneurial ventures need to raise money during their early life—cash flow challenges, capital investments, and lengthy product development cycles.” Evaluate Revolights’s need for capital in terms of
If you had to make your decision on just the information provided in the pitch and on the company’s website, would you fund this company? Why or why not?
Based on the material covered in this chapter, what questions would you ask the firm’s founders before making your funding decision? What answers would satisfy you?
If you had to make your decision on just the information provided in the pitch and on the company’s website, would you fund this company? Why or why not?
Based on the material covered in this chapter, what questions would you ask the firm’s founders before making your funding decision? What answers would satisfy you?
Steve Peterson has decided to start a café in his neighborhood. He has named his café “The Pitt-Stop” and has many plans to ensure its success. One of his major plans is to purchase a shop-lot and renovate it to accommodate his café. However, he does not have enough funds to complete these
Simon Black is in the middle of starting up a personal gym. At present, his start-up financial needs have exceeded his personal funds, funds from his friends and family, and the funds he obtained from bootstrapping. The most important thing that Simon must do at this point is to determine precisely
Brenda White has been running a beauty parlor for the last three years.Her beauty parlor has many VIP patrons and is well-known within her neighborhood.Throughout the three years, she has been sustaining her parlor by herself without any financial assistance.However, due to the recent economic
During an entrepreneurship class for final year students, one of the students had presented on a bio-diesel technology that may bring down the cost of a manufacturing firm by half. You feel that this student, if he had the funding, could propose his idea to the government and other private
Imagine you invented a new type of car seat for children, which is lighter and safer than the car seats currently on the market. You have a business plan and have won two business plan contests based on your idea. You also have a working prototype. You’d like to find an angel investor to fund the
Kathy Baker is in the midst of starting a computer hardware firm and thinks she has identified a real problem that her company will be able to solve. She needs investment capital, but doesn’t know much about the process and doesn’t know where to begin. She’s turned to you for advice. Write
Jim Carter, a classmate of yours, is preparing to launch an e-commerce company to sell home repair guidebooks, tools, how-to videos, and related material for home repair and remodeling projects.He just told you that he talked to his paternal grandmother over the weekend, and she has agreed to lend
Samantha Smith, a friend of yours, was recently telling you about a company that her father is starting in the solar power industry. Samantha’s father is using a technology he developed, which has received favorable write-ups in several technical publications. He has been approached by two angel
Write a 60-second elevator speech for CareLinx, which is the “You Be the VC 10.1” feature in this chapter.
What is a Small Business Innovation Research (SBIR) grant? Why would a firm want to apply for such a grant if it qualifies for it?
Briefly describe the SBA’s 7(A) Loan Guaranty Program. Do most start-up firms qualify for an SBA guaranteed loan? Why or why not?
What is the difference between rewardsbased crowdfunding and equity-based crowdfunding?
What is the purpose of the investment bank in the initial public offering process?
Describe the purpose of an initial public offering (IPO). Why is an initial public offering considered to be an important milestone for an entrepreneurial firm?
What is meant by the term venture capital?Where do venture capital firms get their money? What types of firms do venture capitalists commonly want to fund? Why?
Describe the nature of business angel funding. What types of people typically become business angels, and what is the unique role that business angels play in the process of funding entrepreneurial firms?
What are the three most common forms of equity funding?
What are the three steps required to effectively engage potential investors or bankers?
Why is it so important to get a personal introduction before approaching a potential investor or banker?
How should an entrepreneur prepare when approaching a potential investor for funding?
Describe the most common sources of debt financing.
What are the most common sources of equity funding?
What is the difference between equity funding and debt financing?
Describe the three steps involved in properly preparing to raise debt or equity financing.
What are the sources of personal financing available to entrepreneurs?
To what extent do entrepreneurs rely on their personal funds and funds from friends and families to finance their ventures?What are the three rules of thumb that a business owner should follow when asking friends and family members for start-up funds?
What are the different stages involved in venture capital funding? Describe each in brief.
What is meant by the term burn rate?What are the consequences of experiencing a negative burn rate for a relatively long period of time?
Why do start-up firms need capital investments? Will they be able to sustain themselves without the capital investment?
How might consultants help Zappos deal with two key challenges (as mentioned in the case) the firm faces today?
What steps is Zappos taking to adjust the nature of what has been its new-venture team for many years?
How has Zappos gone about recruiting key employees and why are the employees so critical to the firm’s ongoing success?
How should Nick Swinmurn, Zappos’s founder, be described in terms of the qualities of a founder that are discussed in this chapter?
What characteristics describe the new-venture team that Justin Gold has established?
What criteria did Gold establish and use when forming a board of advisors?
What key employees did Gold recruit to be members of his new-venture team?
How did the “liability of newness” affect Justin Gold as he attempted to formally launch his entrepreneurial venture?
If you had to make your decision on just the information provided in the pitch and on the company’s website, would you fund this company? Why or why not?
Based on the material covered in this chapter, what questions would you ask the firm’s founders before making your funding decision? What answers would satisfy you?
If you had to make your decision on just the information provided in the pitch and on the company’s website, would you fund this company? Why or why not?
Based on the material covered in this chapter, what questions would you ask the firm’s founders before making your funding decision? What answers would satisfy you?
While taking an entrepreneurship course, you heard from several local entrepreneurs who visited your class that in their view, mistakes are easy to make when forming a team to operate a new venture. A friend of yours is interested in opening his own business and wants to effectively establish a
Sunny Newman has always been keen on starting a modeling agency. He has been interested in modeling since he was 10 years old and has been in the profession for over a decade. He recently quit his job as a model and decided to start a model management agency of his own.However, he does not have
Charlie Berry, Shelly Toombs, Nancy Harder, James Ndofor, Jennifer Atwood, and Cliff Bell are all experienced software engineers. For some time, they’ve been talking about starting a company—the six of them—around a software solution in which all of them have an interest. Based on materials
Lauren Mitchell is achieving some success with the real estate firm she launched two years ago. A rebounding local economy has helped as has the fact that she is well connected with those heading the chamber of commerce in the city in which her firm is located. She feels, however, that she is
In groups of three, visit a corporation in your neighborhood. Make an appointment to interview a human resources manager.Find out if the corporation has an advisory board. If it does, how many members does it have? What are their roles and responsibilities? How are these advisors paid? Are they
Cindy Combs, a professional investor, was having lunch with a colleague recently and said, “Do you remember Peter Kennedy the entrepreneur we met the other day who created an iPhone app that helps busy families keep track of their activities?I checked up on him and concluded that he has all the
Greg Mathews has completed his business plan for a ski resort and is ready to put his plan into action. He has been working alone for the past three months to put his venture in place. He needs to start hiring employees for his resort in order to build his management and key employee team.Evidence
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