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entrepreneurship
Entrepreneurship Successfully Launching New Ventures 6th Edition Bruce R Barringer, R Duane Ireland - Solutions
According to materials in this chapter, prior entrepreneurial experience, relevant industry experience, and networking are attributes that strengthen a person’s chances of launching a successful venture.Think about the type of company you might choose to launch one day.Which of these three
Emily Jones is in the middle of starting her own business in the advertising industry.She is leaning toward incorporation rather than an LLC because she would like to attract employees by issuing stock.Emily is currently going through all the documents that need to be submitted to the company
What type of advice and counsel do SCORE volunteers provide?
What is the difference between the two types of consultants available for a new venture?
Why do new ventures often turn to consultants for advice?
In what ways do lenders and investors lend legitimacy to a firm?
What are the guidelines to follow when establishing a board of advisors?
What are the different ways advisory boards meet and conduct their business?
What is the purpose of forming an advisory board?
How do lenders and investors add value to an entrepreneurial venture?
How does recruiting a well-known and highly respected board of directors lend legitimacy to a firm?
What are the three formal responsibilities of a board of directors?
What are the desired attributes of good board members?
What is a board of directors?
What are some of the methods used by founders to find good employees?
What are the attributes that make a founder of a firm successful?
Why does having relevant industry experience help the founder of a firm?
What are the personal attributes that affect a founder’s chances of launching a successful new firm?
What are the two potential pitfalls of using a team to start a firm?
What are the differences between a heterogeneous and a homogeneous founding team?
Do new ventures started by a team have an advantage over new ventures started by a sole entrepreneur, or is the opposite the case?
What can a new venture do to overcome the liability of newness?
What is liability of newness?
Who are the primary participants in a start-up’s new-venture team?
What is a new-venture team?
What lessons can a young entrepreneurial firm learn from Dell’s experiences?
If you were the CEo of Dell Inc., what expectations would you reflect when preparing a pro forma income statement for your company?
Locate Dell’s most recent 10-K report and either locate or compute what you believe are the three most important financial ratios for Dell. Are the ratios impressive or do they provide you reason for concern?
Investigate the financial ratio of inventory turnover.Find current information about Dell (www.hoovers.com is a good starting place) and report whether its inventory turnover is still as impressive as the number mentioned in the case. How does Dell’s current inventory turnover ratio compare to
As a young entrepreneur, what lessons about the financial management of a firm can you learn from the actions taken by the three cofounders of Fundbox?
If Fundbox’s co-founders (yuval Ariav, Eyal Shinar, and Tomer Michael) were to ask your advice about the importance of pro forma statements to their firm’s continuing success, what would you say to them?What pro forma statements would you recommend the co-founders develop and why?
As explained in this chapter, a firm’s statement of cash flows is divided into three separate activities.Which of the activities from the statement of cash flows would be affected by a firm’s decision to use Fundbox’s service? What are some of the potential effects of a small entrepreneurial
Toward the beginning of this case, the following statement appears: “Almost all small businesses experience cash flow shortfalls.” What is cash flow?Why is cash flow so critical to an entrepreneurial firm’s success? Why do almost all small businesses experience cash flow shortfalls?
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 firm? 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?
Suppose a colleague of yours is gearing up to write a business plan for a business she intends to start. She told you she plans to prepare the financial statements first to get that job out of the way before she tackles the rest of the plan. What is the flaw in your colleague’s logic as described
What items on the left side (or top) and what items on the right side (or bottom)of a firm’s balance sheet should receive the greatest scrutiny? In regard to each of these items, what are the most important factors that a new venture should focus on to maintain its overall financial health?
A friend came to you for advice. She needs to prepare a business plan for her potential investor. She has prepared a very detailed financial plan and is quite confident of it. However, she is not sure of what is to be included in the section on financial objectives of her firm.Advise her.
Jorge Martinez is thinking about buying an existing printing business and has been carefully studying the records of the business to get a good handle on its historical financial performance. Jorge heard that you are taking a class in entrepreneurship and asks you, “What suggestions do you have
As a lecturer for the class on Entrepreneurship Studies, you have been invited by the Business Society to share your subject knowledge with the club members.They have requested you to present on the importance of understanding financial management of an entrepreneurial firm.Share some of the key
In groups of three, visit a business outlet in your vicinity. With the owner or the manager’s consent, prepare a sales forecast for the years 2015 and 2016 based on the outlet’s sales from 2012 to 2014. You may present the answer in class.
Sammy Hench has savings of $50,000 and is planning to invest in a business that will give him good returns. For the last six months, he has been investigating all types of business ventures and has finally decided to buy over an existing company. However, Sammy does not have any entrepreneurial or
Suppose a friend of yours showed you the pro forma income statements for his startup and exclaimed excitedly that during the first three years of operations his firm will make a net income of $150,000 per year, which is just the amount of money($450,000) the firm will need to pay off a three-year
Kirsten, a friend of yours, plans to open a fashion boutique that will sell women’s clothing and accessories. She told you that she leafed through several books on how to prepare forecasts and pro forma financial statements but that the books were geared toward existing firms that have several
Why do firms prepare pro forma balance sheets?
Why is a firm’s sales forecast the basis for most of its other forecasts?
What is a “break-even point”?
What is the purpose of financial ratios?Why are financial ratios particularly useful in helping a firm interpret its financial statements?
What are the three separate categories of activities that are reflected on a firm’s statement of cash flows? Briefly explain the importance of each activity.
What is the purpose of a statement of cash flows?
How does a firm compute its current ratio?Is this a relatively important or unimportant financial ratio? Explain your answer.
How do you compute a firm’s debt ratio?What is the significance of this ratio?
What are the major categories of assets and liabilities on a balance sheet? Briefly explain each category.
What is the purpose of a balance sheet?
How does a firm compute its priceto-earnings ratio? Why does a high price-to-earnings ratio indicate that the stock market thinks the firm will grow?
Why do we need to compare a firm’s financial ratio to industry norms?
What is the purpose of an income statement?What are the three numbers that receive the most attention when evaluating an income statement? Why are these numbers important?
On what factors or conditions do completely new firms base their forecasts?
What is the purpose of a forecast? What factors does a firm use to create its forecasts of future income and expenses?
What is meant by the term stability as it relates to the financial management of a firm?
What is meant by the term efficiency as it relates to the financial management of a firm?
What is the difference between historical and pro forma financial statements?
What are the four main financial objectives of a firm?
What are the two primary functions of the financial management of a firm?
Your good friend, Celia Walsh needs your advice on the type of business organization she should form for her fast food outlet.Advise her.
Laura Simpson just took a job with Cisco Systems in San Jose, California. One of the attractions of this job is the stock option plan Cisco offers to its employees.What is meant by the term “stock option?”Why would Cisco as well as other companies choose to offer stock options to its employees?
Stephen Martin and James Canton came up with an idea of starting a business called “Bicycle for Hire.” They found a good location in the town center and decided to open a shop where people can park their car and rent a bicycle to travel around town. This idea came about because they themselves
Sam Anderson is deciding to start a Mexican food restaurant in your neighborhood.However, he is unaware of the types of permits and licenses that are necessary for his business. His restaurant is scheduled to start operating within the next three months. Since you are associated with the local
PillPack is the focus of the “You Be the VC” 7.2 feature. Assume that this firm’s founders have asked you to help them write a code of conduct for their firm.Given your understanding of PillPack’s business model and its priorities, put together a table of contents for the firm’s code of
The “You Be the VC 7.1” feature focuses on GiveForward, a crowdfunding platform through which people can provide financial and emotional support to individuals who are having difficulty covering their out-of-pocket medical costs. Think about the service GiveForward provides to those having
Friends of your parents are having dinner in your home. The friends are interested in launching an entrepreneurial venture and are expressing some of their views about doing so to your parents. You’ve been asked to join the conversation given that you are pursuing a major in entrepreneurship at
Martha Young has recently developed a business in laundry services. She has done her groundwork and is very confident of her business plan. Recently you met her over lunch; she was happily discussing her business and the steps she has taken to ensure the success of her new venture. When asked about
Tom Andersen owns an electronics firm in Wichita, Kansas. He has told you that he has been suffering some cash flow problems recently, but has avoided having to borrow money by letting some of his firm’s bills run late. When you raised your eyebrows in response to hearing these comments from Tom,
Under what conditions should ethical considerations be part of a company’s business plan? Should a company periodically measure its ethical performance? If so, what are the best ways for a firm to do this?.
Is a limited liability company an appropriate form of ownership for an aggressive entrepreneurial firm, and why might this be so?
What are the advantages and disadvantages of a limited liability company?
How can a limited liability company be made public and listed on a major stock exchange?
What are the differences between a public corporation, a closely held corporation, and a private corporation?
What is meant by the term piercing the corporate veil and what are the implications for the owners of a corporation if the corporate veil is pierced?
How is a subchapter S corporation similar to a partnership arrangement?
Why is a C corporation a separate entity?
What are the major advantages and disadvantages of a C corporation?
What are the differences between a general partnership and a limited partnership?
Is a sole proprietorship a separate legal entity? Why or why not?
What are the advantages and disadvantages of organizing a new firm as a sole proprietorship?
What might trigger a firm’s decision to change how it is legally organized?
Why isn’t choosing a legal entity a one-time event?
Why is it important for a firm’s founders to think carefully about the name they pick for their company?
At what point, during the process of starting a firm, does a business need to focus on the business licenses and permits that it needs, and why at that point?
What is mediation and how do entrepreneurs use it to resolve disputes?
How can entrepreneurial ventures avoid legal disputes?
What is the purpose of a nondisclosure agreement and the purpose of a noncompete agreement?
What is a founders’ agreement and why is it important for a team of entrepreneurs to have one in place when launching a venture?
What are some of the more important criteria to consider when selecting an attorney for a new firm?
What is the purpose of establishing and using an ethics training program in an entrepreneurial firm?
What is the purpose of a code of conduct?
What are some of the specific steps that can be taken in an entrepreneurial venture for the purpose of building a strong ethical culture?
What are the prerequisites for building a strong ethical culture in a firm?
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