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entrepreneurship
Entrepreneurship Theory Process And Practice 10th Edition Donald F. Kuratko - Solutions
=+– What stage of the product life cycle would the firm’s export be entering?• Sociocultural considerations:
=+– Will cultural factors require the firm to change features of its marketing mix?
=+– Will language affect the company’s marketing efforts in the target market? Is there more than one language that must be considered?• Competitive considerations:
=+– How strong is the current competition (their size and market share, the quality levels of their product, level of after-sales service, intangible advantages – member of a favoured nation)?
=+– What is the source of the competitors’ products (for example, imported or locally produced)?• Political/legal considerations:
=+– Are there specific tariffs, taxes, duties and/or permits which apply to the firm’s product?
=+– If permits are necessary, would they be difficult or costly to obtain?• Infrastructure considerations:
=+– What are the characteristics of the shipping, transportation, warehousing, distribution facilities and the general level of access to the markets?• Physical/geographic considerations:
=+– Are there specific characteristics that would affect the marketing mix and require adaptation?
=+– What is the internal suitability like? How will it affect the firm’s other operations?
=+– What form of business should the firm adopt (internal/external exporting, indirect or direct exporting, licensing or franchising, technology transfer)?
=+– If the company adopts an external form of exporting (for example, through an agent, distributor, trading house), how does it select the best representative?
=+– How will it manage the representative?
=+What relationship will it have with the representative?
=+What are the legal implications of the relationship?
=+– If it licenses, franchises or transfers technology, how does it find and select the right partner?
=+– What type of payment/credit arrangements would be most suitable?
=+– Is there a solid chance for product acceptance to compensate for the cost of entry and ongoing support?
=+1 Of the countries mentioned in the first section in this chapter, which, in your opinion, have the best chances of being successful in the global marketplace?
=+Which have little chance to succeed entrepreneurially?
=+ On which measures of the charts in Figure 12.1 are you making your judgement?
=+2 What is a ‘born-global’ firm? Name three born-global companies that you know.
=+3 What are the main motivations for going global?
=+4 How can an entrepreneur become aware of import opportunities?
=+5 Which of the ‘X-shoring’ methods would you use for a call centre?
=+Which for a manufacturer of plastic playgrounds?Which for an IT company?
=+6 Of what value are an export management company and a freight forwarder to entrepreneurs who are seeking to export goods?
=+8 How can a company make a direct foreign investment?
=+9 How does a licensing arrangement work?
=+ What are the advantages and disadvantages of such an arrangement?
=+10 Would you go into a franchise in China after reading the Entrepreneurship in practice box, ‘The pros and cons of franchising in China’?
=+11 Do you feel part of an ethnic network? If so, how would you maximise it for entrepreneurial advantage?
=+ What are the top ethnic entrepreneurial networks in your community?
=+12 Name three global entrepreneurship research topics that you would like to undertake.
=+13 Are importing social entrepreneurs different from business-oriented importers? If so, give some examples.
=+1 What were the trade-offs when Jamey was considering a factory in China?
=+2 What could Jamey have done to prevent the problems?
=+3 What factors would he need to have in place to consider going back to China?
=+1 What does ‘I didn’t know that I couldn’t’ mean to an entrepreneur?
=+2 Would Circle Pacific have been able to succeed without the help of PricewaterhouseCoopers?
=+3 What cultural problems do you think Circle Pacific had in Japan?
=+1 What type of arrangement is Edgar using in his business dealings with the firms in Australia, Singapore and Dubai? Be complete in your answer.
=+2 Is the Chinese business proposal a joint venture? Why or why not? Would you recommend that Edgar accept it? Why or why not?
=+3 Referring to legal challenges in Chapter 13 that Edgar might face, what concerns should Edgar have?
=+4 If Edgar were looking for an alternative approach to doing business with the Chinese, what would you suggest? Defend your answer.
=+1 Think of other entertainment acts, perhaps from your own country. In what way would they have the potential to repeat the Wiggles’ success?
=+2 In what ways do you think it was important for the band to have a professional manager instead of relying on their own qualifications?
=+3 What are some other categories of ‘unlikely businesses to go global’?
=+1 Search (franchising) And (entrepreneurship). Read the interesting article by Combs, James G., David J. Ketchen, Jr and Jeremy C. Short, ‘Is franchising entrepreneurship? Yes, no, and maybe so’, Entrepreneurship: Theory and Practice, May 2011, pp. 583þ. Do you agree that ‘franchisees are
=+2 Search (Islamic banking) in Magazines. Browse through the articles from The Economist, especially ‘Big interest, no interest: Islamic finance’, The Economist, 13 September 2014, p. 79(US). The article discusses the quotation in the Koran:‘Those who consume interest cannot stand except as
=+3 Locate Manners-Bell, John, ‘Improving global supply chain sustainability’, Risk Management, December 2014, pp. 12þ.
=+Does the author believe that ethics and supply chain are mutually exclusive?
=+4 Search (indirect exporting). You will find one longish section on indirect exporting in one of the encyclopedias. What are the advantages of indirect exporting to a manufacturer?
=+1 Is it even possible to develop an innovative solution for challenge of affordable sources of energy from the base of a developing economy, with huge political and economic obstacles? How?
=+What are the enablers of this process? Provide examples from your own country.
=+2 In your opinion, what is the value proposition of Semtive and its differential attributes?
=+3 Review how to give a pitch in Chapter 16, particularly the ‘The one-page idea’ on page 614. What kind of pitch do you imagine Ignacio and Nico gave in order to convince the first angel investors in Argentina to invest more than U$S400 000 in this start up?
=+4 What strategy would you recommend to Ignacio and Nico to expand globally? Review the global strategies in Chapter 12. For example, should they set up subsidiaries, make agreements with manufacturers and distributors, license or franchise their technology, or expand the company in other
=+5 How will they face competition, especially at a global level, with a patented product that can be copied by making only small changes?
=+6 Would you recommend an investor to Semtive now that they had already gone through the early stages of their company? Why?
=+7 Experiential Exercise. Using Mindmapping software, develop five new ideas as to how you could build upon and expand the initial business idea into new businesses. Start with the existing business as your central idea and then develop a range of aspects
=+associated with the theme. List 20 assumptions associated with the original idea. Take up to 10 of these assumptions and challenge them as a means of provoking new possibilities. Mindmapping software can
=+be found at: Ingenium (http://www.creativityproject.net/ingentool.php); MindManager (http://www.mindjet.com/mindmanager/); Wikipedia (http://en.wikipedia.org/wiki/List_of_concept-_and_mindmapping_software)
=+1 To distinguish between two kinds of performance measurement and their importance/relevance to entrepreneurs
=+2 To explain the principal financial statements needed for any entrepreneurial venture – the balance sheet, income statement and cash-flow statement
=+3 To outline the process of preparing an operating budget
=+4 To discuss the nature of cash flow and to explain how to draw up such a document
=+5 To explain how capital budgeting can be used in the decisionmaking process
=+6 To illustrate how to use break-even analysis
=+7 To describe ratio analysis and illustrate the use of some of the important measures and their meanings
=+8 To understand the importance of triple bottom line accounting
=+9 To appreciate the diversity of environmental accounting
=+• How much cash did the firm generate from operations?
=+• How did the firm finance fixed-capital expenditures?
=+• How much new debt did the firm add?
=+• Was the cash from operations sufficient to finance fixed-asset purchases?
=+1 What do we mean by performance measures? What are the traditional ones? Why do we need to look beyond these now?
=+2 Describe the purpose of each of the balance sheet, income statement and cash flow statement. Why are these three statements of accounts important for an entrepreneur to understand? Explain in detail.
=+3 What are the benefits of the budgeting process?
=+4 Describe two sales forecasting methods and explain how they are used.
=+5 Describe how an operating budget is constructed.
=+6 Describe how a cash-flow budget is constructed.
=+8 Describe how a capital budget is constructed.
=+10 Describe the net present value method. When would an entrepreneur use this method? Why? Make up an example similar to
=+the entrepreneur featured in the Entrepreneurship in Practice box entitled, ‘The Indian entrepreneur and the cunning NPV’.
=+11 Describe the internal rate of return method. When would an entrepreneur use this method? Why?
=+12 When would an entrepreneur be interested in break-even analysis? Explain how fixed, variable and mixed costs are used
=+in the calculation of the break-even analysis.
=+13 What is a sensitivity analysis and why should an entrepreneur seek to apply it? Explain.
=+14 What is ratio analysis? How is horizontal analysis different from vertical analysis?
=+15 What do we mean by triple bottom line accounting? What are its key components and how are they interlinked?
=+16 Name and describe three types of sustainability performance measures.
=+1 Should Bill bid on the contract? Why or why not?
=+2 If Bill has some room for negotiation with the computer company, what would you recommend he do? Why?
=+1 Using the 2014 sales figures as a trend, with a spreadsheet, develop a sales forecast for January to December with the increase in workflow enabled by each machine purchasing option. Regina has calculated that she obtains a net margin of 5, 9.5 and 15 per cent respectively for the routine
=+a Which machine purchase offers the best (shortest) payback in 2015 and how many months will it take for each option?
=+b Which option will generate the greatest revenue increase in terms of dollars under the assumptions Regina has applied?
=+c Which option provides the best forecast net percentage margin return on total revenue (net margin in dollars/total sales in dollars)?
=+2 How does the net present value method work? How would you explain this method to Regina?
=+3 How does the internal rate of return method work? How would you explain it to Regina?
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