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Entrepreneurship And Small Business Management 2nd Edition Steve Mariotti , Caroline Glackin - Solutions
Discuss the psychological influences on customers.
Explain the importance of understanding the customer.
Explain the role of marketing information systems, data mining, data analytics, and business intelligence.
Explain the importance of research design, sampling, and data collection and analysis in the marketing research process.
List the benefits of using social media as a marketing research tool.
Define marketing research and the different types of marketing research.
Describe the relationship between opportunities and business models.
Explain how to prepare market estimates using voice-of-consumer feedback.
Evaluate marketing opportunities using a template found in this chapter.
Describe the importance of veiled and niche opportunities.
Recall where to look for opportunities.
Explain the characteristics of a good opportunity.
Explain how marketing opportunities can be recognized, discovered, or created.
Explain the concept of environmental scanning
List the five forces in the entrepreneurial marketing environment
Discuss the 5Ps of product-based ventures and the 8Ps of service-based ventures.
Explain how to use marketing to discover and satisfy customers’ needs.
Explain why marketing in new ventures is different.
List the seven steps in the marketing process.
Are creativity and entrepreneurship two sides of the same coin?Illustrate the argument with an example.
Is joining a family business better than establishing a new one?Why or why not?
Create a Business Model Canvas for Honest Tea based on the business plan in the Appendices.
What is an elevator pitch? What makes it more challenging than other presentations?
Will you present the same business plan to both internal and external audiences? Why or why not? If not, what aspects of the plan will differ?
Is a business model the same as a business plan? If not, what are the differences in the approach and the expected benefits of the two?
What is the difference between “analyzing market and industry feasibility” and “opportunity analysis and research”? Illustrate with an example.
What are the components of a business plan? Although often ignored by entrepreneurs, why is opportunity analysis and research important?
What are the factors to be considered in a feasibility analysis?How does it help in making a business plan?
How do the five industry forces identified by Porter come into play in a feasibility analysis? Illustrate with an example.
Envision a product/service of your choice. Check for its feasibility in the current market. Discuss whether or not the product/service has any market opportunities. Substantiate with details of your research.
Why is it important to have a detailed plan before one embarks on a business?
Charity and Debra are planning to license technology from NASA that would make it impossible to accidentally lock a child in a car.The technology is complex, and the market analysis and financial assumptions take up a lot of pages. The two women have written an 80-page business plan. Explain your
Shawn is creating a business that provides advertising on public restroom stall doors. He is funding the project from his personal savings of $5,000 and does not expect to use any outside financing.Should he create a business plan? Why or why not?
Identify three questions you would have asked Ishmael Armstrong while performing due diligence for the potential purchase of Krispy Kreme Doughnuts. List three questions you would ask today if you were considering becoming a Krispy Kreme franchisee.
Krispy Kreme started as a family business.How has that influenced the operation of the company?
Describe several business lessons that can be drawn from Krispy Kreme’s history.
What opportunity did the franchisees see in buying back Krispy Kreme rather than starting a new company from scratch?
What mistakes did Beatrice Foods make after purchasing Krispy Kreme?Why wasn’t Krispy Kreme a good fit for Beatrice Foods?
How many times has the company been sold? When and by whom to whom?
How could this business serve to provide entrepreneurial opportunities for Deanna?
Identify options that Deanna’s mother and stepfather could consider rather than dividing business ownership equally among the children.
If you were in Deanna’s position, what would you do?
Search for businesses for sale. Look at convenience stores, auto repair shops, or restaurants. Answer the following:a. Which site and business type did you select?b. How many businesses were listed for sale in your category?c. Were there categories of businesses under the main search category?If
Visit one of the Internet resources listed in Exhibit
Perform a search of business brokers through an Internet search engine of your choice. What are the first five listings (excluding the sponsored links)?
Identify three possible sources of information on businesses for sale and find two possibilities from each. List the information that is provided on these six businesses.
Why would you (or would you not) weigh the option of buying a business?
How will you decide what type of business to own (industry, geography, lifestyle, technology, etc.)?
Explain three ways businesses can be valued.
In determining the value of a business distinguish between asset valuation, earnings valuation, and cash flow valuation.
What are the potential opportunities and pitfalls of buying an existing business?
What factors ought to be considered while buying a business?
What are the major factors to be determined in the negotiations to buy a business?
What type of a franchise is Wahoo’s Fish Taco? What makes this true?
What does the Pietsch-owned franchise do on an ongoing basis to maintain and grow success?
Name something the Pietsches could have done better to make their business start-up go more smoothly.
Why did the Pietsches decide to purchase a Wahoo’s Fish Taco franchise rather than start a restaurant on their own?
What might be some potential concerns about buying a SarahCare franchise?
What are some of the distinctive advantages that would lead a franchisee to select a SarahCare franchise?
Using the Web sites listed under Case Sources or others that you can find, identify each of the following for a SarahCare franchise:franchise fee, net worth requirement, total initial investment, and ongoing royalty fee.
What type of franchise is SarahCare?
Visit the International Franchise Association Web site at http://www.franchise.org. Find a franchise organization that is unfamiliar to you. Find the following information about the franchisor:a. When did it begin offering franchises?b. How many company-owned units does it have?c. What are its
Visit the Wahoo Fish Taco Web site at http://www.wahoos.com. What are the advantages of a Wahoo Fish Taco franchise according to the site? What franchise opportunities are available?
What, if any, trends in franchising suggest continued expansion of the industry? Contraction? Cite your sources.
Which franchising format do you think is more prone to legal complications?
Define franchise. What are the different types of franchises?Choose any franchise and discuss its type.
If one wants to be successful, not only does one have to be in the right place at the right time but also do something about it.Describe and discuss two instances that illustrate this.
Would you like to become the franchisee of an international organization?Why or why not?
What factors should one consider before taking up a franchise?
Does franchising limit an entrepreneur’s freedom and creativity?Illustrate your arguments with examples.
What future do you envision for Foursquare?
Is Foursquare the only app of its kind?If not, what other apps are similar?
What features and benefits did the founders include in the app to ensure its popularity? Why were these selected?
What gaps in the founders’ team and resources needed to be filled by outside sources? Name four specific resources they acquired.
What prepared the founders to create Foursquare?
Apply Porter’s generic strategies to the industry in which Foursquare competes, using case information and your own knowledge. Describe your analysis.Based on this work, what did you find?
How do Selvadurai’s seven formulas compare with the seven rules for building a successful business?
Looking at Schumpeter’s definition and the five basic ways entrepreneurs find opportunities to create new businesses, how does Foursquare fit?
Is there a future for Urban Decay? What might that future look like?
What characteristics made Urban Decay an opportunity rather than simply an idea? Which of the five roots of opportunity apply here?
Was founding Urban Decay an expected next step after leaving Cisco Systems for Sandy Lerner? Why or why not?
What unmet needs of the consumer contributed to the success of Urban Decay?
Identify three businesses/ideas/opportunities from the site, and state why they might or might not be viable opportunities for you.
Is the Web site selling a product or information (as a primary function, not through banner ads)? If so, what products or information?
Who is sponsoring the Web site?
What is the Web site (URL and name)?
What were the number of matches (“hits”).
Which search engine and term was used and
Interview an entrepreneur, preferably in person. Entrepreneurs are busy people, but many are willing to spend time speaking with someone who is interested in what they are doing. Meeting over a light meal might be the most efficient use of the entrepreneur’s time.Before the interview, brainstorm
Have a conversation with a friend or relative. Ask this person to tell you about which things he or she finds frustrating in the area/neighborhood. Write down these comments.Step 1: Generate at least three business opportunities from this conversation.Step 2: Use the checklists below to evaluate
Identify a few successful small or medium business enterprises in your country. Visit their Web sites and write a summary of how the business started (200 words or fewer). Remember to create a proper citation for the article.
How important is cost/benefit analysis in entrepreneurship?
What are the unethical or unfair practices to watch out for when venturing into a new business?
Does everyone live by selling something? If yes, illustrate with examples.
Define small business.
List five business opportunities in your environment and the need(s) each would satisfy. Note whether the opportunity you describe is internal, external, or a mix.
Is money the only motivator for a person to become an entrepreneur?Substantiate your response with suitable reasons.
What are the steps to convert a business idea into a successful business? Illustrate with an example from your country.
Describe an idea that you have for a business. Explain how it could satisfy a consumer need.
If you were to start a business, what would be your opportunity cost? In other words, what is the next-best use of your time?How much money could you make working at a job, instead?The answer to this last question will give you a rough idea of how to value your time when you start a business and
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