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entrepreneurship
Entrepreneurship Successfully Launching New Ventures 4th Edition Bruce R. Barringer, R. Duane Ireland - Solutions
The “You Be the VC 5.1” feature focuses on Xeros, the maker of a virtually waterless laundry machine. Spend some time studying Xeros’s Web site(www.xerosltd.com) as well as additional information you can find about the company. How would you describe Xeros’s positioning strategy? How will
The “You Be the VC 5.2” feature focuses on Mission Motors, a company in the transportation industry—more specifically the motorcycle part of that industry.Spend some time studying the motorcycle part of the broader transportation industry and Mission Motors’ unique approach to the part of a
The “You Be the VC 7.1” feature focuses on Quora, an online question-and-answer site that encourages in-depth questions and answers and combines social networking with substantive questions and answers.Spend some time studying Quora.Other than the ethical and legal issues that confront all
The “You Be the VC 1.2” feature focuses on Songkick, a company that has created a single place for music lovers to track or keep up with their favorite bands, so they’ll always know where and when the bands will be performing in their area.Do some research on Songkick and write a short
The “You Be the VC 2.2” feature focuses on ecoATM, a company that is deploying a network of self-service kiosks that enables shoppers to recycle unwanted electronic gear. Imagine you’re in a class where the instructor has set up a debate-type format to discuss the strength of ecoATM’s
How could the founders of Songkick, the subject of the “You Be the VC 1.2” feature at the end of Chapter 1, have utilized library and Internet research to flesh out their business idea? What information would have been most helpful to them? YOU BE THE VC 1.2 Company: Songkick Web:
problem his company solves is personal. Taylor’s father, who is fighting both heart disease and cancer, takes 26 different medications to fight his illnesses. Any mix-up or error associated with taking his medications could cause Taylor’s father severe health complications or even his life. A
What is a feasibility analysis? What is it designed to accomplish?
Briefly describe each of the four areas that a properly executed feasibility analysis explores.
What is a product/service feasibility analysis?
Describe the difference between primary research and secondary research.
What is a buying intentions survey, and what does it accomplish?
Describe the attributes of an attractive industry for a new venture.
Briefly describe each of the two primary issues to consider when conducting an organizational feasibility analysis.
He told Kelly, “When you were growing up, I started and sold three successful businesses and never completed a feasibility analysis once. I wonder what the authors of your entrepreneurship book would say about that.” If you could advise Kelly about how to respond to her father, what would you
Jason Willis just applied for a bank loan to finance a smoothie restaurant that he plans to open. The banker asked Jason if he conducted any primary research to assess the feasibility of the restaurant, and Jason replied that he spent countless evenings and weekends in the library and on the
Assume that you were one of the recipients of New Venture Fitness Drink’s concept statement. What type of feedback would you have given the company about the viability of its product idea?
Shelly Mills, who has considerable experience in the home security industry, is planning to launch a firm that will sell a new line of home security alarms that she believes will be superior to anything currently on the market. Shelly knows how to develop a concept statement and administer a buying
Suppose you’re interested in opening a musical instruments store near the college or university you attend, to sell guitars, drums, and other types of musical instruments. What online resources would you draw on to conduct secondary research regarding the industry/target market feasibility of
Keith Ambrose, who is a physical therapist, is thinking about starting a firm to provide in-home therapy services for people who are suffering from sportsrelated injuries. Keith lives in Columbus, Ohio, and doesn’t know whether his trade area is large enough to support such a service, or whether
Susan Campbell is thinking about launching a Web site to sell sports apparel for petite women. She’s designed a Web site but isn’t sure if it’s userfriendly enough to launch. Provide Susan some concrete suggestions for how she can receive feedback on the usability of her site.
Some neighbors of yours are hoping to open a Thai restaurant near a local community college. They have a limited budget so it is very important to them to have as good of an idea as possible of what their total start-up costs will be and what their first year’s sales will be.How would you
Look at the Web site of Rufus Shirts (www.rufusshirts.com), a company that was launched by first-time entrepreneur April Singer and makes high-end shirts for men and dresses for women. During the financial feasibility analysis stage of the process of investigating the merits of her new venture, how
Sounds like a good idea. You’re replacing your laptop computer with a new one, but your current laptop still works and should be worth something. You’d like to sell it on eBay but don’t want to hassle with setting up an eBay account, listing the laptop, and following the auction.The
One thing that becomes clear to many potential business founders, while conducting organizational feasibility analysis, is that they need one or more partners to help launch their business. You might be a Web developer who has a great idea for a Web 2.0 cooking site, for example, but have no
The Segway PT is a two-wheeled, self-balancing transportation device that consists primarily of a set of tall handlebars on top of two disc-like wheels. There are no chains or visible mechanical workings. Riders lean forward to move forward and back to move backward. Turning is done mechanically
What is a business plan? What are the advantages of preparing a business plan for a new venture? Explain your answer.
What are the two primary reasons for writing a business plan?
A business plan is often called a selling document for a new company. In what ways does a business plan provide a mechanism for a young company to present itself to potential investors, suppliers, business partners, and key job candidates?
It is often argued that the process of writing a business plan is as important as the plan itself, particularly for the top management team of a young firm. How is this so?
Who reads the business plan and what are they looking for?
Why is it necessary for a business plan to be realistic? How will investors typically react if they think a business plan is based on estimates and predictions rather than on careful thinking and facts? Where can entrepreneurs obtain facts to substantiate their business plans?
What is the difference between a concentrated and a fragmented industry? What type of industry is usually more open to new firms?
If you’re developing a completely new product or service, what type of information should you include in your business plan regarding the status of the development efforts?
Why is the “Management Team and Company Structure” section of a business plan often touted as one of the most important sections?
Shelly Jacobs is a high school math teacher, who has created an iPhone app centered on engaging games that require high school students to use math to master the games.The idea is that the games are both appealing and will help students improve their math skills. Shelly has set aside the next two
A good friend or yours, Kelly Ford, has decided to leave his corporate job to launch a private Web marketing firm. He is putting together his business plan and asks you, “I’ve read several books and articles about how to write a business plan, and there is one point I’m still confused about.
Suppose you have been asked by your local chamber of commerce to teach a two-hour workshop on how to write an effective business plan. The workshop will be attended by people who are thinking about starting their own business but don’t currently have a business plan. Write a one-page outline
John Brunner is a biochemist at a major university. He is thinking about starting a business to commercialize some animal vaccines on which he has been working.John just registered for a biotech investment conference in Boston. A number of venture capitalists are on the program, and John hopes to
Imagine you just received an e-mail message from a friend. The message reads, “Just wanted to tell you that I just finished writing my business plan. I’m very proud of it. It’s very comprehensive and is just over 100 pages. The executive summary alone is 9 pages. I plan to start sending it
d.light, the subject of Case 4.2, is a for-profit social enterprise. What, if any, special factors should be kept in mind when writing a business plan for a for-profit social enterprise?Case 4.2Introduction Imagine the following. You’re in the audience of a business plan competition. The next
Heather Smith and Katie Jones are launching a personal finance software company. They conducted a thorough feasibility analysis, and are now working on their business plan.Heather just sent you an e-mail message. The subject line of the message read, “Are we jumping the gun?” In the message
Bill Sharp, a friend of yours, has an idea for a new type of kitchen utensil, which will make it easier for busy people to scramble eggs in the morning. He showed his business plan to a local SCORE counselor who told Bill that the business plan was strong, but he needed to produce an actual
Laura Carroll is thinking about opening a high-end fashion boutique in an affluent suburb of Miami, Florida. She contacts an angel investor who she knows has invested in fashion boutiques before, and asked if he would read her business plan. She receives the following reply from the angel
Spend some time searching the Internet for sample business plans. What site, or sites, do you think provide access to the best sample plans? In what ways do sample business plans serve a useful purpose?
Suppose you are asked to serve as a judge for a local business plan competition. In preparing for the competition, the organizer has asked you to write a very brief article titled “What the Judges of Business Plan Competitions Look For” that she plans to pass along to the entrepreneurs who
There is no denying it. It’s tough for an independent toy store to compete against Walmart, Target, Toys “R” Us, and other large retailers (including online giant retailer Amazon.com) selling products that entertain children and adults alike. So how is it that Kazoo Toys, an independent toy
What is an industry? Provide an example of an industry and several firms in it.
What is the purpose of industry analysis?
What are the four primary categories of environmental trends? Provide an example of how a trend in each category could affect the toy industry.
What is meant by the term barrier to entry? Describe the six major sources of barriers to entry that can restrict a firm’s entry into a market.
Describe the four primary factors that play a role in determining the nature and intensity of the bargaining power of suppliers. How does the bargaining power of suppliers have the potential to suppress an industry’s profitability?
Describe the differences between direct competitors, indirect competitors, and future competitors.
What is meant by the term competitive intelligence? Why is it important for firms to collect intelligence about their competitors?
Identify three sources of competitive intelligence.
Jason Murphy is thinking about starting a firm in the fitness drinks industry. When asked by a potential investor if he had studied the industry, Jason replied,“The fitness drink industry is so full of potential, it doesn’t need formal analysis.”Will Jason’s answer satisfy the investor?In
Starbucks has been very successfully selling high-priced coffee despite the fact that consumers could easily substitute Starbucks coffee for less expensive coffee or substitute its coffee for less expensive drinks like soda, bottled water, or fitness drinks. Why do you think Starbucks has
Kendall Jones is in the process of opening a new pet store. The store will sell pet food, pet supplies, and a select variety of pets (excluding dogs and cats). It will also offer grooming services and dog obedience classes. In a recent Fortune magazine article, Kendall read that in industries where
One thing that’s important for a start-up is to become active in the industry it’s entering. Activity leads to learning the ins and outs of an industry, finding business partners, and becoming recognized as an industry leader. Three important Ts that lead to industry activity are trade
Former Microsoft employee Vern Reborn founded Eclipse Aviation in 1998. The idea was to solve a problem in the aviation industry: although private jet service is safe and convenient, it is also very expensive.To remedy this problem, Eclipse, headquartered in Albuquerque, New Mexico, set out to
Firms do well in a crowded industry when two conditions exist: (1) they create meaningful value for customers at a fair price and (2) they effectively differentiate themselves from competitors. In fact, diminishing the impact of three of Porter’s five forces rests largely on these factors. A firm
If you analyzed the restaurant industry using Porter’s five forces model, you wouldn’t be favorably impressed. Three of the threats to profitability—the threat of substitutes, the threat of new entrants, and rivalry among existing firms—are high. Despite these threats to industry
Define the term business model. How can entrepreneurial firms benefit by developing and using a business model? What are the downsides for entrepreneurial ventures when an effective business model isn’t put in place?
Explain what business model innovation means. Provide an example of business model innovation other than the examples included in the chapter.
Write a brief critique of Stroome’s business model. What do you think are the strengths and weaknesses of the model? Do you think that Stroome has a sustainable competitive advantage? Why or why not?
Write a brief description of Apple Inc.’s business model.
The “You Be the VC 6.1” feature at the end of the chapter focuses on GroupMe, a cell phone app that allows group messaging on any phone that can text—regardless of who makes the phone or what operating system it runs. Analyze GroupMe’s business model. What are its strengths and weaknesses?
Business model innovation is an important part of the entrepreneurial process. Not only do entrepreneurs bring new products and services to market, but new business models often revolutionize how products and services are sold and have the potential to bring considerable value to businesses and
Joost was a hot start-up when it launched. If you’re familiar with Hulu, Joost was Hulu before Hulu existed. Joost launched in 2006 as a premier online video service that aggregated and streamed premium video online. It quickly struck partnership agreements with media companies including CBS and
In general, do entrepreneurs tend to overestimate or underestimate their knowledge of the laws that pertain to starting a new firm? What does the answer to this question suggest that entrepreneurs do before they start a firm?
Why is it important for an entrepreneur to build a strong ethical culture for his or her firm? What are some of the specific steps that can be taken in an entrepreneurial venture for the purpose of building a strong ethical culture?
Describe several ways entrepreneurial ventures can avoid legal disputes.
Explain what mediation is and how mediation is used to resolve disputes.
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? Are business licenses and permits the same in all cities and states or do they vary?
Suppose you have been asked by your school newspaper to write a short article about business ethics and entrepreneurship.The editor of the paper has asked you to write a 300-word piece. She’s asked that you start the article with the words“An ethical entrepreneurial firm is one that . . .”
Reacquaint yourself with ScriptPad. Imagine that ScriptPad’s founders are writing an operating manual that describes the administrative processes they’ll use in running their business. They’d like to include in the manual a description of when it’s appropriate to ask for nondisclosure and
Patagonia sells rugged clothing and gear to mountain climbers, skiers, and other extreme-sport enthusiasts. The company is also well known for its environmental stands and its commitment to product quality. Patagonia has never owned a fabric mill or a sewing shop. Instead, to make a ski jacket, for
Credibility is a vital part of any start-up’s persona. Whether a prospective customer in a for-profit context, or a prospective donor in a nonprofit context, it’s important that the company or organization presents itself in a manner that builds credibility and trust during first encounters.
The “You Be the VC 1.1” feature focuses on Windspire, a company that’s making wind turbines to generate electricity that can be used by businesses and home owners. If the founder of Windspire asked you to help the company complete a break-even analysis for its business, how would you go about
Spend some time studying Nila, the subject of the “You Be the VC 8.1” feature.Given the nature of its business, what financial management issues should Nila be most attentive to and why?
Refer to the “You Be the VC 5.1” feature, which focuses on Xeros, the company that produces a “virtually waterless” washing machine. If the founders of Xeros asked you what ratios they can use to discern whether they’re maintaining sufficient short term assets to meet their short term
Reread this chapter’s opening case. What factors did Sunil Rajaraman have working in his favor, and what factors did he have working against him as the cofounder of Scripped?
Spend some time looking at the “Team” section of Songkick’s Web site (under the “About Us” tab). Songkick is the subject of the “You Be the VC 1.2” feature. On a scale of 1 to 10 (10 is high), rate the team’s ability to operate and grow Songkick. Justify your rating.
Devver (pronounced like “developer,” not “devious”) launched in 2008 to help software developers use cloud-based services to “test” their code in a more expedient manner than current practices. The firm started by focusing on Ruby on Rails software applications.One of its flagship
Although most firms that have a customer advisory board set them up after their firm is started, primarily to assess customer satisfaction and brainstorm new product ideas, customer advisory boards can be useful before a firm has customers as well. An example of a firm that did this is iConclude,
In 2005, Sharelle Klaus was lamenting the lack of beverage choices for women who like upscale dining but can’t drink alcohol while they’re pregnant. A mother of four, she had experienced this frustration before. Klaus would frequently dine out with her husband and others, but felt left out when
Suppose you were asked by the founders of Nila LED, the subject of the “You Be the VC 8.1” feature, to advise them on protecting their trade secrets. Assume the company operates out of a single facility where it manufactures its current products and is in the process of developing new
What evidence is available suggesting that the often reported statistic that 9 out of 10 new businesses fail is an exaggeration?What is a more realistic failure rate for new firms?
What is entrepreneurship? How can one differentiate an entrepreneurial firm from any other type of firm? In what ways is an entrepreneur who just launched a restaurant different from someone who just took a job as the general manager of a restaurant owned by a major restaurant chain?
What are the three main attributes of firms that pursue high levels of corporate entrepreneurship?Would these firms score high or low on an entrepreneurial intensity scale?
What are the three primary reasons people become entrepreneurs? Which reason is given most commonly? Which reason best describes why you may choose to become an entrepreneur?
Some people start their own firms to pursue financial rewards. However, these rewards are often far fewer than imagined and/or expected. Why is this so?
What are the four primary traits and characteristics of successful entrepreneurs?
Why is passion such an important characteristic of successful entrepreneurs?What is it about passion that makes it particularly compatible with the entrepreneurial process?
How would you characterize the risktaking propensity of most entrepreneurs?
In general, what effects does entrepreneurship have on economies around the world?
How is the demographic makeup of entrepreneurs changing in the United States? What do you believe is accounting for these changes?
Describe several examples of the impact that entrepreneurial firms have on a society.
Reread the opening case, and then list all the smart or effective moves Sam Hogg made in the early days of building GiftZip.com. Which three moves were most instrumental in GiftZip.com’s early success? Be prepared to justify your selections.
Imagine that you’re the dean of your college and you’ve suggested that more entrepreneurship courses be taught throughout your college’s curriculum.You’re getting resistance from some professors who think that entrepreneurship is a fad. Make the argument that entrepreneurship isn’t a fad
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