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Entrepreneurship Successfully Launching New Ventures 4th Edition Bruce R. Barringer, R. Duane Ireland - Solutions
What are the advantages and disadvantages of a limited liability company? Is a limited liability company an appropriate form of ownership for an aggressive entrepreneurial firm?
Assume that Shoaib Shaikh, the founder of XploSafe (the company focused on at the beginning of the chapter), has asked you to help him write a code of conduct for his firm. Given your understanding of XploSafe’s business model and its priorities, put together a table of contents for XploSafe’s
Under what circumstances 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 company to measure its ethical performance?
Tom Andersen owns an electronics firm in Wichita. He has told you that he has been suffering some cash flow problems, but has avoided having to borrow money by letting some of his bills run late and by cutting corners on meeting some of his contractual obligations. When you raised your eyebrows as
Nancy Wills is purchasing a business named Niagara Laser Optics near Buffalo, New York. The business has had several brushes with the law during the past several years, dealing with claims of false advertising and wrongful termination of employees. As a result, Nancy is very concerned about the
Assume you are opening a restaurant near the college or university you attend and have decided to name it Campus Burger, Wraps, Fries, and Shakes. Based on the location of the college or university, identify the specific business licenses and permits you would need to open your business.
A classmate of yours is starting a company that is designed to help high school athletes maximize their chances of obtaining a college scholarship. The company will help athletes put together highlight films of their high school accomplishments, write letters of introduction to college coaches, and
Kimberly Smith, a friend of yours, is a freelance journalist. She writes articles on business topics and sells them to business periodicals, newspapers, and online sites. Kimberley just read an article about the advantages of organizing as a subchapter S corporation or an LLC but doesn’t know if
Brian just formed a C corporation. The shareholders of the corporation will be Brian and his wife Carrie and his father Bob, who put $35,000 of cash into the business. Brian explained to his wife and dad that he organized the business as a C corporation because of the ease of transfer of ownership
You have been approached by a close family friend who is putting together a limited liability company to purchase a condominium complex near Cocoa Beach in Florida. He is asking you along with a number of family members and friends to each invest $10,000 in his company. The condominium complex is
Determine specifically what the requirements are for starting a limited liability company in your state. Indicate what forms need to be filed, where they can be obtained, how the filing process works, and what fees are involved.
If you’re not familiar with vesting, the idea is that when a firm is launched, instead of issuing stock outright to the founders, the stock is distributed over a period of time, typically three to four years, as the founder or founders “earn” the stock. The same goes for employees who join
Jack Peterson and Sarah Jones are planning to start a business. Their plan is to locate and operate 10 kiosks in malls and other high-traffic areas to sell accessories for Apple iPhones, iPads, and iPods. To complement their accessory sales, the two have created a series of short videos that help
What are the two primary functions of the financial management of a firm?
Chipotle Mexican Grill is a publicly traded company. Calculate the firm’s price-toearnings ratio (P/E). What does Chipotle’s P/E ratio tell you about investors’ expectations regarding the company’s growth?Analyze how Chipotle’s financial ratios compare to restaurant industry norms.
Jarrett Baker is the founder of an enterprise software company located in Chevy Chase, Maryland. By looking at the income statements for Jarrett’s business over the past three years, you see that its working capital has declined from $42,400 in 2009 to $17,900 in 2010 to $3,100 in 2011. If this
Describe the items that receive the most scrutiny on the left side (or top) and the right side (or bottom) of a firm’s balance sheet. 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?
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. Explain to your colleague the flaw in her approach.
Josh Lee has owned a fitness center for the past four years. He has historical financial statements but has never put together a set of pro forma financial statements.He just applied for a bank loan and has been told he needs a set of pro forma financial statements for the next two years. If Josh
Brenda Wilson owns a restaurant chain named Rhapsody Cuisine. She is planning to expand her chain from 9 restaurants to 15. Brenda is now working to put together a set of pro forma financial statements for an investor who expressed interest in her expansion project. Brenda used a combination of
One challenge that businesses confront is cutting costs in ways that don’t erode their ability to remain competitive. Many cost-cutting techniques, such as scaling back on hiring, lowering marketing expenses, or reducing inventory, may save money but may also decrease a business’s chances of
Let’s say that New Venture Fitness Drinks was interested in hiring a new chief executive officer (CEO) and was interviewing the CEOs of three small restaurant chains. To get a sense of how savvy each candidate was at managing a firm’s finances, the board of directors of New Venture Fitness
When Jim Picariello started Wise Acre Frozen Treats, no other company was making organic popsicles from unrefined sweeteners. Working out of a makeshift kitchen in 2006, Picariello developed his recipes using maple syrup and honey. He worked alone for a year and a half before hiring his first
When a business struggles financially, not only is its budget stressed, but the people who own and operate the business are often stressed as well. That’s why it’s so important that a business practice prudent financial management. While most people launch a business to satisfy a consumer need,
There are many reasons that Dell Inc. has been successful over the years. Two of the most compelling reasons are its direct sales model and its ultra-efficient global supply chain. While a start-up can’t quickly emulate what Dell has done, there are lessons to be learned from Dell’s experiences
What is a new-venture team? Who are the primary participants in a start-up’s new-venture team?
Describe the difference between a heterogeneous and a homogeneous founding team.
Describe the two potential pitfalls of using a team to start a firm.
What are the personal attributes that affect a founder’s chances of launching a successful new firm? In your judgment, which of these attributes are the most important? Why?
Define networking. Why is it important for an entrepreneur to have a vibrant social and professional network?
What is a board of directors? What is the difference between inside and outside directors?
Describe the three formal responsibilities of a board of directors.
Explain why recruiting a well-known and highly respected board of directors lends legitimacy to a firm.
Define signaling and explain its potential value for a new venture.
Discuss the purpose of forming an advisory board. If you were the founder of an entrepreneurial firm, would you set up an advisory board? Why or why not?
Describe the different ways advisory boards meet and conduct their business.
Describe several of the guidelines to setting up a board of advisers.
Describe the purpose of SCORE. What type of advice and counsel do SCORE volunteers provide?
SBDCs (Small Business Development Centers) seem to contribute positively to the launch of an entrepreneurial venture. In your opinion, what accounts for this positive relationship?If you were launching an entrepreneurial venture today, would you seek the services of an SBDC? Why or why not?
Ann Perkins is a sales representative for The Pampered Chef, a direct sales organization that sells kitchen utensils and related products. Ann, who lives near Houston, is thinking about leaving The Pampered Chef to open a combination cookware store and cooking school near where she lives. Ann’s
According to the 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 that you might launch someday. Which of these attributes do you currently
Select a company that has a Twitter account established specifically for the purpose of recruiting. Follow the site for a week or look at its archive of postings and read the tweets for the past week.Describe how the company uses the site for recruiting. Make an assessment regarding whether you
Amanda King has spent the past 15 years as a consultant for a national consulting company. She’s worked with a range of organizations, from Fortune 500 companies to start-ups to nonprofits. Recently, she was approached by a start-up in the fashion industry that just received $1 million in angel
Three days ago Peggy Armstrong sent a lengthy e-mail message to a long-time business acquaintance, asking the acquaintance if she’d consider cofounding a tutoring service with her. Peggy attached a first draft of her business plan. The acquaintance just replied to Peggy’s message and said that
Kim Simpson owns a successful fitness center in an affluent suburb of St. Louis.She just received funding and plans to open six new fitness centers in the St. Louis area over the next two years. She’ll need to hire a general manager and staff for each center, and is concerned about making
Sharon Burns, an attorney you know, was recently asked by a technology start-up to serve on its board of advisors. Sharon has a very busy practice. She’s leaning toward turning down the offer, but has turned to you for advice. She says to you, “I’d like to help these guys, but confidentially
Early in the chapter, under the section titled “Creating a New Venture Team,” a quote is provided that reads as follows:“People are the one factor in production ... that animates all others.” In the context of everything you know and have learned about entrepreneurship, what does this quote
Cindy Coombs, 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 he has all the right
Jim Lane is an executive with General Electric. A former coworker of his recently started a company and raised $1 million from a well-known angel investor even though he didn’t need the money to launch the business. Jim thinks his friend is foolish and can’t think of one reason to take money
Charlie Berry, Shelly Jones, Nancy Harder, Keith Hawkins, Jennifer Atwood, and Cliff Barnes 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 the
What type of networking opportunities are available via your college or university, or entrepreneurial-minded organizations in the city or town that you live in, which could be helpful to you in your entrepreneurial career?
Many people who start businesses do not have prior business experience. This is often a worry to people who fit this description. They know that people with experience in accounting, finance, and management generally have a leg up on those who are tackling these challenges for the first time.There
Zappos.com is an online shoe and apparel retailer that has built a strong brand and has shown impressive sales growth since its founding. It’s based in Henderson, Nevada, just outside Las Vegas. The company had zero sales in 1990, $370 million in 2005, and over $1 billion in 2008. In 2009,
What is meant by the term sweat equity?
Briefly describe the difference between equity funding and debt financing.
Describe the most common sources of equity funding.
Identify the three most common forms of equity funding.
Write a 60-second elevator speech for Joby Energy, which is the “You Be the VC 10.1” feature in this chapter. YOU BE THE VC 10.1 Company: Joby Energy Web: www.jobyenergy.com Twitter: jobyenergy Business Idea: Develop airborne wind turbines to harness the immense and consistent power in high-
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
One criticism of the venture capital industry is that the majority of the money is invested in a small number of geographic areas in the United States.In fact, historically, over 50 percent of venture capital investments have been made in just two states. Do some research on the venture capital
Study the two “You Be the VC” features at the end of Chapter 9 and the two “You Be the VC” features.In your judgment, which of the four firms is the better candidate for venture capital funding? Which is the poorest candidate?Justify your answers. YOU BE THE VC 9.1 Company: YouTern Web:
A handful of business schools are experimenting with giving their students the opportunity to run venture capital funds with real money. Identify one or more of these business schools, and describe the nature of its student-run venture capital fund. Would you enjoy participating in running a
Identify a company that recently graduated from TechStars and a company that recently graduated from Y Combinator. Briefly describe the companies, and provide an update on how they’re doing. Identify whether either or both of the companies have received outside funding.
According to information in the chapter, the three areas that receive the most funding from business angels are health care services/medical devices and equipment, software, and biotech. Why do you think business angels are attracted to start-ups in these areas? Why wouldn’t someone starting a
The “You be the VC 6.2” feature focuses on FastPencil, a company that provides a user-friendly, affordable, and effective platform for authors to self-publish books, and obtain real-time feedback on the books they’re working on. Consider each of the 4Ps and comment on the most important
In May 2011, LinkedIn (www.linkedin.com) launched a very successful initial public offering (IPO). Study LinkedIn and determine why it was a good candidate for launching a public offering. Do you think LinkedIn could launch an equally successful initial public offering today?
Joshua Sherman, who lives near Vancouver, Canada, is preparing to pitch an idea for a social gaming Web site to a group of angel investors. The site has some new and novel aspects to it. He made a practice presentation in front of his advisory board, and one question that an adviser urged him to
What is a niche market? Provide examples of niche markets in the women’s clothing industry.
What is the purpose of brand management?
Identify and briefly describe the four elements of a firm’s “marketing mix.”
Describe the purpose of having an organized sales process.
Define the word brand in 10 words or less.
Reread the “You Be the VC 1.1” feature, which focuses on Windspire Energy. How do you think Windspire Energy segmented the wind-generated power industry? Describe Windspire Energy’s positioning strategy. YOU BE THE VC 1.1 Company: Windspire Energy Web: www.windspire.com Twitter:
Imagine you’re opening a tutoring service near the college or university you attend.Suggest a comprehensive social media strategy that you can employ to build your brand, engage customers, and generate leads and produce sales.
Assume that you just invented a new type of computer printer that can be easily folded up and carried like a laptop computer. You have decided to start a company to produce the printer. Select a name and a tagline for your new company.Describe your rationale for both the name and the tagline.
Design a guerilla marketing campaign for WebVet, the subject of the “You Be the VC 11.2” feature. YOU BE THE VC 11.2 Company: WebVet Web: www.webvet.com Twitter: WebVet Facebook: Webvet Business Idea: Create a Web site that provides pet owners a one-stop destination for information regarding
Explain what is meant by a “freemium” pricing model. Provide an example of a company, other than one mentioned in this book, that utilizes a freemium model to price its product or service. Do you believe a freemium pricing model is the best choice for the company you selected?Why or why not?
Spend some time looking at Red Bull’s Web site (the U.S. site). 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.On a scale of 1 to
The “You Be the VC 11.2” feature focuses on WebVet, a website that provides pet owners a one-stop destination for information regarding pet health issues. Consider each of the 4Ps and comment on the most important issues for WebVet to consider in each area. YOU BE THE VC 11.2 Company: WebVet
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
Skip ahead to the “You Be the VC 15.1” feature, which focuses on School of Rock, a franchise organization that has created a program for students with a passion for rock music. Make a list of the types of public relations activities that the owners of School of Rock and their franchisees could
Kelly Andrews has developed a new line of jewelry that has created some positive buzz among friends and some business 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
Study how Proactiv, the subject of Case 11.2, utilizes social media. Provide a brief analysis of Proactiv’s social media strategy. On a scale of 1 to 10 (10 is high), how effective do you think Proactiv’s social media strategy is?Explain your thinking.Case 11.2In 1995, two dermatologists, Dr.
Nate Jones, a friend of yours, is in the early stages of conducting a feasibility analysis for an e-commerce Web site, which will focus on the sale of products for extreme sports, such as snowboarding, rock climbing, mountain biking, and hang gliding. Nate is familiar with the concept of branding,
If you’ve never met Pleo, log onto YouTube, type “Pleo” into the search box, and then click on one of the video clips that are posted. Pleo is a small robotic baby dinosaur—a Camarasaurus to be exact—that was the creation of Ugobe. Pleo has many lifelike characteristics, and can interact
Moxsie is an online retailer that sells fashion items made by independent designers. The site features clothing, accessories, and footwear from new, up-and-coming fashion start-ups and freelancers. Every designer showcased on Moxsie is handpicked by the Moxsie team, and must promote a worthy cause,
ModCloth founders Susan Koger and Eric Koger met in high school. Susan enjoyed shopping for vintage clothing, and over time accumulated so many outfits that she decided to sell some. Eric, who was her boyfriend at the time, offered to build her a Web site to sell the clothes, so she decided to sell
In 1995, two dermatologists, Dr. Katie Rodan and Dr. Kathy Fields, developed what they believed was a medical breakthrough in fighting acne. Their mission: to help millions of people rid themselves of acne and acnerelated problems. They named their product Proactiv Solutions. This name was chosen
What distinguishes intellectual property from other types of property, such as land, buildings, and inventory? Provide several examples of intellectual property and describe their importance to a firm.
What are the six steps in applying for a patent? Make your answer as thorough as possible.
What is a trademark? Provide several examples of trademarks, and describe how they help a firm establish a competitive advantage in the marketplace.
In the context of copyright law, what is meant by the term derivative work? Provide an example of when this concept is important for the creators of copyrightable material.
What is a trade secret? Provide an example of a trade secret, and describe how it helps a firm establish a competitive advantage in the marketplace.
Spend some time studying Check-In Calls, the subject of the “You Be the VC 12.2” feature. Make a list of the forms of intellectual property protection that Check-In Calls should have to properly protect itself. Be as specific as possible in compiling your list. YOU BE THE VC 12.2 Company:
Reacquaint yourself with Local Dirt, the subject of Case 5.2. Do you think Local Dirt’s unique method of connecting the growers of local food products with the buyers of local food products is suitable for a business method patent? If so, if you were the founder of Local Dirt would you spend the
Rick Sanford lives in a small community in northern Minnesota. He is planning to open the only fried chicken restaurant in his area and would like to trademark the words fried chicken. Because of his special circumstances, can he do this?
Maggie Simpson has always admired her Grandmother Thompson’s cooking and has considered putting together a cookbook titled Grandma Thompson’s Favorite Recipes. Some of Grandma’s recipes are truly original, and before she writes the book, Maggie would like to copyright several of the most
Spend some time looking at the Web site of Inventors Digest (www.inventorsdigest.com), a magazine dedicated to inventors’issues. Look through the past issues archive. Select an article that deals with an intellectual property topic not fully fleshed out in this chapter. Write a short summary of
Spend some time studying Kim Levine, the homemaker who created Wuvit, a pillow filled with 100 percent natural grain. Describe how the Wuvit was created and the steps that Levine took to bring it to market. Speculate on the intellectual property issues surrounding this product.
Refer to Case 9.1, which focused on Dry Soda, the maker of nonalcoholic soda that’s paired with fine food. If you were hired to conduct an intellectual property audit for Dry Soda, list 10 specific things you would check (or audit) to make sure that Dry Soda is doing exactly what it should be
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