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entrepreneurship
Entrepreneurship 1st Edition OpenStax - Solutions
A young, very creative, artistic woman wants to start her own graphic design business. If she is out of the office looking for new clients, she is not producing any work that generates income. What are her options?
What are some differences between large banks and small banks as they relate to an entrepreneurial startup business?
What can happen if a new business does not have any kind of business plan? What if the business plan that was originally written is not effective after the business starts?
What resources do insurance agents have to gain industry specific information, especially about liability, operations, and challenges?
Why are schedules important? If the new business owner keeps a schedule only in their head and does not write it down, what might be some weaknesses of that idea?
What relationships are possible for sales reps and small, startup businesses? What are the benefits to each?
Why is benchmarking relevant? What are some conditions in which benchmarking against national figures would be less accurate? How would you find information regarding benchmarking?
Why is a functional or operational business plan necessary?
Why is cash flow more important than profit? If a company does not have enough cash, what are possible ways for it to get more cash?
Many operational business plans provide some very specific steps to take and sometimes are very detailed. What are some situations in which rigid schedules can be a hindrance or a deterrent to effective operations?
Why is money management so important to a business? What are the consequences if money is mismanaged?
What simple tools can an entrepreneur use to get organized and do what is necessary throughout the month or year?
When is the assembly-line approach appropriate in service-oriented businesses? What are the benefits of using the assembly-line approach in this type of work?
What is benchmarking? Why is it important? What are some limitations of benchmarking?
How does the term “division of labor” apply to the concepts of “jack of all trades” and “specialist”?
What is the difference between capital expenses and operational expenses? What type of financing should be used for capital expenses? Operational expenses? Why?
What is credit? What are some “instruments” of debt?
Why should hiring the right people take precedence over buying the right equipment?
What are some differences between “absolute capacity” and “operational capacity”? Why do they need to be distinguished?
How do the needs of a small business and its founder change from the startup stage to the growth stage?
Explain nepotism. Why might it beneficial to an entrepreneur? Why may nepotism be detrimental to an entrepreneur?
A not-for-profit business ________.A. Is allowed to retain earnings for use within the organizationB. Must distribute profits to shareholdersC. Must turn over to the government any excess earningsD. Can pay dividends to shareholders
Distinguish between for-profit and not-for-profit entities.
The Big University football team, a member of the Southeastern Conference (SEC), brings in over $100 million a year in revenue, including TV rights, ticket sales, and bowl games. Seats to a game cost well over $100, and coaches are paid millions of dollars (more than anyone else at Big U, including
The term “for-profit corporation” means which of the following?A. The business must make a profit or forfeit its status.B. The business may make or lose money without changing its status.C. The business is not allowed to sell stock to the public.D. The business must have more than 100
What are the distinguishing characteristics of a B corporation?
Jen started a new sustainability-oriented business six years ago, making single-serve coffee pods out of recyclable paper, rather than plastic. Her company, Jen’s Pod, is now experiencing rapid growth. Jen started her company as an LLC but has been considering making a decision to incorporate.
What is the risk of falling in love with your own entrepreneurial story?
Entrepreneur.com is cited or referenced several times in this chapter, but even contributors to this publication, which relies on serving a culture of entrepreneurs as part of its value proposition, sometimes question its own community’s trends. Their article, “We’ve Become So Obsessed with
What would it take to rework a pitch deck created for a campus competition and present it to an individual angel investor?
Pitches have different purposes, depending on the target audience. The constant in every pitch is that it ________.A. Must be shortB. Makes a request for supportC. Includes six elements and about ten slidesD. Is derived from a corporate narrative
Numerical measurements providing data on how people use a product or service results in ________ data.A. QualitativeB. QuantitativeC. LeanD. Build-measure-learn
It is common to develop a product based on limited feedback using as few resources as possible only to watch as no one uses or buys the product. Can failure be a valuable part of finding product-market fit? Why or why not?
More complex data indicating why and how people use or might use a product or innovation is known as ________ data.A. QualitativeB. QuantitativeC. LeanD. Build-measure-learn
This section advocates using qualitative and quantitative data to develop products and find the right market for them. When might it be appropriate to rely heavily or solely on quantitative data? Can you think of a product that had very high usage rates that was incredibly popular but that almost
The ________ is the specific request for funding, mentorship, collaborators, and/or business partners that appears in a pitch.A. AskB. RequestC. PitchD. Contest
Imagine entering your campus pitch competition. What is your strategy to win?
The student entrepreneurship organization highlighted in this chapter is ________.A. CEOB. CFOC. Future Entrepreneurs of AmericaD. Pitch Competitors International
If your campus does not have a competition, what national competition might you enter? What is your strategy to win? Do some research online to find what has put past winners ahead.
What are the differences between traditional and entrepreneurial marketing?
If you could open a business right now, what would it be? Who would be your target market?
Claire is a young artist who has decided to sell her paintings to make some money while she finishes college. She doesn’t know much about promoting her work, especially through online channels. Since you are studying business, she has asked you for your advice on promoting her work to a young
What is a target market? Why is it important to know the target before creating the marketing mix?
Look at the Wag! website https://wagwalking.com/ and determine the 7Ps of this service. Do they work well together? Why or why not?
You have recently been hired to work as a marketing manager for a boutique hotel in San Diego. This hotel is the only one of its kind and is not part of a chain. It only has 50 rooms that have been carefully designed to fit a younger, eclectic, design oriented, and higher-income demographic. The
What are the components of the marketing mix? Explain each component.
Give an example of a company that uses bundle pricing and explain why it uses this method.
One of your classmates would like to open a food delivery service in town. This service would allow people to buy lunch or dinner through an app from a list of restaurants. She’s in the early stages of her analysis and she is asking your advice on possible sources of data that she can use. What
What is the difference between pricing a product based on what a competitors charge and pricing a product based on the company’s costs?
Discuss how market research can benefit entrepreneurs.
One of your classmates recently opened a new gym in an up and coming professional area. She is an accomplished trainer, but has little experience in business. She asks your help in coming up with a specific target market. You share with her the STP process.
Check out the website http://www.flyzipline.com/. Who is the target market? What are their 7Ps?
Visit the current Birchbox website, its online promotions, social media, online ads, and anything you can find about its digital marketing strategies. If you were in charge of digital marketing for Birchbox, what would you include or delete from their current activities?
What is market research? Why is it important to do research before you start a business?
Give examples of how entrepreneurs can leverage marketing activities even when strapped for cash.
Visit the Method website at https://methodhome.com/ and describe all of the branding components they use to position themselves as the best cleaning products in the US market.
How does primary data differ from secondary data?
If you had a business that was highly dependent on WOM marketing, how would you ensure the information passed along was positive? If the message passed along was negative, what would you do about it?
How does STP help entrepreneurs?
Describe how a brand advocate might help IKEA position itself as a cost-effective and design-oriented furniture store. Now discuss how a brand advocate can help a new product on the market establish a good reputation.
How does guerrilla marketing differ from viral marketing?
Discuss how the business model canvas can help an entrepreneur create a framework for generating sales. Think of a business you like and describe how it generates sales.
What types of activities are involved in digital marketing? Choose one and explain.
Negative referrals can have a great impact on a company’s sales. Remember an instance where you were the source of a bad referral for a product or service, and determine what made the experience so negative. What would you have done differently as the sales person to prevent that?
What is a brand? Why is it important to work toward gaining recognition for the brand, especially for a start-up brand?
How does a tagline help with positioning?
How does a marketing plan help an entrepreneur?
What is the difference between a marketing objective and a marketing strategy?
What are the steps in the sales process?
How does customer service impact sales of a new business?
What are the different stages in a company’s lifecycle?
How do funding requirements differ in each stage of a company’s lifecycle? Why?
What are the advantages and disadvantages of different sources of financing?
Crowdfunding platforms, such as Kickstarter or GoFundMe, allow startups to access many different investors who may be able to contribute only small amounts in return for relatively small rewards. In the case of the iBackPack, those providing funds through Kickstarter were largely unaware of the
How do financing requirements change at different stages of a company’s lifecycle?
Put yourself in the shoes of the manager of a nonprofit organization, such as a homeless shelter. The ultimate goal is to help people who have suffered misfortune get back on their feet. They likely cannot afford to pay or otherwise contribute to the costs of running the shelter. Thus, you must
What are the two most common categories of financing available to an entrepreneur?
How does collateral factor into your financing options?
While thinking about or visiting the coffee shop in your area, look around (or visualize) and identify items or activities that are the expenses of the coffee shop. Remember, expenses for the coffee shop are related to resources consumed while generating revenue from selling coffee and related
What challenges do nonprofits face in securing financing?
What is an SBA loan?
What are some potential benefits of a crowdfunding campaign aside from the funding itself? What are some potential drawbacks?
What are some of the sacrifices you could see yourself having to make to bootstrap your potential business?
What is a sustainable funding strategy?
How would you work around having limited access to capital in starting your own business? What difficulties can you see in trying to do so?
Which external parties would be interested in obtaining a firm’s financial statements?
Why would investors require access to financial statements?
What is bartering?
How do companies use financial statements in communicating with potential investors?
What does the term bootstrapping mean in terms of startups?
How can an entrepreneur use preliminary financial information in planning a new business?
What purpose does an accounting system serve?
What key terms are used in the accounting equation?
How does accounting differ from finance?
What are projections used for?
What is a break-even point?
Find an example of a video of a lean pitch online. What, in your opinion, makes it successful?
A friend recently heard that you won a pitching competition and she would like you to help her with her business pitch to investors. She started a company called “Fit for You,” a prosthetics company for children and adults that is using the latest materials and technology to help people live
How is pitching different in the lean startup method?
Find a company that has made a pivot and explain why the pivot worked.
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