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business
entrepreneurship starting operating
Questions and Answers of
Entrepreneurship Starting Operating
Do you believe that sustainable development should be part of an entrepreneurship course or did the textbook authors just include a section on it to be “politically correct”?
Isn’t “corporate entrepreneurship” an oxymoron? Do the characteristics of an established organization, such as its routines and structure, increase efficiency but at the same time kill any
What does it mean to say that something is important to you? Who has lost something that was important to them? How did it feel? What did you do to recover from the loss?
Take the following problem statement and brainstorm solutions. Be prepared to present your three most “creative” solutions. Problem statement: “Customers too frequently use an airline and fly
Choose a product and use the checklist method to develop new ideas. Be prepared to state your product and the three most creative ideas generated.
What are the major issues in the constant battle over music streaming rights? How do you think these issues should be resolved?
Given the difficulties in accurately predicting the future, is a business plan useful? Provide three reasons for writing one and three reasons for not preparing a plan. What is your conclusion and
Would the entrepreneur be better off spending more time selling his or her product rather than investing so much time in writing a business plan?
Should the government provide grants for entrepreneurs starting new businesses? Should the government guarantee loans for small businesses that are missing the necessary track record, assets, or
Assume that you have been very lucky and have been given a considerable fortune. You want to become a business angel (straight after graduation). How would you go about setting up and running your
The firm needs to make sales. What is the best way to motivate salespeople to make more sales and improve the performance of the firm? How would you effectively monitor their performance under the
Categorize those people in the class who you believe would be well suited for starting a business and managing initial growth but would be less effective at conducting the professional management
Think of a company that produces one product and sells it to one group of customers (or make one up). Advise the entrepreneur of the many opportunities there are for growth opportunities for
Are you a time waster or a time server? What time management techniques do you use? How can you better manage your time?
Recently the Chinese government has been encouraging foreign firms to enter into joint venture relationships with local (Chinese) firms. What are the benefits to the Chinese economy from these joint
Identify a local franchise in your area, and determine where the competitors are located and where other franchises from the same organization are located. Evaluate the existing potential for the
What are the issues facing an entrepreneur in deciding whether or not the business needs to be put into bankruptcy today?
To be cognitively flexible seems to require that the entrepreneur continually question himself or herself. Doesn’t that create a doubt that can be seen by employees and financiers such that success
Eric Andrews has been investigating the possibility of starting a service that will partner with grocery stores to provide a delivery service for their customers. The idea is that after purchasing
1. Once a piece of secondhand furniture was listed on Move Loot’s website, if a customer didn’t like the price, he or she could offer a lower amount. Move Loot’s 50 percent commission was based
1. What are ways to get people to care about your product or service? Why is it important to establish a community of true believers and early evangelists? Wouldn’t it be easier to acquire
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. Why is this so?
If you are 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?
1. How effectively do you think Katie Beauchamp and Hayley Barna used their time in college to advance their business idea?2. In what ways is Birchbox’s business approach a win-win for both its
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
1. Show the income statements for the three candidates to two or three friends who are majoring in business. Ask them to select the best CEO from among these three people on the basis of these income
What are the two primary functions of the financial management of a firm?
1. What can a first-time entrepreneur, who may have a good idea but not much money or business acumen, learn from Mary Lynn Schroeder’s experience?2. To what degree do you think you’d be capable
1. Consider the following statement: “Life hacking skills are particularly important for entrepreneurs because entrepreneurs are typically time and resource-strapped.” Do you agree with the
According to material in this chapter, prior entrepreneurial experience, relevant industry experience, and networking are attributes that strengthen a person’s chances of launching a successful
Kim Simpson owns a successful fitness center in an affluent suburb of St. Louis, Missouri. She just received funding and plans to open six new fitness centers in the St. Louis area over the next two
1. Share your general reaction to this case study. Do you think Base camp’s approaches to work design and HRM are transferable to other organizations, or do you think they’re unique to Base camp?
1. Examine the problems that DrawQuest encountered. How could the company have avoided or navigated around each problem?2. What alternatives did DrawQuest have for generating income for its app? Why
1. In referring to Startup Weekend, someone made the comment “It’s not a start-up factory, it’s an entrepreneur factory.” What do you think the person meant by that comment?2. To what degree
Write a 60-second elevator speech for Faraday Bikes, the focal firm discussed in the “You Be the VC 10.1” feature.
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
1. Do you think Kickstarter is a viable alternative to raising equity funding or debt financing? If so, under what circumstances?2. Kickstarter is not the first crowdfunding platform, yet it is the
1. Make a list of the potential pluses and minuses of the co-branding relationship between GoPro and Red Bull. Indicate whether you believe the potential pluses outweigh the potential minuses.
What is the purpose of brand management?
Spend some time looking at Red Bull’s website (www.redbull.com). Comment on each element of Red Bull’s marketing mix (product, price, promotion, and place in terms of distribution and sales). If
1. Critique Nest’s segmentation strategy, its selection of a target market, and its positioning strategy. To what degree are these elements of Nest’s market strategy complementary and
1. What is your reaction to each case? Were you surprised at how they turned out? Do you think each case turned out the way the trademark law intended it to?2. Which of the three smaller companies
1. Go to the U.S. Patent & Trademark Office’s Web site (www.uspto.gov) and look up Patent No. 6,004,596. Read the patent. After reading the patent are you more inclined or less inclined to side
Why is it difficult for some firms to grow or scale their operations?
1. There is a discussion early in this chapter about the need to prepare for growth. What actions did Scott Norton and Mark Ramadan take that demonstrate their commitment to trying to fully
1. What are three lessons that other start-ups can learn from Crumbs’ failure?2. To what degree do you think Crumbs should have been able to anticipate a decline in interest in gourmet cupcakes?3.
1. Why do you think Paint Nite has grown so quickly? What is it about the Paint Nite experience that attracts people?2. Why do you think Paint Nite chose a licensing model rather than franchising or
1. In what ways is it easy for a firm’s founder to get caught up in the potential advantages of participating in alliances without remaining equally focused on the potential disadvantages? 2.
What is an international expansion strategy? What are the keys to implementing this strategy successfully in an entrepreneurial firm?
What is an international new venture? Why might it be to the benefit of an entrepreneurial start-up to position itself as an international new venture from the outset?
Spend some time studying Zero Motorcycles, the focus of the “You Be the VC 14.2” feature. Is it more likely that Zero Motorcycles will grow through internal or external growth strategies? What
Jessica Martin, a classmate of yours, just returned from an entrepreneurship boot camp that your university’s technology incubator sponsored. The boot camp consisted of three days of intense focus
Study the popular social networking site LinkedIn. What growth strategies has the company employed? What are the most appropriate growth strategies for this firm to use going forward? Why?
1. Why do you think Sbarro stuck with its strategy of operating out of food courts in malls, even when it was evident that mall foot traffic was declining?2. What are three things that food
1. Identify an ideal nonprofit for a fitness center franchise that caters to college students to partner with. Describe the rationale for your selection. You can pick a nonprofit that is local to
What is an example of a business that wouldn’t be suitable for franchising?
Typically, if an individual franchise unit is losing money, does it still have to pay a monthly royalty to the franchiser? Explain your answer.
Why is it important for a prospective franchisee to retain his or her own franchise attorney?
Identify a franchise location near where you live and ask to talk to the owner. Show the owner one of the two “You Be the VC” features at the end of the chapter and ask the person whether he or
Look at Table 15.4. If you were offered the opportunity to buy into any one of the franchise organizations listed in Table 15.4, which one would it be? Explain the rationale for your selection.
Suppose you became interested in opening a School of Rock franchise (see Case 15.2 for more information about this company). You fly to Philadelphia and visit the company’s headquarters. After
1. What types of characteristics do you anticipate School of Rock looks for in franchisees?2. Look at Table 15.2. Of the ways mentioned in this table for franchisors to develop franchisees, which
Why is each of your core values important to you?
Why is it the most meaningful method for establishing ethical standards?
What ethical issues do trucking companies create when they use electronic communications equipment to monitor their drivers on the road?
How should a small trucking company considering the use of electronics communications equipment to monitor its drivers handle the ethical issues created by this practice?
Interview at least two entrepreneurs about their experiences as business owners. Where did their business ideas originate? How important are creativity and innovation to their success? How do they
Develop a list of questions that a prospective franchisee should ask the franchisor and existing franchisees before deciding to invest in a franchise.
1. What are the common attributes across the three companies in the feature? How do these attributes help the companies thrive in otherwise competitive industries?2. In what ways are each
1. What lessons does SharpScholar’s failure have for entrepreneurs who are considering entering the EdTech industry?2. We studied business models in chapter 4. Would you classify SharpScholar’s
1. How does Etsy create, deliver, and capture value for its shareholders?2. Is Etsy’s business model a standard or a disruptive business model? Explain your answer.3. How is Etsy’s business model
Basis of differentiation is part of the Barringer/Ireland Business Model Template. This term was defined in the chapter as “what causes consumers to pick one company’s products over
1. Imagine that you are the founder of a company and need help setting up Quick Books for your company. Quick Books is an accounting and bookkeeping platform for small businesses. Search Up work and
1. Do you think Coach Up’s business model is sound? If you could make any changes to the firm’s business model, what would you suggest?2. To what degree does Coach Up’s business model reflect
Linda Toombs, who has considerable experience in the home security industry, is planning to launch a new line of home security alarms that she believes would be superior to other products in the
Assess the industry attractiveness for the industry in which Tyto Care, the firm featured in the “You Be the VC 3.1” feature, competes.
1. Think about your personality and work habits. What type of person (in terms of personality and work habits) do you think you’d work well with and what type of person do you think you’d be in
1. What environmental trends are working in favor of Pledge Music and Zinepak? What environmental trends are working against each company?2. What gap or gaps in the marketplace does both Pledge Music
Make a list of your strong-tie and weak-tie relationships. Include at least five ties on each list. Select two names from your list of weak-tie relationships, and speculate on the types of new
Tiffany Jones owns a small chain of fast-casual restaurants in Denver that sell sandwiches, soups, wraps, and desserts. In general, her restaurants are successful, but she feels they are getting
1. At this point in your educational process, your business (if you’re starting one), and in your life in general, in what areas do you believe you could benefit the most from having a mentor? What
1. If you were starting a new venture, do you think you would benefit from participating in a business incubator or accelerator program? If so, what do you think the primary benefits would be?2. Find
Where does each of your core values come from (e.g, religious faith, family, personal philosophy)?
What are the differences between a firm’s physical assets and its intellectual assets?
Visit the U.S. Small Business Administration Website(http://www.sba.gov). Read an article on starting a business and write a brief summary of the key information (200 words or fewer). Remember
Visit an Internet search engine, such as Google, Yahoo! or Bing. Search for one of the following sets of terms: entrepreneurship ideas, businesses for sale, or franchise opportunities. For the search
Find a site that looks promising and answer these questions:a. What is the website (UR Land name)? Example: Franchise Direct, http://www.franchisedirect.comb. Who is sponsoring the Web site? Example:
Where do you think each restaurant is in the product life cycle?
Have you created any marketing materials for your business? If so, have three friends and a mentor (someone more experienced whom you respect and who can give you good business advice) look at your
Visit three businesses in your community and take notes on your experiences as a shopper. Write a memo comparing the customer service at each. Include such information as the following: Were you
Interview an entrepreneur about the types of CRM he/she uses. Discuss customer service and complaint handling in particular. Summarize the interview in a short paper.
Visit the BNI site at http://www.bni.com and find the chapter closest to your home.a. What is the name of the chapter?b. When does it meet?c. Who is the executive director of the chapter?d. How many
Ask an entrepreneur in your neighborhood to discuss his or her accounting system. Write a one-page report about the pros and cons of the system and use it to make an oral report to the class.
Create common-sized balance sheets for each.
Calculate their balance sheet ratios.
How do the companies compare in growing owner’s equity?
How do the companies compare in reducing debt?
How, if at all, do the ratios of these companies relate to that of The Greasy Spoon Diner?
Calculate the projected burn rate for each of the following businesses:a. Application developer for iPhones with $550,000 cash on hand, no revenues, and cash outflows of $50,000 per month =
Visit Business Owners Idea Café online at http://www.businessownersideacafe.com/ and use the tool provided under Financing to figure out how much capital you will need to get your business off the
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