Questions and Answers of Entrepreneurship Starting Operating

Work with a team of your classmates to define the ethical issues involved in dynamic pricing.
Why do many entrepreneurs underprice their goods and services, especially when they first get into business? Discuss the connection between the prices a company establishes for its goods and services
What challenges does evaluating the effectiveness of a Web site pose for online entrepreneurs?
What advantages does each e-commerce metric offer?
What are the risks and dangers to a small company that is the victim of a cyberattack?
What can an entrepreneur do to avoid falling victim to these 11 myths?
Why are cybercriminals increasingly targeting small businesses with their attacks?
What are the 11 myths of e-commerce?
Why are many companies shifting to a multichannel strategy that involves both physical stores and an online presence?
What advantages do retail stores offer a company? Disadvantages?
What advantages does an “online-only” strategy offer a company? Why do many start-up companies use this strategy?
Describe how a small business owner could use concentrating on innovation for a competitive advantage.
Describe how a small business owner could use building a community of customers for a competitive advantage.
Describe how a small business owner could use entertaining instead of just selling for a competitive advantage.
What advice would you give to one of Chick-fil-A’s competitors to try to match Chick-fil-A’s customer service?
Chick-fil-A does not compete with its rivals using low prices. What lessons can other small businesses learn from Chick-fil-A about the relationship between prices and customer service?
What impact has Chick-fil-A’s strategy of providing superior customer service had on the company’s success?
How can market research benefit entrepreneurs as their businesses grow?
Identify at least three lessons that entrepreneurs can learn from Victory Auto’s use of social media.
What steps can the new owner of .CO Internet S.A.S. take to maintain the brand and continue to build customer recognition of it? Refer to Figure 9.2 on page 354 and use the table below to do
Define marketing plan. What lies at the center of a marketing plan?
How would you envision the marketing of .CO Internet S.A.S. to change now that it is part of a large corporation? Can large companies effectively take advantage of bootstrap marketing strategies?
Use the Internet as a resource to develop a list of at least five suggestions to help new franchisors looking to establish outlets in China or India to be successful.
Describe the opportunities and the challenges franchisors face when entering emerging markets such as India and China.
What steps should prospective franchisees, whether they are athletes or not, take to ensure that franchising is the right path to business ownership for them and that they select the right franchise?
Do you agree with Michael Stone that franchising is a good fit for athletes? Explain.
What benefits does franchising offer professional athletes such as those described here?
What are the advantages and the disadvantages of purchasing an outlet from a small franchisor?
What steps should a buyer take to ensure a smooth transition after closing the deal to buy a business?
Explain the seller’s position in a typical negotiation for a business.
What determines the bargaining zone between a business seller and a buyer?
Briefly outline the process of valuing a business using the adjusted earnings, the capitalized earnings, and the discounted future earnings approaches.
What topics does the due diligence process address?
Outline the stages involved in buying a business.
What techniques for estimating the value of these businesses would be most useful to a prospective buyer of these companies? Are the owners’ asking price reasonable?
What advantages does an LLC offer over a partnership?
Give an example of a company that is using each of the three strategies.
Give examples of strengths, weaknesses, opportunities, and threats.
What are the risks associated with these companies’ strategies?
What competitive advantages does the successful execution of subscription-based strategies produce for these businesses?
Discuss the importance of what you do with a mission statement.
Which of the strategies discussed in this chapter are these companies using? Explain.
A common criticism of mission statements is that entrepreneurs spend too much time crafting them and not enough time implementing them in the business. What is meant by this criticism?
How do lenders and investors use the 5 Cs of credit when evaluating a request for financing?
Why do many small businesses fail when a big discount retailer such as Wal-Mart enters their market?
What benefits do entrepreneurs gain by competing in business plan competitions such as the one at Texas Christian University?
Why is it essential to develop a sound business model before writing a business plan?
What would you recommend that entrepreneurs do to ensure they don’t hang on too long to a failed business concept?
Explain why even a business that passes a market and financial feasibility analysis may not be a good business for an entrepreneur to launch.
Why was it hard for Jake to admit his newest venture was not going to work?
Can you think of additional market research that Aikens could have done before developing his product?
Explain the parameters of the idea sketch pad.
What changes in macro environmental forces are shaping the feasibility of the driverless car?
Describe the new business planning process.
List and describe two additional steps that a company can take to create a culture of creativity and innovation.
One venture capitalist says that entrepreneurship can’t be taught in a regular classroom any more than surfing can. His view is that students should get their feet wet in the real world of
What are the advantages and disadvantages of offering equity in exchange for work done on a new product?
Explain the advantages an entrepreneur gains by pursuing a niche market.
Why would you recommend that an entrepreneur develop a minimal viable product or a prototype?
Describe in detail Porter’s Five Forces Model.
What are the risks that come with being an early entrant into the edible insect market?
What macro trends support businesses selling edible insects to American consumers?
Describe the four components of a feasibility analysis.
If you were an executive at an automobile company, would you pursue your own model of a driverless car? Why or why not?
Use a search engine to research the outcomes of these two cases. How were the cases resolved? If a judge rendered a decision, summarize his or her reasoning. Do you agree with the judge’s decision?
Assume the role of a judge in these two cases. How would you rule? Explain your reasoning. (In the Lululemon Athletica v. Calvin Klein case, you may want to search online for images of the two
What does a trademark protect? What does a patent protect? What is a design patent?
Select one of these businesses and explain which of the 10 types of innovation the company used to bolster its success.
Describe business’s social responsibility to its customers.
Describe business’s social responsibility to the environment.
Create a detailed diagram of all the stakeholders of Willow Springs. How is each of the stakeholders affected by the water park’s actions? What conclusions can you draw from this analysis? Explain.
What do you think the owners of Willow Springs should do with their property? Should they reopen the water park if they can ensure that the water is safe for swimming? Explain.
Would it have been ethical for Willow Springs to remain open after Kali’s case came to light, even though there could never be definitive evidence linking the infection to its lake? Explain.
How could the owners of Willow Springs have ensured the safety of their customers and prevented the infections from occurring? Explain.
What policies would you put in place as a business owner about employee comments on social media sites like Facebook and Twitter? Explain your policies based on the cases discussed here.
If you were the judge in the Riley case, how would you rule? Explain your reasoning.
If you were the judge reviewing the O’Connor case, how would you rule? Explain your reasoning.
What advantages do franchise businesses offer nonprofits that seek side businesses to generate revenues to support their causes?
What challenges does owning and operating a franchise business create for these nonprofits? Explain.
Explain the typical entrepreneur’s attitude toward risk.
How do the characteristics at the model’s nucleus—opportunistic mindset and tolerance of risk and failure—fit together in the entrepreneur’s mind?
Is the way that these entrepreneurs discovered their business opportunities typical? Explain.
What risks do these entrepreneurs take on when they started their businesses?
What benefits do entrepreneurs such as Bill Mitchell, John Carrington, and Kevin Maloney gain from creating businesses of their own rather than working for someone else?
1. Why is the problem of bringing light to people who don’t have access to reliable electricity not being tackled in a meaningful way by a large lighting company, such as GE (General Electric) or
1. Despite all the changes that have happened with the Internet since 2007, when Songkick was founded, why do you think the company has been able to successfully stick with its original business
Think about and find some information about trends in the motorcycle industry. In particular, identify the effects of economic, demographic, and regulatory changes that may affect the motorcycle
The “You Be the VC 5.1” feature focuses on Prynt, a company in the smartphone industry. What environmental trends and business trends favor Prynt’s unique approach and service?
Why is it important for firms to collect intelligence about their competitors?
What is meant by the term competitive intelligence?
What is a global industry?
What is the difference between a concentrated and a fragmented industry?
What is the purpose of “The Economics of the Business” section of a business plan?
What is the purpose of the “Operations Plan” section of a business plan?
What is the purpose of an assumptions sheet?
What are the differences between historical financial statements and pro forma financial statements?
What is the number one rule in making an investor presentation?
1. Which side do you agree with in this case – Flytenow or the FAA? Explain your answer.2. If you started a business in an industry you weren’t intimately familiar with, how would you go about
When should your friend, who is considering launching a consulting firm to provide financial services to small businesses, think about the ethical climate she wants to establish in her venture?
1. Complete Jack and Sarah’s list for them, including the issues you think they will place on the list along with their recommendations. Which of the issues do you think will stimulate the most

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