Questions and Answers of Entrepreneurship Starting Operating

1. On a scale of 1-10 (10 is high), how important is transparency, fairness, and honesty for a firm such as Zendesk? What does a firm have to lose if its customers feel it is subpar on these
1. Why is building credibility, legitimacy, and trust particularly important for a start-up venture, regardless of whether it is a for-profit or a nonprofit organization? 2. How can building
1. Investors are often criticized for insisting that a vesting schedule be put in place for stock that’s issued to employees. After reading this feature, do you think this criticism is justified?
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?
How can entrepreneurial ventures avoid legal disputes?
What is mediation and how do entrepreneurs use it to resolve disputes?
Why isn’t choosing a legal entity a one-time event?
What might trigger a firm’s decision to change how it is legally organized?
Is a limited liability company an appropriate form of ownership for an aggressive entrepreneurial firm? Why or why not?
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. She just read an article
DipJar is the focus of the “You Be the VC 7.1” feature. Assume that this firm’s founders have asked you to help them write a code of conduct for their firm. Given your understanding of how
1. What lessons can be learned from Jim Picariello’s agreement with the high net worth individual, who agreed to invest $1 million in Wise Acre Frozen Treats and then reneged on the agreement when
What are the four main financial objectives of a firm?
1. Toward the beginning of this case, the following statement appears: “Almost all small businesses experience cash flow shortfalls.” What is cash flow? Why is cash flow so critical to an
What is meant by the term efficiency as it relates to the financial management of a firm?
What is meant by the term stability as it relates to the financial management of a firm?
What is the purpose of a forecast? What factors does a firm use to create its forecasts of future sales, income, expenses, and capital expenditures?
1. What steps did Zappos take early in its life as a company to overcome the liability of newness?2. What can entrepreneurs learn from Zappos’ experience about motivating employees and building a
What are the reasons for completing a skills profile for a new firm?
1. The following sentence appears early in this chapter: “There are three reasons that most entrepreneurial ventures need to raise money during their early life: cash flow challenges, capital
1. To what degree do you think Quiznos’ brand has been permanently damaged by its missteps? Is Quiznos doing everything it can to repair its brand? What, if anything, would you do differently to
1. What are the advantages and disadvantages of Wahoo’s Fish Taco’s slow growth philosophy of franchise expansion? 2. Spend some time looking at Wahoo’s Fish Taco’s Web site, focusing
Why is it important for a franchisor to develop detailed and thorough operating manuals?
Why is it important for a business plan to follow a conventional structure rather than be highly innovative and creative?
How does a firm compute its price-to-earnings ratio? Why does a high price-to-earnings ratio indicate that the stock market thinks the firm will grow?
What is the purpose of an assumptions sheet?
Why is a firm’s sales forecast the basis for most of its other forecasts?
What is meant by the percent-of-sales method as it relates to forecasts?
1. How large do you think a start-up needs to be to effectively take advantage of collaborative management programs? Along with full- and part-time employees, should companies include interns,
What is a new-venture team?
1. In retrospect, Brinckerhoff believes that it would have been to Devver’s advantage to have had a business-oriented cofounder as part of Devver’s new-venture team. 2. Do you think the reverse
What are the two potential pitfalls of using a team to start a firm?
What is the difference between inside and outside directors?
What are the three formal responsibilities of a board of directors?
Why do new ventures often turn to consultants for advice?
What is the purpose of SCORE?
What types of advice and counsel do SCORE volunteers provide?
Currently, Ann Schafer is a sales representative for The Pampered Chef, a direct sales organization which sells kitchen utensils and related products. Ann, who lives near Houston, Texas, is thinking
What are the three most common reasons most entrepreneurial ventures need to raise money in their early life?
1. In your opinion, what factors in the business environment encourage firms to partner to compete?2. What risks do small firms face when partnering with large, successful companies? What risks do
What is the difference between equity funding and debt financing?
What are the most common sources of equity funding?
Describe the most common sources of debt financing.
What are the three most common sources of equity funding?
What is meant by the term venture capital? Where do venture capital firms get their money? What types of firms do venture capitalists commonly want to fund? Why?
Briefly describe the SBA’s 7(A) Loan Guaranty Program. Do most start-up firms qualify for an SBA guaranteed loan? Why or why not?
1. How does a start-up establish a “brand”? What do we learn from JCPenney’s miscues about the importance of branding?2. Although the concept of selecting a target market and establishing a
1. What does this feature teach us about the importance of “crafting a unique market position” when launching a retail entrepreneurial venture?2. Spend some time looking at TrackShack’s website
1. How has Proactiv gone about establishing its brand? To what degree do you believe Proactiv is important in its customers’ lives?2. Discuss the things that Rodan and Fields learned, prior to
What is a tagline? What is your favorite tagline? Why?
What is meant by the term brand equity?
What is a reference account? How can having a reference account help a new firm?
Reread the Opening Profile. After doing this, make a list of all the things that you think that Andrew Pohle, Jake Schaufeld, and Jordan Levy have done well in building an effective marketing program
Read the “You Be the VC 11.2” feature that deals with Eatsa. What actions would you suggest that this firm take to develop a guerilla marketing campaign?
KaZAM, the company producing a bike that teaches kids how to ride without training wheels in a safe, enjoyable, and confidence-building manner, is the subject firm described in the “You Be the VC
1. Briefly describe the difference between a provisional patent application and a utility patent application. If successful, which of the two applications awards an inventor a patent?2. Can a
1. Identify the makerspace, FabLab, or TechShop that is located nearest you. Describe the equipment that is available and the program the facility offers.2. Why do you think companies are
1. If you were the owner or manager of a restaurant, would you have used Dishero’s service? Why or why not? 2. What, if anything, could Dishero’s co-founders have done in advance of
1. Select at least two other firms that you believe have crossed the chasm. Briefly summarize how the firms rolled out their products (or services) and what you believe their key steps were in
Can most firms be classified as rapid-growth firms? Explain your answer.
1. Make a list of things that you think Airbnb did “right” in growing its business.2. Comment on the propensity of Airbnb’s founders to solicit customer feedback. Based on the information
1. If a company sold a product that was trendy, such as teenage fashions, which of the fulfillment approaches would be the best choice? Explain your answer.2. If a company wanted to focus all of its
What are the potential downsides to firm growth?
Is it possible for a firm to grow too fast? If so, what are the potential downsides?
What are the benefits of planning for growth?
What is adverse selection and how might it affect entrepreneurial firms?
Why is cash flow management such an important issue for a firm entering a period of rapid growth?
How do rapid growth firms deal with potential cash flow shortfalls?
Why is price stability such an important issue for a firm entering a period of rapid growth?
In what stage or stages of the organizational life cycle are capital constraints most prevalent?
Tracy Gibbons owns a sports apparel company in Columbia, SC. She just attended a seminar, where one of the speakers said, “Participating in business partnerships can help firms lessen the impact of
1. How is Warby Parker able to sell eye wear at such a low price?2. Explain the rationale behind Warby Parker’s omnichannel strategy. Provide an example of another company that is pursuing a
1. Why do you think Hormel acquired Justin’s to add to the strength of its peanut and nut butter offerings and to add a product to its portfolio that appealed to a younger, more health-conscious
What are some of the common reasons new products fail?
What is the difference between a licensor and a licensee?
What is the meaning of the term licensing? How can licensing be used to increase a firm’s revenues?
What is the purpose of a licensing agreement? What is attractive about a licensing agreement for those leading an entrepreneurial venture?
Over the past several years, why have strategic alliances and joint ventures become increasingly prevalent growth strategies for entrepreneurial firms?
How does a freemium business model work?
1. Prior to launching their firms, how could BlackJet, Ridejoy, and Neighborrow.com have better anticipated the issues that ultimately caused them to fail?2. In regard to putting together an
1. Given TOMS’ mission and the way its business model is constructed, would you characterize TOMS’ business model as a standard business model or a disruptive business model? What impact has
What is the best time for a firm to develop its business model?
What are the four major categories that comprise the Barringer/Ireland Business Model Template?
Why do most entrepreneurial firms initially choose to compete within a narrow target market?
What is a company’s product/market scope?
Why are the resources a firm possesses a critical part of its business model?
How many core competencies do most start-ups have?
What are a firm’s key assets?
What is a revenue stream and why is it so important to a firm’s short- and long-term success?
How do fixed costs differ from variable costs?
What are the primary elements of the Operations component of the Barringer/Ireland Business Model Template?
What are some common advantages that accrue to a firm as a result of partnering with other companies?
Naomi Stephenson plans to open a company that will design and manufacture accessories for smartphones. She has read that having a clearly articulated business model will help “all of the elements
Spend some time looking at Wonder Workshop, the focus of the “You Be the VC 3.2” feature. What are five actions this firm could have taken when completing its feasibility analysis that would have
Twitter (http://twitter.com) is a free networking and micro-blogging service that allows its users to send and read other users’ updates, called “tweets.” This business model continues to be
Debra McGahan, a close friend of yours, mentioned to you that to complete a project in one of the courses she is taking this semester, she needs to describe a firm that is using an effective business
Re-read the opening profile about IndieU. What are the most significant threats to this firm’s currently successful business model? What actions should the firm take to successfully deal with the
1. How has Panera Bread established a unique position in the restaurant industry?2. How has Panera Bread’s unique position in the restaurant industry contributed to the firm’s success?3. What
1. To what degree do you think Casper has disrupted the mattress industry? To what degree did Casper’s research about the mattress buying process resonate with you? Would you buy a Casper mattress?

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