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business
entrepreneurship starting operating
Questions and Answers of
Entrepreneurship Starting Operating
What would you recommend if you were an employee? Why?
Brainstorm three things Damon might have done differently in planning his party to increase his sales revenue.
It took nearly 20 years from idea to market for MooBella. Clearly, it is a long development and start-up period. Reflect on the emotional and other nonmonetary factors that were likely involved for
Would you rather keep your financial records in an accounting ledger or on your computer? Why? In each case, how would you protect your records from being lost in a disaster, such as a fire, or, in
Research different accounting software programs online. Choose a program (or programs) for your business and explain your choice in a brief essay.
The following business concepts have been developed by your colleagues, and they have asked you to provide feedback on each as a potential investment. Using the data provided, calculate the payback
Calculate Profit per Unit for the same units. Total Profit Profit per Unit Units Sold $41.00 25 a. - $5.30 b. 30 $6,931.00 12 c. $7,931.25 75 $360.60 20 e. d.
Calculate Total Profit for the same units. Total CM Total Fixed Operating Costs Total Profit $66.00 $25.00 a. b. $54.70 $60.00 $7,356.00 $425.00 c. d. $12,000.00 $19,931.25 $560.60 $200.00 e.
Calculate Total Contribution Margin for the same items. Total Revenue Total Variable Costs Total Contribution Margin $50.00 a. $116.00 $329.70 b. $275.00 $14,796.00 $7,440.00 c. $40,931.25 d.
Calculate Total Revenue for the items below: Selling Price Unit Units Sold Total Revenue 25 $4.64 a. $10.99 b. 30 12 $1,233.00 c. $545.75 d. 75 $45.03 20 e.
Imagine that you have invented a guitar strap that goes over both shoulders, thereby reducing shoulder strain for the guitarist. This item could be a big seller, but before you can apply for a patent
Give an example of a business that you have observed lowering the price of a product. How do you think the business was able to reduce the price?
What type of referral network might support your proposed venture? Find such a group and write a paragraph about it and why it could be of value.
Write a memo to your partner discussing his or her sales calls and how they could be improved. When analyzing your partner’s efforts, use the eight steps of a sales call in the text as your guide.
Develop a brief sales pitch for three items that you are wearing. Tryout the pitch for each on a partner. Have your partner help you time the pitches to one minute. Do the same for your partner.
Create a company signature for your business e-mail. Keep it under-eight words.
What sources of information can you use to develop a customer profile?
What do you expect your personal “look”to be when you start selling your product/service, and why?
Why is customer service an extension of marketing?
Explain JoeGirard’s Law of 250 in your own words, and give examples from your own life.
List five things you intend to do at your business to offer superior customer service.
Describe a business that you deal with as a customer. Describe the customer service you receive there.What do you like (ord is like) about it? How could it be improved?
Research and report how much it would cost to run a banner ad on three Web sites. What are the pricing options? Are they listed on the companies’ Web sites? Where did you find the information?Bonus
What is the role of demographic information in the selection of a retail-location option? Provide an example of a retailer near you and the demographics that are significant for the company.
List four common marketing objectives. Explain why each is important.
Summarize why breakeven is a critical concept for any organization.
Identify a well-known public figure and discuss his or her brand. How has this individual enhanced this brand? How has he or she damaged it?
What is the role of demographic information in the selection of a retail-location option?
Where do you plan to locate your business? Explain.
If you were to start a home-based business, what would it be? Why? What key factors would you consider before start-up?
Use the following below to illustrate your marketing mix.
Discuss how pricing tells a story about your product.
Go online and conduct an industry-wide search for competition for your business. Create a profile of the competition (this may be written using a word- processing program or shown as a graph using
If an entrepreneur presents a business plan that an investor believes is deliberately vague and has provided inflated financial statements, what should that investor do?
Why might Shape magazine have named Happy Belly Curbside Kitchen as one of the 10 Healthiest Food Trucks in America? How would they be healthier than most food trucks?
How was this business tied to a social mission? What did the owners do to demonstrate their commitment?
Identify four critical resources for Happy Belly and how the owners secured them.
Describe the typical consumer your business plans to target.Gender:Age:Education:Income:Interests:What need do you plan to satisfy for this customer?
Research can give you a great deal of information, but you will have to use your math skills to make it more useful. For example, imagine you are interested in opening a dog care service, and you
Analyze and describe what you would expect the target market to be for a single seat hybrid automobile that gets 120 miles per gallon according to the demographics, psychographic and behavioral
Which four factors should market research include, and why?
Write a positioning statement for your business, or one that you envision, using the format provided.
Assess where you think your product or service is in the product life cycle. Where is it and why did you reach this conclusion?
Read and interpret the chart in Figure 4-2.a. Which single provider has the largest market share? What is the percentage?b. What share do the two largest suppliers enjoy together?c. How much bigger
What knowledge, skills, and abilities did the Halls have before starting their company?
How did Terry and Dawn Hall identify the market for Happy Belly Curbside Kitchen? What process did they follow to analyze opportunities?
You own a small record label. You sell CDs through your Web site for $15, including shipping and handling. You get an offer from someone who owns a record store in Germany who would like to sell your
If the FX rate between the Japanese yen and the euro is 189.35:1, how many yen will equal 10 euros?
If the FX rate between the U.S. dollar and the Japanese yen is 1:119, how many yen will it take to equal $20?
Is there a service presently available to only a few consumers, or one that is not available yet? Write about a service that you can imagine eventually becoming very popular and the need(s) it will
When Steve Wozniak and Steven Jobs envisioned a computer in every home, computers were large, expensive machines owned only by the government, universities,
A record store that sells $1,500 worth of CDs per day to 75 customers per day.
Sue, of Sue’s Sandwich Shoppe, sells sandwiches and sodas from a sidewalk cart in a popular park near her house. She sets up her cart in the summers to earn money for college tuition. Last month
A restaurant that serves $2,100 per day in meals to 115 customers per day.
Gross profit is a business’s profit before which other costs are subtracted?
Describe three core values you will use to run your own company.
Use the following charts to define a business you would like to start and analyze your competitive advantage. Sample answer below.
Prepare a Business Model Canvas for Honest Tea based on the business plan included at the end of this chapter.
Why is it important to identify an organization’s “culture”from the beginning?
Name three categories of investors/lenders that might have an interest in your business plan.
Print an assignment or anybody of text, with 1-inch margins, double-spaced, using12- point Times New Roman. Then, print the same document with 0.8-inch margins, single-spaced, and using
What are the parts of a Business Model Canvas? How can the entire canvas assist an entrepreneur?
Explain why a prospective business founder might want to create a feasibility study or Business Model Canvas before developing a complete business plan.
Interview an entrepreneur, preferably in person. Entrepreneurs are busy people, but many are willing to spend time talking with someone who is interested in what they are doing. Meeting over-alight
Have a conversation with a friend or relative. Discuss things he or she finds frustrating in his or her area/neighborhood.a. Write-down these complaints.b. Generate at least three business
What would be the best thing about owning your own business? What would be the worst? Why?
Compare and contrast the meaning of a business opportunity and a business idea.
Summarize three facts about capitalism.
It will probably take about three months for your business to start earning a profit. Do you agree or disagree? Why? If you disagree, how long do you expect it to take? What are the three most
Explain how profit works as a signal to the entrepreneur.
Define small business. How, if at all, does this differ from what you would have expected the definition to be?
If you were to start a business five years from now, what would be your opportunity cost? In other words, what is the next-best use of your time? How much money could you make working at a job,
Choose three non-financial benefits of entrepreneurship that might be important to you. Write a paragraph about each.
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