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Entrepreneurship Starting And Operating A Small Business 3rd Edition Caroline Glackin - Solutions
Assume you and a friend have decided to produce and sell recordings of your original songs. Which legal structure do you think would work best?Explain. What type of intellectual property protection should you seek?What sort of contracts would you need? What types of insurance would be important?
Which legal structure will you choose for your business?Sole proprietorship_--::---;,-----Partnership _____ _ Limited partnership __ ---,-_.:....___ C corporation _____ _ Subchapter S corporation. _____ _ Limited liability company (LLC) __ -:---:- --Nonprofit corporation. _____ _a. Why did you
Why would an inventor sell the rights to an idea?
How was FASTSIGNS's growth financed?
How did the founders finance the start-up of FASTSIGNS?
What are some of the keys to Salomon's success with FASTSIGNS?
How did Gary Salomon exploit an opportunity to start FASTSIGNS?
When, if ever would you advise Sandra to approach mainstream lenders?
What factors made Sandra's company a business that did not qualify for mainstream financing (specifically discuss the C's of credit)?
Why did Sandra Nieto tum to microlending as a source of capital for his business?
Visit http://www.privacyrights.org/fs/fs6-crdt.htm to learn about your rights to financial privacy, and then answer the following:• Who has access to your credit reports?• What information cannot be legally included in your credit reports?• After how many years is unpaid debt erased from your
Search for Community Support Agriculture on the Internet. Why might it be good for Holterholm Farms to have a CSA? What are the risks involved? Why would consumers be willing to pay for their produce up front?
How can adding beef, eggs, and produce be beneficial from a cash flow perspective?
Why did switching to entirely grass-fed dairy cows improve Holterholm Farms'cash flow?
Visit www Business Owners Idea Cafe online and use the tool at http://.businessownersideacafe.com/financing/index.htm to figure out how much capital you will need to get your business off the ground.Case Study Analysis
Print the tax documents list available at http://www.ideacafe.com/bizforms/tax.html and highlight the forms that a C corporation producing glass bottles would need.
What is the debt-to-equity ratio of the Portland Freelancers' Cafe?
Evaluate Amy and Steve's income statement for their first month of operation:a. Is the cafe operating at a profit or a loss?b. How many units above or below breakeven were sold?
What do you think about the word boss?Would you rather be supervised by a person who is more of a teacher or mentor or coach than one who simply tells you what to do?
Why did Lorraine decide to involve her employees in the financial aspects of her business?
How do we know what others think of Lorraine and her business?
How did Lorraine finance the start-up of her business?
How can a person's life experience affect the way he or she manages people? Use Lorraine Miller's story to illustrate one example.
Use the Internet to find the balance sheets of two companies with which you are familiar. Use percentages to analyze these balance sheets, and compare how well each is doing against the restaurant example from this chapter. Then contrast them to each other. Consider choosing either two similar
Calculate the financial ratios (ROI and ROS) for the monthly and the yearly income statement. What do the financial ratios tell you about this business?
Given the following data, on a separate sheet of paper create monthly and yearly income statements for this fast-food restaurant in New York City:a. Sales for the month of June were $300,000. Sales for the year were$2,600,000.b. The sum of $66,000 was spent on food in June (it was $792,000 for the
Using Exhibit 8-12, the balance sheet of Angelina's Jewelry Company at the end of July shown below, calculate all four financial ratios (quick, current, debt, and debt-to-equity) for the business.
Perform same-size (common-sized) analysis of an income statement.
Perform a financial ratio analysis of an income statement.
Brainstorm three things Richard might have done differently in planning his party to increase his sales revenue.
One of the reasons why Richard earned a substantial profit is because he convinced his personal contacts to provide their services at a discounted rate. If Richard decides to grow his party-planning business, do you think that he could continue to use this strategy? Why or why not?
Assume that Richard decides to start a party-planning business:• Identify two ways he could assess the cost of goods or services sold for this business.• Which costs, described in the case, would become part of Richard's operating-cost structure?• Make a list of additional items Richard would
What was the mix of funds used by MooBella to get started?
Ask an entrepreneur in your neighborhood to discuss his or her accounting system. Write a one-page essay about the pros and cons of the system and use it to make an oral report to the class.Would you rather keep your financial records in an accounting ledger or on your computer? Why? In each case,
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 or convince investors to back your producing it, you will need a prototype. Find at least three
Discuss the company's global marketing.
Take a look at Done's retail stores on the Internet. Set the pricing to USD and browse through the Web site. What pricing strategy is employed by the company?
How are his products distributed (through what channels)?
What is the product mix that Ken Done's enterprises have developed?
How does Ken Done incorporate the Four P's into a creative, effective, integrated marketing effort?
How can growth cause issues in customer service? How did DFH address this?
What is the relationship between the sales strategy for DFH and its pricing strategy?
Why is sampling an important part of the sales process for DFH?
How do members of the sales force participate in goal setting?
What are the roles of the customers of DFH?
According to Sam Calagione, what does education have to do with sales?
Through which channels does Dogfish Head sell its products?
How do Kay and Steve support their customers and colleagues, and utilize customer referrals?
What principles of selling do Kay and Steve employ to sell Conversation on Networking?
List three things that Kay and Steve have done that you could adopt to help build business relationships.
How does Conversation on Networking reinforce the importance of selling based upon benefits?
Interview an entrepreneur about the type of CRM he or she uses.Discuss customer service and complaint handling in particular. Summarize the interview in a short paper.
Visit three businesses in your community and take notes on your experience as a shopper. Write a memo comparing the customer service at each. Include such information as the following: Were you greeted when you came in? Did anyone offer to help you? If you bought something, were you given a survey?
Arrange to receive a sales pitch from a competitor in the business field that you intend to enter. After the presentation, write down your objections to purchasing the product or service. Use Brian Tracy's method to categorize your objections and then phrase them in a single question composed of 25
Write a memo to your partner discussing his or her sales calls and how they could be improved. Use the eight steps of a sales call in the text as your guide when analyzing your partner's efforts.
Develop a one-minute sales pitch for three items that you are wearing. Try out the pitch for each on a partner. Have your partner help you time the pitches to one minute. Do the same for your partner.
Give three reasons why it is important to keep collecting market research even after you have opened your business.
Have you created any marketing materials for your business? If so, have three friends and a mentor (someone older whom you respect and who can give you good business advice) look at your materials and give you feedback. Write a memo listing their suggestions and what you plan to do to improve your
Identify five specific sales call prospects for your business. Prequalify them using these questions: (1) Is the prospect in my market? (2)Does he or she need my product or service? (3) Will my product or service remove a problem or source of "pain," or improve the individual's life? (4) Can he or
List five things you intend to do in your business or in the home and office delivery-and-pickup dry cleaning company to offer superior customer service.
Describe a business that you deal with as a customer. Describe the customer service at this business. What do you like or dislike about it? How could it be improved?
Create a customer profile database for your own business or a home and office delivery-and-pickup dry cleaning service containing at least 20 data fields. Which five questions would you ask every customer?
Describe the features of each product listed below and then create a benefit statement for each that you would use as selling points.Product wristwatch with daily-events calendar milk-free chocolate vegetarian dog food personal lie detector
Contact your telephone company-either by phone or through I nternet resea rch-to find o ut how to set up an 800 number for your b usiness, so customers can call toll free. Some long-d istance providers offer special d iscounts to small-business owne rs. AT&T has a program called Small B usiness
Provide superior c ustomer service.
Explain the importance of selling based u pon benefits.
Perform each of the tasks d escribed below and record the i nformation on a separate piece of paper.C a rry out a search o nline for the name you intend to use for your business. What did you find?Will you still use this name? Why or why not?H ow do you plan to protect the name of your b usiness?
Why do you think people might enjoy working for Salomon in the corporate office?
Why would an inventor sell the rights to an idea?
How was FASTSIGNS's growth financed?
How did the founders finance the start-up of FASTSIGNS?
What are some of the keys to Salomon's success with FASTSIGNS?
How did Gary Salomon exploit an opportunity to start FASTSIGNS?
What challenges and set-backs has Sandra overcome?
When, if ever would you advise Sandra to approach mainstream lenders?
What factors made Sandra's company a business that did not qualify for mainstream financing (specifically discuss the C's of credit)?
Why did Sandra Nieto tum to microlending as a source of capital for his business?
Visit a local bank and ask about its commercial lines of credit.Have the banker explain the terms to you and what a small start-up venture would have to show to qualify for a line of credit. Report back to the class.
Visit the SBA Web site at http://www.sba.gov. Find four possible funding sources for a computer rental and repair company. Describe the pros and cons of each and create a proposed financing mix, assuming a need for $58,000 in start-up funds divided as follows:Equipment $27,000 Software $1 0,000
Visit http://www.privacyrights.org/fs/fs6-crdt.htm to learn about your rights to financial privacy, and then answer the following:• Who has access to your credit reports?• What information cannot be legally included in your credit reports?• After how many years is unpaid debt erased from your
If you currently subscribe to or use an online service, BBS (bulletin board service), or ISP (Internet Service Provider), discuss what you like and dislike about the service and why you chose it.
Calculate the annual amount of interest (assuming no principal repayment) for each of the following:Term loan of $ 122,000 over 15 years at 6.5%.Line of credit for $50,000 drawn 50% in one year at 1 0%.Fifteen shares of stock purchased at $12.50 per share.Bonds trading at par for $2,000 with a 7%
Identify sources of ca pital for your business.
What would you ask the Holter family about the cash-managing aspect of Halterholm Farms?
Search for Community Support Agriculture on the Internet. Why might it be good for Holterholm Farms to have a CSA? What are the risks involved? Why would consumers be willing to pay for their produce up front?
How can adding beef, eggs, and produce be beneficial from a cash flow perspective?
Why did switching to entirely grass-fed dairy cows improve Holterholm Farms'cash flow?
Visit www Business Owners Idea Cafe online and use the tool at http://.businessownersideacafe.com/financing/index.htm to figure out how much capital you will need to get your business off the ground.
Print the tax documents list available at http://www.ideacafe.com/bizforms/tax.html and highlight the forms that a C corporation producing glass bottles would need.
Figure out how much income tax each of the following individuals owes. The marginal tax rates are structured as follows:• income up to $42,350 is taxed at 15 percent;• income from $42,351 to $61,400 is taxed at 28 percent;• income between $61,401 to $ 128,1 00 is taxed at 31 percent.The
Describe what you think the seasonality scenario would be for one year for a business you can imagine starting. Explain how you think the cash flow would be affected over the course of the year.
Name three kinds of b usinesses that b ring in a lot of cash during part of the year and not much the rest of the time
Review the cafe's balance sheet. Explain why the net value of the cafe's property and equipment has decreased from$80,000 in month one to $64,000 by year's end.
Look at each section of the cafe's cash flow statement. Based on what you see, write a memo highlighting three reasons why this business is not succeeding.
What is the debt-to-equity ratio of the Portland Freelancers' Cafe?
Evaluate Amy and Steve's income statement for their first month of operation:a. Is the cafe operating at a profit or a loss?b. How many units above or below breakeven were sold?
List three things that Amy and Steve should have considered doing to adapt to the changes in the environment after their customers no longer wanted to pay for Internet services and expected the cafe to provide free wireless connection.
What do you think about the word boss?Would you rather be supervised by a person who is more of a teacher or mentor or coach than one who simply tells you what to do?
What is the risk in teaching employees how to read the company financial statements?
Why did Lorraine decide to involve her employees in the financial aspects of her business?
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