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business
small business management
Small Business Management Launching And Growing Entrepreneurial Ventures 14th Edition Justin G. Longenecker, Carlos W. Moore, J. William Petty, Leslie E. Palich - Solutions
Describe a business owner’s policy. List the advantages of this type of policy, and tell what types of insurance coverage are available with a BOP . LO.1
Under what conditions would purchasing life insurance on a business executive provide little protection for a company? When is such life insurance helpful? LO.1
Why might a small business owner decide not to purchase business insurance? LO.1
When is it logical for a small business to utilize self-insurance? LO.1
Can a small company ever safely assume that business risks will never turn into losses suffi -cient to bankrupt it? Why or why not? LO.1
Describe the different sources of legal liability. LO.1
What are the basic ways to manage risk in a business? LO.1
What are the different types of risk that a business may encounter? LO.1
Defi ne risk, and then distinguish between pure risk and market risk. LO.1
This chapter discusses how a fi rm can obtain international recognition of its quality improvement programs through the International Organization for Standardization. Go to the ISO website at http://www.iso.org and then answer the following questions based on information you fi nd there.a. What is
The Automotive Service Association is a leading organization for owners and managers of automotive services businesses. Go to the association’s website and read the article on improving inventory control by Rick Lavely. It can be found at http://www.asashop.org/autoinc/march/invntctr.htm. Lavely
For an additional perspective on quality and the managerial and organizational commitment necessary to achieve the highest quality standards, fi nd the Total Quality Management (TQM) tutorial webpage at http://home.att.net/~iso9k1/tqm/tqm.html. Choose the “Introduction” link and read the
Interview the manager of a bookstore about the type of inventory control system used in the store. Write a report in which you explain the methods used to avoid buildup of excessive inventory and any use made of inventory turnover ratios (ratios that relate the dollar value of inventory to the
Using the ABC inventory analysis method, classify some of your personal possessions into the three categories. Include at least two items in each category. LO.1
Outline, in as much detail as possible, your customary practices in studying for a specifi c course. Evaluate the methods you use, and specify changes that might improve your productivity. LO.1
Outline the operations process involved in your present educational program. Be sure to identify inputs, operations, and outputs. LO.1
How should the owner resolve this dispute? LO.1
Is it wrong to deduct from drivers’ paychecks shortages documented by inventory records? LO.1
What is wrong, if anything, with the general manager’s approach to making sure that drivers do not steal or act carelessly? Is some method of enforcement necessary to ensure careful adherence to the inventory control system? LO.1
What are the ethical implications of Dilworth’s payment practices? LO.1
What impact, if any, might these practices have on the fi rm’s supplier relationships? How serious would this impact be? LO.1
If you were advising the owner, what would you recommend? LO.1
What are the benefi ts and drawbacks of placing the fi rm’s primary emphasis on minimizing customer waiting time? LO.1
Is the writer of the article correct in believing that quality levels now are generally higher and that quality differences among businesses are minimal? LO.1
Explain the basic concept underlying the calculation of an economic order quantity. LO.1
Under what conditions should a small manufacturer either make component parts or buy them from others? LO.1
What conditions make purchasing a particularly vital function in a small business? Can the owner-manager of a small fi rm safely delegate purchasing authority to a subordinate? Explain. LO.1
Doing something rapidly and doing it well can be incompatible. How might quality improvement contribute to productivity improvement? LO.1
Explain the purpose and nature of reengineering. LO.1
Customer demand for services is generally not uniform during a day, week, or other period of time.What strategies can be used by service businesses to better match a company’s capacity to perform services to customer demand for services? LO.1
What are some distinctive features of operations processes in service fi rms? LO.1
A small manufacturer does not believe that statistical quality control charts and sampling plans are useful. Can traditional methods suffi ce? Can 100 percent inspection by fi nal inspectors eliminate all defective products? Why or why not? LO.1
What is meant by total quality management? LO.1
Why is the customer focus of quality management so important? LO.1
The U.S. Equal Employment Opportunity Commission(EEOC) publishes on its website advice and information of interest to small businesses. To learn about employment laws that the EEOC enforces, go to http://www.eeoc.gov, and under“Employers & EEOC” choose “Small Businesses,”then “An Overview
Carter McNamara, a contributor to the Free Management Library, wrote an article entitled“Employee Training and Development: Reasons and Benefi ts.” Go to the Free Management Library website at http://www.managementhelp.org and follow the link to “Training and Development” and then
With another student, take turns playing the roles of trainer and trainee. The student-trainer should select a simple task and teach it to the studenttrainee, using the Job Instruction Training method outlined in Exhibit 19-1. Jointly critique the teaching performance after each turn. LO.1
With another student, form an interviewer–interviewee team. Take turns posing as job applicants for a selected type of job vacancy.Critique each other’s performance, using the interviewing principles outlined in this chapter. LO.1
Examine and evaluate the help-wanted section of a local newspaper. Summarize your conclusions and formulate some generalizations about small business advertising for personnel. LO.1
Interview the director of the placement offi ce for your college or university. Ask about the extent to which small companies use the offi ce’s services, and obtain the director’s recommendations for improving college recruiting by small fi rms. Prepare a one-page summary of your fi ndings. LO.1
What steps should Mathis take before entering into an agreement with the PEO? LO.1
How might contracting with the PEO affect employee relationships at Ready Delivery? Is there any chance that his employees’ loyalty might be transferred to their new “employer”? LO.1
How can Mathis be sure that the PEO is reputable and that his company and employees will receive real value for the money? LO.1
How will an employee’s age affect the appeal of this plan? What other factors are likely to strengthen or lessen its motivational value? Should it be changed in any way? LO.1
What is the likely motivational impact of this compensation system? LO.1
What are the most important reasons for structuring the profi t-sharing plan as a retirement program? LO.1
Assume that this fi rm has fewer than 75 employees and no human resource manager. Could it possibly provide more extensive orientation than that described here? How? What low-cost improvements, if any, would you recommend? LO.1
How would you rate this fi rm’s orientation effort? What are its strengths and weaknesses? LO.1
To what extent should a small fi rm use“old-timers” to help introduce new employees to the workplace? Is it inevitable that newcomers will look to old-timers to fi nd out how things really work? LO.1
Explain the impact of the Civil Rights Act and the Fair Labor Standards Act on human resource management. LO.1
How does employee leasing differ from using a temporary help agency? What are the greatest benefi ts of employee leasing? LO.1
Is the use of a profi t-sharing plan desirable in a small business? What might lessen such a plan’s effectiveness in motivating employees? LO.1
What problems are involved in using incentive plans in a small company? How would the nature of the work affect management’s decision concerning the use of such a plan? LO.1
Choose a small business with which you are well acquainted. Determine whether adequate provisions have been made for replacement of key management personnel when it becomes necessary. Is the fi rm using any form of executive development? LO.1
What steps and/or topics would you recommend for inclusion in the orientation program of a printing fi rm with 65 employees? LO.1
Based on your own experience as an interviewee, what do you think is the most serious weakness in the interviewing process? How could it be remedied? LO.1
In what ways is the workforce becoming more diverse, and how do these changes affect recruitment by small companies? LO.1
What factor or factors would make you cautious about going to work for a small business? Could these reasons for hesitation be overcome? How? LO.1
As a customer of small businesses, you can appreciate the importance of employees to company success. Describe one experience you had in which an employee’s contribution to his or her employer’s success was positive and one in which it was negative. LO.1
Two infl uential and informative online resources for small businesses and entrepreneurs are provided by SCORE (“Counselors to America’s Small Business”) and the SBDC. Explore the SCORE(http://www.score.org/) and SBDC (http://www.sba.gov/sbdc/) websites.a. What resources on the SCORE website
Calculate the cost of your time. Go to http://businessknowhow.com/manage/timecalc2.htm and answer the questions you fi nd there. What is the cost of your time for a fi ve-minute interruption?Do the results surprise you? LO.1
Go to Inc. magazine’s website at http://www.inc.com and follow these links: “How-To Guides,”then “Leadership and Strategy.”a. Read three articles, and make note of their titles and authors.b. What suggestions from these articles would you implement in your small business and why? LO.1
Select an unstructured time block of one to four hours in your schedule—that is, hours that are not regularly devoted to class attendance, sleeping, and so on. Carefully record your use of that time period for several days. Prepare a report summarizing your use of the time and outlining a plan to
Prepare a report on your personal observations of leadership and delegation of authority by a supervisor in an organization where you have been an employee or volunteer. Include references to the type(s) of leadership exercised and the adequacy of authority delegation (if any), clarity of
Diagram the organizational relationships in a small business of your choice. Report on any organizational problems that are apparent to you or that are recognized by the manager or others in the fi rm. LO.1
Interview a management consultant, SCORE member, university director of student consulting teams, or representative of a CPA fi rm to discuss small business management weaknesses and the willingness or reluctance of small fi rms to use consultants. Prepare a report on your fi ndings. LO.1
What resources might this entrepreneur use to get good feedback to help him assess his competence and understand the issues his growing business is facing? LO.1
What kinds of practices or procedures will this entrepreneur need to adopt to enable the business to continue to operate successfully? LO.1
If you were asked to improve this fi rm’s management system, what would be the fi rst steps you would take? What would be your initial goal? LO.1
If this founder asked you to recommend some type of outside management assistance, would you recommend a SCORE counselor, a student consulting team, a CPA fi rm, a management consultant, or some other type of assistance? Why? LO.1
Is this founder’s problem one of time management or general managerial ability? Would it be feasible to engage a management consultant to help solve the fi rm’s problems? LO.1
Would you like to work for this company?Why or why not? LO.1
How might such managerial methods affect morale? LO.1
Is such a loosely organized fi rm likely to be as effective as a fi rm that defi nes jobs more precisely and monitors performance more closely? What are the advantages and the limitations of the managerial style described above? LO.1
Are student consulting teams of greater benefi t to the client fi rm or to the students involved? LO.1
What are some advantages and possible drawbacks for a startup retail fi rm of locating in a business incubator? LO.1
What practices can a small business manager use to conserve time? LO.1
There is a saying that goes “What you do speaks so loudly I can’t hear what you say.” What does this mean, and how does it apply to communication in small fi rms? LO.1
Explain the relationship between planning and control in a small business. Give an example. LO.1
What type of small fi rm might effectively use a line organization? When might it be necessary to change the fi rm’s structure? To what type of structure? Why? LO.1
Some professional football coaches have written game plans that they consult from time to time during games. If coaches need formal plans, does it follow that small business owners also need them as they engage in their particular type of competition? Why or why not? LO.1
What are the four stages of small business growth outlined in this chapter? How do management requirements change as the fi rm moves through these stages? LO.1
Is the quality of management likely to be relatively uniform in all types of small businesses? If not, what might account for differences? LO.1
Would most employees of small fi rms welcome or resist a leadership approach that sought their ideas and involved them in meetings to let them know what was going on? Why might some employees resist such an approach? LO.1
Return to the SBA’s Offi ce of International Trade website at http://www.sba.gov/gopher/Business-Development/International-Trade/Guide-To-Exporting. This time, read Chapter 3 of the Small Business Guide to Exporting. What methods of foreign market entry are discussed? LO.1
At the BuyUSA.gov website (http://www.buyusa.gov), maintained by the U.S. Department of Commerce, business owners can purchase a subscription that will allow them to connect with“thousands of international buyers, distributors and agents.” Explain how your business could use this website. LO.1
Speak with the owner of a small international company. Which sources of assistance did that entrepreneur use when launching the global initiative? Which sources did the entrepreneur fi nd most helpful? Which did the entrepreneur fi nd least helpful? LO.1
Consult secondary sources to develop a political/economic risk profi le for a given country. Select a small company and explain what it would have to do to manage these risks if it were to enter the market of the country profi led. LO.1
Do a Web search to fi nd an article about a small business that fi rst expanded internationally using an entry strategy other than exporting. From what you understand of the company’s situation, suggest guidelines that could lead a fi rm to go global with non-export strategies. LO.1
Review recent issues of Entrepreneur, Inc., and other small business publications, and be prepared to discuss articles related to international business. LO.1
Contact a local banker to discuss the bank’s involvement with small fi rms participating in international business. Report your fi ndings to the class. LO.1
Conduct phone interviews with 10 local small business owners to see if they engage in international business. Discuss their reasons for going global or for choosing to do business only domestically. LO.1
What methods could an entrepreneur use to evaluate the likelihood of success of a pizza restaurant in Kazakhstan? LO.1
Is Dr. Afgazar’s idea of developing a pizza restaurant in Kazakhstan ahead of its time? That is, do you think the economy of Kazakhstan is suffi ciently developed to support a pizza restaurant? LO.1
What obstacles would an entrepreneur have to overcome to establish a pizza restaurant in a country with a developing market-based economy, such as Kazakhstan? LO.1
Do you think exporting is a feasible alternative for Cooper at this time? Why or why not? LO.1
Would you recommend that she consider using an international distributor? If so, what characteristics should she look for in a distributor? LO.1
What steps should Moss take to address these challenges and risks in order to increase his chance of success in the market? LO.1
What are the challenges and risks associated with doing business in China? LO.1
What types of businesses would prosper in China? Why? LO.1
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