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small business management
Essentials Of Entrepreneurship And Small Business Management 9th Global Edition Norman M Scarborough, Jeffrey R. Cornwall - Solutions
Describe the steps in developing a management succession plan for a growing business that allows a smooth transition of leadership to the next generation.
Explain how to create a company culture that encourages employee retention.
Describe the importance of hiring the right employees and how to avoid making hiring mistakes.
Explain the challenges involved in the entrepreneur’s role as leader and what it takes to be a successful leader.
What will you suggest to entrepreneurs from your home country about expanding into a nation, country, or region that interests you?
Select a nation, country, or region that interests you and prepare a report on its trade barriers.
Global thinking is the ability to appreciate, understand, and respect the different beliefs, values, behavior, and business practices of companies and people in different cultures and countries. Select a business that failed in the most promising countries for entrepreneurs. Explain why that
Why are these the least attractive markets?
Identify the nations that are currently the least promising for entrepreneurs in your country.
What steps should a small entrepreneur in your country take to become a successful exporter to the global market?
Review various publications and prepare a brief report on which nations are the most promising for entrepreneurs in your country
Ask the student from a foreign country about trade barriers that his or her government has erected.
Ask the student from a foreign country about the cultural differences between the United States and his or her country.
Ask a student from a foreign country about government regulation and how it affects business in his or her country.
Ask a student from a foreign country how business systems there differ from ours.
Go to lunch with a student from a foreign country and discuss what products and services are most needed there.
What was agreed upon by members of the WTO?
Identify the areas covered in the WTO’s intellectual property agreement.
What is a free trade area?
What impact have agreements such as WTO, NAFTA, and CAFTA-DR had on small companies that want to go global?
What impact do tariffs and quotas have on international trade?
Why are some people against the use of quotas?
What are the three major domestic roadblocks for a potential exporter?
Describe the characteristics of a successful franchiser in global markets.
How can an entrepreneur help to offset the capital drain from a foreign country’s purchases?
What is the definition of foreign licensing?
What are the advantages and disadvantages of taking on an international partner through a joint venture?
What is a foreign joint venture?
What is the difference between a domestic joint venture and a foreign joint venture?
What functions does each type of trade intermediary perform?
Describe the various types of trade intermediaries that small business owners can use.
What are the key ingredients to success in the global economy?
Describe the barriers businesses face when trying to conduct business internationally
Outline the 10 strategies that small businesses can use to go global.
What lessons did each of these expat entrepreneurs learn that would be useful for others interested in this type of lifestyle? Explain.
How are expat entrepreneurs’ assumptions about conducting business internationally different from those of entrepreneurs pursuing more traditional international strategies? Explain.
What do you see as Marishane’s biggest challenge to profitability and his ability to increase Drybath’s international footprint?
What challenge did Drybath face with its attempt to enter the local market and poorer African countries?
How did Marishane manage to crack the international market with little marketing?
Notice that the founders of Zkipster used a direct, localized sales approach to enter new markets. What are the advantages and disadvantages of setting up local sales operations? Why do most small companies that sell internationally use trade intermediaries rather than open local offices?
Describe the trade agreements that will have the greatest influence on foreign trade in the twenty-first century.
Discuss the major barriers to international trade and their impact on the global economy.
Describe the principal strategies small businesses can use for going global.
Explain why “going global” has become an integral part of many small companies’ marketing strategies.
With a team of classmates, develop a detailed plan for a Kickstarter campaign for a new business that one of the group members is interested in launching.
Explain why you would or would not invest in the company you reviewed at the “IPO Home” section of the Web site for Renaissance Capital.
Prepare a brief report on the company you reviewed at the “IPO Home” section of the Web site for Renaissance Capital, addressing the type of business, its competitors, growth in its industry, risk factors, the money it plans to raise in its IPO, its anticipated stock price, and the number of
Go to the “IPO Home” section of the Web site for Renaissance Capital, explore the details of a company that is involved in making an initial public offering, and view some of the documents the company has filed with the SEC, especially the IPO filing.
Contact your state’s economic development board and prepare a report on the financial assistance programs it offers small businesses.
Interview the administrator of a financial institution program offering a method of financing with which you are unfamiliar and prepare a short report on its method of operation.
What steps can entrepreneurs take to increase the likelihood that a bank will approve their loan requests?
Contact a local banker who works with small businesses and ask him or her how the small business lending market has changed over the past five years.
How does the cautious attitude of bankers affect entrepreneurs’ access to bank financing?
What are the consequences when banks make too many bad business loans?
Why are bankers so cautious when making business loans?
Ask the venture capitalist about how the deals are typically structured when his or her firm invests in an entrepreneurial venture.
Ask the venture capitalist about the screening criteria used by his or her firm.
Ask the venture capitalist about the kinds of businesses his or her company invests in.
Contact a local venture capitalist and ask him or her to address your class.
Ask the investor about how the deals in which he or she invests are typically structured.
Ask the investor about the screening criteria he or she uses to select investments.
Ask the investor about the kinds of businesses he or she prefers to invest in.
Contact a local private investor and ask him or her to address your class.
Ask the small business owners about any advice they might offer others seeking capital.
Ask the small business owners about which of the sources of funds described in this chapter they used.
Ask the small business owners what percentage of the money they raised to start their businesses was debt capital and what percentage was equity capital.
Ask the small business owners how they raised the additional capital they needed to start their businesses.
Ask the small business owners how much of their own money they used to start their businesses.
Ask the small business owners how much money they needed to launch their businesses.
Where did the initial capital come from for the small business owners you interviewed?
Interview several local business owners about how they financed their businesses.
What is the fastest and most convenient source of debt capital available to new entrepreneurs?
What role do credit cards play in financing small business?
Why do we need to practice extreme care when using a retirement account rollover to fund a business?
What is the difference between peer-to-peer lending and loan brokers?
How do merchant cash advances work as a source of financing a small business?
Why does an entrepreneur opt for a leasing arrangement especially when it involves expensive assets?
Explain the advantages and the disadvantages of using factors as a source of funding.
How does the typical factor operate?
Briefly describe the loan programs offered by the Economic Development Administration.
What methods of financing do SBICs rely on most heavily?
How does an SBIC operate?
What function do SBICs serve?
How important is trade credit as a source of debt financing to small firms?
Explain other methods of financing available to a small business owner.
Commercial banks are not the only source of debt financing available to an entrepreneur. Identify the non-bank sources of debt capital that entrepreneurs can tap to feed their cash-hungry companies.
How do venture capital firms operate?
How do venture capitalist criteria for investing compare to the typical angel’s criteria?
What investment criteria do venture capitalists use when screening potential businesses?
What are various types of loan programs available from the SBA?
What are the steps involved in “going public”?
Identify the major difference between equity capital and debt capital.
If an owner lacks sufficient equity capital to invest in the firm, what options are available for raising it?
What advantage does equity financing offer over debt financing?
What is capital?
Why is it difficult for most small business owners to raise the capital needed to start, operate, or expand their ventures?
What is the most common source of equity funds in a typical small business?
Work with a team of your classmates to brainstorm ways these entrepreneurs could attract the capital they need for their businesses. What steps do you recommend they take before they approach the potential sources of funding you have identified?
Which of the funding sources described in this chapter do you recommend that Ralph Lucci and Aaron Hoffman consider for financing their businesses? Which sources do you recommend they not use? Why?
Explain other methods of financing a business.
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