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Small Business Management Launching And Growing Entrepreneurial Ventures 14th Edition Justin G. Longenecker, Carlos W. Moore, J. William Petty, Leslie E. Palich - Solutions
What determines a company’s profi tability? LO.1
Describe the process for estimating the amount of assets required for a new venture. LO.1
Distinguish between ownership equity and debt. LO.1
How are a startup’s fi nancial requirements estimated? LO.1
What did Donahoo’s balance sheet look like at the outset of the fi rm’s life? LO.1
What did the fi rm’s balance sheet look like after each transaction? LO.1
Ignoring taxes, determine how much income Donahoo earned during January. Prepare an income statement for the month. Recognize an interest expense of 1 percent for the month (12 percent annually) on the $500,000 long-term debt, which has not been paid but is owed. LO.1
What was Donahoo’s cash fl ow for the month of January? LO.1
Given the information provided by the fi nancial statements, what would you tell Abrahams?(As part of your answer, calculate the fi rm’s cash fl ows.) LO.1
How would you describe the cash fl ow pattern for the Turpen Company? LO.1
Interview an owner of a small fi rm about the fi nancial statements she or he uses. Ask the owner how important fi nancial data are to her or his decision making. LO.1
Acquire a small fi rm’s fi nancial statements.Review the statements and describe the fi rm’s fi nancial position. Find out if the owner agrees with your conclusions. LO.1
Dun & Bradstreet and Robert Morris Associates compile fi nancial information about many companies.They provide, among other information, income statements and balance sheets for an average fi rm in an industry. Go to a library, look up fi nancial information on two industries of your choice, and
Obtain the business plan of a fi rm that is three to fi ve years old. Compare the techniques used in the plan to forecast the fi rm’s profi ts and fi nancing requirements with those presented in this chapter. If actual data are available, compare the fi nancial forecasts with the eventual
Bplans.com is owned and maintained by PaloAlto Software, Inc., as a free resource for entrepreneurs.Find the Planning Solutions portion of the Bplans.com site by going to http://bplans.com/contentkit. Choose the “Interactive Calculators”link.a. Link to the “Starting Costs Calculator,” and
For some fi rst-hand experience with debt ratios, go to http://www.anz.com, the site of the Australian and New Zealand Banking Group.Choose the “Business” tab; then select “Business Toolkit,” “Benchmark Your Business,” and“Debt Ratio” from the menus on the left. Read the site’s
Visit the CCH Business Owner’s Toolkit at http://www.toolkit.cch.com to get an overview of what the site offers. CCH is a leading provider of business and tax information. Read more about fi nancing basics at http://toolkit.cch.com/text/P10_2000.asp. What fi gures are needed to calculate the
Historical fi nancial statements (if applicable) and fi ve years of pro forma fi nancial statements, including balance sheets, income statements, and statements of cash fl ows. LO.1
Monthly cash budgets for the fi rst year and quarterly cash budgets for the second year. (See Chapter 22 for an explanation of cash budgets.) LO.1
Profi t and cash fl ow break-even analysis. (See Chapter 15 for an explanation of breakeven analysis.) LO.1
Financial resources required now and in the future, with details on the intended use of funds being requested. LO.1
Underlying assumptions for all pro forma statements. LO.1
Current and planned investments by the owners and other investors. LO.1
Commitment and determination. Such entrepreneurs are tenacious, decisive, and persistent in problem solving. LO.1
Leadership. Such entrepreneurs are self-starters and team builders and focus on honesty in their business relationships. LO.1
Opportunity obsession. Such entrepreneurs are aware of market and customer needs. LO.1
Tolerance of risk, ambiguity, and uncertainty. Such entrepreneurs are risk takers, risk minimizers, and uncertainty tolerators. LO.1
Creativity, self-reliance, and adaptability. Such entrepreneurs are open-minded, fl exible, uncomfortable with the status quo, and quick learners. LO.1
Motivation to excel. Such entrepreneurs are goal oriented and aware of their weaknesses and strengths. LO.1
The outstanding success stories discussed at the beginning of the chapter are exceptions to the rule. What, then, is their signifi cance in illustrating entrepreneurial opportunity? Are these stories misleading? LO.1
What is meant by the term entrepreneur? LO.1
Consider an entrepreneur you know personally.What was the most signifi cant reason for his or her deciding to follow an independent business career? If you don’t already know the reason, discuss it with that person. LO.1
The motivators/rewards of profi t, independence, and personal satisfaction are three reasons individuals enter entrepreneurial careers. What problems might be anticipated if an entrepreneur were to become obsessed with one of these rewards—for example, if she or he had an excessive desire to
Distinguish between an artisan entrepreneur and an opportunistic entrepreneur. LO.1
What is the advantage of using an entrepreneurial team? LO.1
Explain how customer focus and innovation can be special strengths of small businesses. LO.1
Why is the period from the late 20s to the early 40s considered to be the best time in life to become an entrepreneur? LO.1
Explain the concept of an entrepreneurial legacy. LO.1
Explain the following statement: “One can climb the ladder to success only to discover it is leaning against the wrong wall.” LO.1
Should this venture be regarded as entrepreneurial?Is the owner a true entrepreneur? LO.1
Do you agree with the philosophy expressed here? Is the owner really doing what is best for his family? LO.1
What kinds of problems is this owner trying to avoid? LO.1
If Kiersten Berger opens a piano studio, will she be an entrepreneur? LO.1
Which type of reward(s) will be greatest in this venture? LO.1
Even though she is an artisan, she will need to make decisions of a business nature. What decisions or evaluations may be especially diffi cult for her? LO.1
Is Dover’s feeling of unfairness justifi ed?Is his business entitled to some type of legal protection against moves of this type? LO.1
How should Dover plan to compete against Wal-Mart, if and when this becomes necessary? LO.1
Analyze your own education and experience as qualifi cations for entrepreneurship. Identify your greatest strengths and weaknesses. LO.1
Explain your own interest in each type of entrepreneurial reward. Point out which type of incentive is most signifi cant for you personally and tell why. LO.1
Interview someone who has started a business, being sure to ask for information regarding the entrepreneur’s background and age at the time the business was started. In your report of the interview, indicate whether the entrepreneur was in any sense a refugee, and show how the timing of her or
Interview a woman entrepreneur about what problems, if any, she has encountered in her business because she is a woman. LO.1
In addition to the Small Business Administration website, which you can fi nd at http://www.sba.gov, numerous other websites and online resources are available to assist entrepreneurs and small business owners. Using your favorite search engine, locate fi ve sites that you think are particularly
This chapter highlights Latemodel Restoration Supply, SPANX, and MP4 Solutions as examples of entrepreneurial success. Using the Internet as a research tool, choose two or three other examples of businesses started by entrepreneurs, either thriving or struggling ones. Then explain why you chose
Defi ne integrity and understand its importance to small businesses. LO.1
Explain how integrity applies to various stakeholder groups, including owners, customers, employees, the community, and the government. LO.1
Identify challenges to integrity that arise in small businesses and explain the benefi ts of integrity to small fi rms. LO.1
Explain the impact of the Internet and globalization on the integrity of small businesses. LO.1
Describe practical approaches for building a business with integrity. LO.1
Describe social entrepreneurship and the costs and opportunities of environmentalism to small businesses. LO.1
The owner of a small business felt an obligation to pay $15,000 to a subcontractor, even though, because of an oversight, the subcontractor had never submitted a bill. Can willingness to pay under these circumstances be reconciled with the profi t goal of a business in a free enterprise system? LO.1
Give an example of an unethical business practice that you have personally encountered. LO.1
Based on your experience as an employee, customer, or observer of a particular small business, how would you rate its ethical performance? On what evidence or clues do you base your opinion? LO.1
Give some examples of the practical application of a fi rm’s basic commitment to supporting the family life of its employees. LO.1
What is skimming? How do you think owners of small fi rms might attempt to rationalize such a practice? LO.1
Explain the connection between underlying values and integrity in business behavior. LO.1
Why might small business CEOs focus more attention on profi t and less on social goals than large business CEOs do? LO.1
Give some examples of expenditures required on the part of small business fi rms to protect the environment. LO.1
Should all fi rms use biodegradable packaging?Would your answer be the same if you knew that using such packaging added 25 percent to the price of a product? LO.1
What decision on Sally’s part would contribute most to the success of her business? LO.1
What ethical reasoning would support hiring Mary? LO.1
What ethical reasoning would support hiring Julie? LO.1
Is the project manager acting with integrity if he purchases unauthorized copies of the software on the black market? LO.1
What might be the long-term effects of deciding to buy the pirated software? Of insisting on buying only legitimate copies of the software? LO.1
What are the important questions to ask in a situation like this? Follow the ethical decision-making process outlined in the chapter. Does it work in this scenario? LO.1
What course of action do you recommend?Why? LO.1
Is the need to survive a reasonable defense for the practice described here? LO.1
If the practice of concealing income is widespread, as implied by the phrase “underground economy,” is it really wrong? LO.1
Examine a recent business periodical, and report briefl y on some lapse in integrity that is in the news. Could this type of problem occur in a small business? Explain. LO.1
Employees sometimes take sick leave when they are merely tired, and students sometimes miss class for the same reason. Separate into groups of four or fi ve, and prepare a statement on the nature of the ethical issue (if any) in these practices. LO.1
Visit or telephone the nearest Better Business Bureau offi ce to research the types of inappropriate business practices it has uncovered in the community and the ways in which it is attempting to support practices that refl ect integrity. Report briefl y on your fi ndings. LO.1
Interview an entrepreneur or a small business manager to discover how environmentalism affects her or his fi rm. LO.1
Go to http://www.sba.gov and select “Small Business Planner.” Then click on “Lead” under“Manage Your Business,” and scroll down to“Business Ethics.”a. After reading the short article on business ethics that you’ll fi nd there, take the accompanying quiz regarding your honesty and
Many companies have codes of conduct or ethical business policies that stress the importance of ethical behavior in the workplace. Casual- dining operator Brinker International is an example of a large organization that has created a detailed ethics policy. Go to Brinker International’s website
Business Ethics magazine annually recognizes socially responsible companies with an award. Go to http://www.business-ethics.com/awardspastwinners and read about past winners. What ideas or lessons would you take from the winners to implement in your business? LO.1
What is the difference between a good idea and a good opportunity? LO.1
Why might an entrepreneur prefer to launch an entirely new venture rather than buy an existing firm? LO.1
What are the three basic types of startup ideas?What are the most common sources of inspiration for startup ideas? LO.1
List the six segments of the general environment.Give a hypothetical example of a way in which each segment might affect a small business. LO.1
What are the primary factors shaping competition in an industry, according to Porter’s model? In your opinion, which of these factors will have the greatest impact on industry prices and profi ts? LO.1
How are capabilities related to tangible and intangible resources? How are these related to core competencies? LO.1
What is SWOT analysis? How can SWOT analysis help the entrepreneur match opportunities in the external environment with organizational capabilities? LO.1
What are the two basic strategy options for creating a competitive advantage? LO.1
Explain what is meant by the term focus strategy. LO.1
What are the advantages and disadvantages of a focus strategy? What must an entrepreneur know and do to maintain the potential of a focus strategy? LO.1
How would you suggest that Lane fi nd out if he would be happy in this business? LO.1
Would you recommend that Lane buy the business, given the asking price and terms of the deal? LO.1
Is Lane relying too much on nonquantitative factors? LO.1
Do you think a lifetime guarantee is too generous for this kind of product? Why or why not? LO.1
What impact will this policy have on quality standards in the company? Be specifi c. LO.1
What alternative customer service policies would you suggest? LO.1
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