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business
small business management
Questions and Answers of
Small Business Management
Bowz 4 Kidz is a new business that Ellie has started out of her home utilizing an online business model. In developing pro forma financial statements, what general questions do the statements need to
1. Given the assumptions that Jantz and Palmer have made, prepare a proforma income statement and balance sheet for 2020. Assume that the line of credit provided by the bank will be needed for the
This case is based on an actual loan request, where only the names and dates have been changed. The purpose of the case is to help you get into the heads of entrepreneurs and bankers when they come
Briefly describe what a cash budget is and its importance to a small business.
Briefly describe working capital and net working capital.
Explain the percentage-of-sales technique.
What are the five basic principles that govern the financing of firms?
What are the two ways in which cash flows can be forecasted?
Faye is developing a statement of cash flows for Yummy Gummies, a candy company that she owns. She has a net profit of $15,000 and an increase in inventory of $7,500. She took out a line of credit
Andrea is working on forecasting her financial statements for her consulting business. Discuss three suggestions for Andrea to make her forecasting more effective.
What are the four basic characteristics that determine how a firm is financed?
How does company size an Larger and older firms have access to bank credit that may not be available to younger and smaller companies. Also, smaller firms tend to rely more on personal loans and
What are the tradeoffs between profitability, risk, and control that should be considered when choosing between debt and equity financing?
Luke has a new company and is considering equity financing Currently, Luke is the only owner and source of equity for the business and makes all executive decisions for daily operations. What
Violet's Catering is growing rapidly. A new customer has requested the company cater a retirement luncheon for 500 people, resulting in Violet's Catering needing a large order from the company's
Briefly describe the three types of business loans made by banks.
What are three sources of financing for smaller companies? What advantages and disadvantages do each present?
List the "five Cs of credit."
Describe four different loan covenants that a bank may impose on a loan.
Describe the two categories of private equity investors who offer financing to small businesses.
List and briefly describe the four psychological influences that have the greatest relevance to small businesses.
Holley and Ellison are sisters whose parents started a stable 15 years ago boarding pleasure horses. The parents want the sisters to take over the operation, because they would like to retire, and
Ollie has developed a new product for radio that allows the listener to rewind and listen to songs or dialogue that was missed. The listener can then resume play in live mode, similar to a DVR
Patricia has developed a new product that she would like to patent and produce. What can she do to reduce the risk of failure?
Choose three of the major advertising media and list the advantages and disadvantages of each medium, using the table below. Medium Advantages Disadvantages
What are the most important questions small business owners should consider when assessing their readiness for the challenges of going global?
Andrea designed a new household cleaning product that can be used on any surface, is environmentally friendly, and performs better than other current products. As the company grew, she added
Discuss span of control, including what it is, what factors affect the span of control, and what the optimal span of control for a small firm is.
The personal shopper business that Jeff and Christy have developed has grown, so they are busy 50 hours weekly. This schedule leaves little time for them as a couple. They have decided to hire
Why is effective communication important to a small business? What are some of the practical tools and techniques that can be used to promote communication between managers and employees?
Identify and explain three advantages or “selling points” a small company can use to attract candidates.
Patty has been in operation for five years with a seasonal business, Patty's Pickin' Patch, offering U-Pick organic vegetables in season. Other services include hayrides around the farm and a corn
Rockin' Rebels, a rock band, would like to have items at their live shows to gain exposure and attract fans to their merchandise table. What promotion items should Rockin' Rebels use, and what
1. Recall that Budgy Smuggler’s products are 100% made in Sydney, Australia, despite options to reduce costs by manufacturing else where. Knowing this, which basic force (or forces) do you believe
What questions related to the topics of management objectives, management experience and resources, production capacity, and financial capacity should an entrepreneur consider when assessing his or
Dustin owns a small Web design company and has decided to expand his operations globally. What is the next step that Dustin should take in order to ensure a successful entry into the global market?
In general, do you think it is wise for small firms to engage in international business? Why or why not?
1. Do you think a business like HydroUV Systems could prosper in Mexico? Why or why not?2. What challenges and risks do you think Shira should anticipate if he decides to do business in Mexico? What
Identify each of the four driving forces that encourage entrepreneurs to go global and discuss the change in traditional to emerging perspectives.
Why is it important for a small business to conduct careful analyses of the social, technological, economic, and political forces in a foreign market before making the decision to enter it?
Describe six strategies that a small firm can use to go global.
Provide some guidelines for an entrepreneur who is considering importing as a strategy for going global.
Polly has formed an agreement with a French company to produce and sell her scarves in their 10 stores across Europe. The scarves are Polly's original designs and are of different colors and fabrics.
1. How would you describe the leadership skills of Andrew Mason? How would you rate his leadership style? In what ways does he fit the profile of the typical business founder? In what ways is he
For six leadership styles, briefly state how each type of leader operates.
Janya is the owner-manager of a small accounting practice. She holds biweekly employee meetings to cover company goals and focus points for the future and to keep the employees updated on current tax
Discuss what makes a leader effective.
Describe the four stages of small business growth and how the owner would function.
List some tools and techniques that can be used to stimulate two-way communication between managers and employees.
Suggest five valuable tips for good time management.
Discuss the types of outside management assistance available to small business owners.
List and discuss the pros and cons of five possible sources of employees for the small firm.
Describe the five steps involved in selecting employees.
What steps and/or topics should be included in an orientation program if it is to be effective? What outcomes can reasonably be expected from running new employee through such a program?
A band manager is designing an application form for hiring new band members. After discussing information that should and should not be on the form, how will the form’s information be used for the
Explain the nature of orientation programs and why they are needed.
Considering the weaknesses of interviewing, how can the procedure be made more effective in selecting employees?
Assume that the cost of certain equipment that a business is considering purchasing is $100,000. The equipment will be depreciated over five years, at which point the salvage value is expected to be
Calculate the annual interest rate associated with each of the following terms:a. 2/5, net 30b. 2/10, net 20c. 3/15, net 30
Sierra has hired a front office manager, Todd. What suggestions should Sierra follow to make the implementation of training more effective for Todd?
Tim and Tina own an independent pet grooming business in which employees are hired to groom the animals, take care of customer needs, and clean the facility. Other area competitors offer the same
Compare the two investment proposals below, using the payback period technique. The projected cost of each investment proposal is $100,000. Year 12345 Project A (Cash
Discuss the use of compensation and incentives in recruiting employees for small businesses.
Identify and discuss the advantages and disadvantages to using a PEO.
Define each of the following statutes and indicate who has to abide by each act: (a) Civil Rights Act, (b) Occupational Safety and Health Act, (c) Fair Labor Standards Act, (d)
Dana produces fine chocolates for her retail shop, which is open six days a week. The sales are $156,000 annually, with a cost of goods sold of 45% of sales and an average inventory on hand of
1. Chapter 21 mentions that small businesses can use operations management to compete effectively against their rivals. In your opinion, is Schoneman Jewelers using its operations effectively to
Discuss the importance of working capital management and how it relates to the working capital cycle of a small business.
What are cash flows? What must a small business owner know in order to calculate cash flows?
Jane has started a gift basket company that specializes in regional products. Several corporations use her baskets for the holidays, to welcome new employees, and for their sales staff to use as
List some credit management practices that can have a positive effect on a firm's cash flows.
Discuss the types of accounts receivable financing. What are the advantages and disadvantages of using accounts receivable financing?
Ralph has always enjoyed fireworks and has set up a booth from June 4 through July 4. Additional inventory is scheduled to be sent throughout the month. Ralph is now wondering if he has ordered too
What are key issues in managing accounts payable?
Define capital budgeting and provide examples of the types of capital budgeting decisions that a small business owner would make.
List and briefly describe three techniques for making capital budgeting decisions. Which technique is the most reliable for decision making in capital budgeting analysis?
Many small business owners do not use discounted cash flow (DCF) techniques. What are the reasons why they do not?
1. Was the creation of the ALOHACollection an example of market risk or pure risk? Why?2. Understanding that the ALOHA Collection decided to lease their retail store in Waikiki and their warehouse
List and briefly describe the four stages of the entrepreneurial process.
1. What opportunities did Melissa identify, and how did she capitalize on those opportunities?2. How did Melissa’s background help her identify and tackle the problems she discovered in the beauty
List and briefly explain the seven "desirable and acquirable attitudes and behaviors" found in Spinelli's and Adams' research on entrepreneurial characteristics.
Identify the six attitudes and behaviors entrepreneurs should avoid. For each, explain the likely result of engaging in that behavior or holding that attitude.
Identify and explain the four fundamental reasons entrepreneurs own their own businesses.
Briefly summarize the three types of personalities that come into play when a person is starting a business.
How can integrity and financial success be related? Use an example to strengthen your argument.
1. Do you believe Hydraloop is a good example of a social venture? If this is determined by a start-up’s performance on the “triple bottom line” (people, profits, and the planet), on which of
What are legitimacy lies? What effect may these have on a business?
Explain how integrity applies to various stakeholder groups, including owners, customers, employees, the community, and the government.
Discuss the relationship between profits and social responsibility in the small firm.
In their highly influential book The Power of Ethical Management, Kenneth Blanchard and Norman Vincent Peale offer insights to guide the development of an ethics policy. Describe the five fundamental
Using examples, discuss how environmentalism can have both a positive and negative impact on different companies.
List the six-step decision making process in order and comment on each of the steps in resolving ethical issues.
Describe PRO factors and how these factors relate to customers.
Discuss the issues related to Internet usage and personal privacy from both a business perspective and an employee and a customer standpoint. What should a small business do to decrease conflict?
1. Review the concept of broad-based strategies in Chapter 3.When Dubin first launched Dollar Shave Club in 2010 and for the first few years of its existence, was he following a cost-based strategy,
Compare and contrast personal experience, hobbies and personal interests, and accidental discovery as a source of start-up ideas. Use examples to strengthen the discussion.
List the five factors that determine the nature and degree of competition in an industry as presented by Michael Porter. Why is the proper identification of these factors important for a new venture?
Describe the differences and relationships among resources, capabilities, and core competencies. How do these items relate to inside-out analysis?
Name and describe the two broad-based strategy options that a firm can select when pursuing a competitive advantage in the marketplace.
In what ways can a small firm implement a focus strategy?
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