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small business management
Small Business Management Launching And Growing Entrepreneurial Ventures 20th Edition Justin G. Longenecker, J. William Petty, Leslie E. Palich, Frank Hoy - Solutions
What information is typically included in a customer database?
What are professional and personal issues an entrepreneur may face in the period of time from when the harvest is announced and it is completed?
Allie is starting a purse business and is considering using a crowdfunding portal to raise equity for her small business. In order to do so, what requirements must be met by Allie? What potential problems with crowdfunding should she be aware of before she undertakes such an endeavor?
Discuss two methods of selling stock.
Discuss the importance of having a harvest plan.
What are the potential upsides and downsides of an employee stock ownership plan (ESOP) to both the owner and employees of a company?
List and describe the three types of leveraged buyout (LBO) sales to financial buyers.
What are the advantages and disadvantages of harvesting by distributing the firm's cash flows?
Name four benefits of using an initial public offering (IPO) as a harvesting method.
How does an IPO relate to a harvest?
John is developing a harvest plan and figuring the value of his art gallery. What two issues are of importance?
Ellen is a dentist and has decided to develop a harvest plan. She wants her efforts to be successful and effective. Discuss suggestions for crafting an effective exit strategy.
1. Spend a few minutes on Numi Organic Tea’s website (www.numitea.com). Based on what you have read in the case and learned from looking at the company website, what is the message that you believe Numi is attempting to convey? What do you find on the home page that leads you to your
Caleb owns a small deli and is focusing on developing his business relationship with customers. What four underlying beliefs should Caleb consider in order to develop and provide great customer service?
Briefly describe what customer relationship management (CRM) is.
List and briefly describe some approaches to improving the effectiveness of customer service efforts.
Identify and briefly explain the signposts of extraordinary customer service.
How can technology improve customer relationships?
How can a customer database be used to identify a company's best customers?
Briefly describe each stage of the customer decision-making process.
Mandy is shopping for a new car. She is visiting a car dealership in her hometown and describes to Jane, the salesperson, that she wants a four-door sedan with high fuel economy and a leather interior. Jane then shows Mandy three cars that Jane thinks may fit Mandy's preferences. What stage of the
What should entrepreneurs understand about sociological influences on customers?
1. It is reasonable to say that the Cu sisters were thinking innovatively when they created Cocofloss. It certainly is different from other floss products on the market. Chapter 15 offers a few “rules of thumb” that help to reduce the risk of failure when trying to gain a competitive advantage
How can a growing firm fall into a growth trap?
Compare innovation in small businesses to innovation in large firms. Provide some examples of successful innovations by small entrepreneurial firms.
Josiah has developed an avalanche safety kit that includes a small but powerful locator beacon. When he developed and researched the idea, he found other kits on the market, but his business analysis revealed a less expensive way of producing the kits. How should he proceed?
Austin has developed a new USB-powered universal remote control for TVs. He is trying to think of a name for his product. What advice for naming products can you offer Austin?
List the six categories of major product strategies and discuss the implications for a small business.
What are the four key factors that should be considered in conducting a business analysis?
Marie is a songwriter who has a full catalogue of material she has been compiling as a hobby since 1985. Recently, she was approached about someone recording her songs. To protect her rights to her songs, what does Marie need to do to secure her rights?
List and briefly describe the stages of the new product development process.
When should a small business owner make use of an intermediary for distribution?
Discuss three considerations in evaluating a channel of distribution.
1. The Ōura ring is a premium product that offers unique features and is priced higher than the competition. Identify the pricing strategy the company is using. Explain this strategy and discuss why premium products use this strategy so frequently.2. Former Ōura CEO Harpreet Singh Rai has said
List the factors that determine an effective promotional strategy.
List the four common methods of determining the appropriate level of promotional expenditures.
What are some do's and don'ts for using social media marketing?
What are five website design guidelines?
What are the advantages and disadvantages of using salary and commission as methods of compensating salespeople?
What are the specific services that an advertising agency can provide?
What are the greatest challenges that a small business is likely to face when designing its physical facilities? What are the advantages and disadvantages of open-office configurations?
Distinguish among manufacturing equipment, retail equipment, and office equipment using a candle factory and a candle store as examples.
Discuss the attractions and challenges of operating a home-based business.
List and describe the different e-commerce business models related to the type of customer served. Provide an example of a business that uses each type of model.
Discuss the three ways of categorizing e-commerce models as they relate to a firm's intended level of online presence.
What are some emerging options for online businesses?
What five areas of business activity need to be examined to answer the question "How profitable is the business?"
What items would be included in the Operating Activities section of an income statement? The Financing Activities section?
Trucks for Stuff is a one-year-old company that provides statewide moving services to customers. Describe the types of current and fixed assets Trucks for Stuff would have.
List and describe some sources of current debt.
Compare and contrast the income statement and balance sheet. What is important to know about each statement to determine how a company performed during the year?
Why do profits determined with an accrual-based accounting system differ from profits determined with a cash-based system?
Erin, the owner of Sweets To Eat Ice Cream Shoppe, wants to know how her company is operating from a financial perspective. Her CPA has given her the following numbers: Sales, $325,000; operating profits, $50,000; current assets, $125,000; current liabilities, $40,000; and total assets, $350,000.
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 answer and how will they be applied to Ellie's business?
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 full year.2. Using the financial ratios presented in Chapter 10, compare Ashley Palmer’s ratios over
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 in to the process of negotiating a loan. You will need to go beyond what is presented in Chapter 12
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 with her bank to finance her business and has decreased accounts receivable by $4,000. She has also
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 credit cards for financing. In the early years of a business, most entrepreneurs bootstrap their
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 effect could the addition of other investors have?
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 primary food vendor. Although the company is experiencing growth, cash flow is a concern. What would be
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 the business is starting to suffer. What could the sisters do to move the company out of the decline
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 product used on home TVs. Ollie knows his competitive advantage will dwindle over time as new technology
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 employees to produce the cleaner. Recently, a grocery store chain asked to sell the cleaner in a regional
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 outside employees to take over some of their business responsibilities. What suggestions should they
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 maze. For each basic type of advertising, discuss what advertising media Patty would use and how these
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 advantages will this provide?
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 best represent(s) the company’s motives for global expansion? Why?2. As a company grows and demand
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 her readiness for going global?
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 could he do to manage those challenges and risks and increase his chance of success in the market?3.
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. The company will then pay Polly a fee for each scarf they produce. What are the advantages and
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 different?2. Assess the organizational culture at Groupon. What are its strengths and its weaknesses?
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 changes. She has developed significant bonds with the employees, so they share work (and personal)
Discuss what makes a leader effective.
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