Questions and Answers of Small Business Management

Identify and discuss the five factors that entrepreneurs should consider when screening new business ideas.
Briefly state the difference between a market and an industry. How are these two items related to small business success?
1. What would make being a franchisee attractive to you?2. What do you think you would not like about being a franchisee?3. Do think you would be more satisfied running your own franchise or
Define the terms franchising, franchisor, and franchisee. Apply these terms to McDonald's or another franchise example.
1. Do you think Kelley would have started TNCRadio if he had not become an Uber and Lyft driver? Why or why not?2. Most people who take on gig jobs do not start other businesses. What might be some
Define the two primary forms of franchising and provide examples for each.
Describe at least four key terms in franchising.
Compare and contrast the functions of a master licensee and area developer.
Discuss the advantages of buying a franchise.
Why is it important for a new franchisee to follow the business plan detailed in the operations manual?
Identify and discuss some of the negative aspects associated with franchises.
List and describe the cost components of becoming a franchisee.
Do you feel that an independent contractor is an actual business owner or just a contract employee of another company?
In what ways might someone grow their involvement in the sharing economy into a viable business?
1. This family business has made numerous transitions. It started as two brothers and their wives (Whitehall), then became a husband and wife team (Judd’s Hill), and finally parents with their son
Explain the concept of family and business overlap in a family business.
Explain the role of the entrepreneur's spouse as it affects a family business.
Identify the six positives of a family business.
List four reasons for buying an existing business.
What is due diligence? What are some of the steps involved in the due diligence process?
Identify and discuss three of the six nonquantitative factors in valuing a business.
What are some reasons for buying a company as opposed to starting a new venture?
Why might an owner decide to sell an existing business? Are there any reasons that might be viewed negatively by a potential buyer?
What are some of the nonquantitative factors that might affect the selling price of a business?
Cash flow is more important than profit for a small business. Why? If your income statement shows a profit at the end of the month, how can anything be more important?
We all assume several different roles (parent, student, sibling, athlete, business owner, and so on) at any given time, and those roles affect our behavior as consumers. Describe how your various
How can shrinkage affect an inventory system?
Assume that you are the owner of the sporting goods store used in the example of economic order quantity inventory control You typically sell 14,500 sweatshirts per year. Your ordering costs are $10
Consider the make-or-buy decision. Give three examples of situations when a business should make rather than buy. Give three examples of situations when a business should buy rather than make.
Explain the importance of knowing the legal requirements of an area before attempting to open a small business.
What are your personal screen inspirations? What lessons do these or other movies provide in running a small business?
In addition to the movies cited in this case, think of other titles for business lessons such as Risky Business, Pirates of Silicon Valley, and Tucker. What lessons do they provide?
What movies portray leaders who think creatively, who keep their heads, who manage communication, and as for failure, well, that’s just not an option (a line from Apollo 13)?
Bearing in mind that the intent of movies is artistic, rather than educational, what movie lessons do you think illustrate the opposite of what a manager should do or say?
Is workforce diversity as important to small businesses as it is to big businesses? Why or why not?
From strictly a small business perspective (not social or emotional perspectives), why is diversity important?
The chapter discussed the evolution of small business in the American economy. On the heels of the rapid growth in the popularity of Internet businesses in the late 1990s and the ensuing bust in
How would the computer industry be different today if there were no businesses under 500 employees? Would personal computers exist?
What do entrepreneurs do that distinguishes them from any other person involved in business?
If you were in Rappaport and Harrison’s situation, how would you change your business plan for the future?
When you reach the point of your career when you are ready to start your own business (or your next one), will you write a business plan before beginning? Why or why not? If you would choose to start
What is a royalty fee?
After reading about the topics included in a franchise agreement, who do you think controls most of the power in a franchise: the franchisee or the franchisor? Explain.
What are the positives and negatives of searching for a business for sale via an online site?
When buying an established business, what questions should you ask about it? From whom might you seek information about the business?
What should a prospective buyer know about the seller’s inventory sources and other resource contacts? How is this information obtained?
You are analyzing the financial records of the business you have been thinking about buying. You discover that, although the firm has excellent current and quick asset ratios by industry standards
Which type of asset would be more difficult to value - tangible or intangible? Why?
How can a buyer determine the rate of return to use in evaluating the worth of a business?
Define “hypergrowth” companies, and evaluate the reasons for their phenomenal rate of growth. What are the most valid explanations for the rate of success found in these companies?
Give some examples of things the new entrepreneur should immediately investigate in order to ensure to the maximum extent possible that the business will “get off the ground.”
Is a business plan really necessary even for a very small startup business? How much market analysis and competitive analysis should the new entrepreneur conduct prior to startup?
What are some of the tangible resources that the new entrepreneur might need in order to go into business initially? What are some options for obtaining capital for a business that is brand new and
After startup, what is the single most important tool the small business owner has at his or her disposal for ensuring the success of the business? Why is it so crucial?
Explain the difference between macro-aging and micro-aging accounts receivable schedules.
What are some considerations that should be taken into account if business is to be conducted in a foreign market?
Danny Stein faces several problems with eMusic, some with conflicting ends. What problems do you see?
Working in teams of no more than three, choose one of the two examples to work on. Develop an outline for a comprehensive marketing strategy for the company and the product. Be specific in defining
Once your team has developed its marketing strategy, find another team in the class that has worked on the same example. Take turns presenting your information to each other.
What recommendation(s) do you make for Stein?
Discuss the personality traits that a good salesperson should have. What traits would detract from the personal selling process?
Explain the ratchet effect on sales.
What would happen if the feedback were not included?
Define “at-will” employment status.
What factors influence the type and amount of employee benefits that a small business can offer?
Hiring an employee is a big step for a small business. How can you make a wise hiring decision if so many limitations are put on the interview questions you can legally ask?
If hiring a CEO is not the answer, what should they do to get their business to the next level?
Would you recommend the Mirzas hire their own boss? What would that new job description include?
Could a new CEO do better?
Give examples of stress and distress.
This Concept Module described five stages a business goes through as it grows. How would management style need to change from stage to stage.
Would you keep Aaron Kamins as CEO? Why or why not? If you fire him, who would do the job?
Refer to the chapter opening story. List two differing activities in which each manager engages.
What does the Eximbank do for potential exporters? For importers?
What would you recommend the family running the Hamakua Springs Country Farms do?
Since Hawaii is so isolated and Ha sells bananas locally, why is he affected by international competition?
Much of the self-produced small business advertising is weak. Think of an example of a local small business that uses especially effective advertising. Why is it successful at communicating with its
Consider a small business with which you are well acquainted. Have adequate provisions been made to replace key management personnel when it becomes necessary? Is the firm using any form of executive
What are the key factors of employment for you? Are you more motivated by a high salary or such factors as a flexible workweek and the opportunity to be creative?
What do you believe would be the two most desirable and undesirable qualities of an entrepreneur?
Visit DashLocker’s website http://www.dashlocker.com/ and explore the process of signing up for services. What recommendations would you give to Hennessy to make the process easier?
Describe a family business with which you are familiar. What strengths or weaknesses do you see in the business relationships among the members active in the company?
If you were an investor, would the executive summary spark your interest in the opportunity? In other words, would you continue reading the business plan for more details?
What do you like about this executive summary? What do you dislike?Hyper Wear was founded in 2008 to participate in the functional fitness market, along with such recognized brands as CrossFit and
Would you suggest that Fredenburgmake any changes or additions to the executive summary? If so, what do you suggest?
What factors should business owners consider when deciding to manage their own website and online sales versus contracting for the service?
Interpret your findings, both for the firm’s financial ratios compared to those of the peer group and for the cash flow statement.
As a college student, what kind of app would be most useful to you? One for buying textbooks or for studying socially, or for finding a place to live, or something else/ If you were marking that app,
What do you think are the most serious weaknesses in the interviewing process as conducted at many small businesses? How could these be remedied?
1. Using financial ratios, compare the Northern Lights Communications’ financial performance for 2013 and 2014.2. What do you think might have happened from 2013 to 2014?
Given the below information, help Martin and Stegemoller prepare pro forma income statements, balance sheets, and cash flow statements for the first three years of the operation.Angela Martin is a
1. How do the operating systems used by Strauss Communications contribute to its overall competitive position?2. What statistical methods could be employed to enhance the service offered by the
1. How could the problems Dequoy faced have been avoided or minimized in the future?2. How has Dequoy modified his leadership and communication style to facilitate company growth?
1. Do you think Fried’s hiring methods are reasonable? Will they lead to good hires for his growing company? What are the best features of his approach (if you believe there are any)?2. Do you
1. What is the primary force that motivated Hwang to internationalize? Did he make a good decision when he located his manufacturing facility in China? What other countries should have been
1. How important do you think the promotion through events was to the successful expansion of Garneau products? How else could the product be promoted?2. What problems did the company encounter
1. What competitive advantages has Cardio-Core developed for its service? Who is the company’s target market?2. Using the franchise assessment factors listed in Chapter 4, evaluate the
1. Chapter 2 discusses three types of start-up ideas: new market, new technology, and new benefit. Which of these is illustrated by Biolife’s start-up based on its QR product?2. Most new business
1. Why would an entrepreneur choose MOM over OPM, and vice versa?2. What is bootstrap financing? Why is it popular with entrepreneurs?3. Why do you think investors expect an entrepreneur to have some
1. Referring to the theories of entrepreneurship character, do Amanda’s experience and character fit the models?2. Evaluate Amanda’s preparation for entrepreneurship. How did it affect the

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