Questions and Answers of Small Business Management

1. Describe the other methods of harvesting a business that were discussed in Chapter 15.2. What advice would you have given Brodsky before he sold his business?3. What suggestions would you give him
1. Based on what you’ve just read, how would you rate the leadership skills of Scott MacDonald? In what ways does he fit the profile of the typical business founder?2. Do you think Scott has the
1. Does the target market iYellow has identified make sense in terms of their business format/offering? Are there other target markets the company should pursue?2. Evaluate the marketing strategies
1. Identify the elements of consumer behaviours affecting your situation.2. Outline the criteria that car owners use to evaluate service to their vehicle. Do those criteria change as the vehicle
1. What is Napier’s current approach to market research? What is the company doing right? In which areas could the company improve?2. What types of secondary data and primary data could Napier
1. What marketing strategy is Ultimate Garage pursuing? Which target markets do you think the company is pursuing?2. Visit Ultimate Garage’s website, and analyze its effectiveness. Which
1. What do you think Jeff did well in looking for opportunities? How would you improve on this process?2. What steps would you take to examine the Smitty’s opportunity and see if it might be worth
1. How would you classify the type of start-up idea that was present for Geoff Dillon?2. Which factors and trends in the general and industry environment will be the most important for Dillon’s?3.
1. If you were Dorian, what steps would you take to grow the business?2. What do you see as the greatest challenges facing Dorian as she moves her business forward?3. How does Dorian’s approach to
What emotions might an entrepreneur experience after leaving a firm that had been an integral part of his or her life?
What advice would you give to an entrepreneur who was planning to exit his or her firm?
What are some advantages and drawbacks of a business incubator location for a start-up retail firm?
What are the characteristics of a serial entrepreneur?
What are some of the factors that should be considered when expanding a business?
What advice would you give an entrepreneur who was trying to finance a start-up?
What are the primary types of records required in a sound accounting system?
What is liquidity? Differentiate between the two approaches given in this chapter to measure liquidity.
What role does financial management play in the success of a business?
Discuss the conditions under which a new small manufacturer should buy(a) General-purpose equipment(b) Special purpose equipment.
When should a small manufacturer utilize (a) a process layout and (b) a product layout? Explain.
What legal issues should one consider before starting a home-based business?
Explain the issues an entrepreneur should be aware of in negotiating a lease.
Under what conditions would it be most appropriate for a new firm to buy rather than lease a building for the business?
Discuss the legal protection provided by patents. Does the granting of a patent guarantee no one else can use the design?
How does the Canadian Human Rights Act affect hiring practices? Be specific.
List the factors in small business operation that favour the appointment of a human resources manager. Should such a manager always be hired on a full-time basis? Why or why not?
What must an employer do with respect to laying off employees?
In general, allowing for differences among provinces, how does maternity leave work?
How does contracting employees differ from using a temporary help agency? What are the greatest benefits of contracting?
Is the use of a profit-sharing system desirable in a small business? What major difficulties might lessen its effectiveness in providing greater employee motivation?
Based on your experience as an interviewee, what do you think is the most serious weakness in the interviewing process? How could this be remedied?
What factor or factors would make you cautious about going to work for a small business? Could these reasons for hesitation be overcome by a really good small firm? If so, how? If not, why not?
Some sports coaches have written game plans that they consult from time to time during games. If coaches need formal plans, does it follow that small business owners need them as they engage in their
What exporting assistance programs does the EDC provide?
What are some alternatives to exporting that provide involvement for small businesses in international markets? Which one(s) do you find most consistent with a small firm’s situation? Why?
How have trade agreements helped reduce trade barriers? Do you believe these efforts will continue?
What changes in a firm’s marketing plan, if any, may be required when selling to foreign markets? Be specific.
What is the importance of a careful cultural analysis to a small firm that wishes to enter an international market?
How do specialties differ from trade show exhibits and publicity? Be specific.
How can the concept of a strategic alliance be used in promotional strategy?
What are the four basic approaches to advertising on the Internet?
What are the advantages and disadvantages of compensating salespeople by salary? By commissions? What do you think is an acceptable compromise?
Assume you have the opportunity to “sell” your course instructor on the idea of eliminating final examinations. Which objections do you expect to hear from your instructor? How will you handle
Why are a salesperson’s techniques for handling objections so important to a successful sales presentation?
What system of prospecting could be used by a small camera store? Incorporate all the techniques presented in this chapter.
What are the advantages and disadvantages of different approaches to budgeting funds for promotion?
What are your comments on the statement “Channel intermediaries are not necessary and only increase the final price of a product”?
What are the major components of a physical distribution system?
What are the major considerations in structuring a channel of distribution?
How does physical distribution differ from channels of distribution?
What is a price-quality grid, and why would preparing one help in selecting a price?
If a firm has fixed costs of $100,00 and variable costs per unit of $1, what is the break-even point in units, assuming a selling price of $5 per unit?
Describe a competitive matrix. Why it is used when developing a product strategy?
Why is it so important to understand the target market?
What is the scope of small business marketing? Has it always been as broad as it is now? Why or why not?
Why is a shorter business plan better than a longer one, especially since a lengthy plan could include more supporting data?
In what way might a business plan be helpful in recruiting key management personnel?
Why do entrepreneurs tend to neglect initial planning? Why would you personally be tempted to neglect it?
What benefits are associated with the preparation of a written business plan for a new venture? Who uses such a plan?
What is a “vendor take-back” loan? Why would a seller offer one?
Contrast the market-based valuation approach with the earnings-based approach. Which is easier to apply? Which is more appropriate?
Why would you purchase the assets of a business instead of buying the shares?
Suppose that a business available for purchase has shown an average net profit of $40,000 for the past five years. During these years, the amount of profit fluctuated between $20,000 and $60,000. The
What types of franchise information could you expect to obtain from business periodicals that you could not secure from the franchisor?
What problems might arise in consulting previous franchisees in the process of evaluating a franchise?
What types of restrictions on franchisee independence might be included in a typical franchise contract?
How is loss of control a disadvantage of franchising from the franchisor’s perspective?
What are the advantages and limitations of franchising from the viewpoints of the potential franchisee and the potential franchisor?
As a recent graduate in business administration, you are headed back to the family business. As a result of your education, you have become aware of some outdated business practices in the family
Suppose that you, as founder of a business, have a sales manager position open. You realize that sales may suffer somewhat if you promote your son from sales representative to sales manager. However,
What are four challenges a firm might face if using a niche marketing strategy?
What is meant by the term niche marketing?
Why is it important to consider sustainability in the development of competitive advantage? What measures can a small business take to ensure sustainability?
List the six most important trends of the general environment. What are some ways in which each trend might affect a small business?
List and describe the five approaches that can be used to generate creative new business ideas. What are the most important features of each of these?
What is the difference between an artisan entrepreneur and an opportunistic entrepreneur?
Consider an entrepreneur you know personally. What was the most significant reason for his or her deciding to follow an independent business career?
Discuss the importance of small business to the Canadian economy.
Do you believe that all small business owners are entrepreneurs?
Why has there been an increased interest in small business and entrepreneurship?
Describe DashLocker’s growth potential.
Describe DashLocker’s competitive advantage.
What impact does DashLocker have on society?
What are the two basic strategy options for creating a competitive advantage?
What risks do you think you would face if you were a successful manager in a large organization who suddenly had an offer to go into business for yourself?
Why do you think Treadwell decided to become a multibrand franchisee instead of just staying with KFC?
How do you think growing up in a family business affects career decisions by children of the owners?
If you were going to run a business with a family member, how would you go about deciding on the organizational culture you want to create?
If you were in Fran’s shoes when he was running his own company, what factors might have attracted you to close your business and join Iaccarino & Son? What factors might have discouraged you
Why do you think Carl wanted to retain ownership and decision-making authority over Iaccarino & Son after bringing Fran into the company?
Investors are said to be more market-oriented than product-oriented. What does this mean? What is the logic behind this orientation?
Is HyperWear’s executive summary more of a synopsis or a narrative?
Explain why forecasting is used more widely by large firms than by small ones.
Taylor Stitch has both a bricks and mortar store and an online store. What are the advantages and disadvantages of this strategy?
What is an S corporation, and what are its principal advantages?
What other legal forms of organization could have been used for this business? Which type would you recommend? Why?
How are owners’ equity and debt different?
Distinguish between common stock and retained earnings.
Prepare a cash flow statement for the firm for 2014 and 2015.
1. Do you think interns make the best employees for a small business like TiesInStyle.com? Does the fact that the company is a startup create any potential complications that you can think of?2. What

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