Questions and Answers of Entrepreneurial Small Business

What did I learn from this exercise?
5. If you were a small business owner and you caught your employee, who is also your friend, doing any of the three behaviors you circled in Question 2 (most severe), what would you do?
4. As a small business manager, you know unethical behavior can threaten the company’s existence. If you know some of the employees are stealing from the company, would you tell the owner? Why or
3. If you observed unethical behavior but didn’t report it, why not?If you did report it, why? What was the result? Was it worth it to you to report the behavior?
For job items 5–24, select the three (circle their numbers)that you consider the most severe unethical behavior. Who is harmed and who benefits from these behaviors? Would it matter if they were in
For the college items 1–4, who is harmed and who benefits from these behaviors?
6. When talking about codes of ethics, you were encouraged to do a Google search. One of the sites that may have turned up is the Center for the Study of Ethics in Professions at the Illinois
Here are a set of challenging situations small business owners might find themselves facing. How would you handle them?Compare your solution to those of others in your class. When differences occur
Go to the Web sites of Facebook and LinkedIn. From what you can learn from the Web sites, how do these two social networking sites differ? Consider the market to which they are aiming, their relative
Evaluate a franchise using the tables for the three forms of legitimacy. Go to the franchise’s local operation to look around and check out the franchisor’s Web site (e.g., mcdonalds.com for that
Decide on three areas of the general environment you do not usually consider. Put together a profile of sources (online, print, or both) that you would use to do environmental scanning in those three
Pick an existing business, or use one you own or are thinking about developing. For that business, identify at least two key players in at least two areas of its task environment (e.g., media and
11. What are the four philosophies you can use to evaluate alternatives you have generated to solve an ethical problem?
10. What are the three steps of ethical decision making?
9. Why should small businesses make stronger efforts to achieve sustainability?
8. How do the six steps of handling a crisis compare to the U.S.government’s three step approach to planning for disasters?
7. What are the six steps of handling a crisis?
6. What are the three keys to success in building your network using a social networking Web site?
5. Do you think that a small business could get by if it only did social networking using online sites like Facebook or LinkedIn?What would they miss by using this approach and do you think it is
4. Why is a social network important for a small business?
3. What are the three general forms of legitimacy? Give two examples of ways to build legitimacy in each general form.
2. In doing environmental scanning, the chapter mentions looking at the trade press and magazines outside your area of business, as well as asking customers, suppliers, your attorney, and your
1. What is the difference between the general environment and the task environment? Is it possible to say one is more important to a small business than the other?
3. Was Suchin an entrepreneur? If he was an entrepreneur, what role or roles was he playing—founder, buyer, or owner-manager—at the time he opened Global Foods?Small business to the rescue! It
2. Why would Suchin acting on his own to change the grocery be a problem?Small business to the rescue! It had to be a heady day when Suchin Prapaisilp signed an agreement with the city of Kirkwood,
1. What can Suchin do to resolve the problem?Small business to the rescue! It had to be a heady day when Suchin Prapaisilp signed an agreement with the city of Kirkwood, Missouri, to open a Global
5. For students in your class thinking about (or in the process of)starting their own businesses, find out which of the items on the BRIE checklist they have completed. Ask them which items they
4. Look at the local newspaper’s Web site, or the bizjournals.com Web site for the paper in your region. Use the terms “entrepreneur”and “small business owner” to find articles about local
3. Check your state and locality’s Web sites for information on programs that support economic development through small business creation and job creation. You can get a start at USA.gov’s State
2. Think about the list of reasons people give for becoming selfemployed.If you can, interview local entrepreneurs about their reasons and see how your real-life examples fit with the national survey
1. Go through the list of reasons people give for going into selfemployment, and identify which of the reasons seem to fit you.Explain why you identify with each reason.
. Take 10 businesses that operate in your community and place them in the appropriate cell of the Dynamic Capitalism matrix.Why did you put them there?
9. Why is the presence of small businesses important for large businesses?
8. Why are small businesses better at innovation than large businesses?
6. What are some of the franchised firms you deal with regularly?What do you like or dislike about them as a possible business you could own?
5. What do you think will be some of the advantages and disadvantages of starting your own firm versus buying an existing firm?
4. What kind of reward do you think might be the one most often mentioned by public entrepreneurs? Independent entrepreneurs? Corporate entrepreneurs? Social entrepreneurs?
3. What are the differences between small businesses and highgrowth ventures?
2. Why do you think 44 percent of the population says it would like to start a small business, but only about one person in nine who expresses an interest actually does so?
1. Describe the population of small businesses in America. How many firms are there and how many new firms are started each year?
Understand the scope of small business in the United States.
Learn the differences between small businesses and high-growth ventures.
Discover the rewards entrepreneurs can achieve through their businesses.
Be able to dispel key myths about small businesses.
Identify actions key to becoming a small business owner.
Understand how small businesses are important to our economy and your community.
Discover the elements that make up the small business environment.
Develop your ability to scan the small business environment.
Learn the techniques of building legitimacy for your organization.
Explore the techniques of social networking .
Learn the basic skills for handling a crisis .
Gain insight into how small businesses can achieve sustainability .
Identify the major steps in making ethical decisions in small business.
Learn about entrepreneurial personality types.
Learn the operational competencies of the successful entrepreneur.
Discover the types of career paths entrepreneurs pursue.
Understand the challenges of family business owners.
Recognize the special nature of entrepreneurial teams.
Gain insight into the challenges women and minority business owners face.
Understand the situation of people who become business owners later in life.
Learn the sources of opportunity entrepreneurs draw on to get business ideas.
Identify the way ideas are screened for business potential.
Understand how creativity methods can help business owners recognize new opportunities.
Understand the five pitfalls that hinder innovation.
Identify strategies for innovation in your business.
Learn how to conduct a comprehensive feasibility study for your business ideas.
Learn the model for pilot testing Internet businesses.
Understand the value of building a creative culture in your business.
Know when and why part-time entrepreneurship makes sense.
Discover the three key considerations for assessing part-time business approaches.
Learn the major paths to part-time entrepreneurship.
Understand what it takes to be successful in part-time entrepreneurship.
Learn how to optimize delegation and outsourcing.
Learn the benefits of bootstrapping.
Learn the ethical challenges of part-time entrepreneurship.
Find out about the challenges of moving from part-time to full-time entrepreneurship.
Describe five ways that people get into small business management.
Compare the rewards with the pitfalls of starting a new business.
Compare the opportunities with the pitfalls of purchasing an existing business.
Explain four methods for purchasing an existing business.
Compare the advantages with the disadvantages of buying a franchise.
Explain the issues of inheriting a family-owned business.
Describe how hired managers become owners of small businesses.
Learn the decisions needed to establish a foundation for strategic planning.
Learn the forms of imitative and innovative businesses.
Articulate the benefits that win over customers.
Discover have industry changes affect strategy.
Understand the major strategies of business—differentiation, cost, and focus.
Use SWOT analysis to identify strategic options.
Learn how to sustain competitive advantage through attracting customers and discouraging competition.
Understand why and when to develop a business plan.
Know how to tell the business plan story.
Learn the major sections of the classic business plan.
Focus business plan sections to meet specific needs.
Identify the major risks to business plan success.
Master presenting your business plan to others.
Know the characteristics of goods and services.
Define the total product.
Learn the stages of new product development.
Learn the product life cycle.

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