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business
entrepreneurship

Questions and Answers of Entrepreneurship

Developing a social venture marketing plan.
Developing skills to engage social venture customers.
Applying market tools to entrepreneurial social ventures.
Understanding the importance of marketing for entrepreneurial social ventures.
Describe the process of writing a social venture plan.
Identify the components of a social venture plan.
Understand the importance of social venture planning.
Understand the importance of writing a business plan.
Describe the tools of feasibility analysis in social entrepreneurship.
Explain the importance of feasibility analysis in social entrepreneurship.
Explain the nature of feasibility analysis.
Explain the social business model canvas.
Define the sustainability model of a social venture.
Explain the concept of business model.
Explain how entrepreneurial opportunities are found.
Describe the uniqueness of social venture opportunities.
Discuss the application of discovery and creation theories to social entrepreneurial opportunities.
Explain the nature of entrepreneurial opportunities.
Discuss the tools used to analyze the external environment of social entrepreneurship.
Describe the role of institutional environment on social venture creation.
Assess the external environment of social ventures.
Discuss the impact of the external environment on entrepreneurial activity.
Explain the link between social entrepreneurship and social justice.
Describe the role of moral engagement in explaining social entrepreneurial motivation.
Discuss compassion as a driver of social entrepreneurship activities.
Explain social entrepreneurial motivations.
Identify the individual characteristics of social entrepreneurs.
Discuss the nature of social entrepreneurs.
Discuss the entrepreneurial mindset and its relevance to social entrepreneurship.
Describe social entrepreneurship as a global phenomenon.
Identify the multidimensional nature of social entrepreneurship.
Explore the characteristics of social ventures.
Differentiate social entrepreneurship from commercial entrepreneurship.
Define social entrepreneurship.
Discuss two additional issues—franchise ethics and international franchising—entrepreneurs should think about when considering franchising.
Identify and explain the various legal aspects associated with the franchise relationship.
Explain the steps an entrepreneur goes through to buy a franchise.
Describe actions and issues associated with a decision to buy a franchise.
Become familiar with the advantages and disadvantages of establishing a franchise system.
Describe steps entrepreneurs can take to establish a franchise system.
Explain franchising and how this form of business ownership works.
Discuss different types of external growth strategies.
Examine international expansion as a growth strategy.
Describe additional internal productgrowth strategies entrepreneurial firms can use.
Identify and discuss the core internal growth strategy for entrepreneurial firms.
Describe the challenges of firm growth, particulalry those of adverse selection and moral hazard.
Explain the importance of being able to manage the stages of growth.
Discuss the six most common reasons firms pursue growth.
Describe how firms can properly prepare for growth.
Explain what an intellectual property audit is and identify the two primary reasons entrepreneurial firms should complete this type of audit.
Describe a trade secret and understand the common causes of trade secret disputes.
Define a copyright and identify what a copyright can protect.
Describe a trademark and explain the process entrepreneurs use to obtain one.
Explain what a patent is and describe different types of patents.
Define the term intellectual property and describe its importance.
Describe the seven-step sales process an entrepreneurial firm uses to identify prospects and close sales.
Identify and explain the 4Ps of marketing activities (product, price, promotion, and place) used by entrepreneurial firms.
Define a brand and explain why it is important to an entrepreneurial firm’s marketing efforts.
Explain the three steps (segmenting the market, selecting a target market, and establishing a unique market position)entrepreneurial firms use to identify their customers.
Describe several creative sources of financing entrepreneurial firms may choose to use.
Describe common sources of debt financing entrepreneurial firms use.
Explain the three most important sources of equity funding that are available to the entrepreneurial firm.
Identify and explain the three steps involved in properly preparing to raise debt or equity financing.
Identify and describe the three sources of personal financing available to entrepreneurs.
Explain why most entrepreneurial ventures need to raise money during their early life.
Describe the importance of financing for entrepreneurial success.
Explain why a new-venture team might use consultants to obtain advice.
Identify professional advisers and explain their role with a new-venture team.
Describe a new-venture team and discuss the primary elements that form such a team.
Explain the concept called liability of newness.
Explain the purpose of pro forma financial statements.
Discuss the role of forecasts in projecting a firm’s future income and expenses.
Describe the different historical financial statements and their purposes.
Explain the difference between historical and pro forma financial statements.
Describe the process of financial management as used in entrepreneurial firms.
Identify the four main financial objectives of entrepreneurial ventures.
Learn about the importance of understanding the financial management of an entrepreneurial firm.
Identify and describe the different forms of organization available to new firms.
Provide an overview of the business licenses and permits that a start-up must obtain before it begins operating.
Describe actions taken in new firms to effectively deal with legal issues.
Discuss the actions founders can take to establish a strong ethical culture in their entrepreneurial ventures.
Explain how to effectively present a business plan to potential investors.
Identify and describe a suggested outline of a business plan.
Discuss the guidelines to follow to write an effective business plan.
Describe who reads a business plan and what they’re looking for.
Explain the purpose of a business plan.
What steps could Digg have taken, throughout the life of its business, that may have enabled it to remain competitive and still be a successful firm today?
If Digg had completed a competitive analysis grid shortly before it relaunched in 2010, what factors would you have placed on the vertical axis of the grid and what companies would you have compared
Would you characterize the “Rivalry Among Existing Firms” in the industry Digg competed in as high, moderate, or low? To what degree was Digg able to effectively diminish or suppress the negative
Find an example of another company that is thriving in a highly competitive industry. Analyze the company and discern what sets it apart from its competitors.
of the three companies featured, which one do you think has the most potential to remain competitive? Which company do you think is the most vulnerable to increased competition from competitors?
In what ways are each company’s features redefining the customer experience in their industries?
What are the common attributes across the three companies in this feature? How do these attributes help the companies thrive in otherwise competitive industries?
Spend some time looking at the organic Trade Association. Make a list of networking opportunities available via membership in this organization.
How can an entrepreneur assess whether offering to serve in a leadership capacity in a trade association, on a voluntary basis, will be worth the time and effort?Establish a set of criteria that you
Pick an industry in which you have an interest. Make a list of the premier trade associations, trade shows, and trade journals associated with that industry.
Explain the purpose of a competitor analysis and a competitive analysis grid.
Identify the five primary industry types and the opportunities they offer.
Explain the value that entrepreneurial firms create by successfully using the five forces model.
Identify and discuss the five competitive forces that determine industry profitability.

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