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entrepreneurship

Questions and Answers of Entrepreneurship

Explain the purpose of an industry analysis.
In what ways do you believe that a freelancer could become a partner of a company rather than an arms-length independent contractor?
Imagine that you are the founder of a company and need help setting up QuickBooks for your company.QuickBooks is an accounting and bookkeeping platform for small businesses. Search guru, Elance, and
What role do you think the industry that a start-up is in plays in its suceess or failure as a peer-to-peer business? Are some industries more receptive to peerto-peer business model start-ups than
Spend some time looking at lyft, one of the successful peer-to-peer business model companies mentioned in this feature. Why do you think lyft has been successful while BlackJet, Ridejoy, and
In regard to putting together an effective business model, what can other peer-to-peer business model start-ups learn from the failures of BlackJet, Ridejoy, and neighborrow.com?
Prior to launching their firms, how could BlackJet, Ridejoy, and neighborrow.com have better anticipated the issues that ultimately caused them to fail?
Think of the challenges in your own life that might represent a product idea for Quirky. If you don’t think of something right away, don’t give up. All of us encounter problems and challenges in
In what other product areas would Quirky’s business model work the best?
Explain the components of the Barringer/Ireland Business Model Template that entrepreneurs can use to develop a business model for their firm.
Identify and describe the two general types of business models—standard and disruptive business models.
Describe business models and discuss their importance.
Describe the difference between Standout Jobs as an idea and an actual business. Is it possible for something to be an exciting idea but a poor business?
Do you think it’s a good idea or a bad idea to form a business partnership with a close friend? How could you go about discerning if a good friend would make a good business partner?
Think about your personality and work habits. What type of person (in terms of personality and work habits)do you think you’d work well with and what type of person do you think you’d be in
In putting wide age ranges on their products (e.g., suitable for ages 4 through 7), do you think that software companies prior to the advent of JumpStart’s grade-specific products ever thought that
Describe a feasibility analysis template and explain why it is important for entrepreneurs to use this template.
Describe what a financial feasibility analysis is, explain its importance, and discuss the most critical issues to consider when completing this analysis.
Explain what an organizational feasibility analysis is and its purpose and discuss the two primary issues to consider when completing this analysis.
Describe an industry/market feasibility analysis, explain its purpose, and discuss the two primary issues to consider when completing this analysis.
Describe a product/service feasibility analysis, explain its purpose, and discuss the two primary issues that a proposed business should consider in this area.
Explain what a feasibility analysis is and why it’s important.
How do you know what to do with a mentor’s advice?If you get advice from several mentors or counselors at organizations like SCORE and local Small Business Development Centers, how can you best
Make a list of the organizations in your area that provide mentorship and advice for business founders. Which organizations make the most sense to reach out to for someone who is still in the
To what degree do you believe that having a mentor can make the difference between an entrepreneur succeeding or failing? In what areas of the entrepreneurial process do you believe that mentors are
If you were working on fine-tuning a business idea, would you check out one of these online options or an association in your area that provides mentoring and advice for business founders? Why or why
venture capitalists are often accused of swinging for the fences—in other words, they don’t invest in firms that are hitting signals, doubles, or triples. They want home runs. In hindsight, do
Discuss actions to take to encourage continuous development of new ideas in entrepreneurial firms.
Identify and describe techniques entrepreneurs use to generate ideas.
Discuss the personal characteristics of entrepreneurs that contribute to their ability to recognize business opportunities.
Describe the three general approaches entrepreneurs use to identify opportunities.
Explain the difference between opportunities and ideas.
How do you think Westergren was able to perservere through 300 rejections before an investor finally said yes to Pandora’s attempts to raise additional money?
San Francisco, the city in which Prim launched, has several innovative laundry services. These services include LaundryLocker, where you drop your clothes in a public locker, Sfwash, a delivery
How could Prim’s co-founders have better anticipted that laundry services would eventaully see Prim as siphoning off their own business and be reluctant to work with them?
Why is passion such a critical part of entrepreneurial success? Prim’s founders were apparently passionate about building a company but not passionate about the laundry business specifically. In
Explain the entrepreneurial process.
Discuss the positive effects of entrepreneurship and entrepreneurial firms on economies and societies.
Discuss the changing demographics of entrepreneurs in the United States.
Describe the three types of start-up firms.
Explain five common myths regarding entrepreneurship.
Identify four main characteristics of successful entrepreneurs.
Discuss three main reasons people decide to become entrepreneurs.
Describe entrepreneurship, corporate entrepreneurship, and the characteristics of entrepreneurial firms.
Address each of the rhetorical questions at the end of the case. Add two challenges gameTruck may face that are not mentioned in the case. Comment on how problematic each challenge is and if you
What qualities do you think gameTruck looks for in prospective franchisees? If you were a prospective franchisee, what questions would you ask the company as part of your due diligence process?
What do you think of gameTruck’s basic concept?
Over the next 10 years, what do you think lies ahead for School of Rock? What are some things that could go “right” for the firm and some of the things that could go “wrong” as the firm
If you had to make your decision on just the information provided in the pitch and on the company’s website, would you fund this firm? Why or why not?
Based on the material covered in this chapter, what questions would you ask the firm’s founders before making your funding decision? What answers would satisfy you?
If you had to make your decision on just the information provided in the pitch and on the company’s website, would you fund this company? Why or why not?
Based on the material covered in this chapter, what questions would you ask the firm’s founders before making your funding decision? What answers would satisfy you?
Brandon Steel is planning to start a franchise business in Cambodia. Recently he approached “Fast & Fury Pizza,” an American-based franchise, and had a thorough discussion with the franchisor on
Jane Simmons attended a two-day seminar about owning a franchise. At the end of the seminar, she decided to invest in an online cosmetics franchise that would cost her almost $500,000 to start the
Suppose you ran into an old friend who is just about to buy into a replacement batteries retail franchise. He tells you that he is excited about the opportunity because the system he is about to buy
A friend of yours owns a carpet installation and cleaning business, which is a full-time job. To increase his income, he’s thinking about buying a 1-800-Water Damage franchise, which is a franchise
As a lead trainer in the “How to Create a Successful Franchise” seminar, you need to address your audience on the do’s and don’ts of franchising. One particular participant approached you at
Andrew Simmons is a young, energetic entrepreneur who is enthusiastic about developing his business venture. He has established a good, reputable name for his fast-food outlet. “The
A friend of yours heard her roommates talking about different kinds of franchises.Before she could ask questions, they left for a team meeting to work on a class project. Your friend knows that you
What are the main reasons that many U.S. franchise systems are expanding into global markets? Do you think this expansion will continue to gain momentum or decline over time? Why or why not?
What are some aspects of franchising that make it subject to ethical abuses?
What are the innovations taking place in franchising today?
What is the meaning of fiduciary obligation?
What are the costs involved in purchasing a business format franchise? Are these costs similar across franchise systems, or do they vary widely? Which costs are one-time costs and which costs
What are the advantages and disadvantages of buying a franchise?
What is an example of a business that wouldn’t be suitable for franchising?
What are the qualities to look for in a prospective franchisee?
What are the advantages and disadvantages of establishing a franchise system?
What are the steps involved in setting up a franchise system?
What are the differences among an individual franchise agreement, an area franchise agreement, and a master franchise agreement?
What are the differences between a product and trademark franchise and a business format franchise? Provide at least two examples of both types of franchise arrangements.
How does franchising differ from other forms of business ownership?
What is franchising?
why do you think Intuit didn’t create an online site similar to Mint.com, rather than choosing to spend$170 million to acquire Mint.com?
Do you think Intuit’s acquisition of Mint.com was a win for both Intuit and Mint.com? In what ways does an acquisition by a large firm potentially accelerate the growth of a small firm, beyond what
Evaluate how effectively Mint.com prepared for its launch and early growth. what specific steps did the company take to prepare for and stimulate its early growth?
If you had been a venture capitalist at the time Patzer was originally pitching Mint.com, would you have had the same concerns as the venture capitalists at that time did? why do you think the
If Uber were to consider participating in a strategic alliance, what type of firm might be an appropriate partner for Uber and why? If you were a consultant, would you advise Uber to form a strategic
Some firms might find Uber to be an attractive acquisition candidate. why would this be the case?what type of firm or firms might be interested in acquiring Uber?
The top five reasons new products fail are presented in Table 14.2. If Uber were to fail, which of these five reasons would be most likely to explain the firm’s failure? why?
Uber’s organic or internal growth to this point in the firm’s life is quite dramatic. The following statement appears in this chapter: “Effective though it can be, there are limits to internal
If you had to make your decision on just the information provided in the pitch and on the company’s website, would you fund this company? why or why not?
Based on the material covered in this chapter, what questions would you ask the firm’s founders before making your funding decision? what answers would satisfy you?
If you had to make your decision on just the information provided in the pitch and on the company’s website, would you fund this company? why or why not?
Based on the material covered in this chapter, what questions would you ask the firm’s founders before making your funding decision? what answers would satisfy you?
Which of the growth strategies discussed in the chapter are the most risky? Which are the least risky? What role should risk play in a company’s decision to pursue a particular growth strategy?
Study the popular social networking site LinkedIn. What growth strategies has the company employed? What are the most appropriate growth strategies for this firm to use going forward? Why?
Rupert Dwine has been selling fruit juice and is planning on expanding his business. For the past one month, he has been looking for new ideas for his growth. Suggest some internal growth strategies
Arthur Drake is looking at expanding his bakery business. He has been in this line of business for the last six years and feels that it is the right time for him to grow. He has looked at many
Shana Adams needs to prepare an outline of a lecture for her class on foreign market entry strategies. Explain the advantages and disadvantages of each strategy. Shana has to highlight the foreign
Cisco Systems, Microsoft, and IBM often acquire small, technology-based entrepreneurial firms. Why would Cisco Systems, Microsoft, and IBM, which each employ hundreds of product development
Zynga is a social network game developer that develops browser-based games that work both as stand-alone games and as application widgets on social networking sites like Facebook. What are the pluses
Spend some time studying Chipotle, the popular Mexican food restaurant chain. What growth strategies has this firm used? What challenges to you think Chipotle faces today in terms of its future
Visit a local business in your vicinity.With permission from the owner or the manager, assess the business’s suitability for growth using internal growth strategies. You may also discuss with him
Jessica Martin, a classmate of yours, just returned from an entrepreneurship boot camp that your university’s technology incubator sponsored. The boot camp consisted of three days of intense focus
Spend some time studying Barnana, the focus of the “You Be the VC 14.1” feature.Is it more likely that Barnana will grow through internal or external growth strategies? What internal growth
What is the difference between a scale joint venture and a link joint venture?Provide examples of both types of joint ventures and how their effective use can increase a firm’s sales.
How does a joint venture differ from a strategic alliance?
What is a joint venture?
What is the difference between technological alliances and marketing alliances? Provide examples of both types of alliances and how they can increase a firm’s sales.

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