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entrepreneurship

Questions and Answers of Entrepreneurship

Over the past several years, why have strategic alliances and joint ventures become increasingly prevalent growth strategies for entrepreneurial firms?
What is the difference between technology licensing and merchandise and character licensing? Provide examples of both types of licensing and how they can increase a firm’s sales.
What would make a firm suitable for growth in international markets?
Why do acquisitions fail sometimes?What is the main reason behind their failure?
What is the difference between a licensor and a licensee?
What are some of the methods of identifying new products and services?
What is the difference between a merger and an acquisition? How can acquisitions help firms fill their needs?
What rules of thumb should an entrepreneurial venture follow to successfully sell its products overseas?
What are the six foreign-market entry strategies and what are the key characteristics of each one?
What is an international new venture?Why might it be to the benefit of an entrepreneurial start-up to position itself as an international new venture from the outset?
What is an international expansion strategy? What are the keys to implementing this strategy successfully in an entrepreneurial firm?
What is a product line extension strategy? Provide an example of a product line extension strategy and describe how its effective use might increase a firm’s sales.
What is a market penetration strategy?Provide an example of a market penetration strategy and describe how using it effectively might increase a firm’s sales.
How can a business increase its revenue by improving an existing product or service?
What are the advantages and disadvantages of internal growth strategies?
What is the difference between an internal and an external growth strategy?
uShip’s current position is explained at the end of the case. Does this firm face the risk of growing too quickly? Why or why not?
Refresh your memory of the meaning of the terms adverse selection and moral hazard as discussed in this chapter. What adverse selection and moral hazard issues does uShip face today and how should
how have partnerships been important to uShip’s growth? Why do you think uShip has been able to form so many partnerships with other firms? In slightly different words, why is uShip an attractive
Examine the material in the first part of this chapter under the “Preparing for Growth” heading. To what degree has uShip been sensitive to the three issues(appreciating the nature of business
What are four key lessons about growth potential entrepreneurs could learn by studying how Sir Kensington’s has grown?
Look at Figure 13.2, which shows the organizational life cycle. In which of these stages is Sir Kensington’s located? To what issues do Sir Kensington’s founders need to be particularly sensitive
We noted in this chapter that core competencies are essentially what a firm does particularly well. What are the core competencies of the firm Sir Kensington’s? how sustainable are these core
There is a discussion early in this chapter of the need to prepare for growth. What actions did Scott Norton and Mark Ramadan take that demonstrate their commitment to trying to fully understand
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?
Look at the website of Scuba Toys (www.scubatoys.com). As you’ll see, this firm makes a wide range of products for all types of water sports. Spend some time familiarizing yourself with Scuba
Imagine you have a friend who has created a new board game. A prototyping lab in the College of Engineering where your friend goes to college made a prototype of the game for him, which he took to a
Bruce Steven is a renowned entrepreneur in your neighborhood. He has been operating a fitness center for the past 10 years, and everyone in the neighborhood and surrounding areas are loyal members at
As an experienced entrepreneur for the last 25 years operating in cleaning services, Martin Perry has been invited by the local council to give a speech to young entrepreneurs who are keen on
Meredith Colella is a food products engineer who has developed an innovative approach for the packaging of meat.Her approach will extend the shelf life of most meat products by about 30
Sarah Jeffers lives in Austin, Texas, where she has owned a graphics design company for three years. She spends 12 hours a day at work micromanaging every aspect of her business, yet she still
Kyle Simms just succeeded his father as the CEO of a consumer products firm in Mission Viejo, California. Prior to returning to the family business, Kyle had spent 11 years at Procter &Gamble in
Three years ago, Chris Dees launched a medical products company that specializes in providing products for people with diabetes. His company is number one in its industry. Recently, a couple of
Patty Stone owns an industrial equipment company named Get Smart Industrial that sells three products in the oil services industry. Get Smart’s products are sold via a direct sales force.Patty
Joanna Collins and Pete Stash recently opened a fine dining restaurant in the suburbs. They have been really enthusiastic about this restaurant and have been looking forward to grow their business
Sean Damsey has been running a budget hotel for the past six months and has been doing quite well. He did a quick survey and found that his town still does not have enough hotels to accommodate the
Why is it expensive for a firm to grow?
What are the dual challenges of adverse selection and moral hazard faced by a firm when it grows?
According to the chapter, one of the most difficult challenges involved with rapid growth is quality control. Why is this so?
Why is price stability such an important issue for a firm entering a period of rapid growth?
How do rapid growth firms deal with potential cash flow shortfalls?
Why is cash flow management such an important issue for a firm entering a period of rapid growth?
What is moral hazard and how might it affect entrepreneurial firms?
What is adverse selection and how might it affect entrepreneurial firms?
What is the managerial capacity problem?
What are the repercussions faced by a firm when it fails to manage growth?
How does a firm’s growth rate affect its ability to attract and retain talented employees?
Why do firms pursue growth? How can a firm achieve economies of scale?
What are the factors that a business needs to keep in mind when preparing for growth? What are the indicators of a business growing too fast?
What are the benefits of planning for growth?
Why is it difficult for some firms to grow or scale their operations?
Is it possible for a firm to grow too fast?If so, what are the potential downsides?
Do all firms have the potential to be aggressive-growth firms? Why or why not?
What are the potential downsides to firm growth?
Can most firms be classified as rapidgrowth firms? Explain your answer.
What is sustained growth? Why is it important?
What can entrepreneurs who are interested in trademark law learn from this case?
Do you think Passport Video acted ethically and honestly and believed that its production was protected by fair use, or do you think the firm was simply using fair use as a way of avoiding paying
Why do you think the copyright holders of Elvis’s work objected to Passport’s video series? How were they “harmed” by the production and sale of the videos?
Do you agree with the ninth Circuit Court ruling?Why or why not?
So what do you think happened? Do you think Smucker’s did or did not receive the patent it was requesting?
In regard to the arguments espoused by the “critics”of the U.S. patent system and the “advocates” of the U.S. patent system, with which of the points of view do you agree? Thinking as an
Type “Uncrustables” into the google search engine and look at the Uncrustables sandwich. Spend a little time reading about the Uncrustables on the Smucker’s website. Again, after looking over
go to the USPTO’s website (www.uspto.gov) to look up Patent no. 6,004,596. Read the patent. After reading the patent, are you more inclined or less inclined to side with the Smucker’s point of
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?
You just completed a three-day workshop on intellectual property law. On your way back home, you bumped into your ex-colleague and you mentioned to her that you have just completed an IP workshop.
Maggie Simpson has always admired her Grandmother Thompson’s cooking and has considered putting together a cookbook titled Grandma Thompson’s Favorite Recipes. Some of Grandma’s recipes are
Patrick Mitch has recently started an advertising agency with 20 employees.He has prepared resources, such as company brochures, employee handbook, company tagline, training materials, and company
Pam Tarver just opened an information technology consulting company and has thought for a long time about what to name it. She finally settled on the fictitious name Infoxx. Search the USPTO database
You have been appointed as an IP consultant for a shoe manufacturing firm.Recently the managing director, Mr.Elton Grey, emailed to you inquiring about the patent application process.One of the
Tyler Simms just invented a new product that he is convinced is unique and will make him wealthy. The product is a toothbrush with a tube of toothpaste attached to the handle. Tyler is anxious to
In a group of two, list 30 products and services in your university that should be protected under the intellectual property law. Categorize the list under the three forms, namely, patent, copyright,
Imagine you’re about to attend a oneday seminar dealing with intellectual property law, and you contact a friend of yours who is in the process of starting a business to urge her to attend the
What are the two primary purposes of conducting an intellectual property audit? What risks does a company run if it doesn’t periodically conduct an intellectual property audit?
What types of physical measures do firms take to protect their trade secrets?
Why do trade secret disputes normally take place in an organization?
What is a trade secret? Provide an example of a trade secret. How might the trade secret you identified help a firm establish a competitive advantage in the marketplace?
What is meant by the phrase copyright infringement? Would you characterize copyright infringement as a minor or as a major problem in the United States and in other countries?Explain.
What is a copyright bug? Where would one expect to find the bug, and how is it used?
What are the categories protected under copyright laws?
In the context of copyright law, what is meant by the term derivative work?
What is a copyright?
What are the four types of trademarks available to an entrepreneur? What are the items that can be trademarked by firms?
What are the three steps involved in selecting and registering a trademark?
What is a trademark? How can trademarks help a firm establish a competitive advantage in the marketplace?
What are the six steps in applying for a patent?
What is a patent infringement? How does this take place? Can you identify a few exclusions from trademark protection?
Give an example of a design patent.How can having a design patent provide a firm a competitive advantage in the marketplace?
What is a business method patent?Provide an example of a business method patent. How can having such a patent provide a firm a competitive advantage in the marketplace?
What are the major differences between utility patents and design patents?Provide an example of each.
What are the four key forms of intellectual property? What are the common mistakes that firms make with regard to intellectual property?
What are the two primary rules for determining whether intellectual property protection should be pursued for a particular intellectual asset?
What distinguishes intellectual property from other types of property, such as land, buildings, and inventory?
What is the difference between Proactiv’s core product and its actual product? Describe its actual product and your assessment of whether the actual product provides an attractive mix of

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