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business
entrepreneurship

Questions and Answers of Entrepreneurship

1. What kind of bootstrapping strategies did the Goldstar cofounders use to start their business?
3. Of the top five reasons for failure, which do you think your entrepreneurial idea is most vulnerable to?
2. Of the top five reasons for success, which do you think are most attainable for your entrepreneurial idea?
1. What conclusions can you draw about the project category you chose?• In what ways is it typical or atypical of Kickstarter projects?
3. How would you ensure your product was delivered on time to meet demand and expectations?
2. How would you use crowdfunding to raise funds for your own project?
1. What would you consider to be the pros and cons of crowdfunding?
3. How do you determine the point at which an embellishment has to be acknowledged and the truth told—or the embellishment exaggerated even further?
2. How much “embellishment” is it acceptable for entrepreneurs to convey about their product or service?
1. Do you want to work in a company with a cultural story about success achieved from lying or tricking others?
8. Reflect and be honest with yourself.
7. Build on what you learn; and
6. Network and enroll others in your journey;
5. Take small action;
4. Calculate affordable loss;
3. Describe the idea today;
2. Start with means at hand;
1. Identify your desired impact on the world;
3. What insights does this example provide to help you get your venture started with little to no cash?
2. What level of accomplishment did the entrepreneurs have to achieve before they were able to secure investment capital?
1. What evidence do you see of Gregor Lawson and his cofounders using assets other than cash to get their business started?
12.6 Explain the advantages of crowdfunding for global entrepreneurs.
12.5 Define the four contexts for crowdfunding.
12.4 Describe the effects of crowdfunding on entrepreneurship.
12.3 Explain the difference between crowdsourcing and crowdfunding.
12.2 Identify common bootstrapping strategies used by entrepreneurs.
12.1 Define bootstrapping and illustrate how it applies to entrepreneurs.
3. Consider the opportunities Lincoln opened up for others, particularly African Americans. What is something you could do as an entrepreneur to open up new avenues for others who may not be as
2. What failures or tragedies have you experienced in your life that could potentially serve as a platform for future joys and successes?
1. What role did failure play in creating Abraham Lincoln’s many successes?
3. How do you think you’ll be able to take the lessons learned from your failures and use them to attain more success in the future?
2. What emotions did you experience as you wrote your “failure résumé”?
1. Was it easier than you expected, or more difficult, to list your biggest failures?
3. What steps would you take to get over the loss of a failed venture?
2. How do you think the grief recovery process can help entrepreneurs overcome the loss of their businesses?
1. Would you agree that entrepreneurs have an emotional connection to their businesses? Why/Why not?
3. Do you believe there are reasons that an entrepreneur might“deserve” to fail, or “need to learn a lesson the hard way” through failure? If not, why not? If so, give some examples
2. How difficult is it to remove the emotional aspect of decision making in order to make the most ethical decision?
1. How would you decide which course of action is the right one if you were Huh?
How do you think you would respond to the threat of failure?
3. Imagine one or more failure scenarios for a business of your own.
2. What positive or constructive lessons can you derive from Hatten’s story?
1. Tom Hatten turned down a lucrative offer from a competitor, even though his business had failed and he was facing bankruptcy. Do you think he made the right choice? Why or why not?
11.2 Identify several reasons for failure.
11.1 Describe failure and its effect on entrepreneurs.
3. Oprah Winfrey is an entrepreneurial outlier. Statistically speaking, very few people will ever rise to such heights of affluence and influence as she has.Nevertheless, what are some positive
2. How do (or how might) Winfrey utilize a “Freemium Model” to further expand her posttalk show business empire?
1. What revenue models did Oprah Winfrey utilize to make her fortune?
3. In this exercise, did you learn anything that surprised you?
1. What are the differences between your pricing estimates and the actual pricing? What do you believe is the source of the differences?
2. What considerations would you take into account when designing your freemium model strategy?
1. What do you see as the benefits and disadvantages to the freemium business model?
3. Does the ethical boundary on profit margins depend on whether the company “earned” the profit?
2. Should the ethical boundary on profit margins depend on the type of product or service?
1. Do you believe there should be an ethical boundary on the percent of profit a company should get? If so, who would decide on the boundary and how would it be enforced?
3. Kost believes that lifestyle and working toward goals are more important than accolades and financial returns. Do you agree with his view? Why or why not?
2. How does the company use revenue to grow the business?
1. What do you consider to be the most important factors driving revenue in Chicago Food Planet Food Tours and Food Tour Pros?
10.6 Explain different methods of calculating price.
10.5 Identify different strategies entrepreneurs use when pricing their product and service.
10.2 Illustrate the ten most popular revenue models being used by entrepreneurs.
10.1 Define a revenue model and distinguish it from the business model.
3. What new inventions in science and technology do you believe inventors and entrepreneurs will create and market in your lifetime?
2. Why is it important for science and technology to play a prominent role in future entrepreneurial efforts around the world?
1. Entrepreneurship always involves varying kinds and degrees of risk. What kinds of feasibility, safety, and capital guidelines do you think should govern the decision-making processes surrounding
B. The director’s committee tried to complete their evaluation of the report recommendations.3. Revise the following:
Will your readers have interest in what you write? If not, how could you present your message to make it appealing?
If you work in an organization that does business with readers from other cultures, plan to do background reading on these cultures.
Do your readers have expertise in this area?Readers with technical expertise in the area you discuss have different needs (and often different perspectives)from readers who lack technical expertise.
(c) Show that the profit maximizing rule for output allocation between the plants is satisfied.
(b) Use the profit maximizing rule to determine the output produced at each of the two plants and, hence, the total output of the firm.
(a) State the profit maximizing rule that determines how much output the monopoly will produce at each plant.
2 Consider a multiplant monopoly facing demand given by:The firm operates two plants with total cost functions given by:
(d) Determine the price charged by the firm. Compute costs at the two plants and, hence, determine profits at the firm.
(c) Show that the profit maximizing rule for output allocation between the plants is satisfied.
(b) Use the profit maximizing rule to determine the output produced at each of the two plants and, hence, the total output of the firm.
(a) State the profit maximizing rule that determines how much output the monopoly will produce at each plant.
1 Consider a multiplant monopoly facing demand given by:The firm operates two plants with total cost functions given by:
(d) The Cairns Group includes countries like Australia and Canada which export agricultural products but have very limited domestic support programs for producers of agricultural products.
(c) Now consider a country which imports agricultural products from the US or the EU. What are the terms of trade and volume of trade effects of these export subsidies in this importing country?
(b) What are the terms of trade and volume of trade effects of such an export subsidy in the United States or the EU?
(a) Use a graph like Figure 12.1 to describe the effects of an export subsidy on a country which exports agricultural products.
5 The US and EU both use export subsidies to support producers in their agriculture sectors.
4 Australia and New Zealand entered into the “Closer Economic Relations(CER) Trade Agreement” on January 1, 1983. Given your understanding of PTAs and Game Theory, try to describe the Agreement
(c) Do these tariff data support or contradict your answer to part (a)?What effect would a reduction in the tariff on imported chickens have on the price of chickens in Canada? Use a graph to answer
(b) The Uruguay Round included Articles which explicitly prohibited supply management programs. As a result, these countries were required to replace the import restrictions implied by Marketing
(a) Given discussions of entry and exit problems in Chapter 10, discuss whether these Marketing Boards provide a barrier to entry. If so, what effect would this have on the structure of competition
3 Until recently, some countries including Australia, Canada, and South Korea used supply management programs to control production and pricing in a number of agricultural sectors. Marketing Boards
government tariff revenue
surplus of Canadian wine producers
welfare of Canadian wine consumers
the price of wine in Canada
Canadian wine production
the volume of wine imports
(b) Suppose that the government removed the tariff on imported wine.What would happen to:
(a) Using a graph like Figure 12.1, illustrate this initial trading equilibrium in the Canadian wine market using the Canadian demand and supply curves for wine.
2 Suppose that the world price of wine pwine = $10 per bottle, and that Canada is a net importer of wine. To promote and protect wine production in the Niagara peninsula, suppose that the Canadian
(d) If e rises from e = 1 to ẽ = 1.5, is Home better off or worse off? Is this an improvement or a deterioration in Home’s terms of trade?
(c) If the terms of trade are e = Pguns/Proses = 1, are there gains from trade? What will be the pattern of trade?
(b) Which country has the comparative advantage in rose production, and gun production?

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