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business
entrepreneurship

Questions and Answers of Entrepreneurship

Do you believe that Rick Adam can bring a new aircraft to market for so much less than conventional wisdom says it should cost?a. What are the factors that are critical to the success of Adam
What is Adam Aircraft’s business model?
What is your growth strategy? How big do you want your firm to be? How long might it take for it to get there?
What is your entry strategy? How does this create a platform for your business to grow?
What is your overall strategy? Why does this strategy help you sell to customers? What tactics can you employ to increase your revenues?
Describe your business model. What are your primary sources of revenue? What are your revenue drivers? Your COGS? Your operating expenses?
Discuss the growth strategy. What additional market(s) should Poss pursue?
Discuss Jim Poss’ fund-raising strategies. What other options might be considered for raising the funds SPC needs? Is this a good investment?
Apply the Timmons entrepreneurship framework (entrepreneur-opportunity-resources)to analyze this case.
If women are coming to Alison’s store from all over, how important is location? Discuss the implications for growth.
Discuss her fund-raising and valuation. If you were an equity investor, what return expectations would you have?
Discuss the signing of a lease prior to having the money. What was the risk?
What tasks and goals should Alison be focusing on at this stage of her venture?
Is this business scalable? Discuss the limitations and challenges.
Imagine you are a potential investor and Kalin has just given you his rocket pitch. What are your concerns? Would you help him out?
What business models are open to a food-product importer? What steps should Kalin take to position his company for the next phase of early-stage growth?
Apply the Timmons entrepreneurship framework (entrepreneur-opportunity-resources)to analyze this case. Pay particular attention to Kalin’s traits and how he gathered resources for his venture.
What skills do you need to develop to take advantage of these opportunities?
Which regions of the world have the greatest potential for developing these opportunities? Which are you most interested in?
What innovations or new technologies will drive these world-changing opportunities?
What world-changing industries or opportunities do you see developing over the next 5 to 10 years?
Discuss the role of Technologies enabling entrepreneurship in Africa
Jason Njoku, co-founder of IrokoTV, founded more than ten ventures before the age of thirty and before achieving success with IrokoTV. Explain how these exits helped him achieve his ultimate success.
What factors and/or conditions exist among African entrepreneurs and the business environment across much of the African continent that make exits more commonplace than in the United States?
An entrepreneurial exit does not necessarily mean that an entrepreneur’s business could not generate a profit and was forced to close. Explain why an entrepreneur may choose to exit from a
How do you define failure as an entrepreneur?
What type of failing entrepreneur profile do you most closely identify with? Why?
Franchising is increasingly becoming popular in Africa. What are the benefits of using franchising for: (a) the franchisor, and (b) the franchisee.
Explain the pros and cons of seeking growth through diversification.
New ventures may use different internal growth strategies. Identify and explain two commonly used internal growth strategies used by African entrepreneurs.
Identify major constraints that hamper growth of new enterprises in Africa.
4 IrokoTV was founded by two entrepreneurs who came from very different backgrounds – they bridged wide social frontiers. What does this concept mean and how does it benefit entrepreneurs?
3 If you were to try to raise money through a crowdfunding website, how would Weak Ties and Structural Holes within your social network help you? Consider the case of the Nigerian sneaker company,
2 The number of Strong and Weak Ties is related to the number of “Structural Holes” in one’s social network. Describe how Structural Holes and Weak Ties are similar. Describe how they differ.
1 Explain the concept the “Strength of Weak Ties” and explain why they are often more important than “Strong Ties” in one’s social network.
• Explain the influence of individual characteristics and the environment on social networks
• Understand the differences between “strong ties”, “weak ties”, and structural holes, and explain their implications for African entrepreneurs
• Understand the importance of social networks for entrepreneurship in Africa
6 Define productivity and explain why the entrepreneur should care about tracking productivity performance over time.
5 Explain how quality improvement strengthens a company’s profitability.
4 Explain the two broad categories of quality related costs—control costs and failure costs. Why is it important for the entrepreneur to emphasize minimizing failure costs?
3 Proper process design is a key function in operations management. Explain what process design refers to and identify important factors that should be considered in designing an appropriate process.
2 Explain how effective operations and supply chain management contribute to the venture’s success.
1 Identify and explain typical decisions made by operations managers.
• Explain the importance of appropriate process design in operations and identify the factors that influence process design decisions
• Explain important considerations in location choice and capacity planning
• Describe the series of activities in the supply chain
• Identify the primary decision areas in operations management
5 Keeping in mind the communication infrastructure (media availability, literacy, smartphone access, etc.), design a social media campaign for Polaroid Eyewear in your country.
4 How would you get the product to the consumer, keeping in mind the retailing and distribution challenges?
3 Develop a value proposition for the product, applying the criteria discussed in this chapter.
2 Select an idea you would like to take to market in your country. Identify the key consumer segments you think exist for that product.
1 Pick a physical product and a service and explain how the marketing mix would differ and be applied in each case.
Identify the unique aspects of entrepreneurial marketing and understand how it is different from traditional marketing
8 Refer to the Income Statement for Muhammad Badri Retail Store. For the year ended December 31, 2019, suppose Gross sales was $410,000 and Net Income Before Taxes was $210,000. Compute the
7 Refer to the Balance Sheet for Muhammad Badri Retail Store given in the text.Suppose Total Current Assets were stable at $54,000 but Accounts Receivable declined to $7,500 and Inventory increased
6 Differentiate between “liquidity” and “profitability”. What methods are commonly used to measure liquidity and profitability?
5 To support growth, new ventures may use internally generated funds or external financing. Discuss the advantages and disadvantages of using each approach.
4 Informal financial systems are commonly used in many parts of Africa. Identify if any such system is used in your region, and explain how it operates.
3 Distinguish between venture capital firms and angel investors. Research if this form of financing is available in your region.
2 Discuss the pros and cons of using (a) debt or (b) equity to finance a new venture.
1 The text has identified several funding sources that entrepreneurs can potentially use in starting their ventures. Identify and explain the funding source that entrepreneurs in your region often
• Discuss different strategies used to fund business growth and expansion, and explain the advantages and disadvantages of each
• Explain the pros and cons of using different forms of financing to start new ventures
• Identify common sources of finance for new business startups in Africa
8 Apply the Business Model Canvas to conceptualize your business idea and model.
7 Based on the prelaunch checklist, are you ready to launch your business? If not, what specific actions do you need to take?
6 What skills do you need and how can you acquire and master them in your country?
5 What challenges and obstacles would a female interested in starting a business in your country face and how can they be overcome?
4 Does the culture of your country encourage entrepreneurship? Why or why not?
3 Propose specific recommendations, in addition to those discussed in the chapter, that can develop more opportunity entrepreneurs in your country.
2 What specific action can you take to improve your personal creativity?
1 What do we know about the relationship between personality traits and entrepreneurial success?
Describe one area in which our knowledge of entrepreneurship is relatively weak.
Why are there so many entrepreneurs in Africa?
What are the major institutional similarities and differences between Africa, China, and India?
Explain the importance of the following statement: we build who we are.
What’s the difference between discovery and creation?
If you could start a new business in an African country, which one would it be?Why?
What is the “big picture” and why is it important for entrepreneurs?
Why is theory important if you want to be a successful entrepreneur?
In designing policies to reform the environment and encourage entrepreneurship, what should governments prioritize?
What kinds of government policies are likely to bring African entrepreneurial ventures into the formal sector?
African entrepreneurs are said to be predominantly necessity driven. What challenge does this pose for designing government policy to encourage entrepreneurship?
Why do you think that entrepreneurship and colonialism were closely linked in African history?
What are the advantages and disadvantages of cost-effectiveness analysis?
What are the benefits of measuring social impact?
What is social impact?
Suppose that you have been hired as a consultant to help a social venture measure its performance and social impact. One of your tasks is to help the social venture develop a social impact management
Identify a social venture in your community. Identify the metrics that this social venture is using to measure its success and social impact.
Suppose you have recently established a social venture whose mission is to raise the literacy rate among girls in the rural areas of India. How would you measure the social impact of your venture?
Go to www.youtube.com/watch?v=38fefskOejk, watch the video, and answer the following questions. Why is social impact measurement important? To what extent can social impact measurement help improve
VisitTRASI’s website at http://trasi.foundationcenter.org and identify three tools and three resources to measure the impact of a social venture whose mission is to improve literacy in a developing
Assess the social impact of Eileen Fisher. What metrics would you use to measure its social impact?
How would you measure Eileen Fisher’s social return on investment?
Identify Eileen Fisher’s social value proposition. How compelling is it?
Identify Eileen Fisher’s key stakeholders. Do you think their respective interests are well served? Yes? No? Explain.
Assess the social impact of Community Shop. What metrics would you use to measure its social impact?
How would you measure the social return on investment of Community Shop?
Identify Community Shop’s social value proposition. How compelling is it?

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