Questions and Answers of Entrepreneurship Starting Operating

According to material in this chapter, prior entrepreneurial experience, relevant industry experience, and networking are attributes that strengthen a person’s chances of launching a successful
Kim Simpson owns a successful fitness center in an affluent suburb of St. Louis, Missouri. She just received funding and plans to open six new fitness centers in the St. Louis area over the next two
1. Share your general reaction to this case study. Do you think Base camp’s approaches to work design and HRM are transferable to other organizations, or do you think they’re unique to Base camp?
1. Examine the problems that DrawQuest encountered. How could the company have avoided or navigated around each problem?2. What alternatives did DrawQuest have for generating income for its app? Why
1. In referring to Startup Weekend, someone made the comment “It’s not a start-up factory, it’s an entrepreneur factory.” What do you think the person meant by that comment?2. To what degree
Write a 60-second elevator speech for Faraday Bikes, the focal firm discussed in the “You Be the VC 10.1” feature.
Kathy Baker is in the midst of starting a computer hardware firm and thinks she has identified a real problem that her company will be able to solve. She needs investment capital, but doesn’t know
1. Do you think Kickstarter is a viable alternative to raising equity funding or debt financing? If so, under what circumstances?2. Kickstarter is not the first crowdfunding platform, yet it is the
1. Make a list of the potential pluses and minuses of the co-branding relationship between GoPro and Red Bull. Indicate whether you believe the potential pluses outweigh the potential minuses.
What is the purpose of brand management?
Spend some time looking at Red Bull’s website (www.redbull.com). Comment on each element of Red Bull’s marketing mix (product, price, promotion, and place in terms of distribution and sales). If
1. Critique Nest’s segmentation strategy, its selection of a target market, and its positioning strategy. To what degree are these elements of Nest’s market strategy complementary and
1. What is your reaction to each case? Were you surprised at how they turned out? Do you think each case turned out the way the trademark law intended it to?2. Which of the three smaller companies
1. Go to the U.S. Patent & Trademark Office’s Web site (www.uspto.gov) and look up Patent No. 6,004,596. Read the patent. After reading the patent are you more inclined or less inclined to side
Why is it difficult for some firms to grow or scale their operations?
1. There is a discussion early in this chapter about the need to prepare for growth. What actions did Scott Norton and Mark Ramadan take that demonstrate their commitment to trying to fully
1. What are three lessons that other start-ups can learn from Crumbs’ failure?2. To what degree do you think Crumbs should have been able to anticipate a decline in interest in gourmet cupcakes?3.
1. Why do you think Paint Nite has grown so quickly? What is it about the Paint Nite experience that attracts people?2. Why do you think Paint Nite chose a licensing model rather than franchising or
1. In what ways is it easy for a firm’s founder to get caught up in the potential advantages of participating in alliances without remaining equally focused on the potential disadvantages? 2.
What is an international expansion strategy? What are the keys to implementing this strategy successfully in an entrepreneurial firm?
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?
Spend some time studying Zero Motorcycles, the focus of the “You Be the VC 14.2” feature. Is it more likely that Zero Motorcycles will grow through internal or external growth strategies? What
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
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?
1. Why do you think Sbarro stuck with its strategy of operating out of food courts in malls, even when it was evident that mall foot traffic was declining?2. What are three things that food
1. Identify an ideal nonprofit for a fitness center franchise that caters to college students to partner with. Describe the rationale for your selection. You can pick a nonprofit that is local to
What is an example of a business that wouldn’t be suitable for franchising?
Typically, if an individual franchise unit is losing money, does it still have to pay a monthly royalty to the franchiser? Explain your answer.
Why is it important for a prospective franchisee to retain his or her own franchise attorney?
Identify a franchise location near where you live and ask to talk to the owner. Show the owner one of the two “You Be the VC” features at the end of the chapter and ask the person whether he or
Look at Table 15.4. If you were offered the opportunity to buy into any one of the franchise organizations listed in Table 15.4, which one would it be? Explain the rationale for your selection.
Suppose you became interested in opening a School of Rock franchise (see Case 15.2 for more information about this company). You fly to Philadelphia and visit the company’s headquarters. After
1. What types of characteristics do you anticipate School of Rock looks for in franchisees?2. Look at Table 15.2. Of the ways mentioned in this table for franchisors to develop franchisees, which
Why is each of your core values important to you?
Why is it the most meaningful method for establishing ethical standards?
What ethical issues do trucking companies create when they use electronic communications equipment to monitor their drivers on the road?
How should a small trucking company considering the use of electronics communications equipment to monitor its drivers handle the ethical issues created by this practice?
Interview at least two entrepreneurs about their experiences as business owners. Where did their business ideas originate? How important are creativity and innovation to their success? How do they
Develop a list of questions that a prospective franchisee should ask the franchisor and existing franchisees before deciding to invest in a franchise.
1. What are the common attributes across the three companies in the feature? How do these attributes help the companies thrive in otherwise competitive industries?2. In what ways are each
1. What lessons does SharpScholar’s failure have for entrepreneurs who are considering entering the EdTech industry?2. We studied business models in chapter 4. Would you classify SharpScholar’s
1. How does Etsy create, deliver, and capture value for its shareholders?2. Is Etsy’s business model a standard or a disruptive business model? Explain your answer.3. How is Etsy’s business model
Basis of differentiation is part of the Barringer/Ireland Business Model Template. This term was defined in the chapter as “what causes consumers to pick one company’s products over
1. Imagine that you are the founder of a company and need help setting up Quick Books for your company. Quick Books is an accounting and bookkeeping platform for small businesses. Search Up work and
1. Do you think Coach Up’s business model is sound? If you could make any changes to the firm’s business model, what would you suggest?2. To what degree does Coach Up’s business model reflect
Linda Toombs, who has considerable experience in the home security industry, is planning to launch a new line of home security alarms that she believes would be superior to other products in the
Assess the industry attractiveness for the industry in which Tyto Care, the firm featured in the “You Be the VC 3.1” feature, competes.
1. 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
1. What environmental trends are working in favor of Pledge Music and Zinepak? What environmental trends are working against each company?2. What gap or gaps in the marketplace does both Pledge Music
Make a list of your strong-tie and weak-tie relationships. Include at least five ties on each list. Select two names from your list of weak-tie relationships, and speculate on the types of new
Tiffany Jones owns a small chain of fast-casual restaurants in Denver that sell sandwiches, soups, wraps, and desserts. In general, her restaurants are successful, but she feels they are getting
1. At this point in your educational process, your business (if you’re starting one), and in your life in general, in what areas do you believe you could benefit the most from having a mentor? What
1. If you were starting a new venture, do you think you would benefit from participating in a business incubator or accelerator program? If so, what do you think the primary benefits would be?2. Find
Where does each of your core values come from (e.g, religious faith, family, personal philosophy)?
What are the differences between a firm’s physical assets and its intellectual assets?
Visit the U.S. Small Business Administration Website(http://www.sba.gov). Read an article on starting a business and write a brief summary of the key information (200 words or fewer). Remember
Visit an Internet search engine, such as Google, Yahoo! or Bing. Search for one of the following sets of terms: entrepreneurship ideas, businesses for sale, or franchise opportunities. For the search
Find a site that looks promising and answer these questions:a. What is the website (UR Land name)? Example: Franchise Direct, http://www.franchisedirect.comb. Who is sponsoring the Web site? Example:
Where do you think each restaurant is in the product life cycle?
Have you created any marketing materials for your business? If so, have three friends and a mentor (someone more experienced whom you respect and who can give you good business advice) look at your
Visit three businesses in your community and take notes on your experiences as a shopper. Write a memo comparing the customer service at each. Include such information as the following: Were you
Interview an entrepreneur about the types of CRM he/she uses. Discuss customer service and complaint handling in particular. Summarize the interview in a short paper.
Visit the BNI site at http://www.bni.com and find the chapter closest to your home.a. What is the name of the chapter?b. When does it meet?c. Who is the executive director of the chapter?d. How many
Ask an entrepreneur in your neighborhood to discuss his or her accounting system. Write a one-page report about the pros and cons of the system and use it to make an oral report to the class.
Create common-sized balance sheets for each.
Calculate their balance sheet ratios.
How do the companies compare in growing owner’s equity?
How do the companies compare in reducing debt?
How, if at all, do the ratios of these companies relate to that of The Greasy Spoon Diner?
Calculate the projected burn rate for each of the following businesses:a. Application developer for iPhones with $550,000 cash on hand, no revenues, and cash outflows of $50,000 per month =
Visit Business Owners Idea Café online at http://www.businessownersideacafe.com/ and use the tool provided under Financing to figure out how much capital you will need to get your business off the
What would you ask the Holter family about the cash management of Holterholm Farms?
Which option(s) do you suggest Dylan implement?
If your business will be incorporated, what percentage of the company would be represented by one share of stock? Will your corporation’s stock be publicly or privately held? Why?
Carry out a search online for the name you intend to use for your business. What did you find? Will you still use this name? Why or why not. How do you plan to protect the name of your business?
For the business you plan to start, research licensing regulations in your area and describe how they will affect your operation.a. Have you applied for a sales tax ID number? Most will not have done
Answer the following questions about the production-distribution chain:a. How do you plan to distribute your product to your target market?b. What is the estimated delivery time between when you
Where would you locate your business, and why?
Identify two businesses in your community with which you are familiar. Suggest four measures of quality for each. Rate each business on these quality dimensions. Then, answer the questions
Visit the Web site of a business that you know has at least three locations in your area (preferably not a franchise or chain).a. Obtain the addresses of the locations nearest to your home (up to
Visit the company website at http://www.sewwhatinc.com. What new process, quality and/or production changes do they report?
What are the characteristics of an organizational culture that you would find unappealing?
Consider ways that you could find 10 additional hours in your weekly schedule to manage your business. Create a weekly time-management schedule for yourself reflecting this activity.
What qualities and qualifications would you look for in employees for your business? List five and explain why they are the most important to you.
Keep track of the direct opportunities to decide whether to act ethically/unethically and/or legally/illegally that arise during a 48-hour period. What, if anything, surprises you about the list?
Visit the Web site for a U.S. state, or use another reliable source, to identify the antidiscrimination laws in that state. What form(s) of discrimination do they prohibit? When were they enacted? To
Search the Internet for two position descriptions from different businesses. Make a chart identifying which of the following are included: job title; job summary; duties to be performed; nature of
Discuss with a group: Should an employer be able to fire an employee if the latter is often ill? Before the discussion, prepare by searching the Internet to determine what legal issues may be
How might the company’s integrity be challenged?
What should Agritechno tell its investors and growers, if anything, about the crop failures and solutions?
Select one of the harvesting strategies described in the chapter and research it in depth. Write a report per instructor guidelines.
Look around your local community and evaluate a popular business that is an independent company – not a franchise or part of a major corporation. Propose the possible harvesting strategies that the
Select five companies that are profiled in this text from the Step into the Shoes and Global Impact features. Research whether each has been harvested (you may need to do an Internet search). If so,
Find a franchise online like the one you might want to create. Answer the following:a. What is the franchise? What does it sell?b. Why are you interested in it?c. What is the franchise fee?d. What
Find a company online that is similar to the type of business you would like to launch. Assume you would want to sell it. Describe how much you would expect from a buyer and explain your valuation
Who is most likely to be interested in an Anago unit franchise? Why?
Visit an Internet shopping site such as the Home Shopping Network (http://www.HSN.com) or QVC (http://www.QVC.com). Select five products for sale thatyou find interesting or unusual. Make a list of
Call and visit an entrepreneur in your community to discuss business plans. a. Ask whether he or she wrote a business plan before starting the business. Since then?b. If the owner did
Are there customers for your business in other countries? How would you plan to reach them?
Write a mission statement for your planned or envisioned business.

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