Questions and Answers of Entrepreneurship Starting Operating

Visit http://www.download.cnet.com/windows and find three shareware programs that would be of value to you as an entrepreneur. List them.
Did you observe any differences in how the employees handled your order? Describe them.
Describe what you believe to be the marketing vision of each restaurant based on what you observed. Write a positioning statement for each restaurant.
Analyze the market for each restaurant using the four methods of market analysis: geographic segmentation, demographic segmentation, psychographic segmentation, and behavioral segmentation.
1. What risks are present in Jeff Braverman’s “go big” strategy? What benefits would it produce? How likely is the company to realize those benefits?2. Considering the cost-benefit analysis you
1. Develop a list of at least five search engine optimization strategies to help Gitman Brothers move up in search engine results.2. Write a memo to the managers at Gitman Brothers that outlines the
1. Develop a monthly cash budget for Bluffton Pharmacy for the upcoming year.2. What recommendations can you offer Angela Crawford and Martin Crawford to improve their pharmacy’s cash flow?3. If
1. Which organization structure should Garlick use for ThinkImpact? Explain.2. If Garlick chooses to create a for-profit entity, either to replace the current nonprofit organization or as a
1. What steps should the Cohens take to find other locations for new U.A.L. stores? What criteria should they use to screen potential cities? 2. Which of the three basic business strategies is
What other principles described in this chapter might Hancock benefit from? Explain.
What advice can you offer the founders of Zee Wines USA about selling their products globally?
As the global market grows, more small businesses are expanding into other markets. What are the implications for small companies that have the potential to conduct business globally?
Use the resources of the Internet to identify cities that Bi should consider for Blank Label’s next retail store and explain why you choose them.
Would pop-up stores be successful in your community? Explain. Work with a team of your classmates to identify three products or product lines That would be successful in your community if they were
What types of businesses would be successful opening pop-up stores temporarily on your campus or on a nearby campus? What advice would you offer entrepreneurs who are considering opening the store?
Assume the role of a small business counselor. What advice would you offer him to insure the long-term survival of Kopp’s Cycle?
According to an old proverb, “The value of a thing is what it will bring.” Do you agree? Explain. Should companies be allowed to engage in dynamic pricing?
Use the Internet to find examples of businesses that use these or other psychology-based pricing techniques and write a brief description of the company and its pricing strategy.
Use the information in this chapter and resources of the Internet to develop a list of at least five suggestions that small business owners can act on to strengthen the computer security in their
What are the implications of a company providing poor customer service?
Describe a positive service experience you have had with a company and your impressions of that business.
One experienced entrepreneur says that when a company provides great service, its reputation benefits from a stronger emotional connection with its customers, as well as from increased confidence
Describe how a small business owner could use striving to be unique for a competitive advantage.
Choose a fast-food restaurant that you frequent and identify steps it would need to take to improve its customer service.
Identify at least three additional bootstrap marketing strategies discussed in this chapter that Victory Auto can use to increase it visibility, sales, and profits. Explain how the company should
Work with a team of your classmates to select a local business that has no social media presence and develop a plan to boost its visibility, sales, and profits with a social media strategy.
Suppose that one of your friends is considering purchasing a BurgerFi franchise and asks your opinion. What advice would you offer him or her?
Suppose that you and a friend have recently graduated from college when you discover the ideal business for sale by the founder, who is ready to retire. The asking price is $550,000, but you and your
Suppose that two of your friends are about to launch a business together with nothing but a handshake. “We’ve been best friends since grammar school,” they say. What advice would you give them?
Develop a list of the behaviors that are almost certain to destroy a partnership.
Research relationships between partners and add at least three guidelines to those listed above.
Write a short memo (two pages maximum) to The Escape Game partners and their management team, describing your strategic recommendations for helping The Escape Game gain and maintain a competitive
Identify The Escape Game’s major competitors. What are their strengths and weaknesses?
What opportunities and threats does The Escape Game face?
Visit The Escape Game’s Web site at https://nashvilleescapegame.com to learn more about the company. Work with a team of your classmates to identify the company’s strengths and weaknesses.
Based on your work in question 2, develop a one-page report summarizing your strategic suggestions.
Work with a team of your classmates to identify a local small business that competes with a bigger competitor. Which of the strategies described here has the small company employed to become a
Using the ideas you generated in question 2, create a two-page proposal for establishing a business plan competition at your school.
Work with a team of your classmates to brainstorm ideas for establishing a business plan competition on your campus. How would you locate judges? What criteria would you use to judge the plans? What
A failed business concept does not mean the entrepreneur has failed. How would you explain this to an entrepreneur facing a failed business concept?
Do you believe an edible insect business would be successful where you live? Why or why not?
What other opportunities for new businesses can you envision that may result from the introduction of the driverless car into the market?
Do you agree with the top managers in the MDC Partners survey who say that we have entered an “imagination economy”? Explain.
Explain how the company you selected in question 1 could use at least one of the remaining types of innovation to increase its sales and profitability.
List the core personal values you intend to bring to your business (e.g., treating people fairly, giving something back to the community, and so on).
Select a local nonprofit and work with a team of your classmates to brainstorm ideas for a franchise business that could help create a sustainable cash flow to support the mission of the social
If you intend to start a business, what steps can you take to increase the likelihood that it will succeed?
If you are interested in launching a business, when do you intend to start it?
Are you interested in some day launching a small business?
Work with a team of your classmates to interview at least one entrepreneur. Does he or she fit the model described here? Explain, giving specific examples from your interview.
The following role plays require you to think and act as if you were the person being described in each situation.a. Role play 1. One student prepares and presents a speech as if she or he is an
Do you believe that the laws should be changed to make it easier for entrepreneurs to go into, and recover from, bankruptcy? What are the implications of your answer for the entrepreneur, creditors,
If your family had a highly successful business, would succession to the next generation (you and/or your siblings) likely to be smooth, or would there be a potential for conflict and hurt feelings?
Why are there so many different techniques for determining the worth of a firm? In any given situation, is there one “right answer” for a company’s value? What effects do your answers to these
Being a franchisor seems to be a mechanism for growth, but what are the growth prospects for entrepreneurs that are franchisees? Isn’t the entrepreneur limited in his or her ability to pursue all
To what extent does the use of software help and hinder the entrepreneur’s ability to perform the important tasks of record keeping and financial control?
If you were an entrepreneur in a “hot” market, would you invest the substantial amount of time, energy, and other resources necessary to try and go public before the bubble bursts? Or would you
What drives the market for IPOs? Why is it so volatile?
An investor provides an entrepreneurial firm with the capital that it needs to grow. Over and above the capital, in what other ways can the investor add value to the firm? What are the possible
Why don’t all firms use bootstrap financing? Are there any dangers with this approach? What are the benefits of having some financial slack (e.g., some extra cash in reserve)? What are the costs of
What is the cheapest source of funds? When all other sources turn down your request for funding, what source is most likely to say yes? Why is this the case? Is the entrepreneur exploiting a personal
How useful is a financial plan when it is based on assumptions of the future and we are confident that these assumptions are not going to be 100 percent correct? Does it make more sense for the
What volume of sales is required to reach breakeven for the following business: The variable cost of producing one unit of the product is $5, the fixed costs of plant and labor are $500,000, and the
Is it more important for an entrepreneur to track cash or profits? Does it depend on the type of business and/or industry? What troubles will an entrepreneur face if she or he tracks only profits and
Identify three corporations that are different in their legal form of organization (for example an S corporation, an LLC, and a C corporation). How are these companies different? How are they
Does the old saying “You get what you pay for” apply to a board of directors or a board of advisors?
Why do suppliers sometimes ask entrepreneurs of small companies to provide personal guarantees for a line of business credit? If an entrepreneur is asked (forced) to provide personal guarantees, then
Why would entrepreneurs open themselves up to personal financial losses by using a proprietorship rather than a company?
What are the three most effective advertisements on television? Why are they effective? What are the three least effective advertisements on television? Why are they ineffective? Are they really
Is marketing segmentation just a nice way of using “stereotypes” to sell your products? Can people really be classified so easily into groups that share common needs, wants, and demands?
Define a customer group and then invent a product and come up with a price, promotion, and distribution strategy. Have some fun in coming up with a particularly creative marketing mix. How would you
What is the purpose of the business plan if the audience is (a) the entrepreneur, (b) an investor, and (c) a key supplier? How might the plan be adapted for these different audiences? Or do you
If a business plan is to be used to raise capital, then why would the entrepreneur want to advertise the firm’s major risks by detailing them in the business plan?
What makes an excellent business plan?
To what extent should the government be involved in creating and enforcing safety laws and to what extent should companies (and industries) be responsible for creating their own standards and
Provide three examples of situations where a noncompete agreement would be necessary. In each of these three examples what should be included in the noncompete agreement to protect the venture?
Is going international something that only large and established firms should pursue after they have achieved success in their domestic markets “right off the bat”? Which sorts of products are
We typically focus on firms from well-developed economies entering markets of less developed economies. Do firms from less developed economies have a chance of success if they enter developed
Make sure, if possible, there is one foreign student in each small group. The group needs to discuss, and then report back to class on, the nature of business and entrepreneurship in the foreign
Do you think that the Internet can be a source of advantage for one firm over other firms or do you think that it is a necessity just to be able to compete? Be prepared to justify.
Is it a waste of time to detail the firm’s strategy in the business plan when the audience for that plan (e.g., venture capitalist) knows that things are not going to turn out as expected and, as a
Provide two examples of firms with a broad-scope, two with a narrow-scope, and two that started narrow and became broader over time.
Provide two examples of firms with a broad-scope, two with a narrow-scope, and two that started narrow and became broader over time.
Is increasing the entrepreneurial orientation of a firm always a good thing? Or are there circumstances or environments in which the further pursuit of opportunities can diminish firm
What excites you about being an entrepreneur? What are your major concerns?
Provide some examples of mental leaps that entrepreneurs have taken.
Do you really think that entrepreneurs think effectually? What about yourself do you sometimes think effectually? In what ways is it good? Then why are we taught in business classes to always think
List the content that you believe is necessary for an entrepreneurship course. Be prepared to justify your answer.
Describe how a small business owner could use social marketing for a competitive advantage.
Describe how a small business owner could use creating an identity for the business through branding for a competitive advantage.
1. What target market does Embrace seek to serve and how attractive is that market?2. What examples of primary research that Embrace’s founders completed appear in the case?3. What actions did
1. Make a list of the ways in which Hyman and Fleiss vetted their business idea prior to launch. How long was it between the initial idea for Rent the Runway and when the business was launched? What
1. Of the five facts that contributed to Kold’s failure, which one do you think was the most damaging? Explain your answer.2. Describe the feasibility analysis that Keurig Kold should have
1. In the context of this chapter, make a list of three “takeaways” from this feature that you can learn from and try to avoid if you set out to solve a problem by launching a business.2. To what
1. Refer to Figure 2.1. Are there differences between social ventures and for-profit organizations in regard to the essential qualities of an opportunity? If so, what are the differences?2 .For the
1. What advantages do business buyers such as the Higginses gain over starting a business “from scratch?” What disadvantages do they typically encounter?2. What steps do you recommend the
1. Identify possible causes that could explain Intertech’s declining profitability. What steps can the Stadlens take to reverse this alarming trend?2. What can the Stadlens do to manage their
1. Suppose that your best friend is considering purchasing a franchise such as Cousins Maine Lobster. What advice would you give him or her about the right way to go about purchasing a franchise?2.
1. What advantages does a subscription pricing model offer a business?2. Notice that several of Bark & Co.’s idea for new businesses have failed. Is this unusual? Why is it important for
What specific advice can you offer Carl and Tricia Staible about management succession?

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