Questions and Answers of Entrepreneurship Starting Operating

What benefits do entrepreneurs gain by competing in business plan competitions such as the one at Texas Christian University?
Why is it essential to develop a sound business model before writing a business plan?
What would you recommend that entrepreneurs do to ensure they don’t hang on too long to a failed business concept?
Explain why even a business that passes a market and financial feasibility analysis may not be a good business for an entrepreneur to launch.
Why was it hard for Jake to admit his newest venture was not going to work?
Can you think of additional market research that Aikens could have done before developing his product?
Explain the parameters of the idea sketch pad.
What changes in macro environmental forces are shaping the feasibility of the driverless car?
Describe the new business planning process.
List and describe two additional steps that a company can take to create a culture of creativity and innovation.
One venture capitalist says that entrepreneurship can’t be taught in a regular classroom any more than surfing can. His view is that students should get their feet wet in the real world of
What are the advantages and disadvantages of offering equity in exchange for work done on a new product?
Explain the advantages an entrepreneur gains by pursuing a niche market.
Why would you recommend that an entrepreneur develop a minimal viable product or a prototype?
Describe in detail Porter’s Five Forces Model.
What are the risks that come with being an early entrant into the edible insect market?
What macro trends support businesses selling edible insects to American consumers?
Describe the four components of a feasibility analysis.
If you were an executive at an automobile company, would you pursue your own model of a driverless car? Why or why not?
Use a search engine to research the outcomes of these two cases. How were the cases resolved? If a judge rendered a decision, summarize his or her reasoning. Do you agree with the judge’s decision?
Assume the role of a judge in these two cases. How would you rule? Explain your reasoning. (In the Lululemon Athletica v. Calvin Klein case, you may want to search online for images of the two
What does a trademark protect? What does a patent protect? What is a design patent?
Select one of these businesses and explain which of the 10 types of innovation the company used to bolster its success.
Describe business’s social responsibility to its customers.
Describe business’s social responsibility to the environment.
Create a detailed diagram of all the stakeholders of Willow Springs. How is each of the stakeholders affected by the water park’s actions? What conclusions can you draw from this analysis? Explain.
What do you think the owners of Willow Springs should do with their property? Should they reopen the water park if they can ensure that the water is safe for swimming? Explain.
Would it have been ethical for Willow Springs to remain open after Kali’s case came to light, even though there could never be definitive evidence linking the infection to its lake? Explain.
How could the owners of Willow Springs have ensured the safety of their customers and prevented the infections from occurring? Explain.
What policies would you put in place as a business owner about employee comments on social media sites like Facebook and Twitter? Explain your policies based on the cases discussed here.
If you were the judge in the Riley case, how would you rule? Explain your reasoning.
If you were the judge reviewing the O’Connor case, how would you rule? Explain your reasoning.
What advantages do franchise businesses offer nonprofits that seek side businesses to generate revenues to support their causes?
What challenges does owning and operating a franchise business create for these nonprofits? Explain.
Explain the typical entrepreneur’s attitude toward risk.
How do the characteristics at the model’s nucleus—opportunistic mindset and tolerance of risk and failure—fit together in the entrepreneur’s mind?
Is the way that these entrepreneurs discovered their business opportunities typical? Explain.
What risks do these entrepreneurs take on when they started their businesses?
What benefits do entrepreneurs such as Bill Mitchell, John Carrington, and Kevin Maloney gain from creating businesses of their own rather than working for someone else?
1. Why is the problem of bringing light to people who don’t have access to reliable electricity not being tackled in a meaningful way by a large lighting company, such as GE (General Electric) or
1. Despite all the changes that have happened with the Internet since 2007, when Songkick was founded, why do you think the company has been able to successfully stick with its original business
Think about and find some information about trends in the motorcycle industry. In particular, identify the effects of economic, demographic, and regulatory changes that may affect the motorcycle
The “You Be the VC 5.1” feature focuses on Prynt, a company in the smartphone industry. What environmental trends and business trends favor Prynt’s unique approach and service?
Why is it important for firms to collect intelligence about their competitors?
What is meant by the term competitive intelligence?
What is a global industry?
What is the difference between a concentrated and a fragmented industry?
What is the purpose of “The Economics of the Business” section of a business plan?
What is the purpose of the “Operations Plan” section of a business plan?
What is the purpose of an assumptions sheet?
What are the differences between historical financial statements and pro forma financial statements?
What is the number one rule in making an investor presentation?
1. Which side do you agree with in this case – Flytenow or the FAA? Explain your answer.2. If you started a business in an industry you weren’t intimately familiar with, how would you go about
When should your friend, who is considering launching a consulting firm to provide financial services to small businesses, think about the ethical climate she wants to establish in her venture?
1. Complete Jack and Sarah’s list for them, including the issues you think they will place on the list along with their recommendations. Which of the issues do you think will stimulate the most
1. On a scale of 1-10 (10 is high), how important is transparency, fairness, and honesty for a firm such as Zendesk? What does a firm have to lose if its customers feel it is subpar on these
1. Why is building credibility, legitimacy, and trust particularly important for a start-up venture, regardless of whether it is a for-profit or a nonprofit organization? 2. How can building
1. Investors are often criticized for insisting that a vesting schedule be put in place for stock that’s issued to employees. After reading this feature, do you think this criticism is justified?
Why is it important for an entrepreneur to build a strong ethical culture for his or her firm?
What are some of the specific steps that can be taken in an entrepreneurial venture for the purpose of building a strong ethical culture?
How can entrepreneurial ventures avoid legal disputes?
What is mediation and how do entrepreneurs use it to resolve disputes?
Why isn’t choosing a legal entity a one-time event?
What might trigger a firm’s decision to change how it is legally organized?
Is a limited liability company an appropriate form of ownership for an aggressive entrepreneurial firm? Why or why not?
Kimberly Smith, a friend of yours, is a freelance journalist. She writes articles on business topics and sells them to business periodicals, newspapers, and online sites. She just read an article
DipJar is the focus of the “You Be the VC 7.1” feature. Assume that this firm’s founders have asked you to help them write a code of conduct for their firm. Given your understanding of how
1. What lessons can be learned from Jim Picariello’s agreement with the high net worth individual, who agreed to invest $1 million in Wise Acre Frozen Treats and then reneged on the agreement when
What are the four main financial objectives of a firm?
1. Toward the beginning of this case, the following statement appears: “Almost all small businesses experience cash flow shortfalls.” What is cash flow? Why is cash flow so critical to an
What is meant by the term efficiency as it relates to the financial management of a firm?
What is meant by the term stability as it relates to the financial management of a firm?
What is the purpose of a forecast? What factors does a firm use to create its forecasts of future sales, income, expenses, and capital expenditures?
1. What steps did Zappos take early in its life as a company to overcome the liability of newness?2. What can entrepreneurs learn from Zappos’ experience about motivating employees and building a
What are the reasons for completing a skills profile for a new firm?
1. The following sentence appears early in this chapter: “There are three reasons that most entrepreneurial ventures need to raise money during their early life: cash flow challenges, capital
1. To what degree do you think Quiznos’ brand has been permanently damaged by its missteps? Is Quiznos doing everything it can to repair its brand? What, if anything, would you do differently to
1. What are the advantages and disadvantages of Wahoo’s Fish Taco’s slow growth philosophy of franchise expansion? 2. Spend some time looking at Wahoo’s Fish Taco’s Web site, focusing
Why is it important for a franchisor to develop detailed and thorough operating manuals?
Why is it important for a business plan to follow a conventional structure rather than be highly innovative and creative?
How does a firm compute its price-to-earnings ratio? Why does a high price-to-earnings ratio indicate that the stock market thinks the firm will grow?
What is the purpose of an assumptions sheet?
Why is a firm’s sales forecast the basis for most of its other forecasts?
What is meant by the percent-of-sales method as it relates to forecasts?
1. How large do you think a start-up needs to be to effectively take advantage of collaborative management programs? Along with full- and part-time employees, should companies include interns,
What is a new-venture team?
1. In retrospect, Brinckerhoff believes that it would have been to Devver’s advantage to have had a business-oriented cofounder as part of Devver’s new-venture team. 2. Do you think the reverse
What are the two potential pitfalls of using a team to start a firm?
What is the difference between inside and outside directors?
What are the three formal responsibilities of a board of directors?
Why do new ventures often turn to consultants for advice?
What is the purpose of SCORE?
What types of advice and counsel do SCORE volunteers provide?
Currently, Ann Schafer is a sales representative for The Pampered Chef, a direct sales organization which sells kitchen utensils and related products. Ann, who lives near Houston, Texas, is thinking
What are the three most common reasons most entrepreneurial ventures need to raise money in their early life?
1. In your opinion, what factors in the business environment encourage firms to partner to compete?2. What risks do small firms face when partnering with large, successful companies? What risks do
What is the difference between equity funding and debt financing?
What are the most common sources of equity funding?
Describe the most common sources of debt financing.
What are the three most common sources of equity funding?

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