Questions and Answers of Entrepreneurship Starting Operating

What is meant by the term venture capital? Where do venture capital firms get their money? What types of firms do venture capitalists commonly want to fund? Why?
Briefly describe the SBA’s 7(A) Loan Guaranty Program. Do most start-up firms qualify for an SBA guaranteed loan? Why or why not?
1. How does a start-up establish a “brand”? What do we learn from JCPenney’s miscues about the importance of branding?2. Although the concept of selecting a target market and establishing a
1. What does this feature teach us about the importance of “crafting a unique market position” when launching a retail entrepreneurial venture?2. Spend some time looking at TrackShack’s website
1. How has Proactiv gone about establishing its brand? To what degree do you believe Proactiv is important in its customers’ lives?2. Discuss the things that Rodan and Fields learned, prior to
What is a tagline? What is your favorite tagline? Why?
What is meant by the term brand equity?
What is a reference account? How can having a reference account help a new firm?
Reread the Opening Profile. After doing this, make a list of all the things that you think that Andrew Pohle, Jake Schaufeld, and Jordan Levy have done well in building an effective marketing program
Read the “You Be the VC 11.2” feature that deals with Eatsa. What actions would you suggest that this firm take to develop a guerilla marketing campaign?
KaZAM, the company producing a bike that teaches kids how to ride without training wheels in a safe, enjoyable, and confidence-building manner, is the subject firm described in the “You Be the VC
1. Briefly describe the difference between a provisional patent application and a utility patent application. If successful, which of the two applications awards an inventor a patent?2. Can a
1. Identify the makerspace, FabLab, or TechShop that is located nearest you. Describe the equipment that is available and the program the facility offers.2. Why do you think companies are
1. If you were the owner or manager of a restaurant, would you have used Dishero’s service? Why or why not? 2. What, if anything, could Dishero’s co-founders have done in advance of
1. Select at least two other firms that you believe have crossed the chasm. Briefly summarize how the firms rolled out their products (or services) and what you believe their key steps were in
Can most firms be classified as rapid-growth firms? Explain your answer.
1. Make a list of things that you think Airbnb did “right” in growing its business.2. Comment on the propensity of Airbnb’s founders to solicit customer feedback. Based on the information
1. If a company sold a product that was trendy, such as teenage fashions, which of the fulfillment approaches would be the best choice? Explain your answer.2. If a company wanted to focus all of its
What are the potential downsides to firm growth?
Is it possible for a firm to grow too fast? If so, what are the potential downsides?
What are the benefits of planning for growth?
What is adverse selection and how might it affect entrepreneurial firms?
Why is cash flow management such an important issue for a firm entering a period of rapid growth?
How do rapid growth firms deal with potential cash flow shortfalls?
Why is price stability such an important issue for a firm entering a period of rapid growth?
In what stage or stages of the organizational life cycle are capital constraints most prevalent?
Tracy Gibbons owns a sports apparel company in Columbia, SC. She just attended a seminar, where one of the speakers said, “Participating in business partnerships can help firms lessen the impact of
1. How is Warby Parker able to sell eye wear at such a low price?2. Explain the rationale behind Warby Parker’s omnichannel strategy. Provide an example of another company that is pursuing a
1. Why do you think Hormel acquired Justin’s to add to the strength of its peanut and nut butter offerings and to add a product to its portfolio that appealed to a younger, more health-conscious
What are some of the common reasons new products fail?
What is the difference between a licensor and a licensee?
What is the meaning of the term licensing? How can licensing be used to increase a firm’s revenues?
What is the purpose of a licensing agreement? What is attractive about a licensing agreement for those leading an entrepreneurial venture?
Over the past several years, why have strategic alliances and joint ventures become increasingly prevalent growth strategies for entrepreneurial firms?
How does a freemium business model work?
1. Prior to launching their firms, how could BlackJet, Ridejoy, and Neighborrow.com have better anticipated the issues that ultimately caused them to fail?2. In regard to putting together an
1. Given TOMS’ mission and the way its business model is constructed, would you characterize TOMS’ business model as a standard business model or a disruptive business model? What impact has
What is the best time for a firm to develop its business model?
What are the four major categories that comprise the Barringer/Ireland Business Model Template?
Why do most entrepreneurial firms initially choose to compete within a narrow target market?
What is a company’s product/market scope?
Why are the resources a firm possesses a critical part of its business model?
How many core competencies do most start-ups have?
What are a firm’s key assets?
What is a revenue stream and why is it so important to a firm’s short- and long-term success?
How do fixed costs differ from variable costs?
What are the primary elements of the Operations component of the Barringer/Ireland Business Model Template?
What are some common advantages that accrue to a firm as a result of partnering with other companies?
Naomi Stephenson plans to open a company that will design and manufacture accessories for smartphones. She has read that having a clearly articulated business model will help “all of the elements
Spend some time looking at Wonder Workshop, the focus of the “You Be the VC 3.2” feature. What are five actions this firm could have taken when completing its feasibility analysis that would have
Twitter (http://twitter.com) is a free networking and micro-blogging service that allows its users to send and read other users’ updates, called “tweets.” This business model continues to be
Debra McGahan, a close friend of yours, mentioned to you that to complete a project in one of the courses she is taking this semester, she needs to describe a firm that is using an effective business
Re-read the opening profile about IndieU. What are the most significant threats to this firm’s currently successful business model? What actions should the firm take to successfully deal with the
1. How has Panera Bread established a unique position in the restaurant industry?2. How has Panera Bread’s unique position in the restaurant industry contributed to the firm’s success?3. What
1. To what degree do you think Casper has disrupted the mattress industry? To what degree did Casper’s research about the mattress buying process resonate with you? Would you buy a Casper mattress?
1. Pick an industry in which you have an interest. Make a list of the premier trade associations, trade shows, and trade journals associated with the industry.2. How can an entrepreneur assess
How does the bargaining power of buyers have the potential to suppress an industry’s profitability?
How does the bargaining power of suppliers have the potential to suppress an industry’s profitability?
What are the four primary categories of environmental trends?
What are the characteristics of a fragmented industry and why are these important for entrepreneurs?
What is the primary opportunity for new firms in fragmented industries?
What are the characteristics of a mature industry?
What is the primary opportunity for new firms in a mature industry?
1. What are the advantages of showing rough prototypes to potential customers, like those produced for Step 1 and Step 2, rather than showing them a well-developed prototype to begin with?2. Make a
What is a product/service feasibility analysis?
What is a concept statement?
What are the two ways that entrepreneurs assess the likely product demand for the proposed product or service they are analyzing?
What are the two primary issues to consider when conducting an organizational feasibility analysis?
What is a new-venture team?
What is financial feasibility analysis?
1. As part of your college experience, do you think you would benefit from participating in a campus ambassador or campus rep program? Why or why not?2. In what ways would participating in a campus
What are the three main attributes of firms that pursue high levels of corporate entrepreneurship?
Of the three primary reasons people become entrepreneurs, which one is given most commonly and why?
What is it about “tenacity” that makes it such an important characteristic for entrepreneurs?
What is the evidence that debunks the myth that entrepreneurs are born, not made?
After rereading the opening case, identify all of the effective or smart moves Kirsten Blowers made in the early days of building Riffraff.
What is a product opportunity gap?
What is an opportunity?
What is meant by the term opportunity recognition?
In what ways does prior industry experience provide an entrepreneur an advantage in recognizing business opportunities?
How does creativity contribute to the opportunity recognition process?
Why is “no criticism” the number-one rule for brainstorming?
What is the purpose of day-in-the-life research?
How could Jamie Heywood and Ben Heywood, the co-founders of Patients Like Me, the subject of case 1.2 in Chapter 1, have utilized library and Internet research to flesh out their business idea?
Create a cumulative cash flow graph for a business with the following monthly cash balances: FUTURE VALUE OF $10 PERIODS INTEREST RATE 2 5% $11.03 5 10
Visit three independently owned businesses in the same industry in person. Identify the target market for each (demographic, geographic, psychographic, and behavioral). Note the various advertising
Go to the Amazon.com site and search for The Lean Startup by Eric Reis.a. What formats are available?b. What other categories of information are provided, and how might they boost sales
Identify and describe at least five challenges start-up businesses face.
Imagine A Better Company LLC, which has six members. Five of the shareholders own 7 percent each. Jacinta owns the remaining portion of the company. A Better Company needs $250,000 for equipment,
Find and list three free and/or paid business networking opportunities in your area. Describe how you could take advantage of them for your business.
Are there any angel investors that might be interested in your business? Who are they and how and where did you find them?
Are there options to fund Chilly Dilly’s growth that Dylan has not considered?
Negotiate and write a letter of agreement between you and a fellow student. You could agree to become business partners, for example, or to supply a product or service for the other student’s
Identify two sets of business clusters in your area. Explain why they may have been formed.
Search the site for the article, “AAFD Road Map to Selecting a Franchise.” Read the section called “8 Things to Look for in a Franchise.” For each of the eight tips in the article, write a
Analyze two companies that merged during the past three years. Describe the structure of the merger and what has happened to the resulting organization since then.
Do you plan to franchise your business or license any of your products? Explain.
Provide an example of a business that could lead to licensing agreements and a business that could be franchised.
Compare and contrast licensing and a franchising agreement.
1. What does ONLC do to determine where to offer training? What are the critical location factors?2. How does this business model democratize distribution?3. How can ONLC have over 300 locations and

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