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entrepreneurship theory process practice

Questions and Answers of Entrepreneurship Theory Process Practice

Which of the six values do you think is the most present in INCREASE’s culture?
Regarding the type and distribution of clients INCREASE has, what would you recommend in terms of designing a strategy?
Why do you think the company decided to start offering new products and start operations in new countries?
Would you invest three weeks in an induction program? Do you agree that every employee should know every part of the company? What do you think about the total transparency policy?
What consequences might there be in recruiting many employees in a short period of time?
Do you think it was the right time for INCREASE to start an investment round? Why?
What would you say was the main driver that led Matias and Sebastian to start the company?
Do you think there might be some family dynamics involved?
For the financial segment, what suggestions would you make to Katrina regarding the kinds of information to include? Be as specific as possible.
For the critical-risks assessment segment, what key areas does Katrina have to address? Discuss two of these.
What should Katrina put in the marketing segment? What types of information will she need?
How would you recommend Pedro get ready for his meeting with the venture capitalist? Be complete in your answer.
Would a business plan be of any value to Pedro? Why or why not?
In addition to financial questions, what other questions is the venture capitalist likely to ask Pedro?
What were the secrets of Brigit’s success without a business plan?
Based on Brigit’s experience, would you still recommend writing a business plan or would you just ‘wing it’?
Are there any novel or innovative entrepreneurship competitions at your university (see Table 11.1)?
Under what circumstances would you suggest simply skipping a business plan?
Briefly describe each of the major segments to be covered in a traditional business plan.
Describe the five-minute reading process that venture capitalists follow when reading a business plan.
What are some of the benefits of traditional business planning? When would we use it?
What are some of the dynamics of ownership and equity splits?
Why do you think the summary/pitch in a lean plan is written first and last?
What do we mean when we say ‘form follows function’ in business planning? Use an architectural analogy to explain your answer.
Why has lean business planning emerged as an alternative, particularly among young companies?
Why do traditional plans sometimes not achieve their objectives?
What are some of the new forms of business planning?
What are the main differences between ‘traditional’ business planning and ‘lean’ business planning?
When selling the creditors on your recommendation, what argument(s) would you use?
Is Debbie correct in saying she will need to declare bankruptcy? Explain your answer.
Under Australian law, is Debbie’s business technically insolvent? If so, what are the consequences? If not, why not?
How could Tom have protected himself against invalidating his patent application when pitching his new machine to the five major suppliers? Describe how you would have approached this scenario
If Tom does get a full patent, can he bring action against infringers? Will it be worth the time and expense?Why or why not? Are there any alternatives to a full patent application?
Given the nature of the industry, how valuable will a patent be to Tom? Explain.
What is liquidation and how does it relate to insolvency?
What is a proprietary limited (Pty Ltd) company and why would an entrepreneur choose to adopt this legal form of entity over being a sole trader? What is the equivalent form of the Pty Ltd company in
How does a limited partnership work? Give an example.
Explain the limited liability partnership.
Name three specific types of partners. How do they differ?
What are the specific advantages and disadvantages associated with each primary legal form of organisation?
Define each of the following: sole tradership, partnership, and corporation.
Name six types of legal business structures that are relevant to a non-profit entrepreneur.
Under what circumstances would an entrepreneur choose to keep trade secrets rather than register a patent application? What organisational strategies might be needed to keep ‘trade secrets’
What is a domain name? Give some examples of interesting cases of domain name infringement.
When might a trademark registration be invalidated? Explain.
In your own words, what is a trademark? Why are generic or descriptive names or words difficult or impossible to register as trademarks?
How much protection does copyright afford the owner? Can any of the individual’s work be copied without paying a fee? Explain in detail. If an infringement of copyright occurs, what legal recourse
In your own words, what is copyright? What benefits does copyright provide?
Explain why an entrepreneur might decide against patenting as a protection strategy and briefly describe the potential consequences of such a decision.
When can a patent be declared invalid? Cite two examples.
What are seven basic rules entrepreneurs should remember about securing a patent?
In your own words, what is a patent, of what value is a patent to an entrepreneur and how long does that benefit last?
Before a decision is made regarding the types of intellectual property a business will seek to protect, what three pieces of business information should be researched and acknowledged?
Briefly discuss how the decision to start a business in different countries may be affected by the local legal and regulatory environment.
If Edgar were looking for an alternative approach to doing business with the Chinese, what would you suggest?Defend your answer.
What concerns should Edgar have with regard to legal challenges he might face (see Chapter 10)?
Is the Chinese business proposal a joint venture? Why or why not? Would you recommend that Edgar accept it?Why or why not?
What type of arrangement is Edgar using in his business dealings with the businesses in Australia, Singapore and Dubai? Be complete in your answer.
Do you have ideas about how Sharma could acquire more of the US outsourcing business?
If Sharma’s business continues to grow, what recommendations would you make for future action? What else should Sharma be thinking about doing in order to keep things moving smoothly?
How are Sharma’s actions helping to build an adaptive business? Give three specific examples.
In what phase of the venture life cycle is Sharma’s business currently operating?
Name three global entrepreneurship research topics that you would like to undertake.
Do you feel part of an ethnic network? If so, how would you maximise it for entrepreneurial advantage? What are the top ethnic entrepreneurial networks in your community?
How does a joint venture work? What are the advantages of this arrangement? What are the disadvantages?
How can an entrepreneur become aware of import opportunities?
What are the main motivations for going global?
What is a ‘born-global’ business? Name three born-global companies that you know.
Identify five unique managerial concerns of growing businesses.
What is meant by managing paradox and contradiction?
Identify and describe the four key factors that need to be considered during the growth stage.
Comparing the entrepreneurial focus with the administrative focus involves five major areas of consideration.What are these areas?
Define a business model and describe the three perspectives that are embedded in its definition. What are the elements of the business model that drive each of these perspectives and what is central
How can an entrepreneur build an adaptive business?
What strategic approach can a new business take to avoid having to confront powerful competitors? Explain the two key insights needed to adopt this approach.
Briefly identify and describe the stages of development for a new venture.
Explain the five fatal flaws of strategic planning for an entrepreneur and outline how an entrepreneur can avoid these.
Give three reasons why many entrepreneurs fail to formulate strategic plans.
Describe the entrepreneurial strategy process. What are the four major elements of the process and what does each entail?
In what way does an entrepreneur’s vision affect the company’s strategic plan?
Is there a solid chance of product acceptance compensating for the cost of entry and ongoing support?
What type of payment/credit arrangements would be most suitable?
If the business licenses, franchises or transfers technology, how will it find and select the right partner?
How will the business manage the representative? What relationship will it have with the representative? What are the legal implications of the relationship?
If the company adopts an external form of exporting (for example, through an agent, distributor, trading house), how will it select the best representative?
What form of business should the business adopt (internal/external exporting, indirect/direct exporting, licensing or franchising, technology transfer)?
What is the internal suitability like? How will it affect the business’ other operations?
Are there specific characteristics that would affect the marketing mix and require adaptation?
What are the characteristics of the shipping, transportation, warehousing and distribution facilities and the general level of access to the markets?
If permits are necessary, would they be difficult or costly to obtain?
Are there specific tariffs, taxes, duties and/or permits that apply to the business’ product?
What is the source of the competitors’ products (for example, imported or locally produced)?
How strong is the current competition (company size and market share, product quality, level of after-sales service, intangible advantages – member of a favoured nation)?
What stage of the product life cycle (PLC) would the business’ export be entering?
What market segments exist that could create opportunities?
How strong is the current and potential demand for this product (for example, what is the market size and growth trend)?
How will economic factors affect the standardisation of the product or the marketing mix (for example, will product sizes need to be reduced or less choice provided at the premium end to accommodate
Will income exceed the cost of doing business?
How much adaptation would be needed?
Is there sufficient demand in the industry for the business’ product or service?

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