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business
small business management

Questions and Answers of Small Business Management

What was Donahoo’s cash fl ow for the month of January? LO.1
Given the information provided by the fi nancial statements, what would you tell Abrahams?(As part of your answer, calculate the fi rm’s cash fl ows.) LO.1
How would you describe the cash fl ow pattern for the Turpen Company? LO.1
Interview an owner of a small fi rm about the fi nancial statements she or he uses. Ask the owner how important fi nancial data are to her or his decision making. LO.1
Acquire a small fi rm’s fi nancial statements.Review the statements and describe the fi rm’s fi nancial position. Find out if the owner agrees with your conclusions. LO.1
Dun & Bradstreet and Robert Morris Associates compile fi nancial information about many companies.They provide, among other information, income statements and balance sheets for an average fi rm in
Obtain the business plan of a fi rm that is three to fi ve years old. Compare the techniques used in the plan to forecast the fi rm’s profi ts and fi nancing requirements with those presented in
Bplans.com is owned and maintained by PaloAlto Software, Inc., as a free resource for entrepreneurs.Find the Planning Solutions portion of the Bplans.com site by going to
For some fi rst-hand experience with debt ratios, go to http://www.anz.com, the site of the Australian and New Zealand Banking Group.Choose the “Business” tab; then select “Business Toolkit,”
Visit the CCH Business Owner’s Toolkit at http://www.toolkit.cch.com to get an overview of what the site offers. CCH is a leading provider of business and tax information. Read more about fi
Historical fi nancial statements (if applicable) and fi ve years of pro forma fi nancial statements, including balance sheets, income statements, and statements of cash fl ows. LO.1
Monthly cash budgets for the fi rst year and quarterly cash budgets for the second year. (See Chapter 22 for an explanation of cash budgets.) LO.1
Profi t and cash fl ow break-even analysis. (See Chapter 15 for an explanation of breakeven analysis.) LO.1
Financial resources required now and in the future, with details on the intended use of funds being requested. LO.1
Underlying assumptions for all pro forma statements. LO.1
Current and planned investments by the owners and other investors. LO.1
Commitment and determination. Such entrepreneurs are tenacious, decisive, and persistent in problem solving. LO.1
Leadership. Such entrepreneurs are self-starters and team builders and focus on honesty in their business relationships. LO.1
Opportunity obsession. Such entrepreneurs are aware of market and customer needs. LO.1
Tolerance of risk, ambiguity, and uncertainty. Such entrepreneurs are risk takers, risk minimizers, and uncertainty tolerators. LO.1
Creativity, self-reliance, and adaptability. Such entrepreneurs are open-minded, fl exible, uncomfortable with the status quo, and quick learners. LO.1
Motivation to excel. Such entrepreneurs are goal oriented and aware of their weaknesses and strengths. LO.1
The outstanding success stories discussed at the beginning of the chapter are exceptions to the rule. What, then, is their signifi cance in illustrating entrepreneurial opportunity? Are these stories
What is meant by the term entrepreneur? LO.1
Consider an entrepreneur you know personally.What was the most signifi cant reason for his or her deciding to follow an independent business career? If you don’t already know the reason, discuss it
The motivators/rewards of profi t, independence, and personal satisfaction are three reasons individuals enter entrepreneurial careers. What problems might be anticipated if an entrepreneur were to
Distinguish between an artisan entrepreneur and an opportunistic entrepreneur. LO.1
What is the advantage of using an entrepreneurial team? LO.1
Explain how customer focus and innovation can be special strengths of small businesses. LO.1
Why is the period from the late 20s to the early 40s considered to be the best time in life to become an entrepreneur? LO.1
Explain the concept of an entrepreneurial legacy. LO.1
Explain the following statement: “One can climb the ladder to success only to discover it is leaning against the wrong wall.” LO.1
Should this venture be regarded as entrepreneurial?Is the owner a true entrepreneur? LO.1
Do you agree with the philosophy expressed here? Is the owner really doing what is best for his family? LO.1
What kinds of problems is this owner trying to avoid? LO.1
If Kiersten Berger opens a piano studio, will she be an entrepreneur? LO.1
Which type of reward(s) will be greatest in this venture? LO.1
Even though she is an artisan, she will need to make decisions of a business nature. What decisions or evaluations may be especially diffi cult for her? LO.1
Is Dover’s feeling of unfairness justifi ed?Is his business entitled to some type of legal protection against moves of this type? LO.1
How should Dover plan to compete against Wal-Mart, if and when this becomes necessary? LO.1
Analyze your own education and experience as qualifi cations for entrepreneurship. Identify your greatest strengths and weaknesses. LO.1
Explain your own interest in each type of entrepreneurial reward. Point out which type of incentive is most signifi cant for you personally and tell why. LO.1
Interview someone who has started a business, being sure to ask for information regarding the entrepreneur’s background and age at the time the business was started. In your report of the
Interview a woman entrepreneur about what problems, if any, she has encountered in her business because she is a woman. LO.1
In addition to the Small Business Administration website, which you can fi nd at http://www.sba.gov, numerous other websites and online resources are available to assist entrepreneurs and small
This chapter highlights Latemodel Restoration Supply, SPANX, and MP4 Solutions as examples of entrepreneurial success. Using the Internet as a research tool, choose two or three other examples of
Defi ne integrity and understand its importance to small businesses. LO.1
Explain how integrity applies to various stakeholder groups, including owners, customers, employees, the community, and the government. LO.1
Identify challenges to integrity that arise in small businesses and explain the benefi ts of integrity to small fi rms. LO.1
Explain the impact of the Internet and globalization on the integrity of small businesses. LO.1
Describe practical approaches for building a business with integrity. LO.1
Describe social entrepreneurship and the costs and opportunities of environmentalism to small businesses. LO.1
The owner of a small business felt an obligation to pay $15,000 to a subcontractor, even though, because of an oversight, the subcontractor had never submitted a bill. Can willingness to pay under
Give an example of an unethical business practice that you have personally encountered. LO.1
Based on your experience as an employee, customer, or observer of a particular small business, how would you rate its ethical performance? On what evidence or clues do you base your opinion? LO.1
Give some examples of the practical application of a fi rm’s basic commitment to supporting the family life of its employees. LO.1
What is skimming? How do you think owners of small fi rms might attempt to rationalize such a practice? LO.1
Explain the connection between underlying values and integrity in business behavior. LO.1
Why might small business CEOs focus more attention on profi t and less on social goals than large business CEOs do? LO.1
Give some examples of expenditures required on the part of small business fi rms to protect the environment. LO.1
Should all fi rms use biodegradable packaging?Would your answer be the same if you knew that using such packaging added 25 percent to the price of a product? LO.1
What decision on Sally’s part would contribute most to the success of her business? LO.1
What ethical reasoning would support hiring Mary? LO.1
What ethical reasoning would support hiring Julie? LO.1
Is the project manager acting with integrity if he purchases unauthorized copies of the software on the black market? LO.1
What might be the long-term effects of deciding to buy the pirated software? Of insisting on buying only legitimate copies of the software? LO.1
What are the important questions to ask in a situation like this? Follow the ethical decision-making process outlined in the chapter. Does it work in this scenario? LO.1
What course of action do you recommend?Why? LO.1
Is the need to survive a reasonable defense for the practice described here? LO.1
If the practice of concealing income is widespread, as implied by the phrase “underground economy,” is it really wrong? LO.1
Examine a recent business periodical, and report briefl y on some lapse in integrity that is in the news. Could this type of problem occur in a small business? Explain. LO.1
Employees sometimes take sick leave when they are merely tired, and students sometimes miss class for the same reason. Separate into groups of four or fi ve, and prepare a statement on the nature of
Visit or telephone the nearest Better Business Bureau offi ce to research the types of inappropriate business practices it has uncovered in the community and the ways in which it is attempting to
Interview an entrepreneur or a small business manager to discover how environmentalism affects her or his fi rm. LO.1
Go to http://www.sba.gov and select “Small Business Planner.” Then click on “Lead” under“Manage Your Business,” and scroll down to“Business Ethics.”a. After reading the short article
Many companies have codes of conduct or ethical business policies that stress the importance of ethical behavior in the workplace. Casual- dining operator Brinker International is an example of a
Business Ethics magazine annually recognizes socially responsible companies with an award. Go to http://www.business-ethics.com/awardspastwinners and read about past winners. What ideas or lessons
What is the difference between a good idea and a good opportunity? LO.1
Why might an entrepreneur prefer to launch an entirely new venture rather than buy an existing firm? LO.1
What are the three basic types of startup ideas?What are the most common sources of inspiration for startup ideas? LO.1
List the six segments of the general environment.Give a hypothetical example of a way in which each segment might affect a small business. LO.1
What are the primary factors shaping competition in an industry, according to Porter’s model? In your opinion, which of these factors will have the greatest impact on industry prices and profi ts?
How are capabilities related to tangible and intangible resources? How are these related to core competencies? LO.1
What is SWOT analysis? How can SWOT analysis help the entrepreneur match opportunities in the external environment with organizational capabilities? LO.1
What are the two basic strategy options for creating a competitive advantage? LO.1
Explain what is meant by the term focus strategy. LO.1
What are the advantages and disadvantages of a focus strategy? What must an entrepreneur know and do to maintain the potential of a focus strategy? LO.1
How would you suggest that Lane fi nd out if he would be happy in this business? LO.1
Would you recommend that Lane buy the business, given the asking price and terms of the deal? LO.1
Is Lane relying too much on nonquantitative factors? LO.1
Do you think a lifetime guarantee is too generous for this kind of product? Why or why not? LO.1
What impact will this policy have on quality standards in the company? Be specifi c. LO.1
What alternative customer service policies would you suggest? LO.1
Will the market for Sorenson’s product continue to grow in the years ahead? LO.1
If he is successful, what sources of competition should he expect? LO.1
What steps would you recommend that he take to protect his company from the onslaught of competition that is likely to come? LO.1
Select a product that is manufactured by a small business, and look for the likely drivers of its attributes in the dynamics of the general and/or industry environments. LO.1
Examine a recent issue of a business publication, and describe the type of target market strategy you believe the magazine uses. LO.1
Visit a local small retailer, and ask the manager to describe the fi rm’s customer service policies. LO.1
Working in small groups, write a brief but specifi c description of the best target market for a new product that is familiar to most of the class. A member of each group should read the group’s

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