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business
small business management

Questions and Answers of Small Business Management

Does the restaurant have a competitive edge?
Visit the Web site for the Small Business Administration’s (SBA’s) page on marketing. Interview a local business owner, using the resources at the SBA Web site as a guide.
Based on your interview, what sources for developing a competitive edge did you find?
Based on your interview, what weaknesses do you see, and how do you recommend overcoming them?
How would you rate the service, quality, and convenience of each of the businesses based on your mystery shopper experience?
Compare and contrast the staff at the three stores based on how helpful, friendly, professional, and courteous they were to you during your mystery shopper visits.
How would you describe each company’s competitive advantage, based on your mystery shopper visits?
What future do you predict for each company you visited as a mystery shopper?
Prepare a brief report for your class on your findings and conclusions based on your three mystery shopper visits.
Define business ethics and describe the three levels of ethical standards.
Determine who is responsible for ethical behavior and why ethical lapses occur.
Explain how to establish and maintain high ethical standards.
Explain the difference between social entrepreneurs and traditional entrepreneurs.
Understand the nature of business’s responsibility to the environment.
Describe business’s responsibility to employees.
Explain business’s responsibility to customers.
Discuss business’s responsibility to investors.
Describe business’s responsibility to the community.
Does my decision have ethical implications? If so, what are they?
Does my decision or action violate the law, relevant standards of behavior, company credo, or ethical principles?
Will I feel good about myself if I choose this option?
How would I feel if someone else took this action towards me?
Would I want my decision or action to become public knowledge?
Will I be able to justify the rationale for my decision or action if or when my decision or action becomes public knowledge?
Would an objective bystander consider my decision or action to be justified?
Does my decision or action deceive or mislead other people?
Is my decision or action likely to be valid over time? Looking back on this decision or action in 10 years, will others consider it to be reasonable and ethical?
Can I disclose my decision or action to my family members, my colleagues, my boss, and my friends with no ethical qualms?
What is my true motivation for making this decision or taking this action? Is my intention honorable? Would the general public consider it the right thing to do?
How would I feel if my decision or action appeared in the news?
Whom might my decision or action harm? Have I taken steps to avoid or minimize that harm?
Is this decision or action consistent with my religious teachings and beliefs?
Could my decision or action become the foundation for a general principle for others who face the same or similar decision or situation?
Have I considered the impact of my decision or action on others from their point of view?
Does my decision or action respect the rights of the people it will affect?
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
Does Waldo have a legitimate sexual harassment complaint? Explain.
Work with a team of your classmates to identify an unmet social need in your community. Identify alternative approaches you can develop to address this social need. Describe the social venture you
What is ethics?
Ethics and social responsibility set behavioral boundaries for decision makers. Define social responsibility.
In any organization, who determines ethical behavior?
Which method for establishing ethical standards is most meaningful to you?
Identify the term used for people who pursue opportunities to create social value.
How do social entrepreneurs differ from traditional entrepreneurs?
Describe some simple ways that an organization can be socially responsible.
Describe business’s social responsibility to employees.
Describe business’s social responsibility to customers.
Describe business’s social responsibility to investors.
What practices do socially responsible entrepreneurs follow?
Many owners of trucking companies use electronic communications equipment to monitor their drivers on the road. They say the devices allow them to remain competitive and to serve their customers
Modern technology has given business owners the ability to monitor their workers’ performance. What should they do to avoid potential ethical and legal problems?
Managing a culturally diverse workforce presents a real challenge for small business owners. How can they achieve unity among their employees from a diverse background?
What rights do customers have under the Consumer Bill of Rights?
Why do some organizations create a customer report card?
Interview a social entrepreneur in your community to determine the social need addressed by the entrepreneur and the solution applied to that social need.
Was the social venture established as a nonprofit or a for-profit social enterprise?
If the firm is a nonprofit, what are its primary sources of funding?
If the firm is a for-profit social enterprise, what is the primary source of revenues, and how are the profits used to address the social need the company has as its primary focus?
A key concern with any social enterprise is sustainability of funding. What recommendations can you make to the social entrepreneur to ensure the sustainability of the venture over the long term?
What are the various ways you could generate the funding you would need to operate your social venture?
Describe why creativity and innovation are such integral parts of entrepreneurship.
Explain the 10 “mental locks” that limit individual creativity.
Understand how entrepreneurs can enhance the creativity of their employees as well as their own creativity.
Describe the steps in the creative process.
Discuss techniques for improving the creative process.
Describe the protection of intellectual property through patents, trademarks, and copyrights.
Can the opponent afford to pay if you win?
Do you expect to get enough from the suit to cover the costs of hiring an attorney and preparing a case?
Can you afford the loss of time, money, and privacy from the ensuing lawsuit?
Explain the steps of the creative process. What can an entrepreneur do to enhance each step?
Being creative is important for every organization.Define creativity.
Can creativity be taught, or is it an inherent trait?Explain.
Successful entrepreneurs are willing to take risks, explore new ideas, and ask questions when required.Do you agree?
Explain the differences between a patent, a trademark, and a copyright.
Your dinner guests are to arrive in five minutes, and you’ve just discovered that you forgot to chill the wine!! Wanting to maintain your reputation as the perfect host/hostess, you must tackle
Work with a group of your classmates to think of as many alternative uses for the commercial lubricant WD-40 as you can. Remember to think fluidly (generating a quantity of ideas) and flexibly
A Facebook group of more than 25,000 people is trying to convince Cadbury, the venerable British confectioner (now owned by Kraft Foods), to produce a giant chocolate Cadbury Crème Egg that contains
You have a business presentation at your client’s office in five minutes and you just realized that you have left your presentation documents in your office.To maintain your reputation in front of
Work in a group of two or three students. Find an easily available product (such as a pen). Think of all the creative ways the product can be used. You need to prepare at least 10 alternative uses,
Interview at least two entrepreneurs about their experiences as business owners. Where did their business ideas originate?
How important are creativity and innovation to these entrepreneurs’ success?
How do these entrepreneurs encourage an environment of creativity in their businesses?
Describe the process of conducting an idea assessment.
Explain the elements of a feasibility analysis.
Describe the six forces in the macro environment of an industry.
Understand how Porter’s Five Forces Model assesses the competitive environment.
Describe the various methods of conducting primary and secondary market research.
Understand the four major elements of a financial feasibility analysis.
Describe the process of assessing entrepreneur feasibility.
Describe the nine elements of a business model in the Business Model Canvas.
If you were an executive at an automobile company, would you pursue creating your own model of a driverless car?Why or why not?
Which niche in the market will we occupy?
How large is this market segment, and how fast is it growing?
What is the basis for differentiating our product or service from competitors?
Do we have a superior business model that will be difficult for competitors to reproduce?
Do we really understand the customer problem the business model is trying to address?
Do these customers care enough about this problem to spend their hard-earned money on our product?
Do these customers care enough about our product to help us by telling others through word-of-mouth?
What would you recommend that entrepreneurs do to ensure that they don’t hang on too long to a failed business concept?
Explain the steps of the creative process. What can an entrepreneur do to enhance each step?

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