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business
small business management

Questions and Answers of Small Business Management

Explain this statement: A sound business model should always begin with a market need.
What is an idea assessment?
Explain the process of conducting an idea assessment.
Why is it necessary to conduct a feasibility analysis?Explain.
What factors led to the birth of the day care industry and the rapid growth in the restaurant industry?
Discuss whether it is advisable for an entrepreneur to build a prototype of his new product.
Explain the difference between primary and secondary research.
What are the key questions that an entrepreneur must ask while preparing a business model?
Describe the four phases involved in developing a business model.
Identify an idea for a new business in an industry that interests you.
Evaluate the idea using an idea sketch pad.
Assess how the six macro forces are creating change within this industry.
Examine the idea using Porter’s Five Forces Model.
Develop a plan to conduct market research on your idea using both primary and secondary methods of research.
Complete an entrepreneurial self-assessment.
What do you take away from this self-assessment about your entrepreneurial readiness?
Discuss your findings with someone who knows you well.
Did that person offer any insights about your entrepreneurial readiness that you may have overlooked?
Explain the benefits of an effective business plan.
Describe the elements of a solid business plan.
Explain the “five Cs of credit” and why they are important to potential lenders and investors reviewing business plans.
Understand the keys to making an effective business plan presentation.
Understand the importance of strategic management to a small business.
Explain why and how a small business must create a competitive advantage in the market.
Develop a strategic plan for a business using the nine steps in the strategic management process.
Who is our target market?
What options currently exist for this target market?
What do/will we offer the target market?
What is the key problem it solves?
Why is it better than other options from which customers can choose?
What are the core values that define how your business operates?
What problems will your business model solve in the market over the next 10 years?
Who is your target market?
How does your business model solve target customers’ problem?
What has your business achieved that you are most proud of?a. Relative rank in your industryb. Financial successc. Product or service qualityd. Contribution to the communitye. Awards and recognitions
What are your most important product lines or services?
What products or services do you refuse to offer?
What is a customer’s shopping experience like at your business? What makes that experience different from the experience with your competition?
How do you describe your management style?
What kind of people do you hire as employees and managers?
What kind of relationship do you have with your employees? What do they say about their jobs?
How does the community view your business?
What do suppliers say about your business?
What do industry experts say about your business?
What are we in business to accomplish?
Who are we in business to serve?
How are we going to accomplish that purpose?
What principles and beliefs form the foundation of the way we do business?
What are the primary criteria customers used to choose among competitive businesses in your industry?
Who are your primary competitors? Where are they located?
What distinctive competencies have they developed?
How do their cost structures compare to yours? How do their financial resources compare to yours?
How do they promote their products and services?
What do customers say about them? How do customers describe their products or services, their way of doing business, and any additional services they supply?
What are their key strategies?
What are their strengths? How can your company counteract them?
What are their major weaknesses? How can your company capitalize on them?
Are new competitors entering the business?
Lowering the subscription fee did not have the desired effect. Why, in your opinion, was this the case?
What could the founders have done differently to ensure that the subscription model worked?
How could the owners protect themselves from competition, such as a government-based e-portal for tendering opportunities?
Why is it important for a small business to establish a competitive advantage?
Describe the three tests that an entrepreneur needs to pass to obtain external financing from potential lenders and investors.
How are the three components of intellectual capital likely to become the source of a company’s competitive advantage in the marketplace?
How do lenders and investors use the five Cs of credit when evaluating a request for financing?
Strategic management is a continuous process that consists of nine steps. Identify these steps.
How do entrepreneurs examine their companies’competitive advantage?
What features of an entrepreneur’s character does an investor or lender evaluate before placing their money in the small business?
How does a company gain a sustainable competitive advantage?
Core competencies are central to a company’s ability to compete successfully and are usually the result of important skills and lessons that a business has learned over time. Define core competency.
Why is setting objectives important?
Describe the three basic strategies available to small companies.
What value does a dashboard offer entrepreneurs who are evaluating the success of their current strategies?
Contact the owner of a small business that competes directly with an industry giant, such as Home Depot, Wal-Mart, or Target.
What does the owner see as his or her competitive advantage?
How does the business communicate this competitive advantage to its customers?
What competitive strategy is the owner using?
How successful is the competitive strategy?
What changes would you suggest that the owner make?
In his book The HP Way, Dave Packard, cofounder of Hewlett-Packard, describes the seven commitments of the HP Way:Profit—the ultimate source of corporate strength Customers—constant improvement
In what ways do these values help HP define its competitive edge?
How important is it for entrepreneurs to define a system of values to guide their companies?
Contact a local entrepreneur and help him or her devise a dashboard for his or her company.
What goals did you and the owner establish in each of the four perspectives?
What measures did you use to judge the company’s progress toward those goals?
Use the strategic tools provided in this chapter to help a local small business owner discover his or her firm’s strengths, weaknesses, opportunities, and threats.
Use the strategic tools provided in this chapter to help identify the relevant KSFs.
Use the strategic tools provided in this chapter to help analyze its competitors.
Help the owner devise a strategy for success for his or her business.
Choose an entrepreneur in your community and interview him or her.
Does the company have a strategic plan?
Does the company have a mission statement?
Explain why the company does or does not have a mission statement.
What does the owner consider the company’s strengths and weaknesses to be?
What opportunities and threats does the owner perceive?
What image is the owner trying to create for the business?
Has the effort been successful?
Do you agree with the owner’s assessment of its effectiveness?
Which of the generic competitive strategies is the company following?
Who are the company’s primary competitors?

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