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business
small business management

Questions and Answers of Small Business Management

Explain the three tradeoffs that guide the choice between debt fi nancing and equity fi nancing. LO.1
Assume that you are starting a business for the fi rst time. What do you believe are the greatest personal obstacles to obtaining funds for the new venture? Why? LO.1
If you were starting a new business, where would you start looking for capital? LO.1
Explain how trade credit and equipment loans can provide initial capital funding. LO.1
a. Describe the different types of loans made by a commercial bank.b. What does a banker need to know in order to decide whether to make a loan? LO.1
Distinguish between informal venture capital and formal venture capital. LO.1
In what ways does the federal government help with initial fi nancing for small businesses? LO.1
What advice would you give an entrepreneur who was trying to fi nance a startup? LO.1
What is your impression of Bernstein’s perspective on raising capital to “get to the next level”? LO.1
What advice would you offer Bernstein as to both appropriate and inappropriate sources of fi nancing in his situation? LO.1
Compare the two fi nancing options in terms of projected return on the owner’s equity investment.Ignore any effect from income taxes. LO.1
What if Dalton is wrong and the company earns only 4 percent in operating income on total assets? LO.1
What should Dalton consider in choosing a source of fi nancing? LO.1
Should Mack be surprised by the bank’s demand for a personal guarantee? Why or why not? LO.1
What would you advise Mack to do? LO.1
Interview a local small business owner to determine how funds were obtained to start the business.Be sure you phrase questions so that they are not overly personal, and do not ask for specifi c
Interview a local banker about lending policies for small business loans. Ask the banker to comment on the importance of a business plan to the bank’s decision to loan money to a small business.
Review recent issues of Entrepreneur or Inc., and report to the class on the fi nancing arrangements of fi rms featured in these magazines. LO.1
Interview a stockbroker or investment analyst on his or her views regarding the sale of common stock by a small business. Write a brief report on your fi ndings. LO.1
As noted in this chapter, several government loan programs provide fi nancing to small businesses.To fi nd out more about the loan programs of the Small Business Administration, one of the more
Go to the CCH’s Business Owner’s Toolkit at http://www.toolkit.com/small_business_guide/sbg.aspx?nid=P10_2000, and fi nd content related to the basics of debt versus equity fi nancing.What are
Although initial public offerings (IPOs) may not be in the cards for many small businesses, some larger small businesses may make their stock available to the general public. To learn more about
What is the total fi nancing required to start the business? LO.1
How much money do you plan to invest in the venture? What is the source of this money? LO.1
Will you need fi nancing beyond what you personally plan to invest? LO.1
If additional fi nancing is needed for the startup, how will you raise it? How will the fi nancing be structured—debt or equity? What will the terms be for the investors? LO.1
According to your pro forma fi nancial statements, will there be a need for additional fi nancing within the fi rst fi ve years of the fi rm’s life? If so, where will it come from? LO.1
How and when will you arrange for investors to cash out of their investment? LO.1
Explain what is meant by the term harvesting.What is involved in harvesting an investment in a privately held fi rm? LO.1
Why should an owner of a company plan for eventually harvesting his or her company? LO.1
Contrast a sale to a strategic buyer with one to a fi nancial buyer. LO.1
Explain the term leveraged buyout. How is a leveraged buyout different from a management buyout? LO.1
Distinguish between bust-up LBOs and build-up LBOs. LO.1
What is the primary purpose of an initial public offering (IPO)? How does an IPO relate to a harvest? LO.1
Why might an entrepreneur fi nd going public a frustrating process? LO.1
What determines whether a fi rm has value to a prospective purchaser? LO.1
What problems can occur when an entrepreneur sells a fi rm but continues in the management of the company? LO.1
How may harvesting a fi rm affect an entrepreneur’s personal identity? LO.1
How could the Waughs be disappointed with $32 million? LO.1
What should the Waughs have done to avoid this situation? LO.1
What advice would you offer Bill about continuing to work for the business under the new owners? LO.1
Do you agree with the Bonneaus’ decision to sell? Why or why not? LO.1
Why did the buyers retain Ed as a consultant?(In answering this question, you might consider the quote by Bonneau in the chapter.) LO.1
Do you see any problem with having the Bonneaus’ son-in-law become the new chief operating offi cer? LO.1
Compare the people in the above true stories in terms of their feelings about exiting their fi rms. LO.1
What might explain the difference between those who have positive feelings about cashing out and those who do not? LO.1
Check your local newspaper for a week or so to fi nd a privately held company that has been sold recently. Try to determine the motivation for the sale. Did it have anything to do with the prior
Ask a local family business owner about future plans to harvest the business. Has the owner ever been involved in a harvest? If so, ask the owner to describe what happened and how it all worked out,
Visit a local CPA to learn about his or her involvement in helping entrepreneurs cash out of companies. LO.1
Search a business magazine to identify a fi rm that has successfully completed an initial public offering (IPO). See what you can fi nd out about the event on the Internet. LO.1
To fi nd out more about harvest and exit strategies of small fi rms, go to the U.S. Chamber of Commerce website at http://www.uschamber.com/sb. Choose “Finance” from the Toolkits and in the “I
Valuing a business is a topic covered extensively at the CCH’s Business Owner Toolkit website, which you may have visited before in earlier Web exercises. Drill a bit deeper into the site by keying
Go to BizPlanIt’s website at http://www.bizplanit.com. Choose “Free Business Planning Resources,”“Virtual BizPlan,” “Exit Strategy,” and then “Exit Strategy Business Plan Basics.”a.
Go to http://www.inc.com/articles/1999/11/15743.html for explanations of SEC rules and regulations governing exemptions for small fi rms going public. LO.1
Defi ne customer relationship management. What is meant by the statement “CRM is primarily a mind-set”? LO.1
Does CRM put more emphasis on current or potential customers? Why? LO.1
What are the two essential building blocks of a successful CRM program? What “materials” are used to construct these building blocks? LO.1
Why is a small fi rm potentially in a better position to achieve customer satisfaction than is a big business? LO.1
Discuss how technology supports customer relationship management. LO.1
What types of information should be part of a customer profi le? LO.1
What techniques or sources of information can be used to develop a customer profi le? LO.1
Briefl y describe the four stages of the consumer decision-making process. Why is the fi rst stage so vital to consumer behavior? LO.1
List the four psychological infl uences on consumers that were discussed in this chapter. What is their relevance to consumer behavior? LO.1
List the four sociological infl uences on consumers that were discussed in this chapter. What is their relevance to consumer behavior? LO.1
What customer loyalty techniques would you recommend to Shepherd? LO.1
What information would be appropriate to collect about customers in a database? LO.1
What specifi c computer-based communication could be used to achieve Shepherd’s goal? LO.1
What psychological concepts of consumer behavior are relevant to marketing this service? Be specifi c. LO.1
How can the stages of consumer decision making be applied to a person’s decision to use a particular funeral home? LO.1
What types of CRM techniques could be used by this type of business? LO.1
What sociological issues may have an i mpact on the success of this venture? LO.1
In which consumer decision-making stage do you believe Peterson’s potential customers will be located? Why? LO.1
For several days, make notes on your own shopping experiences. Summarize what you consider to be the best customer service you receive. LO.1
Interview a local entrepreneur about her or his company’s consumer service efforts. Summarize your fi ndings. LO.1
Interview a local entrepreneur about what types of customer complaints the business receives.Also ask how he or she deals with different complaints. Report your fi ndings to the class.
Consider your most recent meaningful purchase.Compare the decision-making process you used to the four stages of decision making presented in this chapter. Report your conclusions. LO.1
Visit the SBA Web site at http://www.sba.gov.Click on “Small Business Planner”; then under“Manage Your Business,” click on “Market and Price,” and then select “Customer Service.” What
Discuss some of the limitations on growth in a small fi rm. LO.1
Describe the recommendations for reducing risk associated with innovation in a small business. LO.1
How does an understanding of the product life cycle concept help with product strategy? LO.1
Discuss briefl y each stage of the product development process. LO.1
What are some of the product strategy options available to a small fi rm? Which ones are most likely to be used? LO.1
Identify and briefl y describe the three ways to increase sales of an existing product once a product strategy has been implemented. LO.1
Select two product names, and then evaluate each with respect to the fi ve rules for naming a product. LO.1
Explain how registration of a small fi rm’s trademark would be helpful in protecting its brand. LO.1
Why do small fi rms need to consider indirect channels of distribution for their products? Why involve intermediaries in distribution at all? LO.1
Discuss the major considerations in structuring a channel of distribution. LO.1
What problems, if any, do you see with the use of the university’s brand? LO.1
What strategy should they pursue to obtain cooperation from the university? LO.1
What distribution options are likely to be used? LO.1
What are the advantages and disadvantages of the in-home method of selling Tomboy Tools? LO.1
What other channels of distribution might Tomboy Tools use? LO.1
What do you think about the name Tomboy Tools? LO.1
What is it about Monster’s logo that makes it effective? (Hint: What tips does this textbook provide regarding logo design?) LO.1
How can good packaging help a product? LO.1
Why is labeling an important part of the packaging for energy drinks like Monster? LO.1
Where would be the best locations for the MooBella ice-cream vending machine? LO.1
What are the primary advantages and disadvantages of this retailing strategy? LO.1
Visit the website of tutor2u, an online learning resource, at http://www.tutor2u.net. Click on “Quizzes,” then “Branding,” and take the“Marketing—Introduction to Brands” quiz. How did
Interview the owner or owners of a local manufacturing business to fi nd out how they view innovation in their market. Summarize your fi ndings. LO.1

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