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business
small business management

Questions and Answers of Small Business Management

What is the sales forecast for your product and/or service? LO.1
How reliable is your sales forecast? LO.1
Why would investors tend to favor a new business led by a management team over one headed by a lone entrepreneur? Is this preference justifi ed? LO.1
Discuss the merits of the three major legal forms of organization. LO.1
Does the concept of limited liability apply to a sole proprietorship? Why or why not? LO.1
Suppose a partnership is set up and operated without a formal partnership agreement. What problems might arise? Explain. LO.1
Evaluate the three major forms of organization in terms of management control by the owner and sharing of the fi rm’s profi ts. LO.1
What is an S corporation, and what is its principal advantage? LO.1
Why are strategic alliances important for many small businesses? What steps can an entrepreneur take to create strategic alliances and to prevent their failure? LO.1
How might a board of directors be of value to management in a small corporation? What qualifi cations are essential for a director? Is ownership of stock in the fi rm a prerequisite for being a
What may account for the failure of most small companies to use boards of directors as more than “rubber stamps”? What impact is this likely to have on the business? LO.1
How do advisory councils differ from boards of directors? Which would you recommend to a small company owner? Why? LO.1
How relevant are the individual personalities to the success of this entrepreneurial team? Do you think Green and Stroder have a chance to survive their “partnership”? Why or why not? LO.1
Do you consider it an advantage or a disadvantage that the members of this team are the same age? LO.1
Which legal form of organization would you propose for STARTOVER? Why? LO.1
If Stroder and Green decided to incorporate, would STARTOVER qualify as an S corporation? If so, would you recommend this option? Why or why not? LO.1
What are the advantages and disadvantages of running the business as a sole proprietorship?As a corporation? LO.1
If Freeman decided to incorporate his business, which types of corporations could he form? Which type would you recommend? Why? LO.1
Can two outside members on a board of fi ve make any real difference in the way the board operates? LO.1
Evaluate the owner’s choices for board members. LO.1
What will determine the usefulness or effectiveness of this board? Do you predict that it will be useful? Why or why not? LO.1
Prepare a one-page résumé of your personal qualifi cations to launch a software instruction business at your college or university. Then write a critique that might be prepared by an investor,
Interview an attorney whose clients include small businesses. Inquire about the legal considerations involved in choosing the form of organization for a new business. Report your fi ndings to the
Interview the partners of a local business.Inquire about the factors they considered when drawing up their partnership agreement. Report your fi ndings to the class. LO.1
Discuss with a corporate director, attorney, banker, or business owner the contributions of directors to small fi rms. Prepare a brief report on your fi ndings. If you discover a particularly
Go to the Small Business Administration’s website at http://www.sba.gov/aboutsba/index.html.Select the Small Business Planner tab, click on“Start Your Business,” and then “Choose a
Read Ed Rigsbee’s article, “10 Tips for Creating Strong Ties,” at http://www.allbusiness.com/business-planning/business-developmentstrategic-alliances/825795-1.html. Ed Rigsbee is the president
Who are the members of your management team? What skills, education, and experience do they bring to the team? LO.1
What other key managers do you plan to recruit? LO.1
Do you plan to use consultants? If so, describe their qualifi cations. LO.1
What are your plans for future employee recruitment? LO.1
What will be the compensation and benefi t plans for managers and other employees? LO.1
What style of management will be used? What will be the decision-making process in the company? What mechanisms are in place for effective communication between managers and employees? If possible,
How will personnel be motivated? How will creativity be encouraged? How will commitment and loyalty be developed? LO.1
What employee retention and training programs will be adopted? Who will be responsible for job descriptions and employee evaluations? LO.1
Who will have an ownership interest in the business? LO.1
Will the business function as a sole proprietorship, partnership, or corporation? If a corporation, will it be a C corporation, an S corporation, a limited liability company, a professional
What are the liability implications of this form of organization? LO.1
What are the tax advantages and disadvantages of this form of organization? LO.1
If a corporation, where will the corporation be chartered and when will it be incorporated? LO.1
What attorney or legal fi rm has been selected to represent the fi rm? What type of relationship exists with the fi rm’s attorney or law fi rm? LO.1
What legal issues are presently or potentially signifi cant? LO.1
What licenses and/or permits may be required? LO.1
What strategic alliances are in place, and what others do you plan to establish in the future? Describe the forms and nature of these alliances. What are the responsibilities of and benefi ts to the
Who are the directors of the company? What are their qualifi cations? How will they be compensated? LO.1
What are the key attributes of a good business location? Which of these would probably be most important for a retail location? Why? LO.1
What is the special appeal of an enterprise zone to an entrepreneur seeking the best site for his or her business? LO.1
Which resource factors might be most vital to a new manufacturing venture that produces residential home furniture? Why? LO.1
Discuss the conditions under which a new small manufacturer should buy (a) general-purpose equipment and (b) special-purpose equipment. LO.1
Under what conditions would it be most appropriate for a new fi rm to buy rather than lease a building for the business? LO.1
What factors should an entrepreneur evaluate when considering a home-based business? Be specific. LO.1
Discuss how zoning and tax laws might impact the decision to start a home-based business. LO.1
Discuss the two different ways of categorizing business models used for e-commerce. LO.1
Contrast B2B and B2C businesses. Identify some of the reasons fi nal consumers give for not using online shopping. LO.1
Evaluate each of the services offered by the incubator in terms of its usefulness to these two businesses. Which of the two businesses seems to be a better fi t for the incubator? Why? LO.1
If rental costs for incubator space were similar to rental costs for space outside the incubator, would the benefi ts of the services offered seem to favor location in the incubator? Why or why not?
What do you see as potential problems with locating Moore’s new business at home? LO.1
What do you see as the major benefi ts for Moore of a home-based business? LO.1
How could Moore use technology to help her operate a home-based business? LO.1
Search for articles in business periodicals that provide rankings of states or cities as business sites. Report on your fi ndings. LO.1
Identify and evaluate a local site that is now vacant because of a business closure. Point out the strengths and weaknesses of that location for the former business, and comment on the part location
Interview a small business owner concerning the strengths and weaknesses of his or her business’s location. Prepare a brief report summarizing your fi ndings. LO.1
Interview the owner of a local small business that you believe might benefi t from e-commerce.Prepare a report on the e-commerce strategy being pursued or the reasons this particular business is not
Contact the Chamber of Commerce offi ce in your local area and ask what e-commerce assistance it provides to small fi rms. Report on your fi ndings LO.1
Go to http://www.business.gov, and choose“Start a Home-Based Business.” Select “Starting a Home-based Business—Is It Right for You?”Are there questions and issues noted that you had not
Visit the Free Advice website at http://www.freeadvice.com, and under Law and Legal Advice, select “Business Law,” then choose “Starting a Business.”a. Read the questions related to
How important are your personal reasons for choosing a location? LO.1
What business environment factors will infl uence your location decision? LO.1
What resources are most critical to your location decision? LO.1
How important is customer accessibility to your location decision? LO.1
What special resources do you need? LO.1
How will the formal site evaluation be conducted? LO.1
What laws and tax policies of state and local governments have been considered? LO.1
What is the cost of the proposed site? LO.1
Is an enterprise zone available in the area where you want to locate?Physical Facility Questions LO.1
What are the major considerations in choosing between a new and an existing building? LO.1
What is the possibility of leasing a building or equipment? LO.1
How feasible is it to locate in a business incubator? LO.1
What is the major objective of your building design? LO.1
What types of equipment do you need for your business?Home-Based Startup Location Questions LO.1
Will a home-based business be a possibility for you? LO.1
What are the advantages and disadvantages of a home-based business? LO.1
Have you given consideration to family lifestyle issues? LO.1
Will your home project the appropriate image for the business? LO.1
What zoning ordinances, if any, regulate the type of home-based business you want to start?Internet Startup Questions LO.1
What type of customers will be served by the Internet startup? LO.1
What degree of online presence will you strive for? LO.1
What is the relationship between an income statement and a balance sheet? LO.1
Explain the purposes of the income statement and balance sheet. LO.1
Distinguish among (a) gross profi t, (b) operating income (earnings before interest and taxes), and(c) net income available to owners. LO.1
Why aren’t a fi rm’s cash fl ows equal to its profi t? LO.1
Describe the three major components of a cash fl ow statement. LO.1
Interpret a fi rm’s cash fl ow statement that shows negative cash fl ows from operations, negative cash fl ows from investments, and positive cash fl ows from fi nancing. LO.1
What determines a company’s profi tability? LO.1
Describe the process for estimating the amount of assets required for a new venture. LO.1
Distinguish between ownership equity and debt. LO.1
How are a startup’s fi nancial requirements estimated? LO.1
What did Donahoo’s balance sheet look like at the outset of the fi rm’s life? LO.1
What did the fi rm’s balance sheet look like after each transaction? LO.1
Ignoring taxes, determine how much income Donahoo earned during January. Prepare an income statement for the month. Recognize an interest expense of 1 percent for the month (12 percent annually) on

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