PLEASE MAKE SURE FORMATTING IS UNDERSTANDING AND READABLE! I have arranged the questions in the order they should be in, please only provide answer with section, question number and part (ex. 1a, 1b, 2a, 2b, etc.). I'd prefer the formatting to be like mine so I know what goes where. Question 1 you have to read transcript to answer question.

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>> Well the idea for the company happened in November, 2011 but really it goes back further than that because I knew I wanted to work for myself and to run my own enterprise, and I at the time was doing so, I was a commercial photographer, and my brother at the time he'd been brewing for probably a year and a half and he had crossed that threshold where he was really going into it. You know we were texting a lot about ideas and he said look I know that this is what I'm going to do with my life. You have this business talent; that sounds silly. You have this business experience and you have an eye for design and branding and marketing and I just want to make the best beer on the planet. My name is Peter and I am the co-founder and Business Director of Eissell Brother's Brewing Company. >> I'm Noah Eissell; I'm the co-founder and Brewer at Eissell Brother's Brewing in Portland Maine. I was a sophomore in college and moved down here between sophomore and junior year to Portland and lived with my brother, and that was the first time I had lived away from a dorm, so I'd been wanting to home brew for a while so living in an actual apartment finally gave me the opportunity to do that, and made some just God awful beer, but kept going at it. I lived in an apartment my next year in school then and just the bug just kept kind of biting me a little harder. >> I met Noah Bissell, the Head Brewer, two years ago, he was a student in college and he came to the bar where I worked with his friends and he really seemed like a nice kid with a lot of beer knowledge. My name is Seth and I am the General Manager of Eissell Brother's Brewing in Portland Maine. Noah started bringing me his home brew. I had one sip and I was like wow man, this is better than A, B and C already out there and I believe in this wholeheartedly. If you really want to do a brewery I think that's amazing. I already think you've got a great product. >> I knew that I really liked this brewing thing. I was in three years into a psychology degree at Farmington, so it was kind of a little late to steer the course of the ship at that point. And Peter, my brother, was kind of getting sick of the monotony of a wedding every single week. I certainly had no guaranteed job future so we started sort of talking and he knew how passionate I was about beer and how serious I was about making it, and he was kind of looking for a change and we kind of said, well that might be sort of a fun thing to do. >> This is essentially starting a factory so we were too young guys that had no background whatsoever in that so it's a lot of learning. You kind of looked at these milestones as, okay first we got, first we closed our investment round and then we finalized the bank loan, but those things don't happen linearly. People don't just don't just say oh, you need to do this, well you've got time to do this. You're juggling a bunch of moving pieces and yeah, I mean like we were paying rent on this space so it was basically just an expensive garage, but we had to have it because we got the equipment that we needed like the boiler, if we didn't jump on the spot someone else is going to get that. So yeah there were times where I'm thinking this is just so crazy but looking back it doesn't even seem that bad because there's always new challenges. And as you hit each of these milestones you realize well what am I really capable of? If we did that, two guys with no financial background were able to convince people that this is an awesome idea, which it is, and get people to invest and then do a bank loan with basically no collateral, we just found a bank that really believed in our idea. Okay we did that so then when we launch and there's a problem with the equipment in the middle of the night, okay we can do this. >> I think the biggest thing that makes us what we are is that we have full control of this entity as a company. We make the beer ourselves, we package it ourselves and we distribute and sell it ourselves. Until that keg gets dropped off everything about that beer, except for the malting and hop growing obviously, have been totally in our control. And the kind of traditional way for a brewery to go about business is get a distributor because they'll have an easier time getting you into more places because they already have a foundation there, but for us we kind of said who's going to sell our beer better than ourselves. >> we can't make enough beer to satisfy the demand for it so it's about picking and choosing where it goes, trying to juggle like 50 relationships with 50 different places. The business plan as we wrote it is working, so to speak, so the company is profiting. we obviously have debt to work out but that's managed and our investors are happy, our banks' happy, you know, we've got a lot of good press in a short time. >> I think what I've learned is sort of, you know, this balance that specifically Pete and Noah keep between being properly educated, being prepared and inserting creative license, you know, all throughout this process. My name is Josh and I am the company seller man which is essentially a really sort of interesting way of being the utility guy. To be honest I've never seen anything like it. I've lived in Portland now for like the past 12 years and it wasn't until like the past 5 years where we were getting these really cool new breweries coming in and sort of issuing the creative licenses that Pete and Noah offer, so Portland's ability to sort of open their arms to these new ideas and these new concepts and introducing new styles of beer. It's all seemed pretty warmly received. >> Craft beer is hot right now but this is about, you know, this is our life's work. So it's not about, it certainly about getting off the ground but it's about where's this company going to be in 20 years. How do we stay on the cutting edge, how do we stay innovative and for us the biggest thing is maintaining out flexibility and maintaining our independence. Not taking any outside partnerships that are unnecessary. If they text me for beer or call me for beer we're the ones that are delivering, troubleshooting and patronizing. You know, we serve beer to the places we like to go. I want these places to succeed because they're key to my business succeeding. But, we need more of these guys, so we've put a down payment on the next one, kind of before we were ready, that money was nice in our account but no, let's put the down payment on that. Again, a tough choice because to really maximize this business into everything it can be, both culturally and financially we have to grow, we can't make nearly enough beer right now, so that's the mentality we're going to go forward with. It's never just going to be smooth sailing. I said to Noah the first day that we canned, I said we did it. This is as far as the business plan goes and we did what we said we were going to do in the way that we said we were going to it, so the future is like how do you want to steer this ship, because there's nothing more in the book. It's kind of like we're done with that, how do we want to steer this and what direction do we want it to go in? Peter started his business because he 0 received help from an angel investor. 0 received help from a venture capitalist. O wanted to work for himself. 0 had skill in creating a detailed business plan. Which of the following characteristics would classify Bissell Brothers Brewing Company as a small business? Check all that apply. [3 has a social mission privately owned revenues and assets don't influence its environment D operates online Noah says that the thing that makes his company different is: O the type of hops the company uses. 0 the fact that he and Peter brew beer and don't try to do anything else. 0 the fact that he and Peter have full control of the company. 0 the fact that customers can order whatever type of beer they want. Taking into consideration the special challenges that small businesses must overcome, answer the following questions. Think about the different ways entrepreneurs can start their businesses. Which of the following can an entrepreneur expect when starting a new business from scratch? Check all that apply. [:1 The entrepreneur will be personally responsible for making most management decisions. [3 The business may take a very long time to become protable. D The entrepreneur's mistakes may cause the business to lose money at first. C] The entrepreneur will receive support and advice from a large organization in exchange for a management fee. Imagine you are opening a small business that sells soccer equipment to local intramural teams. However, to make your dream a reality, you need to have money for startup costs and to cover expenses until the business generates revenue. You want to fully understand the benefits and obligations associated with each type of funding before making any decisions. Because you have planned to open a business for many years, you have saved enough money to run the business for at least 6 months. Which of the following are benefits of using your own money, rather than getting loans? Check all that apply. C] As long as you have living expenses covered for at least 1 month, using personal savings is probably the best way to finance a new business. [3 You can avoid going through the approval process for a loan. C] If the business is not successful, you may use up your savings, but you will not have a loan, which would require making loan payments, despite the failure of your business. [:1 Most businesses start generating a profit after about 3 months; you can determine the amount of savings needed based on this estimate. You have big plans for your first year of business, and you estimate you will need to borrow and spend approximately $1.5 million before your soccer shop becomes self-supporting. You have a friend who started her business with the help of loans guaranteed by the U.S. Small Business Administration (SBA). Which of the following statements are true? Check all that apply. C] If you cannot get a bank loan with reasonable terms, the SBA has many different lending programs for which your business might be eligible. C] The maximum amount available to your business will depend on the specific SBA program for which your business qualifies. C] If you cannot get a bank loan, the SBA guarantees that you will get a loan through one of its programs. C] Not all SBA programs provide for $1.5 million in loans. You know that entering into an agreement with a venture capital company involves significant tradeoffs. Which of the following should you consider before seeking venture capital? Check all that apply. C] Venture capital companies are making a financial investment with the goal of earning a profit for themselves. C] Seeking funds from venture capital companies should be considered only as a last resort. [3 A venture capital company usually receives an ownership interest in the business in exchange for its investment. [3 The goals of a venture capital company may be different from the goals of the entrepreneur who started the business. To cement your understanding of the vocabulary related to entrepreneurship, select the word or phrase that best completes the following sentences. After working for other people for many years, Alyssa opened V , selling oneofakind, handmade jewelry. Alyssa always wanted to work for herself and not be accountable to investors or anyone else. Entrepreneurs are investors, but not all investors are entrepreneurs. The distinguishing characteristic is To cement your understanding of the vocabulary related to entrepreneurship, select the word or phrase that best completes the following sentences. After working for other people for many years, Alyssa opened V , selling one-ofa-kind, handmade jewelry. Alyssa always wanted to work for herself and not be accounta a franchise Entrepreneurs are investors, but not all investors are entrepre a small business -ristic is a venture capital company Read the case study about BrandYourself, and answer the qu- an established market venture To cement your understanding of the vocabulary related to entrepreneurship, select the word or phrase that best completes the following sentences. After working for other people for many years, Alyssa opened v , selling one-ofa-kind, handmade jewelry. Alyssa always wanted to work for herself and not be accountable to investors or anyone else. Entrepreneurs are investors, but not all investors are entrepreneurs. The distinguishing characteristic is the assumption of risk whether there is active involvement in the planning, organization, and operation for the business the number ventures funded whether there is a personal stake in the success or failure of the organization Case Study When Pete Kistler \"googled\" himself during his job search, he was troubled to learn that the top search results were related to other people who share his name. Reputation management services were available, but they were expensive. Kistler solved this challenge by partnering with a classmate at Syracuse University who understood search engine optimization. The result was the development of the online reputation service, which they named BrandYourself. It's secured several million dollars in funding from investors. Owned by Kistler and two partners, the business boasted a half million customers by 2014 and, 10 years after its founding, employed 75 people in two offices. Sources: BrandYourself. (n.d.). About. Retrieved November 27, 2020, from https://brandyourself.com/about/; Okyle, C. (2014, September 15). Top 30 start-ups to watch. Entrepreneur. Retrieved from http://www.entrepreneuncom/slideshow/237370 Which of the following facts indicates that BrandYourself is a small business? O The company's service is the ability to monitor and influence one's online reputation. O BrandYourseIf relies upon investor funding for growth and expansion. O BrandYourseIf is privately owned by a small group of individuals and has revenues and assets that are not large enough to influence its environment