Is it possible for a firm to grow too fast? If so, what are the potential downsides?
> What are the five common myths of entrepreneurship?
> What is it about “tenacity” that makes it such an important characteristic for entrepreneurs?
> Why is product/customer focus an important characteristic of successful entrepreneurs?
> What is it about passion that makes it particularly compatible with the entrepreneurial process?
> Why is passion such an important characteristic of successful entrepreneurs?
> What are the three primary reasons people become entrepreneurs?
> What are the three main attributes of firms that pursue high levels of corporate entrepreneurship?
> What is an industry?
> What is a company’s product/market scope?
> How can a start-up avoid or sidestep the pressure applied by one of the five forces on industry profitability by establishing a unique “position” in an industry?
> What is the difference between a scale joint venture and a link joint venture? Provide examples of both types of joint ventures and how their effective use can increase a firm’s sales.
> Spend some time looking at Wonder Workshop, the focus of the “You Be the VC 3.2” feature. What are five actions this firm could have taken when completing its feasibility analysis that would have been particularly helpful in supporting its business model
> Why do most entrepreneurial firms initially choose to compete within a narrow target market?
> How are a firm’s core strategy and its mission related to each other as parts of a business template?
> What are the four major categories that comprise the Barringer/Ireland Business Model Template?
> What is the best time for a firm to develop its business model?
> How does a freemium business model work?
> What are some common advantages that accrue to a firm as a result of partnering with other companies?
> Who are “key partners” and why are they important to the success of an entrepreneurial venture?
> What are the primary elements of the Operations component of the Barringer/Ireland Business Model Template?
> How do fixed costs differ from variable costs?
> What are the nontraditional barriers to entry that are particularly suitable for entrepreneurial firms to study when selecting an industry in which to compete?
> What is a revenue stream and why is it so important to a firm’s short- and long-term success?
> Do you think that the business models of daily newspapers are viable in the long run? If you were the owner of a daily newspaper in a major U.S. city, would you try to maintain the print edition of your paper, evolve to strictly an online presence, or do
> What are a firm’s key assets?
> How many core competencies do most start-ups have?
> What is a core competency?
> Why is it important for a franchisor to develop detailed and thorough operating manuals?
> What are some of the aspects of franchising that make it subject to ethical abuses?
> What is the purpose of a franchise agreement?
> Why is it important for a prospective franchisee to retain his or her own franchise attorney?
> Typically, if an individual franchise unit is losing money, does it still have to pay a monthly royalty to the franchisor? Explain your answer.
> What are the four primary factors that play a role in determining the nature and intensity of the bargaining power of buyers?
> What is franchising?
> What is an international expansion strategy? What are the keys to implementing this strategy successfully in an entrepreneurial firm?
> Naomi Stephenson plans to open a company that will design and manufacture accessories for smartphones. She has read that having a clearly articulated business model will help “all of the elements of her business fit together.” Naomi isn’t quite certain s
> What is a market penetration strategy? Provide an example of a market penetration strategy, and describe how using it effectively might increase a firm’s sales.
> What are some of the common reasons new products fail?
> What are the keys to a firm’s effort to achieve success through new product and service development?
> How does a joint venture differ from a strategic alliance?
> What is a joint venture?
> Over the past several years, why have strategic alliances and joint ventures become increasingly prevalent growth strategies for entrepreneurial firms?
> What is the meaning of the term licensing? How can licensing be used to increase a firm’s revenues?
> What is the purpose of completing a competitive analysis grid?
> What is the difference between a licensor and a licensee?
> Why might firms work hard to achieve a market leadership position?
> What are the benefits of planning for growth?
> What are some of the red flags that would suggest that the overall financial attractiveness of a proposed new venture is poor? Which of the red flags you identified would suggest that realistically, a proposed venture isn’t feasible?
> Why is it difficult for some firms to grow or scale their operations?
> What are the potential downsides to firm growth?
> What are the differences between entrepreneurial services and managerial services?
> Can most firms be classified as rapid-growth firms? Explain your answer.
> In what stage or stages of the organizational life cycle are capital constraints most prevalent?
> What is a company’s “basis of differentiation” and what is the importance of this part of a business template?
> What information does not qualify for trade secret protection? Make your answer as thorough as possible.
> Why is price stability such an important issue for a firm entering a period of rapid growth?
> How do rapid growth firms deal with potential cash flow shortfalls?
> Why is cash flow management such an important issue for a firm entering a period of rapid growth?
> Keith Ambrose, who is a physical therapist, is thinking about starting a firm to provide in-home therapy services for people who are suffering from sports-related injuries. Keith lives in Columbus, Ohio. He doesn’t know if Columbus is large enough to sup
> What is adverse selection and how might it affect entrepreneurial firms?
> What is the managerial capacity problem?
> What is meant by the term trade dress?
> What are the three steps involved in selecting and registering a trademark?
> Search the USPTO database and find three patents issued to Donald E. Weder of Highland Park, Illinois. Describe the patents. In what areas are most of Mr. Weder’s patents?
> What is a standard business model and what is a disruptive business model?
> What are the two primary rules for determining whether intellectual property protection should be pursued for a particular intellectual asset?
> What types of physical measures do firms take to protect their trade secrets?
> What information does not qualify for trade secret protection? Make your answer as thorough as possible.
> What is a copyright bug? Where would one expect to find the bug, and how is it used?
> What is a copyright?
> If you were interested in opening a musical instruments store near the college of university you are attending in order to sell guitars, drums, and other types of musical instruments, what online resources would you draw on to conduct secondary research
> What is meant by the term trade dress?
> What are the three steps involved in selecting and registering a trademark?
> What is meant by creating “buzz” for a company? Provide an example of a firm that has created effective buzz for its product or service.
> What is a tagline? What is your favorite tagline? Why
> What are some of the techniques a start-up can use to estimate its potential financial performance by comparing it to similar, already established businesses?
> What is a niche market?
> What is meant by the term guerrilla marketing? Provide an example of guerrilla marketing not provided in the chapter.
> What is a reference account? How can having a reference account help a new firm?
> What is meant by the term brand equity?
> Describe the most common sources of debt financing
> What are the most common sources of equity funding?
> Linda Toombs, who has considerable experience in the home security industry, is planning to launch a new line of home security alarms that she believes would be superior to other products in the market. Linda knows how to develop a concept statement and
> Describe the three steps involved in properly preparing to raise debt or equity financing.
> What is meant by the term sweat equity?
> What are the three separate components of financial feasibility analysis?
> What are the three most common sources of equity funding?
> Why is it so important to get a personal introduction before approaching a potential investor or banker?
> What are the three most common reasons most entrepreneurial ventures need to raise money in their early life?
> Why does having relevant industry experience help the founder or founders of a firm?
> What are the personal attributes that affect a founder’s chances of launching a successful new firm?
> What are the two potential pitfalls of using a team to start a firm?
> What are the differences between a heterogeneous and a homogeneous founding team?
> Jennifer Pisano just applied for a bank loan to finance an Italian restaurant she wants to launch. When visiting with the banker about the loan application, she was asked if she had conducted any primary research to assess the feasibility of her proposed
> What is liability of newness?
> What types of advice and counsel do SCORE volunteers provide?
> What are the attributes or characteristics of an attractive industry for a new venture?
> What is the purpose of SCORE?
> Why do new ventures often turn to consultants for advice?
> In what ways do lenders and investors lend legitimacy to a firm?
