Summarize the three forms of intellectual property protection that a new business owner can choose to implement in the new small business. Discuss the similarities and differences for each.
> What is an initial public offering?
> Compare and contrast a strip shopping center and an anchor store.
> Discuss why location is one of the most important steps in the critical path chart. Why is location critical to the success of the new small business?
> Why is financing critical to the success of the new small business? Summarize the items that a new small business owner must pay in order to initiate a new business.
> Define the term legitimacy. Why do new small business owners seek it? List the items that new small business owners can implement to establish legitimacy for their new small business.
> What is a production management system? What are the two most important elements to production management as they relate to small businesses?
> What is a production chart? Discuss the similarities and differences between a production chart and a critical path chart.
> What is a balance sheet? Why is it useful? What is the difference between a pro forma balance sheet and a balance sheet?
> Explain why firms invest in quality. Why do they design quality into their products or services?
> Summarize why firms create strategic alliances. Why are they beneficial?
> What are the basic elements of a cash flow statement for an entrepreneurial business?
> What is time management? Why is it important to the new small business owner? List the five steps that business owners implement to assure they utilize their time in an effective and efficient manner.
> List the ten actions that new small business owners implement prior to the establishment of their new small business. Explain why each is important.
> What is a contract sales force? Describe a situation when this distribution channel is beneficial to a new small business owner.
> Summarize the two methods used to estimate sales. What are the advantages and disadvantages of each of these methods?
> What are the two groups of mixed promotions? Why are they beneficial to the new small business owner?
> Discuss pure promotion advertising. List the six categories and describe them.
> In reference to cost-plus pricing, discuss the comparison effect. Why do consumers use it? Provide an example.
> Discuss the purpose of a cash flow statement. What are the key issues associated with developing a cash flow statement?
> Summarize the cost-plus pricing method. Why is this method of pricing difficult to implement?
> Discuss the four methods of distribution that an entrepreneur evaluates for the new small business. Summarize why each is beneficial and describe when they are appropriate to use.
> What is a marketing plan? Who should develop it? How does it help the new small business owner?
> How are cash flow and profit related?
> Why are minority women-owned firms so popular? In your opinion, does the glass-ceiling exist? Do you believe that it is a barrier that prevents women from promotions to executive-level positions in corporate America?
> Why do the marketing efforts of a firm need to be stated in the mission statement?
> Ask students to summarize the issues that need to be considered in the sales management process. Specifically, list the seven steps and discuss why they are important to consider.
> What is unemployment compensation? Why do small business owners pay an unemployment tax to help fund the system?
> What is the Occupational Safety and Health Administration (OSHA)? Explain why it is important to a business owner. Be specific.
> Discuss the elements of human resources. Why are they important?
> Discuss the differences between cash flow and profit. When does a firm obtain a profit?
> Explain how an employee with poor performance impacts a small firm. How does it impact a larger firm?
> Discuss how small business owners retain employees. Discuss the different compensation methods as they relate to the small business.
> Explain why benefits are an important part of employee compensation?
> Discuss why human resource managers and small business owners document employee positive and negative employee behaviors?
> Why is worker’s compensation important to a new small business owner?
> What is Entrepreneurial Breakeven?
> Discuss how performance reviews can help an employee to improve job performance. Be specific.
> Summarize some of the human resource management issues that can occur within a family owned business. Discuss some of the specific obstacles that occur in family owned businesses. What can the business owner implement to assure the business runs in the o
> Explain the features and benefits of a patent. How long do they last? Where are patents filed and what agency accepts or declines them? Do patents provide organizations with a sustainable competitive advantage?
> What is a Board of Directors or Board of Advisors and why do entrepreneurs form them? What do they do for the small business?
> Explain the similarities and differences between fixed costs and variable costs. Provide specific examples of each and explain how they relate to the break-even analysis calculations.
> Discuss the similarities and differences of an S Corporation and a C Corporation. Do some online research and list at least two existing businesses that are an S Corporation and a C Corporation. What do these corporations sell or produce?
> Discuss why entrepreneurs need to have legal contracts when they conduct business. What are the important elements of a contract? What are the disadvantages if the entrepreneur fails to negotiate a legal and valid contract?
> What can entrepreneurs purchase to minimize the amount of risk in the new business? What are the disadvantages to the new small business owner if they fail to obtain it?
> Why is it important for an entrepreneur to hire an attorney or other professional prior to the establishment of the new business?
> Discuss why lease contracts are important for a new business? Summarize some of the key contents of a lease and discuss why they are important.
> What are the key characteristics of a sole proprietorship? Why is it considered to be the simplest form of business? How does the sole proprietor report business taxes?
> Why is cash flow so important for a new business?
> Why do certain businesses require that their workers get bonded? What are the disadvantages to a small business if the workers are not required to get bonded?
> What are the differences associated with leverage ratios and profitability ratios? Explain how they benefit a business owner. What do they reveal?
> What are the categories in a cash flow statement? What are revenues? Summarize the categories of revenues in a cash flow statement.
> Why do small business owners compare their ratios to other firms in the same industry?
> What is deviation analysis? What does it reveal?
> What are the three activity ratios? How are they calculated? What do they measure?
> What does a survey reveal about competitors? What does it reveal about a competitive advantage?
> What is ratio analysis?
> Which of the four classic techniques used to measure a firm is the most important to a business owner? Discuss why.
> Compare and contrast grants and loans. Discuss the advantages and disadvantages of each type of fund source.
> Why is it important to identify the standard elements of a new business?
> What is just-in-time inventory? What does it accomplish?
> Summarize how a new small business person can manage the data flow for the new small business.
> What is the time value of money? Why is it important that an entrepreneur consider it?
> What is a chart of accounts? What activities does it list? Be specific.
> How does a franchise work?
> What is a turnaround?
> What are six things a business owner should keep in mind as he enters negotiations to sell a business?
> Which of these is the least likely to be pursued by the business owner?
> What are business angels? What are the advantages and disadvantages associated with angel investing?
> What four options does a business owner have to sell the business?
> What steps should a business owner go through to prepare the business to be sold?
> Dxplain the difference in the following valuation methods. 1. Present value discounted cash flow 2. Price/earnings ratio 3. Asset value 4. Capitalization of earnings 5. Market estimation
> What are the steps in valuing a business?
> How can an entrepreneur be a millionaire on paper yet have no money in the bank?
> Why would an entrepreneur seek to exit a business?
> What techniques would you recommend for identifying competitors within an industry?
> Explain some key time management techniques that will benefit any new entrepreneur.
> Should all new companies open as soon as they are physically ready? Why or why not?
> How can quality be built into any product or service?
> What is equity funding? Discuss how businesses make equity investments in other start-up firms. Be specific.
> Why is a detailed chart of how business operations are conducted important to the new business?
> What would you recommend that a new business do to improve its acceptance and legitimacy in the market?
> What elements should be considered when leasing a new business location?
> Are all locations equal?
> Why is a critical path chart useful to potential investors?
> How is a contract sales force used in new businesses?
> In what context might independent sales agents be used?
> Why should a potential entrepreneur research the industry personally?
> What promotions might a new business use and why?
> How can a new business leverage free promotions?
> What is non-equity funding? Summarize the different types of funding that new small business owners can consider for their funding needs.
> What are the means by which products or services may be priced?
> How is a target customer profile used in the operation of a new business?
> What elements are necessary for a target customer profile?
> What advice would you provide to a potential new business owner about establishing a marketing plan?
> Explain how the web is used by businesses for advertising.
> Describe the basics of a marketing plan.
> What legal issues are related to the retaining and the termination of employees?
> How does compensation impact the ability to retain an employee?
> How should a new business develop a profile for its potential customers?
> What is the best method for making an offer to a candidate?
