What steps should a business owner go through to prepare the business to be sold?
> 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?
> 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 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?
> 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?
> Summarize the key issues associated with new small business financing. Why is the appropriate amount of funding important to the new small business owner?
> How can testing be used to improve the hiring decision?
> What techniques improve the interviewing process?
> What means would you suggest to help avoid job discrimination?
> What are the various ways to advertise a job opening?
> What elements should a good job description contain?
> What is the impact on hiring decisions when the business is family owned and run?
> How does ADA affect retail organizations?
> Describe the impact that OSHA could have on a new restaurant operation.
> How are performance reviews related to employee retention?
> How would you advise a potential entrepreneur define the industry for a new business?
> What is the importance of proper accounting when starting a business?
> What benefits might be offered to new employees?
> What means would you suggest to improve the process of hiring the right people for a new business?
> What are the major differences between a Board of Directors and a Board of Advisors?
> What are the impacts on a business that chooses to form as an LLC?
> What are the impacts on a business that chooses to form as a C Corporation?
> What are the impacts on a business that chooses to form as an S Corporation?
> What are the impacts on a business that chooses to form as a partnership?
> What are the impacts on a business that chooses to form as a sole proprietorship?
> Do you think such legal protections are more or less important to a new business than to an established business?
