week 1Everyone has heard of Bill Gates and Jeff Bezos, but there are many other entrepreneurs who we

week 1Everyone has heard of Bill Gates and Jeff Bezos, but there are many other entrepreneurs who we’ve never heard of because they failed in their ventures. What does the term entrepreneur mean to you? What characteristics do you think make a person a successful entrepreneur?Why is strategic planning important to a small company? What business strategies are available to small businesses?week 3Preparing a Financial PlanWhy is preparing a financial plan so important? How do financial ratios fit into the preparation of a financial plan? Cash ManagementWhy is cash management so important to a small business? How can a small company avoid a cash crunch?weekn 5Describe a source of equity financing, and discuss when this type of financing would be appropriate for a small business. Dq2Describe a source of debt financing, and discuss when this type of financing would be appropriate for a small business.week 7Risk and Legal Issues (graded)In your opinion, what is the greatest risk in owning and operating a small business? Explain.Insurance (graded)Insurance can be a costly expense, especially for a company that isn’t profitable. Explain the different types of insurance that a small business can obtain, and identify which ones you think are crucial, which are not, and why.week 6week 6Supply Chain Management (graded)A purchasing plan can mean the difference between success and failure of a small business. Why is it important to develop a purchasing plan? What should be included in a purchasing plan?Small Business Administration (graded)Many people say that managing a small business is the worst part of owning a small business. Why do you think that is? If a new small business owner came to you and asked your advice on how to manage employees, what would you tell them?week 2Feasibility Analysis (graded)Describe one of the elements of a feasibility analysis. Describe why this element is an important part of the planning process.Location, Location, Location (graded)Why do realtors always say location, location, location? Which do you think is the most important component in the sale or purchase of real estate?week 4Building a Competitive Edge (graded)How does a company build a competitive edge, and why is this important for a small business?Marketing on the Internet (graded)What are the benefits of a small business marketing itself on the Internet? What are the disadvantages of a small business marketing itself on the Internet?Case Study 6Read the case study, Circle R Ranch, on page 814, and answer the four questions at the end of the case study. Summarize your answers in a Word document that is two-to-three pages in length and double spaced.Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read these.next.ecollege.com/default/launch.ed?ssoType=DVUHubSSO2&node=184″>step-by-step instructions or watch this Tutorial.next.ecollege.com/default/launch.ed?ssoType=DVUHubSSO2&node=232″>Dropbox Tutorial.See the Syllabus section “Due Dates for Assignments & Exams” for due date informationRead Case Study 7 – James Confectioners – Part 2, page 819, and answer the three questions at the end of the case study.Case 7 James Confectioners—Part 2How can a small confectioner forecast cash flow?Telford James and his wife Ivey, the second-generation owners of James Confectioners, a family-owned manufacturer of premium chocolates that was started by Telford’s father, Frank, in 1964 in Eau Claire, Wisconsin, have become increasingly concerned that turmoil in the banking and financial industries could have a negative impact on their business. They have read the headlines about bank closures, heightened government scrutiny of the banking industry, and tight credit conditions, especially for small businesses. The company has a $150,000 line of credit with Maple Leaf Bank, but the Jameses want to increase it to $250,000 as a precautionary move. Last week, they contacted Claudia Fernandes, their personal banker at Maple Leaf, about increasing their line of credit. Fernandes said that in addition to reviewing the James Confectioners’ most recent balance sheet and income statement, she would need a cash flow forecast for the upcoming year.Although Telford and Ivey have prepared budgets for James Confectioners and have analyzed their financial statements using ratio analysis, they have not created a cash flow forecast before. They expect sales to increase 6.2 percent next year to $4,139,213. Credit sales account for 96 percent of total sales, and the company’s collection pattern for credit sales is 8 percent in the same month in which the sale is generated, 54 percent in the first month after the sale is generated, and 34 percent in the second month after the sale is generated. The Jameses have gathered the following estimates from their budget for the upcoming year:Top of FormPage Bottom of FormTop of FormBottom of FormActivate the following button to retrieve the URL to cite or link to this pageThe company’s cash balance as of January 1 is $22,565. The interest rate on James Confectioners’ current line of credit is 8.25 percent.Questions1. Develop a monthly cash budget for James Confectioners for the upcoming year.2. What recommendations can you offer Telford and Ivey James to improve their company’s cash flow?3. If you were Claudia Fernandes, the James’s banker, would you be willing to increase the company’s line of credit? Explain.quizes2(TCO 5) To ensure that a building will accommodate expansion plans, a new business shouldalways build a new facility.plan space requirements for one to two years into the future and update the plans every six months.buy or lease facilities that had the same type of business in them previously.build, buy, or lease facilities that are 50—100% too big for their current operations.Question 2. Question :(TCO 5) Originally created to encourage companies to locate in economically depressed areas, ________ offer tax breaks and federal tax breaks for hiring workers living in the immediate area.industrial parkssmall business incubatorsempowerment zonestrade zonesQuestion 3. Question :(TCO 3) A competitive profile matrixcreates a road map of action for the entrepreneur in order to fulfill his or her company’s mission, goals, and objectives.compares the firm’s and its competitors’ key success factors.permits the small business owner to divide a mass market into smaller, more manageable segments.identifies a firm’s core competencies.Question 4. Question :(TCO 3) Which of the following best expresses the relationship of a company vision to its mission?The company mission statement is the verbal expression of the written vision.The company vision comes from the company mission.The mission statement is the written expression of the company vision.There is no relationship between the two.Question 5. Question :(TCO 1) “Copreneurs” arebusiness magazines targeted towards entrepreneurs.entrepreneurial couples who work together as co-owners of their business.personality traits of entrepreneurs.None of the aboveQuestion 6. Question :(TCO 1) Money-driven and wild risk takers are bothcommon characteristics of entrepreneurs.common misconceptions of entrepreneurs.entrepreneur’s techniques to success.None of the aboveQuestion 7. Question :(TCO 3) The second essential purpose for creating a business plan isto attract lenders and investors.to file with the SEC before making a public stock offering.to attract potential managers and employees to run the new venture.to guide the operation of the company by charting its future course and devising a strategy for following it.Question 8. Question :(TCO 5) Manufacturing layout decisions take into considerationcustomer buying behavior, the types of product sold, and the physical dimensions of the building.the status of the building; built, bought, or leased and the type of product sold.the product, the process, the facility, and key economic considerations.the employees, the customer, and the mechanical process used to produce the product.Question 9. Question :(TCO 3) How is the strategic planning process for small companies different from that for large companies?The planning horizon should cover at least five years into the future.The process should be informal and not overly structured – “a shirtsleeve approach.”It should be conducted by top management and provided to lower management.The process should begin with setting objectives and conclude with competitive analysis.Question 10. Question :(TCO 3) The final step of the strategic planning process isestablishing accurate controls.choosing a marketing strategy to pursue.translating the strategic plan into operational plans.evaluating the competitive environment.SBE420 week 5 quizPage 1Question 1. 1. (TCO 8) One of the most important tasks facing an entrepreneur is: (Points : 4)earning enough in the first year to provide an adequate return on investment.establishing a large-enough reserve of capital.the deferment of taxes.determining the funds needed for a company start-up.Question 2. 2. (TCO 8) Jane is arguing with Joan about how much cash on hand their small retail outlet needs, as they prepare their cash budget. Jane feels that with the Christmas season coming up, their busiest time, they need more cash handy. Joan feels they don’t because their sales volume will be up significantly. Jane and Joan are discussing which step of the cash budgeting process? (Points : 4)Forecasting cash receiptsForecasting salesDetermining an adequate minimum cash balanceForecasting cash disbursementsQuestion 3. 3. (TCO 9) The focus of the small company’s marketing plan is: (Points : 4)the customer.its product or service.an evaluation of key competitors.attracting capital.Question 4. 4. (TCO 9) Market research answers what important question for the small business owner? (Points : 4)What form of business ownership would be most effective in this market?What should my goals and objectives be in my marketing plan?Who are my customers, and what are they looking for?How shall I set up my distribution system?Question 5. 5. (TCO 9) Tami is developing an advertising strategy for her small business. The first step in this process is to: (Points : 4)determine how much she can spend.identify her target audience.choose an advertising agency to assist her.determine the primary purpose of the advertising.Question 6. 6. (TCO 9) Which advertising medium offers the greatest ability to selectively target or tailor to a specific audience? (Points : 4)RadioTelevisionNewspaperDirect mailQuestion 7. 7. (TCO 9) As a benefit of selling on the Web for many small businesses, launching a website is the equivalent of opening a _____. (Points : 4)new storenew sales channelclosing all storesclosing a storeQuestion 8. 8. (TCO 9) Before your website can become the foundation for a successful e-business, you must create it with your ________ in mind. (Points : 4)technologyvendorsemployeestarget audienceQuestion 9. 9. (TCO 7) When receiving investment money from friends and relatives, entrepreneurs should: (Points : 4)use a clear verbal contract to ensure no misunderstandings.discuss all details of the investment up front.not borrow more than 30% of the necessary capital from them.only borrow from close friends and relatives who won’t cause them trouble.Question 10. 10. (TCO 7) Asset-based financing: (Points : 4)is efficient since the small business borrows only the money it needs.provides less borrowing capacity than inventory-based financing.is less desirable than inventory-only deals to bankers.is more expensive than other types of financing.week 7Question 1. Question :(TCO 6) Research on the implementation of TQM programs shows that it takes ________ to completely implement a TQM program.eight yearstwo yearsfour yearsthree yearsQuestion 2. Question :(TCO 6) The creation of a vendor certification program requires:a vendor rating scale developed by the company.understanding the firm’s EOQ.membership in the SBA vendor certification program.a firm price list from the vendor, good for three years.Question 3. Question :(TCO 6) A number of organizational factors encourage employee theft including:having to elaborate of financial and inventory controls in place.working with one-of-a-kind items the employee could never afford to buy.being permitted to manage their own work and time schedules.a low probability of getting caught.Question 4. Question :(TCO 10) To increase the effectiveness of communication between the small business owner and his or her employees, he or she should practice:being more sympathetic when listening.selective listening.telling the truth and encouraging feedback.giving as much information as possible in each communication.Question 5. Question :(TCO 10) Lusia, the director of human resources, is discussing the duties and responsibilities of a new position and its working conditions with Delmar, the manager over the position. Lusia and Delmar are discussing the:job description.job specification.human resource plan.job analysis.Question 6. Question :(TCO 10) A formal mentoring program should be established in ________, using both internal and external people. As the successor develops his or her skills and performance, he or she will transition to the next stage.Stage IStage IVStage IIIStage IIQuestion 7. Question :(TCO 2) A small fireworks manufacturer that shuts its plant down permanently because the risk of fire and the resulting losses are too great, is relying on a risk ________ strategy.transferavoidancereductionanticipationQuestion 8. Question :(TCO 2) A dentist or an attorney would buy malpractice .homeworkminutes.com/question/view/124782/devry-sbe420-week-7-quiz-latest-2015-all-correct-answer#”>insurance to transfer the risk of lawsuits. This is a type of ________ insurance.comprehensivecasualtyliabilitysuretyQuestion 9. Question :(TCO 4) Billy Bob’s swamp racers are the fastest swamp mud racing machines in the country. Unfortunately, drivers have to be careful because they are easily tipped over due to their high center of gravity. This is unfortunate because most swamp mud racers consider stability an important quality in their racers. Billy Bob has installed numerous decals in prominent places that state, “This sucker turns over easily but goes really fast.” Still, Billy Bob could be sued for product liability under:failure to warn.negligent manufacturing.negligent design.implied warranty to perform.Question 10. Question :(TCO 4) Insurance companies are able to assume so much risk because:they share the risk among numerous policy holders.they are “gamblers” who bet they are going to make money before they have to pay off any claims.they are backed by the government and will be “bailed out” if they get into trouble.they are stock-based companies with deep pockets.assignemnts’week 1Watch the video and answer the following questions.Describe the beginnings of Joie de Vivre Hospitality.What traits make Chip Conley a good entrepreneur?Consider the hotel business in terms of Maslow’s Hierarchy of Needs. Why did chain hotels become popular? Under what circumstances would someone choose a boutique hotel instead?Why does Joie de Vivre Hospitality still consider itself a small business?Summarize all of your answers in a Word document that is two-to-three pages in length and double spaced.week 2Video ReviewVideo – IdeaPaint: Creative Company on the RiseWatch the video and answer the following questions.1. Describe the beginnings of IdeaPaint from idea generation through product launch. Are the founders of IdeaPaint entrepreneurs? Why or why not?2. What are the two start-up company pitfalls that Jeff Avallon, co-founder of IdeaPaint, discusses in the video clip? How did IdeaPaint overcome them?3. What are IdeaPaint’s plans for long-term growth?Summarize all of your answers in one Word document.week 3Video – Johnny Cupcakes: EntrepreneurshipWatch the video and answer the following questions.1. How did the Johnny Cupcakes brand originate?2. According to the information in the video, what does Earle say is an essential part of being an entrepreneur?Summarize all of your answers in a Word document that is two-to-three pages in length and double spacedweek 4Video ReviewVideo – PandoraWatch the video and answer the following questions.Discuss the challenges that Pandora faced by transitioning from B2B to a consumer model.Discuss the three advertising options that Pandora had, which one it chose, and why.What career advice does Joe give in the segment?Summarize your answers in a Word document that is two-to-three pages in length and double spaced.Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read these.next.ecollege.com/default/launch.ed?ssoType=DVUHubSSO2&node=184″>stepweek 4Watch the video and answer the following questions.Discuss the challenges that Pandora faced by transitioning from B2B to a consumer model.Discuss the three advertising options that Pandora had, which one it chose, and why.What career advice does Joe give in the segment?Summarize your answers in a Word document that is two-to-three pages in length and double spaced.Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read these.next.ecollege.com/default/launch.ed?ssoType=DVUHubSSO2&node=184″>step-by-step instructions or watch this Tutorial.next.ecollege.com/default/launch.ed?ssoType=DVUHubSSO2&node=232″>Dropbox Tutorial.See the Syllabus section “Due Dates for Assignments & Exams” for due date information.week 5Video – Jones Soda: Product DifferentiationWatch the video and answer the following questions.1. During the company’s early years, how did Jones Soda differentiate its product from other soft drinks? How did it compete with Coke and Pepsi?2. Who is Jones Soda’s target demographic? How has the company chosen to reach those customers?3. What mistakes did Jones Soda make during its attempts to expand its market? What effects did these mistakes have on the business?4. How did the company revive itself and its sales?week 6atch the video and answer the following questions.What are Zappos’ 10 core values? What impact do they have on the corporate culture?What are the two kinds of interviews that a prospective employee will experience at Zappos? Why must an employee pass both interviews before being hired?Describe Zappos’ new employee training program. What impact does it have on employee motivation and corporate culture?Give examples of some of the perks available to Zappos employees. What impact do they have on culture?Summarize your answers in a Word document that is two-to-three pages in length and double spaced.Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read these.next.ecollege.com/default/launch.ed?ssoType=DVUHubSSO2&node=184″>step-by-step instructions or watch this Tutorial.next.ecollege.com/default/launch.ed?ssoType=DVUHubSSO2&node=232″>Dropbox Tutorial.See the Syllabus section “Due Dates for Assignments & Exams” for due date informweek 7Video ReviewVideo – Terra Cycle: Foundations of Behavior – Watch the video .pearsoncmg.com/ph/bp/bp_akamai/robbins/TerraCycle_Foundations_Behavior.html”>here and answer the following questions:Elaine Gaughran, Vice President of Human Resources, explains that TerraCycle hires mostly recent college graduates. Why? What are the advantages and disadvantages of this hiring strategy?Mary, a production worker at TerraCycle, says, “I feel like this is my company, too.†What can entrepreneurs do to create that attitude among their workers? Do small companies have an advantage over large businesses when it comes to creating an environment that creates the attitude that Mary expresses in the video? Explain.Milton Oppenheimer, an assistant production manager, says that TerraCycle hires employees who have criminal records, including himself. What are the risks and rewards of hiring these employees?Summarize your answers in one Word document.Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read these.next.ecollege.com/default/launch.ed?ssoType=DVUHubSSO2&node=184″>step-by-step instructions or watch this Tutorial.next.ecollege.com/default/launch.ed?ssoType=DVUHubSSO2&node=232″>Dropbox Tutorial.See the Syllabus section “Due Dates for Assignments & Exams” for due date information.SBE420 Week 7 Entrepreneur InterviewInterview with an EntrepreneurAssignment GuidelinesDUE DATE: Midnight Sunday, the end of week 7.ASSIGNMENT: Visit a locally owned business and interview an entrepreneur. You may have to get on the telephone and make some calls or send some emails. Tell them that you are a college student and need 10 minutes of their time. People are almost always happy to help a student! Using the below sample questions as a guide, interview the entrepreneur asking questions from topics in this class. Summarize the results of your interview and relate the information received in the interview to what we have learned in the class in a 3-4 page paper (12-point, double spaced) using APA style and formatting. At the end of your paper, please give full contact information for your interviewee including name, company name, telephone and email address). No credit will be given without this information,Sample Interview Questions1. How long have you been an entrepreneur?2. How would you characterize yourself?3. What made you decide to go into business for yourself?4. Do you have a business plan? What did you learn while building your plan?5. Who are your competitors?6. Do you advertise? If so, what media do you use?7. How did you decide on your location?8. How many employees do you have? How many are full-time? How many are part-time?9. What do you look for in employees when you hire?10. What questions do you ask in an interview?11. What paperwork is involved in running this business?12. Do you do your own accounting?13. How many vendors do you order from?14. What risks does your business face? How do you mitigate those risks?15. How long has this company been in business?16. How is your business financed? Why did you choose that method of financing?17. What have been your biggest challenges in owning your own business?finalQuestion 1. 1. (TCO 1) Why is it important to know your firm’s strengths and weaknesses? Why is it also important to know the opportunities and threats that exist in the external environment? (Points : 30)SpellcheckerQuestion 2. 2. (TCO 2) Compare and contrast the three risk-management strategies: risk avoidance, risk anticipation, and risk transfer. Give an example of each. (Points : 30)SpellcheckerQuestion 3. 3. (TCO 3) Describe each item that should be included in an executive summary of a business plan. Why is it important to keep the executive summary short? (Points : 30)SpellcheckerQuestion 4. 4. (TCO 4) What is contractual capacity? Who cannot legally enter into a contract? Explain the concept of breach of contract. (Points : 30)SpellcheckerQuestion 5. 5. (TCO 5) Describe the types of layouts that a retailer can use. What are the advantages and disadvantages of each? Give an example of each one. (Points : 30)SpellcheckerQuestion 6. 6. (TCO 6) Explain why employees steal. How can a small business owner prevent stealing by its employees? (Points : 30)SpellcheckerQuestion 7. 7. (TCO 7) What role do angels play in financing small companies? What and how do they tend to finance start-ups? What types of firms do they typically finance? (Points : 30)SpellcheckerQuestion 8. 8. (TCO 8) What are some ways to trim overhead expenses in order to avoid a cash crunch? Explain how each way can reduce the cash requirements for a small business? (Points : 30)SpellcheckerQuestion 9. 9. (TCO 9) What is relationship marketing? What are the four steps that are part of relationship marketing? (Points : 30)SpellcheckerQuestion 10. 10. (TCO 10) What errors are common in a team-oriented environment? How can a manager ensure the team’s success? (Points : 30)Spellchecker