Small Business, Entrepreneurship, and Franchises
ACTIVITY:
This activity is designed to encourage students to appreciate the process of generating business idea with limited funds. Anybody can come up with a good business idea regardless of their age, race, experience and others.
Time Limit: 35 minutes
What to Do:
1. Place students in 3 or 4 member per group and ask each group to come up with a business idea that will work. For this activity, each group has to come up with a business idea that will limit funding of only RM50, 000. Groups should consider the following questions: (30 minutes)
What is my product or service?
Who are my customers?
Where are my customers located?
Is my business idea easily copied? Do I
…show more content…
All of the following are factors that could have led them to go into business except
a.
the independence.
b.
the willingness to find and accept a challenge.
c.
the desire to determine their own destiny.
d.
the low risk and high rewards inherent in entrepreneurship.
e.
entrepreneurial spirit.
ANSWER: D
17. Which of the following statements is true regarding the profitability of new businesses?
a.
It may take several years for a new business to begin showing a profit.
b.
Profitability is not an important issue for new businesses.
c.
Most new businesses will turn a profit within the first year.
d.
If a company does not show a profit within the first year, it will fail.
e.
Most new businesses are highly profitable when they first start.
ANSWER: A & C
18. Lauren starts a business that sells personal computers. Within the first year she discovers that computer technology becomes outdated very quickly, and she has not been able to sell her products for as much as she thought due to the passage of time. Lauren has mismanaged
a.
inventory. (stock of goods)
b.
cash flow.
c.
financing arrangements.
d.
personnel.
e.
money.
ANSWER: A
19. A new small business, Underwater Wildlife, has opened to sell tours of underwater sites around the country and in South America. However, money has to be paid up front by the Underwater staff to book hotels and other travel arrangements before its clients have
Beginning a new business venture sounds like a easy task. All you need is a great idea, opportunity to select your team so you can begin to make some moves and find a few investors to invest in to this dream you have. Before you know it you are making a profit and moving onto a new location. Sounds easy but there is much more that goes into starting a new business than most people may know. To accomplish this, the business has to satisfy several objectives that exclusively add to the business. This paper will narrate some of the particulars of previous works from week two, three, and four with information such as the business and
It’s not just a great idea that creates a successful business– how you behave makes a difference too. Everyone who comes in contact with your business –
Please describe one recent business idea that you believe holds promise. Explain how you generated this idea and share what steps you are taking to explore its viability.
WedgeCorp manufactures golf clubs. The clubs have rubberized grips that golfers hold onto to swing them. Neil bought his wife a set of clubs for her birthday. Cindy, Neil’s wife, is an avid golfer and uses the clubs frequently at the local golf course. When WedgeCorp manufactured the clubs, they used improperly mixed glue that did not tightly bond the grips to the end of the clubs. Seven months after acquiring the clubs, Cindy went golfing with her friend, Kate. While Cindy was swinging a five iron, the grip came loose and the club sailed through the air, striking Cindy’s golfing partner, Kate, in the forehead.
Read the attached article regarding new techniques for treating heart attack victims and identify the problem statement for a study among residents in the Minn. area where this new technique is being practiced. This study is to learn how the residents feel about the new technique being used. You might want to include survivors of this technique to learn of their assessment of the technique vs. the more commonly used techinque of clot busting.
My business idea is to open a nonprofit housing organization for young adults that age out of the foster system. I chose this business because it’s a real life dream of my mothers.
This is Eonathan from the class ECON 210. I just wanted to reaffirmed that for our next class meeting we need to have a "company" idea or a "product" to start the working in the presentations.
On the other, although the majority of the information shown in the case study presents arguments for the fact that it was inevitable that Woolworths would fail as a business, it is also shown that the company was once a reputable company and generated high levels of consumer demand through the customer being able to buy “pick-n-mix sweets, a DVD, a magnifying headlight and a cheese grater “ in the same store. The revenue generated within the first six months of 2008 was £1107 million, which suggested that the firm was able to sell efficiently to an extent. If the financial department at Woolworth’s had evaluated the balance sheet and income statement from previous years, they would have potentially been able to minimize the risk of the high expenses, reduced profit margins and overall prevent the administration of the company that occurred in 2008. This point therefore indicates that it was not entirely inevitable that Woolworths would fail as a business, as measures could have been carried
In our chapter two discussion early in the semester we talked about how to come up with new business ideas and how to evaluate those ideas to see if they are a viable business opportunity. This concept is the first thing that came into my mind when learning about Inboard. The founders looked their own personal experiences and observed a widespread problem of transportation within urban areas. They then came up with this business idea of creating a versatile alternative mode of transportation that solved that problem. They were also observing trends when coming up with business idea. People were already trying to find alternative ways to get around urban areas such as riding a bike to work. The founders saw this trend happening and decided to provide a better alternative and work with the trend rather than against it. Using these factors the founders were able to evaluate if the business idea was indeed an opportunity. The idea was attractive because there is a large market that are looking for alternative transportation. The idea is durable because traffic will be a problem in urban areas for the foreseeable future. The idea is timely because it takes advantage of upward
Do you have what it takes to enter the annual Harvard Business School Business Plan Contest? Vison, ideas and concepts are great in theory but are ineffective unless you execute them. This case study shows the struggles of the reality three young entrepreneurs faced when they were trying to build a product. It shows the difficulties in forming a team and most importantly turning an idea into reality. The lack of leadership, communication, clash of cultures and individuals
Generating idea is the entrepreneur’s first step to realizing a favorable opportunity where an idea must interact with other components to create an opportunity, but many ideas need to be assessed till the right one is
The organization tries to develop rival identical products to attract more customers for their products. For this reason, Julie Deane looks for new manufacturers who are actually desire to further their growth in the business. However, Julie didn’t want to take chances. She set a factory by herself which actually manufacture almost half of its totally produced bags (Guidry, M., 2011).
In 1954, James McLamore and David Edgerton opened their first BURGER KING® restaurant in Miami, Florida. These visionaries had extensive experience in restaurant business and a shared belief in the guiding principle of offering reasonably priced quality food, served quickly, in attractive, clean surroundings. Our Vision today honors their original vision.