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- 1._______ A carefully constructed guide for the personstarting a business.2._______ A group of retired and active business peoplewho volunteer their services to small businessesthrough the SBA.3._______ A government agency that assists, counsels, andprotects the interests of small businesses in theUnited States.4._______ Money that is invested in small (and sometimes struggling) firms that have the potential tobecome very successful.5._______ Group of senior and graduate students in business administration who provide managementcounseling to small businesses.6._______ A business that is independently owned andoperated for profit and is not dominant in its field.7._______ A person or organization purchasing a franchise.8._______ A license to operate an individually ownedbusiness as though it were a part of a chain ofoutlets or stores.9._______ The actual granting of a franchise.10. _______ An individual or organization granting a franchise.a. venture capitalb. franchiseec. joint…Now that you have identified a problem, provided a business idea to solve the problem and alsoreflected on your own entrepreneurial characteristics and possible business risks, you are nowgoing to interrogate whether your idea is indeed a business idea or a business opportunity, youwill also analyse the environment to assess whether environmental conditions are favourable foryou to enter into the business world.As with other tasks, you will need to conduct research beyond the textbook in order to completethis task.1. Justify whether your proposed solution/idea meets the characteristics of a successfulproduct or service idea.NB: Refer to characteristics of a successful product or service idea.Gartner (1990) identified 90 attributes that showed up in definitions of entrepreneurs andentrepreneurship provided by entrepreneurs and other experts in the field. State and explainfive (5) of these attributes.
- The founder of TikTok and ByteDance Zhang Yiming is considered a successful entrepreneur. Discuss in detail the following three characteristics of a successful entrepreneur: having an entrepreneurial mind-set; being alert to opportunities; and the ability to deal with uncertainty.1. _____ nurture young firms and help them to survive and grow during the startup period when they are most vulnerable. a. Successful graduates b. Business incubators c. International trade organizations d. Conglomerates 2. Which of the following best describes one of the contributions of small businesses? a. They are sources of new ideas or services that larger businesses may be unable to provide. b. They provide large capital gains to the owners. c. Their products and services are sold at prices that are lower than large businesses' prices. d. They provide economies of scale that large businesses cannot match. 3. Most creative entrepreneurs are very good managers. a. True b. False 4. An entrepreneurial venture is characterized by: a. innovative strategic practices and/or products. b. independent ownership and operation and no desire for dominance in its field. c. no scope of growing large, and the owners…There are so many avenues through which the concepts of strategic management could be appliedin real life.Required: a. With reference to the business model canvas, illustrate how thenine (9) elements interact in ascertaining how a business can sustainably generaterevenues. b. Using an organization of your choice, practically demonstrate your understanding of theorganization’s business model.
- In Hick’s article ‘How can we Make Entrepreneurs’, he suggests that the reason the United States has so many innovative, successful entrepreneurs is ___________________, Parents in the United States often encourage their children to have more freedom to explore and develop their interests either in after-school programs or on their own outside of school. Our school system is geared toward business and production The United States has a strict discipline model in our school system that molds students into hard-workers and persevering individuals. The corporate model in the United States turns individuals into entrepreneurs after their formal educationI'd like you to brainstorm Deciem Company and compare it to Kravebeauty. I'd like you to answer these questions based on the things I wrote below A) our points of indifference: Must be about Deciem company and these may be the things to STOP doing. Thereby freeing up resources for more important things B) competitors' point of indifference: This one must be about our competitor Kravebeauty. There may be opportunities to leverage and exploit value the competitor thinks is important but isn't(1) The marketing plan is the most significant component of the business plan since the entrepreneur cannot determine the firm's feasibility without completing market research. True or False? (2) Sales forecasting can be done even without doing a market survey. True or False? (3) The most important part of a business model canvas is the cost structure. True or False? (4) Discounts and freebies are some of the ways a firm can establish a positive relationship with its clients. True or False?
- Using what you learned about TripAdvisor TripAdvisor Business Model Canvas (innovationtactics.com) TripAdvisor Business Model Canvas (innovationtactics.com) Share with us what you feel is one of the most interesting, compelling pieces of this business? Identify which of the 9 key components this information falls within (for example it could be: how TripAdvisor actually makes money being a "reviews" page or these are Tripadvisor's key competitors and this is one that actually surprised me...). Have you ever used TripAdvisor or posted on TripAdvisor? What was your experience? Pick an international dream vacation spot. Lookup a hotel that has a 4.8 out of 5.0 rating or higher in that destination. Examine a few reviews. Share with us your destination spot and a link to the hotel. Would the reviews of this property make you decide to book there? Why could user-generated content/feedback be seen as a revenue stream?Business plans are developed for both internal and external purposes. The most commonexternal purpose for a business plan is to raise capital.a. State two (2) internal purpose of a business plan b. Explain two (2) business planning principles c. State and explain three (3) components of a business planEVA®; Shareholder Value Analysis and Sustainability; Internet-Based Research Increasingshareholder value is a key objective for many profit-seeking organizations. As indicated in the chapter, EVA® is meant to approximate economic income and, in this sense, can be viewed as a measureof shareholder value added by the firm during a period. Increasingly, managers are realizing thatshareholder value is enhanced by creating value for employees, customers, suppliers, the community,and other stakeholders. This problem asks you to consider how EVA®, as a measure of economicvalue created during a period, can be used to guide and justify sustainability-related investments.Required1. How is economic value added (EVA®) for any accounting period estimated? How does this financialperformance metric differ from both conventional accounting income and from residual income (RI)?