Understanding Business with Connect Access Card
12th Edition
ISBN: 9781260277142
Author: William Nickels, James McHugh, Susan McHugh
Publisher: McGraw-Hill Education
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Question
Chapter 5, Problem 2DCS
Summary Introduction
To discuss: About the business expected to start up, opportunities attracted towards the business, financial resources and personal skills needed to launch the business and capital needed.
Introduction: Graphic designer is the one who communicates the ideas through visual concepts that inform, inspire and attract customers. Graphic designers develop the overall layout and production designs for the advertisements, magazines and corporate events.
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1. Could writing a conventional business plan ever cause more harm than good? Explain your answer?2. If you wanted some assistance in setting up and running a new business, you might look at business incubators as a solution. What kind of assistance would you consider the most valuable?3. Given the risks involved in starting any company, should an aspiring entrepreneur investigate all possible failure scenarios and develop action plans to avoid these potential outcomes? Explain your answer.4. How do autocratic, democratic, and laissez-faire leadership styles differ?5. Ethical considerations. Apart from meeting the company’s future talent needs, do managers have a personal ethical obligation to help their employees develop and advance in their careers? Explain your answer.6. What are the advantages and disadvantages of the unstructured organizational model?7. Suppose you are the marketing manager of the credit-card department of a financial institution. Your objective is to support the…
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.
Bonnie Brewer and Stacy Kim were college roommates. While at school, they shared dreams of opening their own business. To prepare themselves, they took business and marketing courses, along with courses in management. When they graduated, they each found jobs in Seattle, near where they’d gone to school.
Several years later, after working at other companies to gain experience, the two women decided to take the plunge together and made a plan to open a small café where they and their customers could indulge their love of good coffee and fine chocolate. They looked at two locations for their café: one near Pike Place Market, which gets a lot of foot traffic from shoppers and businesspeople, and one near the university, where shops and restaurants are patronized by students, faculty, staff, and local residents. They chose the university location because they thought they knew and understood those customers well. The doors to Custom Coffee & Chocolate opened several months later, with…
Chapter 5 Solutions
Understanding Business with Connect Access Card
Ch. 5.1 - Prob. 5.1AQCh. 5.1 - Prob. 5.1BQCh. 5.1 - Prob. 1TPCh. 5.1 - Prob. 2TPCh. 5.2 - Prob. 5.2AQCh. 5.2 - Prob. 1MEDCh. 5.2 - Prob. 3TPCh. 5.2 - Prob. 4TPCh. 5.3 - Prob. 5.3AQCh. 5.3 - Prob. 5TP
Ch. 5.3 - Prob. 6TPCh. 5.3 - Prob. 7TPCh. 5.3 - Prob. 8TPCh. 5.4 - Prob. 5.4AQCh. 5.5 - Prob. 5.5AQCh. 5.5 - Prob. 5.5BQCh. 5.5 - Prob. 5.5CQCh. 5.6 - Prob. 9TPCh. 5.6 - Prob. 10TPCh. 5.6 - Prob. 11TPCh. 5 - Prob. 1CECh. 5 - Prob. 2CECh. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - Prob. 1CTCh. 5 - Prob. 2CTCh. 5 - Prob. 3CTCh. 5 - Prob. 4CTCh. 5 - Prob. 1DCSCh. 5 - Prob. 2DCSCh. 5 - Prob. 3DCSCh. 5 - Prob. 4DCSCh. 5 - Prob. 5DCSCh. 5 - Prob. 1PPTCh. 5 - Prob. 2PPTCh. 5 - Prob. 1VCCh. 5 - Prob. 2VCCh. 5 - Prob. 3VC
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- Overview There is much that you can learn from other experienced entrepreneurs. Many new businesses are started every year, so receiving external input can give you an advantage when beginning your own entrepreneurial venture. A good way is to start looking around you. Is there an entrepreneur you know who you would like to hear insights from? For this assignment, arrange for an interview with that entrepreneur and prepare thoughtful questions to ask. This will be helpful in the course as you work on your Business Model project. Instructions choose an entrepreneur (preferably not a family member) and Talk about about their job and entrepreneurial journey. Approach the interview with a goal in mind and think of specific questions that could help you achieve that goal. Some examples of these questions might include the following: Why did you choose to become an entrepreneur? What is your approach to risk? What customer segment do you cater to? How did you choose your customer segment?…arrow_forward1. From among the four types of business structures (sole proprietorship, partnership, corporation, and limited liability company), which do you think is the best start-up business? Give a basis and detailed information for your arguments. 2. From among the sample businesses below, choose one and conceptualize a business name and logo. Give an explanation behind your business name and logo. a. drugstore B. pet shop C. garden D. hair salon E. organic products F. health supplements G. catering servicesarrow_forwardAnswer the question in paragraph format What strategy should an entrepreneur employ when selecting a personal board, an advisory board, or a board of directors?arrow_forward
- What are the most important things you learne i when creating the business plan? Why are those things so important to you? What are the most important things you have learned in presenting your team's business plan and answering the questions from the investors? Why are those things so important to you? What are the most important things you have learned in participating as an investor? Why are those things so important to you? What are the most important things you have personally learned in your team in developing the business plan and making the decision to invest in another team? Why are those things so important to you?arrow_forward1. What are four characteristics of high-growth companies? 2. How can both market and management factors affect the growth of a new venture? 3. What questions should you ask at each level of the new venture's growth?arrow_forward“Anyone [can be an entrepreneur] who wants to experience the deep, dark canyons of uncertainty and ambiguity; and who wants to walk the breath-taking highlands of success. But I caution, do not plan to walk the latter, until you have experienced the former” – Anonymous quotei. With reference to the anonymous quote above, not all entrepreneurial undertakings that experience the deep, dark canyons of uncertainty and ambiguity walk the breath-taking highlands of success. Identify and explain the factors that cause failure of the start-up entrepreneurial undertakings in Zambia. Illustrate your answer using at least one example of a business that failed within five years of its establishment.arrow_forward
- 1. Does someone need to start a business from scratch to be called an entrepreneur? 2. Can we call someone an entrepreneur if they bought an ongoing business from someone else or took over the operations of a family business from their parents? 3. If someone starts a small business and never needs to hire employees, can they be called an entrepreneur?arrow_forwardOne of the first steps for starting your own business is to decide what type of business you want to start. Take some time to think about this decision. Before proceeding, answer the following questions:• Why did you choose this type of business?• Why do you think this business will be successful?• Would you enjoy owning and operating this type of business?arrow_forwardWhy is it necessary for a business plan to be realistic? How will investors typically react if they think a business plan is based on estimates and predictions rather than on careful thinking and facts? Where can entrepreneur obtain facts to substantiate their business plans?arrow_forward
- Results for "Emily has just opened a new coffee shop in her neighborhood. She has invested her savings into the business and is excited about the venture. Emily is sole owner and operator of the coffee shop, and she is faced with various challenges and opportunities as she embarks on this entrepreneurial journey. Questions Based on the scenario of Emily, the new coffee shop owner, discuss the various objectives and entrepreneur might have when starting a business "arrow_forwardShould you write a business plan even if you do not need outside financing? Why or why not?arrow_forwardGiven is a doctor who is forming her own medical practice. She wants her practice to be flexible , simple to run , and free from required meetings , minutes or resolutions . Her goal is to blend the best characteristics of corporations , partnerships and sole proprietorships . What form of business ownership seems most in-line with Gwen’s goals ? A)C corporation B)cooperative C)joint venture D)limited liability company E)S corporationarrow_forward
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