Fluent Essays

the instructions and the chapters are attachedINSTRUCTIONS DISCUSSION 2 After reading the chapters in this module, review the following three (3) topics below. Choose and post your response to one (1) topic. Then review and reply to a classmate who posted on a different topic. For example, if you posted a reply to topic #1, review and reply to a classmate who posted on topic #2 or #3. l #1 Chapter 3 Distinguishing Between an Infatuation and a Good Opportunity Many people become excited about an idea to start a business, but it is not necessarily a good investment opportunity. Explain a business idea you have from the perspective of its ability to be a profitable company. #2 Chapter 4 What to Ask You have decided to purchase a franchise and have set up a meeting with the franchisor. Discuss the kinds of questions you would ask them and, also, what kinds of questions you anticipate the franchisor would ask. #3 Chapter 5 Outside Manager/Reluctant Family  You are getting older and must consider how your business will be run. You have had a tremendous manager working with you for the last 30 years, and a son who has a degree but is not interested in the business. Discuss the implications of this situation and some possible solutions to maintain the legacy of the business l In order to earn the full points for this assignment, you must: · Begin your post with the Chapter # and topic · Clearly and accurately explain your answer based on factual information. (25 points) · Include examples, illustrations and/or applications in your answer. If you copy information from the Internet, you must cite your source. (25 points) · Respond to one of your classmates post on one of the OTHER topics. (25 points) · Explain the reason for your agreement or disagreement or why you think the post is important, and/or provide examples of the point(s) made. Just replying I agree with you does not constitute a valid reply. (25 points)CHAPTER 3 Starting a Small Business © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. LEARNING OBJECTIVES By studying this chapter, you should be able to… 3-1 Distinguish among the different types and sources of startup ideas. 3-2 Use innovative thinking to generate ideas for high- potential startups. 3-3 Describe external and internal analyses that can shape the selection of venture opportunities. 3-4 Explain broad-based strategy options and focus strategies. 3-5 Screen business ideas to identify those with the greatest potential. 3-6 Assess the feasibility of a startup idea. © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. INTRODUCTION • Opportunity recognition – Identification of potential new products or services that may lead to promising businesses. • Entrepreneurial alertness – Readiness to act on existing, but previously unnoticed, business opportunities. • Startups – New business ventures created “from scratch.” © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 3-1 DEVELOPING STARTUP IDEAS • New venture concepts can come from many different sources. • By recognizing the nature and origin of startup ideas, an entrepreneur can broaden the range of new ideas available for his or her consideration. © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 3-1a Types of Startup Ideas • New market ideas – Startup ideas centered around providing customers with an existing product or service not available in their market. • New technology ideas – Startup ideas involving new or relatively new technology, centered around providing customers with a new product or service. • Because of the complexities involved with new technology businesses, it often becomes necessary for entrepreneurs to pivot at some point after startup. • Pivot – To refocus or recreate a startup if the initial concept turns out to be flawed. • New benefit ideas – Startup ideas centered around providing customers with new or improved products and services or better ways of performing old functions. © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 3.1 Types of Ideas That Develop into Startups © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 3.2 Common Sources of Startup Ideas © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 3-1b Common Sources of Startup Ideas (slide 1 of 2) PERSONAL/WORK EXPERIENCE • Often, knowledge gleaned from a CHAPTER 5 The Family Business © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. LEARNING OBJECTIVES By studying this chapter, you should be able to… 5-1 Define the terms family and family business. 5-2 Explain the forces that can keep a family business moving forward. 5-3 Describe the complex roles and relationships involved in a family business. 5-4 Identify management practices that enable a family business to function effectively. 5-5 Describe the process of managerial succession in a family business. © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 5-1 WHAT IS A FAMILY BUSINESS? (slide 1 of 2) • Family – A group of people bound by a shared history and a commitment to share a future together, while supporting the development and well-being of individual members. © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 5-1 WHAT IS A FAMILY BUSINESS? (slide 2 of 2) • Family business – An organization in which either the individuals who established or acquired the firm or their descendants significantly influence the strategic decisions and life course of the firm. • A family business can be described as an owner-managed business, a sibling partnership, or a cousin consortium. • Owner-managed business – A venture operated by a founding entrepreneur. • Sibling partnership – A business in which children of the founder become owners and managers. • Cousin consortium – A business in third and subsequent generations, when children of the siblings take ownership and management positions. © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 5-1a Family and Business Overlap • Families and businesses exist for fundamentally different reasons. • The family’s primary function is the care and nurturing of family members, while the business is concerned with the production and distribution of goods and/or services. • The family’s focus is on creating value for family members and emphasizing cooperation, unity, and stability, while the business’s goal is to create value for customers and emphasize competition, diversity, and flexibility. • Individuals involved in a family business have interests and perspectives that differ according to their particular situations. • Competing interests can complicate the management process, creating tension and sometimes leading to conflict. • Relationships among family members in a business are more sensitive than relationships among unrelated employees. © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 5.1 The Three-Circle Model of Family Firms © 2020 CHAPTER 4 Franchises and Buyouts © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. LEARNING OBJECTIVES By studying this chapter, you should be able to… 4-1 Define franchise, and have an understanding of franchising terminology. 4-2 Understand the pros and cons of franchising. 4-3 Describe the process for evaluating a franchise opportunity. 4-4 List four reasons for buying an existing business, and describe the process for evaluating an existing business. © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 4-1 WHAT IS A FRANCHISE? • The Singer Sewing Machine company is credited with being the first franchisor in the United States. • In 1851, Albert Singer entered agreements with local retailers to give them exclusive rights to sell Singer sewing machines. • Some historians, however, contend that Benjamin Franklin was actually the first U.S. franchisor. • They cite the arrangement he made with a printer in South Carolina to reproduce Poor Richard’s Almanac columns. • Franchise – The right to sell the licensing company’s goods or services in a particular area. © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 4-1a Franchising Terminology (slide 1 of 4) • Franchising – A process for expanding a business and distributing goods and services through a licensing relationship. • Franchisor – The party in a franchise contract that specifies the methods to be followed and the terms to be met by the other party. • Franchisee – The party in a franchise contract that is granted a license to do business under a particular trademark and trade name by the franchisor. © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 4-1a Franchising Terminology (slide 2 of 4) • There are two primary forms of franchising: 1. Product and trade name franchising – A franchise agreement granting the right to use a widely recognized product or trademark. • Automobile dealers and convenience stores are examples of companies engaged in this type of franchising. 2. Business format franchising – A franchise arrangement whereby the franchisee obtains an entire marketing, management, and supply system geared to entrepreneurs. • Quick-service restaurants, hotels and motels, and business services typically engage in this type of franchising. © 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 4-1a Franchising Terminology (slide 3 of 4) • In order to become a franchisee, you will need to enter into a legal contract with the franchisor. • Franchise contract – The legal agreement between franchisor and franchisee.