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Saudi Electronic University Homework Help

Management Question

Description

Required: Blogs that are useful for learning writing and fluency. 10 marks.

Page 1

Student’s Name

Section Number

Course Name

Page 2

Reflective Journal 1 (300 words)

Page 3

Reflective Journal 2 (300 words)

Page 4

Reflective Journal 3 (300 words)

All submitted at once in one file.

In short, the essays are free of editing and are useful for practicing writing.

These essays should be about the material being explained weekly.

Submission deadline: April 6

Assignment Title:
Reflective Journal Assignment
Grade: 10 marks
Description:
The purpose of this assignment is to enhance your critical thinking and self-reflection skills. You
are required to write three reflective journals during the semester, each approximately 300
words. Each journal should reflect your personal experience or understanding of a specific topic
related to the course, your academic life, or your professional journey.

Assignment Details:

Instructions:
1.

Topics:

For each reflective journal, choose one of the following topics:
•

Reflection on a topic discussed in the lecture.

•

Reflection on a practical experience (project, group activity, or training).

•
to solve it.
2.

Reflection on a challenge you faced in the course and how you solved it or plan
Structure:

Use Gibbs’ Reflective Cycle or any other reflective framework. Follow these steps:
•

Description: What happened?

•

Feelings: How did you feel?

•

Evaluation: What was good and what was bad?

•

Analysis: Why did it happen?

•

Conclusion: What did you learn?

•

Action Plan: How would you deal with a similar situation in the future?

Deadlines: 06/Apr/2025

Requirements:

•

Each journal must be 300 words.

•

Use clear academic language.

•

Format: Times New Roman, font size 12, double-spaced.

Evaluation Criteria: Your journals will be evaluated based on:

•

Depth of reflection and critical thinking.

•

Organization and clarity in writing.

•

Connection between personal experience and academic concepts.

Tips for Success:
•

Be honest in your reflections; there are no “right” or “wrong” answers.

•

Use real-life examples to illustrate your points.

•

Link your reflections to the course content for added value.

Example:
This week’s topics were broad dealing with areas of privacy and the nature of capitalism. In class
we spent time discussing the meaning of privacy and how it is protected and exploited in
different contexts such as by the government and in the workplace. One of the parts of the inclass discussion that was most memorable for me was the focus on social media and specifically
providing personal information to Facebook. Since arriving in Australia, I have learnt about
Facebook, started my own account, have uploaded digital photographs, and posted statuses about
my recent activities. However, the interesting part for me has been the extent that friends of mine
from Saudi Arabia, other international students, trust or do not trust, Facebook.
I have noticed that although I use Facebook regularly and I have upload some personal
information, other students from Saudi use the platform quite differently. For example, I believe
that there are five different ways that my friends use Facebook. Firstly, there are students who
not concerned at all about their privacy. These people use their real or similar names and pictures
and have no problem with posting up embarrassing photos and impolite language. The next
group may use a fake name and post up limited photos and information to protect their privacy.
Another group does the same but controls the settings on their Facebook and only adds friends

who they are completely sure. The fourth group uses only information which is completely
unidentifiable, and the fifth group does not use Facebook at all. Privacy is a central concern for
these students. However, it is interesting how different students take a more or less cautious
approach to Facebook because of the risk of people knowing who they are or using their personal
information against them.
Another one of the topics in class discussed was the use of surveillance devices such as CCTV
and how this is affecting privacy. The students had different opinions about where surveillance
cameras should be allowed to be placed and where they should be illegal. I was shocked to hear
that some nightclubs in Perth have security cameras in the bathrooms. For me, I think
surveillance can offer advantages such as providing evidence and helping people to feel safe but
I think there is a risk that the recording will be used for the wrong purpose.
The slides for the week focused on the nature of capitalism. We looked at the differences
between capitalism and socialism/communism. A lot of the lecture was related to the advantages
of capitalism such as the effect of the invisible hand of the market and providing incentives for
people to work, and respective disadvantages such as oligopolies being formed that can set prices
and operate monopolies and so on. One part of the lecture that I knew about before was the
different approaches that religions take to lending money. For example, in Islam it is forbidden to
charge interest when lending money. However, I have heard that Christianity and Judaism
encourage the payment of interest to encourage diligence.

6-1

Chapter 6

6-2

➢Shoppers can now buy virtually every product
or service imaginable through franchises
➢More than 757,000 franchise outlets in the
United States
➢Employ almost 8.2 million people
➢Generate $802 billion in annual economic
output – adding $460 billion to the country’s
GDP

6-3

Franchised Businesses by Product or Service Line

6-4

➢Franchising in Global Markets
➢International Franchise Association survey:
➢61% percent of members operate in international
markets
➢74% plan to accelerate global growth
➢32% of the units of the 200 largest U.S.
franchisors are located outside the U.S.
➢Hot markets: Brazil, Russia, India, China, and
nations in the Middle East and North Africa

6-5

Franchising: semi-independent business owners
pay fees and royalties to a parent company in
exchange for the right to sell its products and
services under the franchiser’s trade name and often
to use its business format and system
➢Going into business for yourself, but not by yourself

6-6

➢Three basic types:
1. Trade-name franchising
2. Product distribution franchising
3. Pure franchising (or comprehensive
franchising or business format
franchising

6-7

➢Primary reason to buy a franchise is the mutual
benefits to the franchisor and franchisee
➢Franchisees are buying the franchiser’s
experience
➢Franchisees get a proven business system and
avoid having to learn by trial-and-error
➢Before buying, ask: “What can a franchise do for
me that I cannot do for myself?”

6-8

The Franchise Relationship

6-9

➢What do you get when you buy a franchise?
➢A business system
➢Management training and support
➢Brand name appeal
➢Standardized quality of goods and services
➢National advertising program
➢Financial assistance
➢Proven products and business formats
➢Centralized buying power
➢Site selection and territorial protection
➢Increased chance for success
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

6-10

Franchise Lending Activity

6-11

➢What are the drawbacks of a franchise?
➢Franchise fees and ongoing royalties
➢Strict adherence to standardized operations
➢Restrictions on purchasing
➢Limited product line
➢Market saturation
➢Limited freedom
➢No guarantee of success

6-12

A Franchise Evaluation Quiz

6-13

➢Franchisors are required to file a Franchise
Disclosure Document (FDD)
➢Key tool for protection
➢Franchisers must deliver a copy of a FDD
before any offer or sale of a franchise
➢The FTC requires that FDDs use ‘plain English’

6-14

➢The FDD contains information on 23 topics,
including:
➢Franchiser’s business experience
➢Franchise fees and costs
➢Lawsuits involving the franchiser
➢Financial assistance available
➢Territorial protection granted
➢Restrictions on purchasing

6-15

6-16

➢What should you look for?
➢A unique concept or marketing approach
➢A profitable business model
➢A solid brand name and a registered trademark
➢A business system that works
➢A solid training program
➢Affordability
➢A positive relationship with franchisees

6-17

➢Preparation, common sense, and patience are vital
ingredients in choosing the right franchise
➢Evaluate yourself
➢What do you like and dislike?
➢Research the market
➢Consider your franchise options
➢Get a copy of the FDD and study it
➢Franchise turnover rate
➢Talk to existing franchisees
➢Ask the franchisor some tough questions
➢Make your choice
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

6-18

➢A franchise contract summarizes the details that will
govern the franchisor-franchisee relationship
➢Outlines the rights and obligations of each party
➢Often favors the franchisor
➢FTC requires that franchisees receive a complete
and revised contract at least 5 days before signing it

6-19

New
Franchise

Established
Franchise

Pros

Cons

➢ Can be new and exciting
➢ Business concept can be fresh
and different in the market
➢ Possibility of getting lower fees
as a “pioneer” of the concept
➢ Potential for a high return on
investment

➢ Business is not tested or
established in the market
➢ Unknown brand and trademark
➢ Possibility that the concept is a fad
with no staying power
➢ Franchiser may lack the experience
to deliver valuable services to
franchisees

➢ Business concept likely is well- ➢ High franchise fees and costs that
known to consumers and market
often are non-negotiable
for the products or services is
➢ Concept may be on the wane in the
already established
market
➢ Franchiser has experience in
➢ Franchiser’s brand and trademark
delivering services to
may remind customers of an
franchisees
outdated concept
➢ Franchiser has had time to work ➢ Franchiser’s “trade dress” may be
the “bugs” out of the business
in need of updating and
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.
6-20
system
redesigning

➢Three terms responsible for most disputes:
1. Termination
➢Franchisees are usually prohibited from terminating
the agreement, but franchisors can terminate ‘with
or without cause’
2. Renewal
➢Franchisors usually have the right to renew or
refuse contract renewal
3. Transfer and buybacks
➢Franchisees are usually not free to sell their
business without approval

6-21

➢Three major growth waves since the beginning of
franchising
1. Early 1970s – fast food boom
2. Mid-1980s – shift to the service sector
3. Early 1990s – focus on specific market niches

6-22

➢Changing face of franchisees
➢Today’s franchisees are:
➢More diverse
➢Better educated
➢More experienced
➢More financially secure
➢Multiple unit franchising
➢Multiple-unit franchising is more efficient
➢International opportunities
➢Key to success: Adaptation

6-23

➢Smaller, nontraditional locations
➢Intercept marketing
➢Conversion franchising
➢Conversion franchising offers instant name
recognition
➢Refranchising
➢Refranchising is reducing the number of companyowned stores

6-24

➢Area development and master franchising
➢Area development offers exclusive rights to an
area
➢Master franchises or subfranchises can be a
good option in international markets
➢Cobranding
➢Cobranding or combination franchising involves
teaming up with complementary products or
services
➢Serving dual-career couples and aging baby boomers

6-25

➢Entrepreneurs can use franchising as a growth
strategy
➢To create a successful franchise operation you need:
➢A unique concept
➢A replicable concept
➢An expansion plan
➢To do due diligence
➢Legal guidance
➢Initial cost to launch a franchise business is
$100,000 to $750,000
➢To provide support for franchisees

6-26

6-27

5-1

Chapter 5

5-2

➢There is no one “best” form of ownership
➢The best form of ownership depends on an
entrepreneur’s particular situation
➢The key to choosing a form of ownership is
understanding how each form’s characteristics affect
an entrepreneur’s specific business and personal
circumstances

5-3

Number of Days to Start a Business in the United States

5-4

➢Factors to consider:
➢Tax considerations
➢Liability exposure
➢Start-up and future capital requirements
➢Control
➢Managerial ability
➢Business goals
➢Management succession plans
➢Cost of formation
➢Cost of maintaining

5-5

Forms of Business Ownership

5-6

➢Sole proprietorship: the simplest and most
popular form of ownership
➢The sole proprietor is the only owner and ultimate
decision maker for the business

5-7

➢Advantages of a Sole Proprietorship
➢Simple to create
➢Least costly form to establish
➢Profit incentive
➢Total decision-making authority
➢No special legal restrictions
➢Easy to discontinue

5-8

➢Disadvantages of the Sole Proprietorship
➢Unlimited personal liability
➢Failure of the business can ruin a sole
proprietor financially
➢Limited access to capital
➢Limited skills and abilities
➢Feelings of isolation
➢Lack of continuity for the business

5-9

Partnership: an association of two or more people
who co-own a business for the purpose of making a
profit
➢Take the time to create a written partnership
agreement: a document that states all of the
terms of operating the partnership for the
protection of each partner involved
➢Addresses in advance potential conflicts

5-10

➢A partnership agreement contains:
1. Name of the partnership
2. Purpose of the business
3. Location of the business
4. Duration of the partnership
5. Names of the partners and their legal addresses
6. Contributions of each partner to the business, at the
creation of the business and later
7. Agreement on how the profits or losses will be
distributed
8. Agreement on salaries or drawing rights against
profits for each partner
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

5-11

9. Procedure for expansion through the addition of new
partners
10. Distribution of the partnership’s assets if the partners
voluntarily dissolve the partnership
11. Sale of the partnership interest
12. Absence or disability of one of the partners
13. Voting rights
14. Decision-making authority
15. Financial authority
16. Handing tax matters
17. Alterations or modifications of the partnership agreement
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

5-12

➢The Uniform Partnership Act
➢Uniform Partnership Act: codifies the body of law
dealing with partnerships in the United States
➢Three key elements:
1. Common ownership interest in a business
2. Sharing the business’s profits and losses
3. Right to participate in managing the partnership
➢Partners must abide by:
➢Duty of loyalty
➢Duty of obedience
➢Duty of care
➢Duty to inform
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

5-13

➢Advantages of the Partnership
➢Easy to establish
➢Complementary skills
➢Division of profits
➢Larger pool of capital
➢Ability to attract limited partners
➢Little government regulation
➢Flexibility
➢Taxation

5-14

➢Disadvantages of the Partnership
➢Unlimited liability of at least one partner
➢Capital accumulation
➢Difficulty in disposing of partnership interest
➢Potential for personality and authority conflicts
➢Partners are bound by the law of the agency

5-15

➢Limited Partnerships
➢Limited partnership: a partnership composed of at
least one general partner and one or more limited
partners
➢The general partner in a limited partnership is
treated exactly as in a general partnership
➢The limited partner has limited liability and is
treated as an investor in the business
➢The limited partner does not take an active role in
managing the business

5-16

➢Limited Liability Partnerships
➢Limited liability partnership: a partnership in
which all partners in the business are limited
partners, having only limited liability for the debts
and obligations of the partnership
➢Usually restricted to professionals – attorneys,
physicians, dentists, accountants, etc.

5-17

Corporation: an artificial legal entity created by the
state that can sue or be sued in its own name, enter
into and enforce contracts, hold the title to and transfer
property, and be found civilly and criminally liable for
violations of the law

5-18

➢C-corporations: creations of the state
➢Domestic corporation: a corporation doing business
in the state in which it is incorporated
➢Foreign corporation: a corporation chartered in one
state and doing business in another state
➢Alien corporation: a corporation formed in another
country but doing business in the United States

5-19

➢Publicly held corporation: a corporation that has a
large number of shareholders and whose stock
usually is traded on one of the large stock exchanges
➢Closely held corporation: a corporation in which
shares are controlled by a relatively small number of
people, often family members, relatives, or friends

5-20

➢Requirements for incorporation:
1. The corporation’s name
2. The corporation’s statement of purpose
3. The company’s time horizon
4. Names and addresses of the incorporators
5. Place of business
6. Capital stock authorization
7. Capital required at the time of incorporation’
8. Provision for preemptive rights, if any, that are
granted to stockholders

5-21

9. Restrictions on transferring shares
➢Treasury stock
➢Right of first refusal
10. Names and addresses of the officers and directors
of the corporation
11. Rules under which the corporation will operate
➢Bylaws
➢ Corporate charter: approved articles of
incorporation

5-22

➢Advantages of the Corporation
➢Limited liability of stockholders
➢Ability to attract capital
➢Private placement
➢Public offering
➢Ability to continue indefinitely
➢Transferable ownership

5-23

➢Disadvantages of the Corporation
➢Cost and time involved in the incorporation process
➢Double taxation
➢Potential for diminished managerial incentives
➢Stock option
➢Stock ownership plan
➢Legal requirements and regulatory red tape
➢Potential loss of control by the founders

5-24

➢Professional Corporations
Professional corporation: offers professionals such
as lawyers, doctors, dentists, accountants, and
others, the advantages of the corporate form of
ownership

5-25

➢S corporation: a distinction that is made only for
federal income tax purposes
➢No different from any other corporation from a legal
perspective
➢For tax purposes, however, an S- corporation is taxed
like a partnership, passing all of its profits (or losses)
through to the individual shareholders
➢To elect “S” status, all shareholders must consent,
and the corporation must file with the IRS within the
first 75 days of its tax year

5-26

➢S-corporations must meet the following criteria:
➢Must be a U.S.-based corporation
➢No nonresident alien shareholders
➢Only one class of common stock
➢No more than 100 shareholders (increased from 75)
➢No more than 25% of corporate income from passive
investment sources
➢Corporations and partnerships cannot be
shareholders

5-27

➢Advantages of an S Corporation
➢All of the advantages of a regular corporation
➢Passes all of its profits or losses through to individual
shareholders
➢Income is only taxed once at the individual tax rate
➢Avoids the double taxation disadvantage of the C
corporation
➢Avoids the tax C corporations pay on assets that
have appreciated in value and are sold

5-28

➢Disadvantages of an S Corporation
➢Tax advantages may not be permanent
➢When is an S Corporation a Wise Choice?
➢Beneficial to start-up companies that anticipate net
losses and to highly profitable firms with substantial
dividends to pay to shareholders
➢Also attractive to companies that plan to reinvest
most of their earnings to finance growth

5-29

➢Resembles an S-Corporation but is not subject to the
same restrictions
➢Two documents:
➢Articles of organization
➢Operating agreement

5-30

➢An LLC cannot have more than two of these four
corporate characteristics:
➢Limited liability
➢Continuity of life
➢Free transferability of interest
➢Centralized management

5-31

➢Nonprofit organizations
➢Uses revenues to pursue social value rather than to
create personal value for investors
➢To form a non profit organization:
➢File the certificate of incorporation
➢Purpose clause
➢Select individuals to serve on the board of directors
➢Develop a mission statement
➢Establish bylaws and board policies
➢File require forms with the IRS
➢Develop a fund-raising plan
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

5-32

➢For-Profit Social Venture
➢Primary goal is creating social value, but
financial viability is required
➢Dual focus
➢Double bottom line
➢Are subject to market forces

5-33

➢New Forms of Social Ventures
➢The low-profit limited liability company (L3C) is a cross
between a nonprofit and a for-profit LLC
➢Builds on the structure of the existing LLC; it provides
the liability protection of a corporation, can sell shares
of ownership, and is not tax exempt
➢Formed to pursue a social mission
➢Meant to integrate the best of both the nonprofit and
the for-profit LLC by creating a market for
investments in financially risky but socially beneficial
activities

5-34

The L3C Versus the Traditional LLC and Nonprofit

5-35

5-36

3-1

Chapter 3

3-2

Creativity: the ability to develop new ideas and to
discover new ways of looking at problems and
opportunities
➢Thinking new things
Innovation: the ability to apply creative solutions to
those problems and opportunities to enhance or to
enrich people’s lives
➢Doing new things
➢Entrepreneurs succeed by thinking and doing new
things or old things in new ways

3-3

➢Intuit identified six enablers of small business
innovation:
1. Passion
2. Customer connection
3. Agility and adaptation
4. Experimentation and improvisation
5. Resource limitations
6. Information sharing and collaboration

3-4

➢Innovations can be:
➢Reactive in response to customer feedback or changing
market conditions
➢Proactive in response to new opportunities on which to
capitalize
➢Revolutionary creating market-changing, disruptive
breakthroughs that are the result of generating something
from nothing
➢Evolutionary, developing market-sustaining ideas that
elaborate on existing products, processes, and services
➢Putting old things together in new ways or from taking
something away to create something simpler or better
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

3-5

➢Entrepreneurs must go beyond relying in what has worked
in the past
➢Cast off limiting assumptions, beliefs, and behaviors
➢Develop new insights
➢Change perspectives
➢Look at the world in new and different ways

3-6

How Creative Are You?

3-7

➢Can Creativity be Taught?
➢Creativity is a skill
➢Anyone can learn to be creative and to get
better at it
➢Need to understand creative thinking

3-8

➢Each hemisphere of the brain processes
information differently
➢One side tends to be dominant
➢The left brain handles language, logic, and
symbols
➢Thinking is narrowly focused and systematic
➢The right brain handles emotional, intuitive, and
spatial functions
➢Thinking is unconventional, unsystematic, and
unstructured

3-9

➢Right brain, lateral thinking is at the heart of the
creative process
➢Individuals can learn to control which side of the brain
is dominant in a given situation
➢Can learn to ‘turn down’ the dominant left side and
‘turn up’ the right side
➢Successful entrepreneurs need both left and ride side
thinking
➢The right side generates innovative ideas
➢The left side judges market potential

3-10

➢Mental locks that can limit individual creativity:
1. Searching for the one “right” answer
2. Focusing on “being logical”
3. Blindly following the rules
4. Constantly being practical
5. Viewing laughter and play as frivolous
6. Becoming overly specialized
7. Avoiding ambiguity
8. Fearing looking foolish
9. Fearing mistakes and failure
10. Believing that “I’m not creative”
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

3-11

➢Enhancing Organizational Creativity
1. Include creativity as a core company value and
make it an integral part of the company’s culture
2. Hire for creativity
3. Embrace diversity
4. Establish an organizational structure that nourishes
creativity
5. Expect creativity
6. Expect failure and learn from it
7. Incorporate fun into the work environment
8. Encourage curiosity
9. Design a workspace that encourages creativity
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

3-12

10. View problems as opportunities
11. Provide creativity training
12. Provide support
13. Develop a procedure for capturing ideas
14. Talk with customers – or better yet, interact with them
15. Monitor emerging trends and identify ways your
company can capitalize on them
16. Look for uses for your company’s products or services
in other markets
17. Reward creativity
18. Model creativity
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

3-13

➢Enhancing Individual Creativity
1. Allow yourself to be creative
2. Forget the “rules”
3. Give your mind fresh input everyday
4. Travel – and observe
5. Collaborate with other people
6. Observe the products and services of other
companies, especially those in different markets
7. Recognize the creative power of mistakes and
accidents

3-14

8. Be positive
9. Notice what is missing
10. Periodically ask yourself, “Am I asking the right
question?”
11. Keep a journal handy to record your thoughts and
ideas
12. Listen to other people
13. Get adequate sleep
14. Watch a movie
15. Talk to a child

3-15

16. Do something ordinary in an unusual way
17. Keep a toy box in your office
18. Take note of your ‘pain points’: do other people
experience them as well?
19. Do not throw away seemingly ‘bad’ ideas
20. Read books on stimulating creativity or take a class
on creativity
21. Take some time off
22. Be persistent

3-16

➢Creative ideas are the result of seven step
process:
1. Preparation
2. Investigation
3. Transformation
4. Incubation
5. Illumination
6. Verification
7. Implementation

3-17

➢Step 1: Preparation
➢Adopt the attitude of a lifelong student
➢Read—a lot—and not just in your field of expertise
➢Clip articles of interest to you and create a file for them
➢Take time to discuss your ideas with other people,
including those who know little about it as well as
experts in the field
➢Join professional or trade associations and attend their
meetings
➢Develop listening skills.
➢Eliminate creative distractions
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall.

3-18

➢Creative ideas are the result of seven step
process:
1. Preparation
➢ Investigation

3-19

➢Step 2: Investigation
➢Develop a solid understanding of the problem,
situation, or decision at hand

3-20

➢Creative ideas are the result of seven step
process:
1. Preparation
2. Investigation
➢ Transformation

3-21

➢Step 3: Transformation
➢Two types of thinking:
1. Convergent thinking: the ability to see the
similarities and the connections among
various and often diverse data and events
2. Divergent thinking: the ability to see the
differences among various data and events

3-22

➢Transforming information into a purposeful idea:
➢Evaluate the parts of the situation several times, trying
to grasp the big picture
➢Rearrange the elements of the situation
➢Try using synectics (a term derived from the Greek
words for “to bring together” and “diversity”),taking two
seemingly nonsensical ideas and combining them
➢Before locking into one particular approach to a
situation, remember that several approaches might be
successful

3-23

➢Creative ideas are the result of seven step
process:
1. Preparation
2. Investigation
3. Transformation
➢ Incubation

3-24

➢Step 4: Incubation
➢Ideas may require a gestation period
➢Walk away from the situation
➢Take the time to daydream
➢Relax – and play – regularly
➢Dream about the problem or opportunity
➢Work on the problem or opportunity in a
different environment

3-25

➢Creative ideas are the result of seven step
process:
1. Preparation
2. Investigation
3. Transformation
4. Incubation
➢ Illumination

3-26

➢Step 5: Illumination
➢The light bulb goes on
➢Eureka factor

3-27

➢Creative ideas are the result of seven step
process:
1. Preparation
2. Investigation
3. Transformation
4. Incubation
5. Illumination
➢ Verification

3-28

➢Step 6: Verification
➢Is it really a better solution to a particular problem
or opportunity?
➢Will it work?
➢Is there a need for it?
➢Is there a need for it?
➢If so, what is the best application of this idea in the
marketplace?

3-29

➢Does this product or service idea fit into our core
competencies?
➢How much will it cost to produce or to provide?
➢Can we sell it at a reasonable price that will
produce adequate sales, profit, and return on
investment for our business?

3-30

➢Creative ideas are the result of seven step
process:
1. Preparation
2. Investigation
3. Transformation
4. Incubation
5. Illumination
6. Verification
➢ Implementation

3-31

➢Step 7: Transformation
➢Transform the idea into reality
➢Ready, aim, fire

3-32

3-33

1-1

Chapter 1

1-2

➢In the U.S., entrepreneurs start more than 6.5 million
businesses a year!
➢Global Entrepreneurship Monitor (GEM)
➢Approximately 13% of the U.S. population aged 1864 is actively involved in entrepreneurial activity
➢The global average is also 13%

1-3

1-4

Entrepreneur: One who creates a new business
in the face of risk and uncertainty for the purpose
of achieving profit and growth by identifying
opportunities and assembling the necessary
resources to capitalize on them

1-5

Why Entrepreneurs Start Businesses

1-6

➢Characteristics of Entrepreneurs:
➢Desire and willingness to take initiative
➢Preference for moderate risk
➢Confidence in their ability to succeed
➢Self-reliance
➢Perseverance
➢Desire for immediate feedback

1-7

➢More Characteristics of Entrepreneurs:
➢High level of energy
➢Competitiveness
➢Future orientation
➢Serial entrepreneurs
➢Skilled at organizing
➢Value of achievement over money

1-8

➢Other Characteristics of Entrepreneurs:
➢High degree of commitment
➢Tolerance for ambiguity
➢Flexibility
➢Tenacity

1-9

➢Conclusion?
➢Diversity seems to be a central characteristic of
entrepreneurs
➢Anyone – regardless of age, race, gender, color,
national origin, or any other characteristic – can
become an entrepreneur (although not everyone
should)
➢Entrepreneurship is a skill that is learned

1-10

➢Creativity vs. Innovation
➢Creativity – the ability to develop new
ideas and to discover new ways of
looking at problems and opportunities
➢Innovation – the ability to apply creative
solutions to problems and opportunities
to enhance or to enrich people’s lives

1-11

➢Monitor Trends and Exploit Them Early On
➢Independa
➢Travel – and Be Inspired
➢Eileen Fisher
➢Take A Different Approach To An Existing
Market
➢I Do Now I Don’t
➢Put a New Twist on an Old Idea
➢Vitaband

1-12

➢Look for Creative Ways to Use Existing
Resources
➢Dig This
➢Realize That Others Have the Same
Problem That You Do
➢MileWise
➢Take Time to Play
➢Flash Pals
➢Notice What Is Missing
➢Viking Range Corporation

1-13

➢The opportunity to:
➢Gain control over your own destiny
➢Make a difference
➢Social entrepreneurs
➢Reach your full potential
➢Reap impressive profits
➢Contribute to society and be recognized for your
efforts
➢Do what you enjoy doing

1-14

➢Uncertainty of income
➢Risk of losing your entire invested capital
➢Long hours and hard work
➢Lower quality of life until the business gets
established
➢High levels of stress
➢Complete responsibility
➢Discouragement

1-15

➢Entrepreneurs as heroes
➢Entrepreneurial education
➢Demographic and economic factors
➢Shift to a service economy
➢Technological advancements
➢Outsourcing
➢Independent lifestyles
➢E-Commerce, the Internet, and mobile computing
➢International opportunities

1-16

➢Young entrepreneurs

1-17

New Entrepreneurs by Age Group

1-18

➢Young entrepreneurs
➢Women entrepreneurs

1-19

Entrepreneurial Activity Index by Gender

1-20

➢Young entrepreneurs
➢Women entrepreneurs
➢Minority enterprises

1-21

Percentage of New Entrepreneurs by Minority Group

1-22

➢Young entrepreneurs
➢Women entrepreneurs
➢Minority enterprises
➢Immigrant entrepreneurs
➢Part-time entrepreneurs
➢Home-based business owners

1-23

Rules for a Successful Home-Based Business
Rule 1. Do your homework.
Rule 2. Find out what your zoning restrictions are.
Rule 3. Create distinct zones for your family and business dealings.
Rule 4. Focus your home-based business idea.
Rule 5. Discuss your business rules with your family.
Rule 6. Select an appropriate business name.
Rule 7. Buy the right equipment.
Rule 8. Dress appropriately.
Rule 9. Learn to deal with distractions.
Rule 10. Realize that your phone can be your best friend—or your
worst enemy.

1-24

Rules for a Successful Home-Based Business
Rule 11. Be firm with friends and neighbors.
Rule 12. Maximize your productivity.
Rule 13. Create no-work time zones.
Rule 14. Take advantage of tax breaks.
Rule 15. Make sure you have adequate insurance coverage.
Rule 16. Understand the special circumstances under which you can
hire outside employees.
Rule 17. Be prepared if your business requires clients to come to your
home.
Rule 18. Get a post office box.
Rule 19. Network.
Rule 20. Be proud of your home-based business.

1-25

➢Young entrepreneurs
➢Women entrepreneurs
➢Minority enterprises
➢Immigrant entrepreneurs
➢Part-time entrepreneurs
➢Home-based business owners
➢Family business owners
➢Family-owned business

1-26

➢Copreneurs
➢Corporate castoffs
➢Corporate “dropouts”
➢Retired baby boomers

1-27

Entrepreneurial Activity by Age Group
1996-2012

1-28

➢Small business: one that employs fewer than 100
people
➢Small businesses:
➢Comprise 99.7% of the 27.2 million businesses
in the U.S.
➢Employ 49.2% of the nation’s private sector
workforce
➢Pay 43% of the nation’s total private payroll
➢Create more jobs than big businesses

1-29

Small Businesses by Industry

1-30

➢Small businesses:
➢Are leaders in offering training and advancement
opportunities to workers
➢Provide 67% of workers with their first jobs
➢Produce 46% of the nation’s private GDP
➢Account for 47% of business sales
➢Play a key role in innovation:
➢Produce 16.5 times more patents per
employee than large companies

1-31

➢About 52% of new companies fail within 5 years
➢Entrepreneurs are not paralyzed by the prospect of
failure
➢Failure is a natural part of the creative process
➢Successful entrepreneurs learn to fail intelligently

1-32

Small Business Survival Rate

1-33

➢Know your business in depth
➢Prepare a business plan
➢Manage financial resources
➢Understand financial statements
➢Learn to manage people effectively
➢Set your business apart from the competition
➢Maintain a positive attitude

1-34

1-35

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