you decide to become an entrepreneur, which one of the following will not be related to you as an entrepreneur? If O a. You take the full risk O b. None of the options given C. You own the business O d. You perform only selective functions
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- b. Discuss how can an entrepreneur effectively balance the need to innovate and take risks with the need to manage resources and ensure profitability in the long term?You have just graduated from the MBA program of a large university, and one of your favorite courses was “Today’s Entrepreneurs.” In fact, you enjoyed it so much you have decided you want to “be your own boss.” While you were in the master’s program, your grandfather died and left you $1 million to do with as you please. You are not an inventor, and you do not have a trade skill that you can market; however, you have decided that you would like to purchase at least one established franchise in the fast-food area, maybe two(if profitable). The problem is that you have never been one to stay with any project for too long, so you figure that your time frame is 3 years. After 3 years you will go on tosomething else. You have narrowed your selection down to two choices: (1) Franchise L, Lisa’s Soups, Salads, & Stuff, and (2) Franchise S, Sam’s Fabulous Fried Chicken. The net cash flows shown below include the price you would receive for selling the franchise in Year 3 and the forecast…IS MOuue Will aiscuss the proper and efficient ways of starting a business. You will be introduced to the entrepreneurial process, which starts with identifying and evaluating the opportunity. The heart of this module is the scanning of the marketing environment where you formulate a product or service 'solution applying the techniques of seeking, screening, and seizing opportunities. As a result, you will deal with analyzing the need of the market, think of the potential set of products or services that will meet the need, assess the feasibility of the solution, and select the best product or service that will address the need. PRE-ACTIVITY. Directions: Answer the following. 1. In a scenario where you are creating a product to selI, what are the things that you'need to consider? Why? 2. What are the role of your neighbors, friends, family members and the community if you are going to iput up a business? 3|Page
- Cathy wants to open her own accounting firm. She requires your help with the business plan. Advise Cathy on reasons for an entrepreneur to write a business plan.(1) If you were on the board of directors at a companyand the CEO proposed a merger with a topcompetitor, what types of questions would you wantanswered before you gave your approval? (2) If aCEO has an opportunity to merge with or acquireanother company and is reasonably certain that thetransaction will benefit shareholders, is the CEOobligated to pursue the deal? Why or why not?TRUE OR FALSE 2. A business stakeholder is one who has made financial investments in the business.
- Why would someone put up a sole proprietorship? A)All options are correct B)To take control of all the aspects of the business C)To enjoy all profits that can be made from the business D)To make all decisions regarding the businessBusiness 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 planAfter months of insufficient recognition (and two years without a raise), you accept an offer from anotherfirm for a $2,000-a-year raise. When you tell your boss you are resigning, you are told how crucial you are tothe business and are offered a raise of $2,500 per year. What do you do? Why? What problems might exist ifyou accept the buy-back?
- Develop a business idea not exceeding 500 words. If you have an opportunity to start a business, what kind of business will you start? Mention about: (i) The industry and product/service you are interested in. (ii) State why you are interested in that business. (iii) Who will be your customers and competitors? (iv) The initial amount you may require starting your business.The following are the fundamental questions to consider when starting a business EXCEPT: Do you have a viable concept? Is the reason you want to start a business consistent with your character and concept? Do you know how to run a business? Do you have what it takes? 3What are the main parts of the Start Up Investment, Break EvenAnalysis, & Balance Sheet ? Why are these three important for any business?