Video Discussion Questions Essentials of Entrepreneurship and Small Business Management, 4/e by Thomas W. Zimmerer and Norman M. Scarborough.

Video Discussion Questions

Essentials of Entrepreneurship and Essentials of Entrepreneurship and Small Business Management, 4/eSmall Business Management, 4/e

by Thomas W. Zimmererby Thomas W. Zimmerer

andand

Norman M. ScarboroughNorman M. Scarborough

Joan Rivers Worldwide Enterprises

1.1. In what ways does Joan Rivers demonstrate the In what ways does Joan Rivers demonstrate the characteristics of the “typical entrepreneur”?characteristics of the “typical entrepreneur”?

2.2. In the video, Joan Rivers says, “Have 40 In the video, Joan Rivers says, “Have 40 balloons up there, and if one doesn’t pop, they’ll balloons up there, and if one doesn’t pop, they’ll say, ‘She’s brilliant. She had that idea.’ What say, ‘She’s brilliant. She had that idea.’ What they don’t realize was that was one of a million they don’t realize was that was one of a million ideas you’ve tried.” How does Rivers’ ideas you’ve tried.” How does Rivers’ statement relate to the way most entrepreneurs statement relate to the way most entrepreneurs view failure? view failure?

Joan Rivers Worldwide Enterprises

3.3. Joan Rivers says, “A lot of our business has come Joan Rivers says, “A lot of our business has come from ‘Let’s do it, let’s try it, let’s see.’ ” What from ‘Let’s do it, let’s try it, let’s see.’ ” What does she mean? Do you think this attitude is does she mean? Do you think this attitude is typical of other entrepreneurs? typical of other entrepreneurs?

TheWaggingTail.com

1.1. Which characteristics of the “typical Which characteristics of the “typical entrepreneur” does owner Keith Durst entrepreneur” does owner Keith Durst exhibit?exhibit?

2.2. Describe TheWaggingTail.com’s target Describe TheWaggingTail.com’s target customer.customer.

3.3. What advantages does What advantages does TheWaggingTail.com offer pet owners? TheWaggingTail.com offer pet owners?

TheWaggingTail.com

4.4. In what ways has Keith Durst In what ways has Keith Durst differentiated his business from differentiated his business from “ordinary” dog kennels?“ordinary” dog kennels?

5.5. What role does technology play in What role does technology play in TheWaggingTail.com’s success?TheWaggingTail.com’s success?

Build-A-Bear Workshop

1.1. Which of the three business strategies Which of the three business strategies described in Chapter 2 is Maxine Clark described in Chapter 2 is Maxine Clark using? Explain.using? Explain.

2.2. In what ways has Clark set Build-A-Bear In what ways has Clark set Build-A-Bear Workshop apart from the typical toy Workshop apart from the typical toy store? store?

Build-A-Bear Workshop

3.3. Would the Build-A Bear concept make a Would the Build-A Bear concept make a successful franchise? Explain. successful franchise? Explain.

Describe the sources of Build-A-Bear’s Describe the sources of Build-A-Bear’s competitive advantage. competitive advantage.

Zoots

1.1. Describe Zoots’ target customer. Describe Zoots’ target customer.

2.2. The video never mentions Zoots’ prices or The video never mentions Zoots’ prices or how they compare to those of their how they compare to those of their competitors. How do you think their competitors. How do you think their prices compare to those of competitors? prices compare to those of competitors? How important do you think price is to the How important do you think price is to the typical Zoots customer. Explain. typical Zoots customer. Explain.

Zoots

3.3. How has Zoots’ marketing strategy How has Zoots’ marketing strategy enabled the company to gain a enabled the company to gain a competitive advantage over its rivals in competitive advantage over its rivals in the dry cleaning business? the dry cleaning business?

4.4. Describe the opportunities and threats that Describe the opportunities and threats that Zoots faces as it grows. Zoots faces as it grows.

Strike Holdings LLC

1.1. How has Tom Shannon created a How has Tom Shannon created a competitive edge for Strike Holdings competitive edge for Strike Holdings LLC?LLC?

2.2. In what ways has Shannon repackaged the In what ways has Shannon repackaged the simple game of bowling to appeal to his simple game of bowling to appeal to his company’s target customers? How company’s target customers? How successful has he been? successful has he been?

Strike Holdings LLC

3.3. Given its marketing strategy, what Given its marketing strategy, what opportunities and threats does Strike opportunities and threats does Strike Holdings face? Holdings face?

The Golf Network

1.1. How is Greg Matzel using the World How is Greg Matzel using the World Wide Web to create a competitive Wide Web to create a competitive advantage for The Golf Network?advantage for The Golf Network?

2.2. Refer to the “Strategies for E-Success” in Refer to the “Strategies for E-Success” in Chapter 7 of your book. Which of these Chapter 7 of your book. Which of these strategies is Greg Metzel using? strategies is Greg Metzel using?

The Golf Network

3.3. Visit the Web site for The Golf Network Visit the Web site for The Golf Network at at www.thegolfnetwork.comwww.thegolfnetwork.com . What . What suggestions can you make for improving suggestions can you make for improving the Web site? (Hint: You may want to the Web site? (Hint: You may want to read “Designing a Killer Web Site” in read “Designing a Killer Web Site” in Chapter 7 of your book.)Chapter 7 of your book.)

4.4. What recommendations can you make to What recommendations can you make to Greg Matzel for advertising The Golf Greg Matzel for advertising The Golf Network? Network?

Bay Partners

1.1. Bay Partners’ mission statement is to Bay Partners’ mission statement is to “identify new technologies in networking, “identify new technologies in networking, wireless, and software and invest in wireless, and software and invest in companies that leverage these innovations companies that leverage these innovations to create and lead new market to create and lead new market opportunities.” How did sticking to their opportunities.” How did sticking to their mission during the rise (and subsequent mission during the rise (and subsequent fall) of the dot.coms benefit the venture fall) of the dot.coms benefit the venture capital firm? capital firm?

Bay Partners

2.2. Explain the process by which venture capital Explain the process by which venture capital firms screen small business candidates as firms screen small business candidates as possible investments. possible investments.

3.3. What do venture capital firms such as Bay What do venture capital firms such as Bay Partners look for when considering making an Partners look for when considering making an investment in a small company?investment in a small company?

4.4. Describe the benefits a venture capital firm can Describe the benefits a venture capital firm can offer a growing small business. offer a growing small business.

MyTeam.com

1.1. Venture capitalist Ted Dintersmith says that Venture capitalist Ted Dintersmith says that MyTeam.com “is appealing on multiple MyTeam.com “is appealing on multiple dimensions.” What are some of the dimensions.” What are some of the characteristics of the company that make it characteristics of the company that make it unique and so appealing to professional unique and so appealing to professional investors? investors?

2.2. What do venture capitalists look for when What do venture capitalists look for when considering making an investment in a small considering making an investment in a small company? company?

MyTeam.com

3.3. Describe several sources of financing that Describe several sources of financing that MyTeam.com might rely on to finance its MyTeam.com might rely on to finance its growth. growth.

Crunch Fitness

1.1. CEO Jim Solomon says that Crunch Fitness CEO Jim Solomon says that Crunch Fitness locations will be successful only in major urban locations will be successful only in major urban areas. Do you agree? Explain.areas. Do you agree? Explain.

2.2. Visit the Crunch Fitness Web site at Visit the Crunch Fitness Web site at www.crunch.comwww.crunch.com to get a sense of the to get a sense of the company’s unique approach to the fitness company’s unique approach to the fitness market. Develop a list of factors the company market. Develop a list of factors the company should consider when selecting a location for its should consider when selecting a location for its new fitness centers. new fitness centers.

Crunch Fitness

3.3. Select a city you think would be suitable Select a city you think would be suitable for locating a new Crunch Fitness center for locating a new Crunch Fitness center and use the resources on the Web site for and use the resources on the Web site for your book at your book at www.prenhall.com/zimmererwww.prenhall.com/zimmerer to research the demographics of that city. to research the demographics of that city. Offer convincing evidence that the city Offer convincing evidence that the city would be a profitable location for Crunch would be a profitable location for Crunch Fitness. Fitness.

Neema Clothing

1.1. How important is the purchasing function How important is the purchasing function to Neema Clothing? Explain.to Neema Clothing? Explain.

2.2. What advantages have an effective What advantages have an effective purchasing strategy and tight inventory purchasing strategy and tight inventory control given Neema in the men’s clothing control given Neema in the men’s clothing industry? industry?

3.3. What benefits does Neema’s electronic What benefits does Neema’s electronic data interchange (EDI) system produce for data interchange (EDI) system produce for both the company and its customers?both the company and its customers?

CESSI

1.1. Why do disabled people have a difficult Why do disabled people have a difficult time finding employment?time finding employment?

2.2. How important are hiring decisions to the How important are hiring decisions to the typical small business? Explain.typical small business? Explain.

3.3. What steps can business owners take to What steps can business owners take to minimize the likelihood of making hiring minimize the likelihood of making hiring mistakes? mistakes?

CESSI

4.4. In the video, Fred Cherry says, “The goal of this In the video, Fred Cherry says, “The goal of this company is to help. Yes, we make money. We company is to help. Yes, we make money. We have to make a living, but I love to see…the have to make a living, but I love to see…the people who work for CESSI happy…and people who work for CESSI happy…and helping someone, especially the people with helping someone, especially the people with disabilities.” Is earning a profit incompatible disabilities.” Is earning a profit incompatible with fulfilling a company’s social with fulfilling a company’s social responsibility? Explain. responsibility? Explain.

Second Gear Bicycles

1.1. What is social responsibility? Identify What is social responsibility? Identify several areas in which a company has a several areas in which a company has a responsibility to society.responsibility to society.

2.2. How is Jason Upshaw demonstrating his How is Jason Upshaw demonstrating his company’s social responsibility? company’s social responsibility?

3.3. Should a company be able to “escape” its Should a company be able to “escape” its responsibility to society simply because it responsibility to society simply because it is small? Explain. is small? Explain.