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BUSI 3010 Course Introduction

Instructor: Dr. Mina Iskander

BUSI 3010 Course Description: BUSI 4002 is a five-credit, advanced-level BUSI 3010 Course that focuses on small business ventures in the Canadian context. Students are introduced to the principles of entrepreneurship and the skills required to successfully start, grow and manage a small business venture. Students will learn how to conduct market research, assess opportunities, develop a business plan and pitch their ideas. Through experiential learning, students will apply their knowledge by working in teams to build and operate a real small business venture throughout the term. This unique learning experience enables students to gain first-hand experience with all aspects of starting a new business venture.

Learning Outcomes:

By the end of BUSI 3010 Course, students will be able to:

1. Understand the role of entrepreneurship in society and the economy.

2. Understand what it takes to be an entrepreneur.

3. Conduct market research and assess opportunities for new businesses.

4. Develop a business plan for a small business venture.

5. Pitch their business ideas to potential investors.

6. Apply their knowledge and skills by working in teams to start and operate a real small business venture throughout the term.

BUSI 3010 Course Description

BUSI 4002 Small Business Ventures* (5 credits)

Small Business Ventures is designed to prepare students for the journey into starting a new business. BUSI 3010 Course will address how to create a business model, develop an entrepreneurial mindset and conduct market analysis. The BUSI 3010 Course will also include identifying the ideal customer, developing an advertising plan and constructing a financial plan for your new business. The role of social media in the promotion of the business will also be discussed.

In BUSI 3010 Course, you will have an opportunity to explore the various stages of starting a new business from idea generation to launching a company. You will work on developing skills in conducting market research, evaluating competition, evaluating customers and analyzing industry trends as well as creating your own personal brand.

Learning Objectives:

Upon successful completion of BUSI 3010 Course, students should be able to:

Universities Offering the BUSI 3010 Course

* BUSI 3010 Course is only available to students who have been enrolled in either of the following:

1. A Master’s Degree program at an accredited institution.

2. A Bachelor’s Degree program at an accredited institution and are currently employed in a full-time, permanent position with a business organization or are self-employed.

BUSI 3010 Course Outline

Introduction: BUSI 3010 Course is an overview of starting and running a small business. Students will learn the basics of business planning, marketing, financial analysis, and management. The BUSI 3010 Course will also cover legal and regulatory issues, as well as ethical considerations in running a business.

BUSI 3010 Course Objectives:

Upon completion of BUSI 3010 Course, students will be able to:

1. Understand the process of starting a small business, including the importance of business planning, market research, and financing.

2. Understand the legal and regulatory environment in which businesses operate, including intellectual property law and business licenses and permits.

3. Understand basic financial concepts relevant to small businesses, including bookkeeping, accounting, and financial statement analysis.

4. Understand basic marketing concepts relevant to small businesses, including product development, pricing, promotion, and distribution.

5. Understand basic management concepts relevant to small businesses, including human resources, operations management, and project management.

BUSI 3010 Course Objectives

BUSI 3010 Course provides an overview of the process of starting a small business. The BUSI 3010 Course focuses on identifying, evaluating and developing a business opportunity and developing a business plan. The business planning process addresses the financial, marketing, human resources and operational aspects of starting a small business. Students have the opportunity to complete a comprehensive business plan during BUSI 3010 Course. Prerequisite: 3 credits of BUSI BUSI 3010 Courses at the 3000 level or above

The objectives for BUSI 3010 Course are to provide students with an understanding of:
• The process of starting a small business
• How to identify and evaluate a business opportunity
• How to develop a business plan
• The financial, marketing, human resources and operational aspects of starting a small business

BUSI 3010 Course Pre-requisites

*Students must complete all prerequisites before enrolling in the required BUSI 3010 Course.

BUSI 3001 – Business Communication 3 credits BUSI 3002 – Business Law 3 credits

Co-requisite for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

*Students must complete all prerequisites before enrolling in the required BUSI 3010 Course.

BUSI 3010 Course Duration & Credits

*Small Business Ventures is not available for online delivery.

BUSI 3010 Course is a required part of the Entrepreneurship Major and the Entrepreneurship Certificate program.

BUSI 3010 Course Learning Outcomes

Students will: 1. Plan, develop and implement a small business venture 2. Understand the financial aspects of business 3. Be aware of the legal environment in which businesses operate 4. Market their products and services effectively 5. Develop a business plan 6. Understand risk management and insurance needs of small business 7. Operate a small business efficiently 8. Develop an understanding of the role of technology in operating a successful small business 9. Select and secure suitable financing for their small business 10. Understand employee relations and human resource management needs 11. Understand the principles of supply chain management 12. Manage information resources effectively 13. Analyze ethical issues in business 14. Develop an understanding of global economic conditions 15. Examine leadership skills required to be successful in running a small business

BUSI 3010 Course Learning Outcomes for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

BUSI 3010 Course Assessment & Grading Criteria

A. BUSI 3010 Course Objectives:

1. To familiarize students with the critical components of successful small business ventures;

2. To provide students with an opportunity to apply their knowledge and skills to the formulation and analysis of an actual small business venture;

3. To enhance students’ understanding of the role of entrepreneurs in creating new businesses, as well as their appreciation for the many challenges associated with launching a new business venture;

4. To allow students to learn about, and apply, basic accounting concepts related to small businesses; and

5. To assist students in developing their writing, research, presentation, and analytical skills.

B. Learning Outcomes: Upon completion of BUSI 3010 Course, students will be able to:

1. Describe the process by which entrepreneurs develop new business ideas into successful business ventures;

2. Explain the different types of business entities (e.g., sole proprietorships, partnerships, corporations) that may be established when launching a new business venture;

3. Formulate a comprehensive business plan for a new small business venture;

4. Analyze various financial statements that are commonly used by small businesses (e.g., balance sheets, income statements);

BUSI 3010 Course Fact Sheet

BUSI 3010 Course Description:
BUSI 3010 Course is designed to provide students with an overview of the process of starting and running a small business. Students will learn about the key components of a business plan and how to put one together. They will also gain an understanding of the legal, financial, and marketing aspects of starting a business. In addition, students will have the opportunity to work on a business plan as part of a team.

Learning Outcomes:
1. Understand the process of starting and running a small business
2. Develop key components of a business plan
3. Understand the legal, financial, and marketing aspects of starting a business
4. Work on a business plan as part of a team

BUSI 3010 Course Delivery Modes

BUSI 3010 Course is offered in the following delivery modes:

On-campus Face to Face (CF)

Online (OL)

BUSI 3010 Course Materials for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

BUSI 3010 Course Faculty Qualifications

Any faculty member who has a PhD or Master’s Degree in business, management, entrepreneurship, or related field.

BUSI 3010 Course Syllabus

BUSI 3010 Course is designed to provide the student with a broad understanding of the various business and management strategies associated with the successful operation of a small business. The BUSI 3010 Course will cover topics such as: 1) business idea generation and evaluation; 2) opportunity recognition and analysis; 3) market research and marketing plans; 4) business planning and venture financing; 5) new venture creation, growth, survival and exit; 6) building a successful team; 7) corporate social responsibility.

BUSI 3010 Course Objectives:

BUSI 4002 Small Business Ventures (5 credits)

1. Understand the importance of small businesses in society and the economy.

2. Be able to generate new business ideas, evaluate them, and determine their feasibility.

3. Understand the concept of opportunity recognition and analysis, and be able to conduct a basic SWOT analysis.

4. Understand the process of market research, target markets, and be able to develop an effective marketing plan.

5. Understand the basics of financial planning for a small business, including start-up costs, break-even analysis, and sources of venture financing.

6. Be familiar with the process of starting a new business, including developing a business plan and obtaining necessary licenses and permits.

7. Understand the challenges associated with growing a small business, including hiring and managing employees, dealing with competition, and managing cash flow.

8. Be familiar with the process of exiting a small business, including succession planning and selling a business.

Suggested BUSI 3010 Course Resources/Books

1. The Small Business Start-Up Workbook: A Step-By-Step Guide for Turning Your Idea into a Successful Business by Peri Pakroo

2. The Lean Start-Up: How Constant Innovation Creates Radically Successful Businesses by Eric Ries

3. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future by Chris Guillebeau

4. Delivering Happiness: A Path to Profits, Passion, and Purpose by Tony Hsieh

5. First Things First: To Do List for Living by Stephen Covey

BUSI 3010 Course Practicum Journal

Journal Instructions:
*The purpose of this journal is to document and reflect on your work experience as it relates to each BUSI 3010 Course objective. For each BUSI 3010 Course objective, describe how you were able to demonstrate the objective and any challenges you experienced with the objective. Be specific and use examples. Include a reference to the weekly lecture material when applicable. Use proper spelling, grammar, and APA formatting for all journal entries.*

## BUSI 3010 Course Objective 1: Develop an understanding of the nature, scope and complexities of small business ventures.
– Observe business activities at the work place
– Speak with managers/supervisors about their roles in the organization
– Learn about company policies and procedures for employee safety and security, financial data protection, discrimination/harassment, etc.
– Write a paper on what you have learned from your observations

I was able to observe business activities at my work place by speaking with managers and supervisors about their roles in the organization. I also learned about company policies and procedures for employee safety and security, financial data protection, discrimination/harassment, etc. I wrote a paper on what I have learned from my observations. Some of the challenges I experienced were understanding all of the different company policies and procedures and how they applied to my specific work situation.

Suggested BUSI 3010 Course Resources (Websites, Books, Journal Articles, etc.)

BUSI 3010 Course Description: BUSI 3010 Course is designed to provide students with the knowledge and skills necessary to identify, evaluate and develop successful small business opportunities. Students will explore the process of entrepreneurship through project-based learning.

1. Websites

Small Business Administration (SBA): https://www.sba.gov/

U.S. Chamber of Commerce: https://www.uschamber.com/

2. Books

The Lean Start-up: How Constant Innovation Creates Radically Successful Businesses by Eric Ries (Crown Business, 2011)

The Art of Possibility: Transforming Professional and Personal Life by Rosamund Zander and Benjamin Zander (Penguin Books, 2002)

3. Journal Articles

“The Role of Entrepreneurship in Economic Growth” by Scott Shane (Journal of Business Venturing, Vol. 15, No. 1, 2000)

BUSI 3010 Course Project Proposal

I. BUSI 3010 Course Overview
BUSI 4002 – Small Business Ventures is an upper-level undergraduate BUSI 3010 Course that covers the process of starting and running a small business. BUSI 3010 Course is designed for students who are interested in entrepreneurship and/or small business management. The BUSI 3010 Course will cover topics such as business planning, financing, marketing, and operations. Students will have the opportunity to work on a real-world business project throughout the semester.

II. BUSI 3010 Course Objectives
The goal of BUSI 3010 Course is to give students the skills and knowledge necessary to start and run a small business. By the end of the BUSI 3010 Course, students should be able to:

– Understand the process of starting a small business
– Develop a business plan
– Identify sources of financing for a small business
– Understand basic marketing concepts
– Understand basic operations management concepts

III. BUSI 3010 Course Materials
The following materials will be used in BUSI 3010 Course:

– A textbook on entrepreneurship or small business management (to be determined)
– Supplementary readings on specific topics (to be determined)
– Real-world case studies (to be determined)
– Student presentations

IV. BUSI 3010 Course Format
BUSI 3010 Course will be taught in a lecture/discussion format. Students will be expected to participate in class discussions and to complete weekly readings and assignments. There will also be several opportunities for students to work on their own businesses projects throughout the semester.

BUSI 3010 Course Practicum

BUSI 3010 Course is designed for students to get an opportunity to apply their business skills and knowledge in a small business environment. Students will be placed with a small business as part of their practicum. The businesses vary, but all are run by entrepreneurs who are willing to mentor students through their real-life business experience. BUSI 3010 Course requires students to maintain a journal throughout the term that tracks their activities and is used as the basis for the final report.

*BUSI 4002 is required for any student wishing to take this practicum.

Related BUSI 3010 Courses

COMP 1630 – Computing for Business (3 credits) BUSI 4014 – Small Business Ventures Practicum* (2 credits)

BUSI 4105 – Marketing in the Small Business Enterprise (3 credits) BUSI 4106 – Financial Management for Small Businesses (3 credits) BUSI 4107 – Legal and Ethical Environment of Small Businesses (3 credits) BUSI 4108 – Human Resource Management in Small Businesses (3 credits)

BUSI 4109 – Organizational Behaviour in Small Businesses (3 credits) * students must take these BUSI 3010 Courses concurrently with BUSI 4002. Please note that BUSI 3010 Course descriptions are subject to change without notice. For full and up-to-date BUSI 3010 Course descriptions, visit www.ryerson.ca/calendar/2013-2014

Last revised: June 2013 15

Midterm Exam

*This is a pass/fail exam.

Time limit: 2 hours

Please answer ALL questions. Each question is worth 10 marks. If a question has more than one part, please ensure that you answer all parts of the question (where possible). This midterm examination consists of TWO PARTS, consisting of THREE questions each. This midterm examination is closed-book and closed-notes. No materials other than this examination paper and a non-programmable calculator are to be used during the exam. Cell phones must be turned off before commencing the exam and should remain turned off until completion of the exam. The use of any kind of recording device, including smart watches, fitness trackers, etc., or any other electronic device in any form or manner during the exam will result in automatic failure of BUSI 3010 Course with no opportunity for resit or appeal. Cheating on exams is an offence subject to disciplinary action under UBC Policy 71 – Student Discipline . In order to prevent cheating during exams at UBC Sauder School of Business, proctors will be seated at the front of each classroom and will monitor activities throughout the exam period. Exams containing evidence of cheating will not be graded until after consultation with instructors and appropriate authorities such as Student Services or Dean’s Office representatives (including faculty advisors). Cheating includes but is not limited to: 1) copying from another student’s paper; 2) allowing another student to copy from your paper; 3) using unapproved materials such as textbooks, study guides or lecture notes; 4) leaving the classroom during an exam except when authorized by a proctor; 5) receiving help from someone else during an exam except when authorized by a proctor; 6) discussing questions prior to completion of an exam with anyone other than a proctor; 7) accessing a laptop computer for any reason without prior approval from the instructor; 8) turning on a cell phone for any reason once testing has begun; 9) accessing online resources (e.g., websites and social media sites); 10) possessing any kind of recording device including smart watches and fitness trackers once testing has begun; 11) accessing “notes” written on hands or arms once testing has begun; 12) writing answers on anything except official examination materials once testing has begun (e.g., sheets provided by university staff).

PART ONE – Case Study Answer ALL three questions in Part One . Your answers MUST be based only on information contained within Part One . Questions are NOT based on outside research conducted by students in advance or following completion of Part One , unless otherwise noted in Part One . Students are NOT required to do outside research prior to answering questions contained within Part One , unless otherwise noted in Part One . Marks may be deducted if your answers are based on outside research conducted prior to answering questions contained within Part One , unless otherwise noted in Part One . PART TWO – Multiple Choice Answer ALL three questions in Part Two . Your answers MUST be based only on information contained within Part Two . Questions are NOT based on outside research conducted by students in advance or following completion of Part Two , unless otherwise noted in Part Two . Students are NOT required to do outside research prior to answering questions contained within Part Two , unless otherwise noted in Part Two . Marks may be deducted if your answers are based on outside research conducted prior to answering questions contained within Part Two , unless otherwise noted in Part Two .

PART ONE – Case Study [50 marks] Read Case #1: Goodbye Mr Chips carefully before answering all three questions below: Case #1: Goodbye Mr Chips Kalyan was convinced it was time for him get his own business going after eight years working for an established financial services firm here in Vancouver B.C., Canada. He already had over $200K saved up plus $30K he received as inheritance last year when his father passed away unexpectedly at age 70. Kalyan also had some ideas about starting his own company selling specialty food products imported from India but wanted some advice first before deciding what exactly he wanted his new business venture to do… Before seeking advice though he had some things he needed answer first which included getting some information about potential customers here because there were many different options available depending upon what city he set up shop: Vancouver? Burnaby? New Westminster? Richmond? Surrey? Even more importantly though Kalyan needed to find out what sort(s) of foods were most popular among different groups like East Indian immigrants, East Asian immigrants, etc., because these would likely form the core customer base for his new company… Kalyan also figured it might make sense talking with some other local entrepreneurs who had been successful developing their own food businesses like this because they could provide valuable insights about how best go about setting up his own business here… And finally, Kalyan decided he should also check out some small business lending firms here so that if needed he could get some funding via bank loan but thought it best avoiding using personal savings if possible since these could always come back handy down road later… Questions #1 – #3 require you consider only information contained within Case #1 before providing responses below: Question #1 [10 marks]: Using Table 2 found towards end Case #1 outline top ten consumer expenditure categories per group identified above (East Indian immigrants vs East Asian immigrants vs others). Then explain why determining these items important when conducting market analysis related potential customers plus explain whether overall group trends same across all categories identified table below… Question #2 [10 marks]: Use Table 1 found towards end Case #1 outline sales revenue generated 2015-2017 years identified vendors selling respective items found table below across each item category identified above (East Indian immigrants vs East Asian immigrants vs others). Then explain why determining these items important when conducting market analysis related potential customers plus explain whether overall group trends same across all categories identified table below… Question #3 [15 marks]: Use Table 3 found towards end Case #1 outline number employees hired 2016-2018 years across each item category identified above (East Indian immigrants vs East Asian immigrants vs others). Then explain why determining these items important when conducting market analysis related potential customers plus explain whether overall group trends same across all categories identified table below…

What Should Students Expect to Be Tested from BUSI 3010 Course Midterm Exam

The midterm exam for BUSI 4002 – Small Business Ventures* (5 credits) will cover the following topics:

– The role of small businesses in the economy
– The challenges and opportunities of starting and running a small business
– The process of developing a business plan
– Financing options for small businesses
– Marketing strategies for small businesses
– Human resource management for small businesses
– Risk management for small businesses

How to Prepare for BUSI 3010 Course Midterm Exam

In order to prepare for your BUSI 3010 Course midterm exam, you should review the following materials:

• The BUSI 3010 Course textbook

• Any lecture notes or slides that have been provided to you

• Any assignments that have been completed throughout the BUSI 3010 Course

It is also important that you understand the format of the exam and what will be expected of you. The exam will likely be a multiple choice or true/false exam, and it will cover material from the entire BUSI 3010 Course. You should therefore make sure that you are familiar with all of the concepts that have been covered.

Midterm Exam Questions Generated from Top 100 Pages on Bing

1. What are some of the key characteristics of a small business?
2. What are some of the challenges faced by small businesses?
3. How can small businesses overcome these challenges?
4. What are some of the common mistakes made by small businesses?
5. How can small businesses avoid these mistakes?
6. What are some of the trends affecting small businesses?
7. How can small businesses take advantage of these trends?
8. What are some of the common pitfalls faced by small businesses?
9. How can small businesses avoid these pitfalls?

Midterm Exam Questions Generated from Top 100 Pages on Google

1. What is a small business?
2. What are the characteristics of a successful small business?
3. What are the challenges of starting a small business?
4. How can you make your small business more successful?
5. What are some common mistakes made in starting a small business?

Final Exam

(2 hours)

1. What is the importance of a business plan?

2. What are some of the key components of a business plan?

3. How do you determine the feasibility of a business venture?

4. What are some common pitfalls in starting a small business?

5. How can you increase your chances of success in starting a small business?

What Should Students Expect to Be Tested from BUSI 3010 Course Final Exam

The final exam for BUSI 4002 – Small Business Ventures will cover the material covered in class during the semester. This includes lectures, readings, and discussions. The exam will be comprehensive, covering all aspects of starting and running a small business. There will be multiple choice, true/false, and essay questions.

How to Prepare for BUSI 3010 Course Final Exam

1. Make a study schedule: You will want to start studying for your final exam at least a week in advance. Review your BUSI 3010 Course notes and textbook, and create a study schedule that covers all of the material you need to know.

2. Take practice quizzes: In addition to review your BUSI 3010 Course notes and textbook, take some practice quizzes online or from past exams to get a feel for the types of questions that will be on the final exam.

3. Know the format of the exam: Find out from your instructor what type of exam it will be (e.g., multiple choice, short answer, essay) and make sure you are familiar with that format.

4. Get enough sleep: Be sure to get plenty of rest the night before the exam so that you are well-rested and can do your best on the test.

Final Exam Questions Generated from Top 100 Pages on Bing

1. What are some of the most important factors to consider when starting a small business?

2. What are some common mistakes that small businesses make?

3. How can you ensure that your small business is successful?

4. What are some of the biggest challenges faced by small businesses?

5. How can you make your small business stand out from the competition?

Final Exam Questions Generated from Top 100 Pages on Google

1. What are some common mistakes small businesses make?
2. What are the most important things to consider when starting a small business?
3. How can small businesses compete with larger businesses?
4. What are some common challenges small businesses face?
5. How can small businesses succeed?

Week by Week BUSI 3010 Course Overview

BUSI 3010 Week 1 Description

In the first week, students will be introduced to small business ventures. The topics covered will include an overview of the small business landscape, types of businesses, and the entrepreneurial process. Students will also be introduced to the concept of a business model and how it can be used to create value in a small business.

BUSI 3010 Week 1 Outline

Week 1 Outline for BUSI 4002 – Small Business Ventures* (5 credits)

I. Introduction to the BUSI 3010 Course
A. Purpose of the BUSI 3010 Course
B. Learning Objectives
C. BUSI 3010 Course Format and Requirements
II. The Nature of Entrepreneurship and Small Business
A. What is Entrepreneurship?
B. Characteristics of Successful Entrepreneurs
C. The Role of Small Business in the U.S. Economy
III. The Entrepreneurial Process
A. Opportunity Identification and Evaluation
B. Feasibility Analysis
C. Business Planning
D. Implementation and Operations
E. Exit Strategy
IV. Sources of Funding for Startups and Small Businesses
A. Personal Savings
B. Family and Friends
C. Venture Capitalists
D. Angel Investors
E. Government Loans

BUSI 3010 Week 1 Objectives

Introduction to Small Business Ventures is an introductory BUSI 3010 Course for students interested in exploring entrepreneurship as a career option. The BUSI 3010 Course will provide students with an overview of the entrepreneurial process including opportunity recognition, business planning, financing, and managing a small business. Students will have the opportunity to apply their knowledge through the development of a business plan.

Upon successful completion of BUSI 3010 Course, students will be able to:

1. Understand the role of entrepreneurship in the economy and society.

2. Recognize opportunities for starting a small business.

3. Develop a business plan.

4. Understand the importance of financing a small business.

5. Manage a small business effectively.

BUSI 3010 Week 1 Pre-requisites

Class Registration is for credit only. Students must register for a grade option.

Pre-requisites for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

BUSI 3010 Week 1 Duration

BUSI 4002- Small Business Ventures (5 credits)
BUSI 3010 Course will explore the process of starting a small business venture. Students will learn about the components of a business plan, how to assess their entrepreneurial aptitude, and the legalities involved in starting a business. Additionally, students will be exposed to various financing options and methods of marketing their product or service.

BUSI 3010 Week 1 Learning Outcomes

Learning Outcomes for BUSI 4002 – Small Business Ventures* (5 credits)

By the end of BUSI 3010 Course, students will be able to:

1. Explain what is meant by a small business venture and identify the key characteristics of successful small businesses.

2. Develop a business plan for a small business venture.

3. Understand the importance of market research and competitive analysis in the development of a small business venture.

4. Understand the financing options available to small businesses and identify the sources of capital for a small business venture.

5. Understand the legal considerations involved in starting a small business, including choice of business structure and intellectual property considerations.

BUSI 3010 Week 1 Assessment & Grading

*The BUSI 3010 Week 1 Assessment & Grading for BUSI 4002 – Small Business Ventures (5 credits) will not be released until after the BUSI 3010 Week 1 Assessment & Grading for BUSI 3001 – Business Environment (3 credits) has been graded.

BUSI 3010 Week 1 Suggested Resources/Books

• Technology Ventures: From Idea to Enterprise, 3rd edition

• Introduction to Business Ventures

• The Lean Startup: How Constant Innovation Creates Radically Successful Businesses

• The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail
https://www.amazon.com/Innovators-Dilemma-Technologies-Cause-Great/dp/0062060244/ref=pd_sbs_14_t_0?ie=UTF8&psc=1&refRID=A5MVTRFAT86EJCFRTNMX

BUSI 3010 Week 1 Assignment (20 Questions)

at Queens University of Charlotte.

BUSI 3010 Week 1 Assignment Question (20 Questions)

Total Score: 100/100

1. Define marketing, and explain the basic concepts of a marketing plan.

Marketing is the process of creating value for a company through the creation and distribution of products or services. A marketing plan is a document that outlines the goals, strategies, and tactics for achieving these objectives.

2. Define product positioning, and explain how it is used in marketing plans.

Product positioning is the process of creating a unique selling proposition for a product or service. It is used in marketing plans to identify the target market, develop messaging, and create differentiation from competitors.

3. Define target markets, and explain how they are used in marketing plans.

Target markets are the groups of consumers that a company intends to reach with its marketing efforts. They are used in marketing plans to identify potential customers, develop messaging, and allocate resources.

4. Describe the steps involved in conducting market research.

The steps involved in conducting market research are: 1) defining the research problem; 2) developing research objectives; 3) designing the research methodology; 4) collecting data; 5) analyzing data; and 6) interpreting results.

5. Explain what is meant by primary data, and describe the methods used to collect it.

Primary data is data that is collected specifically for the purpose of the research project at hand. It can be collected through methods such as surveys, interviews, focus groups, and observation.

6. Explain what is meant by secondary data, and describe the sources from which it can be obtained.

Secondary data is data that has already been collected for another purpose. It can be obtained from sources such as government agencies, trade associations, and commercial databases.
7. Describe the steps involved in developing a sales forecast.

The steps involved in developing a sales forecast are: 1) identifying the relevant market; 2) estimating market potential; 3) estimating market share; 4) estimating sales; and 5) estimating error margins. 8. Define break-even analysis, and explain how it is used in business planning. Break-even analysis is a tool used to determine the point at which a business will generate enough revenue to cover its costs of operation. It is used in business planning to make decisions about pricing, production levels, and investment in assets

BUSI 3010 Week 1 Discussion 1 (20 Questions)

at Mississippi State University.

What is a small business? How does the SBA (Small Business Administration) define a small business? What are some of the advantages of owning and operating a small business? What are some of the disadvantages? Why do most new businesses fail within the first five years? Why is it important to have a clear understanding of your customer base? How can market research help you determine what your target market is and how to reach them? What are some of the benefits of forming a partnership with another business? What are some of the disadvantages? What are some of the benefits of franchising your business concept to others who wish to open their own locations? Does it matter what type of legal entity you form for your small business (i.e., sole proprietorship, partnership, LLC, etc.)? Why or why not? Should you consider taking out a loan to start or expand your small business? If so, where should you go to get a loan and what types of loans are available? Are there any government-sponsored programs that can help you get started or expand your small business? If so, what are they and how do you qualify for them? What role does technology play in small businesses today? How can technology help you run your business more efficiently and effectively? How can technology help you reach more customers and grow your business?

BUSI 3010 Week 1 DQ 1 (20 Questions)

What is the role of government in small business? Please discuss the following questions: 1. What types of government regulations do you think have the most impact on small businesses? Why? 2. Do you think that government regulations are more burdensome for small businesses than for large businesses? Why or why not? 3. What do you think is the most important thing that the government can do to support small businesses? 4. Do you think that tax incentives are an effective way to encourage small business growth? Why or why not? 5. What do you think is the most important thing that the government can do to reduce the regulatory burden on small businesses? 6. What other ideas do you have for reducing the regulatory burden on small businesses? 7. Do you think that government should provide more financial assistance to small businesses? Why or why not? 8. What do you think is the most important thing that the government can do to help small businesses succeed? 9. What other ideas do you have for helping small businesses succeed? 10. Do you think that the government should do more to promote entrepreneurship? Why or why not? 11. What do you think is the most important thing that the government can do to promote entrepreneurship? 12. What other ideas do you have for promoting entrepreneurship? 13. Do you think that the government should provide more training and education resources for small business owners and entrepreneurs? Why or why not? 14. What do you think is the most important thing that the government can do to provide training and education resources for small business owners and entrepreneurs? 15. What other ideas do you have for providing training and education resources for small business owners and entrepreneurs? 16. Do you think that the government should provide more access to capital for small businesses? Why or why not? 17. What do you think is the most important thing that the government can do to provide access to capital for small businesses

BUSI 3010 Week 1 Discussion 2 (20 Questions)

BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

1. Define the term “entrepreneur” and explain why it is important to understand the concept when studying small business. Then, provide an example of an entrepreneur.

2. Define the term “small business” and explain its importance to the U.S. economy. Then, provide an example of a small business.

3. Explain the concept of a “business model” and how it is used by entrepreneurs to start and grow their businesses. Then, provide an example of a business model.

4. Describe the stages of the business life cycle and explain how entrepreneurs can use this information to start and grow their businesses. Then, provide an example of a business in each stage of the business life cycle.

5. Explain the concept of a “competitive advantage” and how entrepreneurs can use this information to start and grow their businesses. Then, provide an example of a competitive advantage.

6. Describe the three types of growth strategies that entrepreneurs can use to start and grow their businesses. Then, provide an example of each growth strategy.

7. Explain the concept of “franchising” and how entrepreneurs can use this information to start and grow their businesses. Then, provide an example of a franchise business.

8. Describe the four types of financing that entrepreneurs can use to start and grow their businesses. Then, provide an example of each type of financing.

9. Explain the concept of “human resources” and how entrepreneurs can use this information to start and grow their businesses. Then, provide an example of a human resources issue that entrepreneurs need to consider when starting their businesses.

10. Describe the four functions of management and how entrepreneurs can use this information to start and grow their businesses. Then, provide an example of each function of management

BUSI 3010 Week 1 DQ 2 (20 Questions)

BUSI 3010 Week 1 Quiz (20 Questions)

*This is a sample test with 20 questions for the 20 question exam for BUSI 3010 Course. You will not be graded on this sample test.

BUSI 3010 Week 1 MCQ’s (20 Multiple Choice Questions)

1. You are an entrepreneurial student who is interested in starting your own business. Which of the following is not a benefit of owning your own business?

A. Generating employment for yourself and others
B. Creating wealth and value
C. Having a sense of accomplishment and satisfaction
D. Improving your quality of life
E. Making a difference in the lives of others

2. Which of the following is not one of the three main types of businesses?

A. For-profit business
B. Not-for-profit business
C. Government organization
D. Sole proprietorship
E. Partnership

3. Which of the following is not an attribute of an entrepreneur?

A. Self-confidence
B. Risk taker
C. Passionate about their work
D. Innovative
E. Hard worker

4. Which of the following is not a stage in the entrepreneurial process?

A. Ideation
B. Implementation
C. Financing D. Evaluation

5. Which of the following is not a type of business model?
A. Product/service innovation model
B. E-business model
C. Franchising model
D. Social entrepreneurship model E. Corporate entrepreneurship model

6. Which of the following statements is true about small businesses?

A) Small businesses make up the majority of businesses in Canada B) Most small businesses are started with personal savings C) Most small businesses are family owned and operated D) All small businesses are high-tech startups E) All small businesses have unlimited liability for their owners F) All small businesses are incorporated

7. Which of the following statements is true about franchising?

A) Franchising is a type of business model B) Franchising involves licensing another company’s trademarks, trade secrets, and processes in order to sell its products or services C) Franchising can be an attractive option for entrepreneurs because it provides them with a proven business model, access to an established brand, and ongoing support from the franchisor D) All franchisors are required to disclose certain information to potential franchisees E) All franchises are required to be registered with Industry Canada F) A franchisor must have at least 3 years of successful operation before it can offer franchises for sale

8. Which of the following statements is true about venture capital?

A) Venture capital is money that is invested in high-risk, high-reward startups B) Venture capitalists are typically looking for companies that have the potential to generate large returns quickly C) Venture capitalists typically invest in companies that are in their early stages of development, such as seed stage or first round financing D) All venture capitalists are accredited investors E) The amount of money that a venture capitalist invests in a company is typically much larger than what an angel investor would invest F) Venture capitalists typically take an active role in the management of the companies they invest in

BUSI 3010 Week 2 Description

(3 weeks, 6 hours per week)

BUSI 3010 Course will introduce students to the opportunities and challenges of small business ventures. Students will learn about the process of starting a business and developing a business plan. The BUSI 3010 Course will also cover the legal aspects of starting a business, including choosing the appropriate legal structure for the business and complying with government regulations. In addition, students will learn about the financial aspects of starting a business, including sources of funding and financial planning. Finally, students will learn about the marketing and management aspects of running a small business.

BUSI 3010 Week 2 Outline

Week 1: Class Introduction and Overview, Guest Lecture(s) (1.5 hours)
Introduction to Small Business Ventures, Guest Lecture(s), Q&A

Week 2: The Business Idea (2 hours)
The Business Idea, Brainstorming, generating ideas, evaluating ideas

Week 3: The Business Plan (2 hours)
The Business Plan, Writing a business plan, key components of a business plan

Week 4: Market Research and Analysis (2 hours)
Market Research and Analysis, Primary and secondary research, target markets

Week 5: The Legal Environment of Small Business (2 hours)
The Legal Environment of Small Business, Choosing the right legal structure, licenses and permits

Week 6: Financing Your Small Business Venture (2 hours)
Financing Your Small Business Venture, Debt vs. equity financing, sources of financing

BUSI 3010 Week 2 Objectives

To succeed in BUSI 3010 Course, students should be able to:

– Understand what a business plan is and why it is important to the success of a new business.

– Understand the components of a business plan and how they fit together.

– Develop a business plan for a new small business venture.

BUSI 3010 Week 2 Pre-requisites

BUSI 3010 Course Description BUSI 3010 Course is designed to provide an overview of the small business sector and its importance in the Canadian economy. Students will be exposed to the major characteristics, opportunities and challenges facing entrepreneurs. Students will also be introduced to some of the key components of successful entrepreneurship, including market research, marketing plans, legal structures, financing options, human resources and business planning. (BUSI 4002) Topics Covered Outcomes upon Completion 1. Introduction to Small Business Ventures a) Define small business b) Describe the role of small businesses in the Canadian economy c) Discuss what motivates people to become entrepreneurs d) Define an entrepreneur 2. The Entrepreneurial Process a) Describe some common traits of successful entrepreneurs b) Discuss what factors should be considered when choosing to start a new business c) Explain why market research is important for new business ventures d) Describe how market research can be used in new business ventures e) Discuss common marketing strategies that can be used in new business ventures f) Describe how legal structures affect new business ventures g) Discuss how financing affects new business ventures h) Discuss why human resources are important for new business ventures i) Describe how a business plan can be used in new business ventures 3. Developing Your Business Plan a) Identify common sections of a business plan b) Describe how each section of a business plan can be used in new business ventures 4. Managing Your Small Business Venture a) Describe some common management challenges faced by small businesses b) Explain why effective communication is important for small businesses c) Discuss some common financial management challenges faced by small businesses d) Explain why effective time management is important for small businesses e) Explain why effective risk management is important for small businesses

BUSI 3010 Course 2 of 3

BUSI 3010 Week 2 Duration

Week 2: Introduction to Small Business Ventures

In this week, you will be introduced to the basics of small business ventures. You will learn about different types of small businesses, the characteristics of successful entrepreneurs, and the stages of a small business venture. You will also learn about the importance of market research and how to conduct a feasibility study.

Learning Outcomes

Upon completion of this week, you will be able to:

• Understand the basics of small business ventures.

• Understand the different types of small businesses.

• Understand the characteristics of successful entrepreneurs.

• Understand the stages of a small business venture.

• Understand the importance of market research.

• Conduct a feasibility study.

BUSI 3010 Week 2 Learning Outcomes

(1)

1. Evaluate a variety of different business opportunities.

2. Develop a business plan for a new venture.

3. Understand the key components of a successful business plan.

4. Understand the importance of market research in launching a new venture.

5. Understand the legal and regulatory environment in which businesses operate.

BUSI 3010 Week 2 Assessment & Grading

1. Assessment Criteria: The Week 2 assessment has been designed to assess the following BUSI 3010 Course learning outcomes:

• CLO1: Analyse factors affecting small business ventures in different economic, political and social contexts

• CLO4: Develop a business plan for a small business venture.

• CLO5: Evaluate the implications of funding sources for a small business venture.

2. Instructions: This assessment has two (2) parts, Part A and Part B. You must complete both parts.

Part A – Essay (40%) [CLOs 1 & 5]

Using an Australian SME as your chosen case study organisation, you are required to prepare an essay of 1500 words (excluding references). In this essay you are required to address the following questions:

1. What is the organisation’s vision? What are its core values? And what is its purpose? [CLO1]

2. Conduct an analysis of the organisation’s financial position using the data provided in its last annual report. Identify and explain any strengths and weaknesses in its financial position.[CLO1]

3. What financing options were available to your chosen organisation when it started up? How did these options impact on the startup process? [CLO5]

BUSI 3010 Week 2 Suggested Resources/Books

BUSI 3010 Course Textbook:

* Small Business Management: Launching & Growing Entrepreneurial Ventures, 17th Edition. Longenecker, J. G., Moore, C. W., Petty, J. W., Palich, L. E., & Hoy, F. (2016). New York: McGraw-Hill Education. ISBN-10: 1259404711 | ISBN-13: 9781259404717

Suggested Books for Further Reading and Research on the Topic of Business Planning and Entrepreneurship (if you would like to learn more about the topic):

BUSI 3010 Week 2 Assignment (20 Questions)

In BUSI 3010 Course, you will:

1. Be introduced to the basics of business ownership, including types of businesses, forms of business organization, and the role of government in business.

2. Learn about the process of starting a small business, including the development of a business plan.

3. Understand the importance of marketing and financial planning in small business success.

4. Develop an understanding of the legal environment of small businesses, including intellectual property and employment law.

5. Gain an appreciation for the challenges and opportunities of owning and operating a small business.

BUSI 3010 Week 2 Assignment Question (20 Questions)

(1) How would you define the concept of a small business venture?

A small business venture is an entrepreneurial endeavor in which an individual or team undertakes to start a new business with the goal of achieving commercial success. A small business venture typically involves the development of a new product or service, the creation of a new business model, and the application of innovative marketing and management strategies.

(2) What are some of the key characteristics of successful small businesses?

There is no one formula for success when it comes to small businesses, but there are certain characteristics that tend to be associated with successful ventures. These include a clear and compelling vision, strong leadership, a passionate and committed team, a well-defined target market, a differentiated product or service offering, and a sound business model.

(3) Why do many small businesses fail?

There are many reasons why small businesses fail, but some of the most common include inadequate planning, insufficient capitalization, unrealistic expectations, poor management, and lack of focus.

(4) What are some of the biggest challenges faced by small businesses?

Some of the biggest challenges faced by small businesses include competition from larger businesses, access to financing, attracting and retaining customers, finding and retaining talented employees, and complying with regulations.

(5) What are some common mistakes made by entrepreneurs when starting a small business?

Some common mistakes made by entrepreneurs when starting a small business include failing to properly assess the market opportunity, underestimating the amount of capital needed to get the business off the ground, overestimating the potential for early success, and not having a clear exit strategy.

BUSI 3010 Week 2 Discussion 1 (20 Questions)

at Concordia University – Montreal (CU)

|20 Questions|BUSI 4002 – Small Business Ventures|
|:-:|:-:|
|1. |What are the two main types of small business organizations? Compare and contrast the two organization types, including their relative advantages and disadvantages. |
|2. |How can a sole proprietor reduce his or her liability? What are some potential disadvantages of doing so? |
|3. |What is a limited liability company (LLC)? How does it differ from a sole proprietorship or partnership? Why might an entrepreneur choose to form an LLC? |
|4. |How can a small business owner raise capital for his or her business? What are some potential drawbacks of each method? |
|5. |What are some of the common problems that small businesses face when trying to obtain financing? |
|6. |What are some common sources of small business financing? What are the advantages and disadvantages of each source? |
|7. |What is venture capital? How is it different from other forms of financing? |
|8. |What are the three main stages of venture capital financing? Describe each stage in detail, including the typical amount of money raised and the type of investor involved. |
|9. |What are some common mistakes that entrepreneurs make when seeking venture capital financing? |
|10. |What is an initial public offering (IPO)? What are the advantages and disadvantages of going public for a small business? |
|11. |What is a private placement? What types of investors are typically involved in private placements? |
|12. |What is a “friends and family” round of financing? Why might an entrepreneur choose this type of financing over more traditional sources of capital? |
|13. |What is an angel investor? How is an angel investor different from a venture capitalist? |
|14. |What is equity crowdfunding? How does it differ from traditional crowdfunding platforms such as Kickstarter or Indiegogo? |
|15. What is a small business investment company (SBIC)? How can an SBIC help a small business owner obtain financing? ||

BUSI 3010 Week 2 DQ 1 (20 Questions)

This is the first in a two-part discussion on the 20 questions that should be asked when starting a small business. In this discussion, you will identify and briefly describe the first 10 questions of the 20 questions to ask when starting a small business. These 10 questions are from the text: Mariotti, J. (2014). The…

BUSI 3010 Week 2 Discussion 2 (20 Questions)

Please post your responses to the following questions by clicking on Reply. Please include the Question Number (Q#) in the Subject Line of your post.

*BUSI 3010 Course is a 20 week, 5 credit BUSI 3010 Course. Questions will be posted every Sunday and are due by 11:59pm EST on Saturday.

Q#1: Have you ever been self-employed or worked for a small business? If so, how many employees did it have? What type of business was it? Describe what you liked best about working there and what you disliked most. If you have never been employed by a small business or been self-employed, how do you think that would differ from working for a large corporation? (minimum 50 words)

Q#2: Research at least two examples of successful small businesses that sold their company to an outside investor and became part of a larger corporation. What factors do you think contributed to their success? Would either company be as successful if they had remained independent and not sold their company to an outside investor? Why or why not? Explain your answer in detail. (minimum 100 words)

Q#3: Develop a list of ideas for starting your own small business using a combination of the Internet, friends, relatives, co-workers, and/or other resources. Then rank these ideas from 1 (best) to 20 (worst). How did you determine which idea was the best one to pursue? What criteria did you use? How might this process differ if you were looking at larger businesses rather than small businesses? (minimum 50 words)

BUSI 3010 Week 2 DQ 2 (20 Questions)

at Liberty University

Question 1:
What makes a good business plan? How will you know if your business plan is successful? What are some common mistakes made in business plans?

A good business plan is one that is clear, concise, and easy to understand. It should also be realistic and achievable. You will know if your business plan is successful if it helps you to achieve your desired results. Some common mistakes made in business plans include failing to do proper research, not having a clear purpose or goals, and not being realistic.

Question 2:
What are some of the most important elements of a business plan? Why are they important?

Some of the most important elements of a business plan include the executive summary, market analysis, competitive analysis, and financial projections. These elements are important because they provide an overview of the business, its target market, its competition, and its financial situation.

Question 3:
What is your experience with writing business plans? Do you find them helpful? Why or why not?

I have limited experience with writing business plans. I have found them to be helpful in that they provide a structure for thinking about and organizing your business. However, I have also found them to be somewhat daunting and time-consuming.

BUSI 3010 Week 2 Quiz (20 Questions)

1. What is a sole proprietorship?

A) A business that has more than one owner
B) A business that is owned by the government
C) A business that is not incorporated
D) A business that is owned by a corporation

C) A business that is not incorporated

BUSI 3010 Week 2 MCQ’s (20 Multiple Choice Questions)

1. Which of the following is not a stage in the business cycle?
2. The stages of the business cycle are:
3. Which of the following factors is not a leading indicator of economic activity?
4. A recession is defined as:
5. A depression is defined as:
6. In which stage of the business cycle is economic growth at its highest?
7. In which stage of the business cycle is unemployment at its highest?
8. In which stage of the business cycle is inflation at its highest?
9. Which of the following is not a lagging indicator of economic activity?
10. The Conference Board’s index of leading indicators includes all of the following except:
11. The National Bureau of Economic Research’s Business Cycle Dating Committee uses all of the following criteria except:
12. All of the following are methods used to measure GDP except:
13. Which of the following items is included in GDP?
14. Which of the following items is not included in GDP?
15. Net exports are equal to:
16. Gross investment consists of:
17. Final sales to domestic purchasers consist of:
18. Disposable personal income consists of:
19. Personal saving equals:
20. Which of the following statements about Okun’s law is true?

BUSI 3010 Week 3 Description

In BUSI 3010 Course, students will learn how to start and operate a small business. Students will learn about business planning, marketing, financing, and legal considerations. Students will also learn about the challenges and opportunities of owning and operating a small business.

BUSI 3010 Week 3 Outline

*BUSI 3010 Week 3 Outline for BUSI 4002 – Small Business Ventures* (5 credits)

I. Introduction

A. What is a small business?
B. Types of small businesses
C. Characteristics of successful small businesses
D. The role of small businesses in the economy

II. The Business Plan

A. What is a business plan?
B. Why is a business plan important?
C. The components of a business plan
D. How to write a business plan
E. How to use a business plan

III. Financing a Small Business Venture
A. Sources of financing for small businesses
B. How to get financing for a small business venture
C. Other considerations in financing a small business venture

IV. Managing a Small Business Venture
A. Management and organization of small businesses
B. Human resources management in small businesses
C. Marketing and sales in small businesses
D. Financial management in small businesses V. Starting a Small Business Venture A. Steps in starting a small business venture B. Developing a business idea C. Forming a business entity D. Obtaining licenses and permits E. Securing financing F. Hiring employees G. Launching the business H. Managing growth

BUSI 3010 Week 3 Objectives

*Note: These objectives are subject to change at the discretion of the instructor.

1. Understand what is required to create a successful business plan and the role that a business plan plays in the overall success of a small business.

2. Understand the components of a business plan and how to properly format a business plan document.

3. Understand the importance of market research and how to properly conduct market research for a small business venture.

4. Understand the various funding options available for small businesses and how to properly seek out funding for a small business venture.

5. Have a working knowledge of the various legal aspects involved in starting and running a small business, including choosing the proper legal structure for a small business, obtaining the necessary licenses and permits, and complying with any applicable laws and regulations.

BUSI 3010 Week 3 Pre-requisites

* You must have either taken BUSI 3001 Small Business Management or equivalent, or successfully completed the prerequisites for BUSI 3001.

BUSI 3010 Course Learning Outcomes: The BUSI 3010 Course focuses on developing students’ skills and knowledge in the areas of entrepreneurship and small business management. Students will examine the role of entrepreneurship in a global economic system and will be exposed to entrepreneurial characteristics, opportunities and resources required to start a new business. Students will also assess the viability of their ideas through market analysis, development of a business model canvas, and writing a business plan. Students who take BUSI 3010 Course can expect to gain an understanding of the importance of innovation in driving economic growth, as well as an appreciation for the major components required to get a new business off the ground. Upon successful completion of BUSI 3010 Course, students should be able to: 1. Describe the role of entrepreneurship in a global economic system; 2. Analyze what makes entrepreneurs successful; 3. Evaluate whether or not they have what it takes to be an entrepreneur; 4. Develop an entrepreneurial mindset; 5. Generate ideas for new businesses; 6. Assess market opportunities for new businesses; 7. Develop a business model canvas for a new business; 8. Write a business plan for a new business; 9. Present their ideas to potential investors

BUSI 3010 Week 3 Duration

BUSI 3010 Course Description: Students will develop an understanding of the process for launching a small business venture. The BUSI 3010 Course will cover essential components required for developing a successful business plan, including market analysis, competitive positioning, product/service development, financial planning and pitching. Students will participate in a “Dragons’ Den”-style competition to further develop their teamwork, presentation and analytical skills.

*Disclaimer: All information on the website is subject to change without notice. Please refer to the individual BUSI 3010 Course outline for further details.

BUSI 3010 Week 3 Learning Outcomes

Week 3 Learning Outcomes for BUSI 4002 – Small Business Ventures

1. Understand the major characteristics of small businesses.

2. Understand the process of starting a small business.

3. Understand the importance of marketing and sales in a small business.

4. Understand the financial aspects of a small business.

5. Understand the legal aspects of a small business.

BUSI 3010 Week 3 Assessment & Grading

>* BUSI 3010 Course DESCRIPTION

BUSI 3010 Course will help you apply your business knowledge and understanding to the real world of small business. You will work in teams to research and analyze opportunities, write a business plan, and present the plan to potential investors. You will learn how to develop a growth strategy for your business, and how to measure progress toward achieving financial goals.

**LEARNING OUTCOMES**

Upon successful completion of BUSI 3010 Course, students will be able to:

– Develop a business plan for a small business venture

– Understand and apply basic financial concepts to small businesses

– Understand the process of starting a small business

– Develop a growth strategy for a small business venture

**BUSI 3010 Course FORMAT**
BUSI 3010 Course is delivered entirely online. BUSI 3010 Course content will be presented through a combination of readings, videos, quizzes, discussions, and team-based assignments.

**BUSI 3010 Course REQUIREMENTS** In order to successfully complete BUSI 3010 Course, students must:
– Complete all readings, videos, quizzes, discussions, and assignments on time
– Achieve a passing grade on the final exam

**GRADING POLICY** The following grading criteria will be used to evaluate student performance in BUSI 3010 Course:

Assignment 1: Business Plan Outline (10%)
Assignment 2: Business Plan (30%)
Assignment 3: Financial Statements (10%)
Assignment 4: Pitch Deck (20%)
Final Exam (30%)

BUSI 3010 Week 3 Suggested Resources/Books

**BUSI 4002 – Small Business Ventures (5 credits)** is a BUSI 3010 Course which introduces the student to the principles and practices of business management in a small business environment. The BUSI 3010 Course focuses on the four functional areas of business: marketing, finance, accounting, and operations. In addition, the BUSI 3010 Course emphasizes strategic planning, business plan development, and managing change. The BUSI 3010 Course uses case studies, simulations, and guest speakers to provide students with opportunities to apply their knowledge to real-world situations. The BUSI 3010 Course is taught by professors who have experience in both academics and business.

The following resources are suggested for students taking BUSI 4002 – Small Business Ventures:

– **Textbook:** Small Business Management: Launching & Growing Entrepreneurial Ventures by Longenecker, Moore, Petty, and Palich (2015)

– **Online Resources:**

Small Business Administration (SBA): https://www.sba.gov/

U.S. Chamber of Commerce: https://www.uschamber.com/

BUSI 3010 Week 3 Assignment (20 Questions)

This assignment consists of 20 questions. The answers to the questions must be submitted by midnight (Eastern Time), Sunday, September 30th. The submission deadline is absolute; no late submissions will be accepted.

The purpose of this assignment is to assess the students’ understanding of the subject matter covered in BUSI 3010 Course during weeks 1-3. This assignment also provides an opportunity for students to practice and improve their written communication skills.

In preparing your answers, please note that each answer should:

– be clearly stated and concisely expressed;
– be supported by evidence and logical reasoning;
– be organized and well structured; and,
– be free of grammatical, spelling and typographical errors.

Part 1 – Questions 1 – 10 (worth 2 marks each) – Short answer questions based on lecture material from weeks 1-3:
1. What is a small business? What are some characteristics of small businesses? Give examples to illustrate your answer.

Small businesses are independently owned and operated businesses with fewer than 500 employees. They typically have a narrow product or service focus, a small customer base, and few locations relative to larger businesses (Investopedia, 2019). Examples of small businesses include local restaurants, retail stores, and family-owned businesses.
2. Why do people start their own business? List and briefly describe the four most common motivations for starting a business.

The four most common motivations for starting a business are independence, profit potential, challenge/adventure, and lifestyle (Nelson & Quick, 2017). People who are motivated by independence want to be their own boss and have control over their work lives. Those motivated by profit potential hope to make more money by owning their own business than they would working for someone else. Those motivated by challenge or adventure want to test themselves in a new environment or take on a new challenge. And finally, those motivated by lifestyle want to have more control over their time so that they can balance work with personal/family responsibilities better than working for someone else would allow.
3. What is entrepreneurship? What are some characteristics of entrepreneurs? Give examples to illustrate your answer.

Entrepreneurship is the process of designing, launching, and running a new business or enterprise (Investopedia, 2019). Entrepreneurs are typically characterized as risk takers who are innovative, driven, passionate about their work, and able to see opportunities where others do not (Nelson & Quick, 2017). An example of an entrepreneur is Mark Zuckerberg, who started Facebook in 2004 while he was still a student at Harvard University.
4. What is intrapreneurship? What are some characteristics of intrapreneurs? Give examples to illustrate your answer.

Intrapreneurship is when an employee within an organization takes charge of a project or initiative in order to bring about change or improvement within the company (Nelson & Quick, 2017). Intrapreneurs are often characterized as creative problem solvers who see opportunities for change and are not afraid to challenge the status quo (Nelson & Quick, 2017). An example of an intrapreneur is an employee who comes up with a new way to increase sales within her company.
5. What are the three major types of business ownership structures in Canada? For each type of ownership structure: (a) describe its key features; (b) indicate its pros and cons; and (c) provide an example of a Canadian company that would likely use that particular ownership structure.

There are three major types of business ownership structures in Canada: sole proprietorships, partnerships, and corporations (Government of Canada, 2019a).

Sole proprietorships are businesses owned and operated by one person (Government of Canada, 2019a). The key features of sole proprietorships are that they are easy and inexpensive to set up; the owner has complete control over decision making; profits belong entirely to the owner; and the owner has unlimited liability for debts incurred by the business (Government of Canada, 2019a). The main disadvantages of sole proprietorships are that the owner has unlimited liability for debts incurred by the business; it can be difficult to raise capital; the owner bears all the risks associated with running the business; and succession planning can be difficult (Government of Canada, 2019a). A good example of a Canadian company that would likely use a sole proprietorship ownership structure is a local bakery owned by one person.

Partnerships are businesses owned jointly by two or more people (Government of Canada, 2019b). The key features of partnerships are that they offer tax advantages; multiple owners can pool resources to start the business; decision making is shared among partners; profits belong entirely to partners; each partner has unlimited liability for debts incurred by the partnership; and partners can specialize in different areas (Government of Canada, 2019b). The main disadvantages of partnerships are that each partner has unlimited liability for debts incurred by the partnership; decision making can be slow due to differing opinions among partners; there can be disagreements among partners about how to run the business which can lead to dissolution of the partnership; if one partner dies or withdraws from the partnership it can disrupt business operations; succession planning can be difficult if there is no clear plan for what will happen when one partner dies or retires; each partner is equally liable for actions committed by other partners even if they did not participate in or approve those actions (Government of Canada, 2019b). A good example of a Canadian company that would likely use a partnership ownership structure is a law firm made up of several partners who each specialize in different areas such as criminal law or real estate law.

Corporations are businesses that have been incorporated under provincial or federal legislation (Government of Canada., 2019c). The key features corporations are that they offer limited liability protection to shareholders; raising capital is easier due to ability sell shares; corporations tend to have greater credibility with suppliers than sole proprietorships or partnerships due in part to having limited liability protection; decisions tend to be made more quickly due to hierarchical structure within corporations; shareholders elect directors who then appoint corporate officers who manage day-to-day operations; shareholders do not manage day-to-day operations so they have less control over how their investment is used but also have less personal liability if things go wrong; shareholders receive dividends from profits generated which belong entirely to them but they also bear all the risks if things go wrong since they can lose their entire investment if share value falls below what was paid for them originally ( Government of Canada., 2019c). The main disadvantages corporations are that they require more paperwork and cost more money to set up than sole proprietorships or partnerships due in part because they must file articles incorporation with provincial/federal government agencies which costs money as well as follow certain corporate governance rules which also requires additional paperwork ; shareholders’ personal assets are protected from creditors but corporate assets may still be seized if corporation cannot pay its debts which means shareholders could still lose their investment ;if share value falls below what was paid for them originally shareholders could lose their entire investment ; shareholders may have difficulty selling shares which could make it difficult for them exit investment if they need access cash quickly ;and finally ,if corporation goes bankrupt shareholders may not receive anything after creditors have been paid since shareholders fall at bottom priority list when it comes time dividing up assets among creditors . A good example Canadian company would likely use corporation ownership structure large banks such as Royal Bank Canada .

References:
Government Canada .(2019a ). Advantages Disadvantages Sole Proprietorships .Retrieved September 25 ,2019 ,from https://www.canadabusinessontario..ca/eng/page/2932/#bd4 : Government Canada .(2019b ). Advantages Disadvantages Partnerships .Retrieved September 25 ,2019 ,from https://www.canadabusinessontario..ca/eng/page/2933/#bd4 : Government Canada .(2019c ). Advantages Disadvantages Corporations .Retrieved September 25 ,2019 ,from https://www.canadabusinessontario..ca/eng/page/2934/#bd4 : Investopedia.(2019 ) Definition Small Business .Retrieved September 25 ,2019 ,from https://www.investopedia…com/terms/s/smallbusiness…htm : Nelson DL Quick JC.(2017 ). Essentials entrepreneurship management sixth edition .New Jersey :Pearson Education Inc .

6. What factors should an entrepreneur consider when choosing an appropriate legal structure for his/her business?

Some factors an entrepreneur should consider when choosing an appropriate legal structure for his/her business include ease of setup and operation ,liability protection ,tax implications ,and ability raise capital (Nelson & Quick ,2017) .For example ,sole proprietorships tend be easy inexpensive set up while corporations usually require more paperwork cost more money set up due in part because must file articles incorporation with provincial /federal government agencies which costs money as well following certain corporate governance rules also requires additional paperwork( Government Canada.,2019c) . On other hand ,sole proprietorships offer no liability protection owners while corporations offer limited liability protection shareholders meaning personal assets owners not at risk if something goes wrong with business but corporate assets may still be seized if corporation cannot pay its debts which means shareholders could still lose their investment if share value falls below what was paid for them originally( Government Canada.,2019c) . References: Investopedia.(2019 ) Definition Small Business .Retrieved September 25 ,2019 ,from https://www.investopedia…com/terms/s/smallbusiness…htm : Nelson DL Quick JC.(2017 ). Essentials entrepreneurship management sixth edition .New Jersey :Pearson Education Inc .

7. What sources of financing are available to entrepreneurs? Briefly describe each source including its pros and cons..

Some sources financing available entrepreneurs include personal savings debt financing such bank loans lines credit friends family members venture capitalists angel investors initial public offerings(IPOs) crowdfunding grants government loans programs( Nelson & Quick ,2017) . For example personal savings relatively low-cost source financing since does not usually require repayment plus entrepreneur has complete control over how money spent however downside personal savings usually limited amount available especially early stages starting new business when need most( Nelson & Quick 2017) In contrast debt financing such bank loans lines credit requires regular payments plus interest charges plus lender often has some control over how borrowed funds used however advantage debt financing usually easier obtain than equity financing especially small businesses just starting out since banks usually require collateral such home equity loan whereas venture capitalists angel investors often only invest larger more established businesses( Nelson & Quick 2017) References: Investopedia.(2019 ) Definition Small Business .Retrieved September 25 ,2019 ,from https://www.investopedia…com/terms/s/smallbusiness…htm : Nelson DL Quick JC.(2017 ). Essentials entrepreneurship management sixth edition .New Jersey :Pearson Education Inc .

BUSI 3010 Week 3 Assignment Question (20 Questions)

Q1. What are the major types of new ventures?

A1. The three major types of new ventures are service businesses, manufacturing businesses, and retail businesses.

Q2. What are the characteristics of successful entrepreneurs?

A2. Successful entrepreneurs typically have a clear vision for their business, are passionate about their product or service, have strong self-motivation and determination, and are able to take risks. They also usually have a good understanding of the market and the competition, and are able to execute their business plan effectively.

Q3. Why is market research important for new ventures?

A3. Market research is important for new ventures because it helps entrepreneurs understand the needs and wants of their target market, as well as the size and growth potential of the market. Additionally, market research can provide insights into the competition, which is essential for developing a successful marketing strategy.

Q4. What are some common sources of financing for new ventures?

A4. Common sources of financing for new ventures include personal savings, loans from family and friends, credit cards, bank loans, and venture capital.

Q5. What are some common mistakes that entrepreneurs make when starting a new business?

A5. Some common mistakes that entrepreneurs make when starting a new business include not doing enough market research, not having a well-developed business plan, not having adequate financing, and not having the right team in place. Additionally, many entrepreneurs underestimate the amount of time and effort required to start and grow a successful business.

BUSI 3010 Week 3 Discussion 1 (20 Questions)

2. Week 3 Discussion 1 (20 Questions) for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

1. What are the four main types of market entry strategies? Explain each and provide an example of a company that has used each.

2. Why is it important for a small business owner to understand the concept of economies of scale? How can this concept be used to benefit a small business?

3. What are the four main types of business ownership structures? Explain each and provide an example of a company that has used each.

4. What are the four main types of business organizational structures? Explain each and provide an example of a company that has used each.

5. What is a business model? Why is it important for a small business owner to have a clear understanding of their business model?

6. What are some common mistakes that small businesses make when developing their pricing strategy? How can these mistakes be avoided?

7. What are some common mistakes that small businesses make when developing their marketing mix? How can these mistakes be avoided?

8. What are some common mistakes that small businesses make when developing their distribution strategy? How can these mistakes be avoided?

9. What is channel conflict? Why is it important for a small business owner to avoid channel conflict when possible?

10. What is market segmentation? Why is it important for a small business owner to understand how to segment their markets?

BUSI 3010 Week 3 DQ 1 (20 Questions)

1. What are the types of growth strategies discussed in Chapter 8? Why are these important?

2. What are some of the key considerations for each type of growth strategy?

3. How can a company determine if it is ready to pursue growth?

4. What are some common mistakes companies make when pursuing growth?

5. How can a company create a culture that supports growth?

6. What are some common pitfalls associated with innovation?

7. What are some best practices for managing innovation?

8. What are some common mistakes companies make when expanding into new markets?

9. What are some best practices for expanding into new markets?

10. What are some common mistakes companies make when launching new products or services?

BUSI 3010 Week 3 Discussion 2 (20 Questions)

– Drexel University

– Week 3 Discussion 2: The Importance of the Internet to Small Businesses – 20 Questions

BUSI 3010 Week 3 DQ 2 (20 Questions)

(1)

Question 1)

What are the key components of a business plan? How important is each component? Why?

Question 2)

How do you determine the best organizational structure for your business? What are the advantages and disadvantages of different organizational structures?

Question 3)

How does your choice of business entity affect your business? What are the tax implications of different business entities?

Question 4)

What are some common sources of financing for small businesses? How do you choose the best source of financing for your business?

Question 5)

What are some common pitfalls that small businesses face? How can you avoid these pitfalls?

BUSI 3010 Week 3 Quiz (20 Questions)

Question 1.1. (TCO 1) The first step in the business planning process is to: (Points : 5)

develop a business plan.

analyze and understand the market.

research your competition.

identify your target market.

Question 2.2. (TCO 2) All of the following are factors that can affect a business’s location except: (Points : 5)

the number of employees who live nearby and how they travel to work.

whether or not public transportation is available near the site.

where competitors have located their businesses relative to each other and potential customers in the trade area.

BUSI 3010 Week 3 MCQ’s (20 Multiple Choice Questions)

*Included in the BUSI 3010 Course materials for BUSI 4002 – Small Business Ventures (BUSI 4002) at the University of Ottawa.

BUSI 3010 Week 4 Description

In the final BUSI 3010 Course of the capstone, students will put into practice all they have learned in previous BUSI 3010 Courses as they create and operate their own small business. Students will be required to research and analyze their chosen industry and develop a comprehensive business plan. Additionally, they will be asked to make presentations to potential investors, and to analyze and respond to feedback on their plans. The BUSI 3010 Course culminates in a final report and presentation on the student’s business venture.

BUSI 3010 Week 4 Outline

Week 4: Business Planning and Financing

This week we will discuss developing a business plan, seeking financing, and managing working capital. We will talk about the contents of a business plan and the purposes of a business plan. We will also talk about where to go to get financing and what types of questions you will be asked. Finally, we will discuss how to keep your business solvent by managing inventory, receivables, payables, and cash flow.

Learning Objectives:

BUSI 3010 Week 4 Objectives

*BUSI 3010 Course is a continuation of BUSI 4001, which must be taken concurrently.

BUSI 4002 – Small Business Ventures (5 credits)

Week 4 Objectives for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

*BUSI 3010 Course is a continuation of BUSI 4001, which must be taken concurrently.

By the end of this week, students will be able to:

BUSI 3010 Week 4 Pre-requisites

BUSI 4002 is a prerequisite for BUSI 4002 – Small Business Ventures*.

To register for BUSI 4002 – Small Business Ventures*, you must have completed:

– BUSI 3001 – Business Law and Ethics
– BUSI 3002 – Organizational Behaviour
– BUSI 3003 – Business Communications
– ECON 1001 – Introduction to Microeconomics
– ECON 1002 – Introduction to Macroeconomics

BUSI 3010 Week 4 Duration

One week = 5 class sessions of 3 hours each. One credit = 10 hours of class time.

3 credits x 10 hours per credit = 30 hours of class time

5 class sessions x 3 hours per session = 15 hours of class time

30 hours – 15 hours = 15 extra hours

15 extra hours / 5 class sessions = 3 extra hours per class

BUSI 3010 Week 4 Learning Outcomes

BUSI 3010 Course provides students with an overview of small business ventures. Students will learn about the process of starting a small business, including identifying and evaluating opportunities, developing a business plan, and raising start-up capital. Students will also learn about the legal and regulatory environment in which small businesses operate, as well as the management and financial challenges faced by small businesses. Finally, students will examine the role of small businesses in the economy and society.

By the end of BUSI 3010 Course, students will be able to:

1. Identify and evaluate opportunities for starting a small business.

2. Develop a business plan for a small business venture.

3. Raise start-up capital for a small business venture.

4. Understand the legal and regulatory environment in which small businesses operate.

5. Understand the management and financial challenges faced by small businesses.

BUSI 3010 Week 4 Assessment & Grading

(BUSI 3010 Coursework)

*Assessment for BUSI 3010 Course BUSI 4002 – Small Business Ventures*

**Assessment and Grading**

The assessment for BUSI 3010 Course will consist of:
– One individual assignment (35%)
– One group assignment (30%)
– An exam (35%)

The individual and group assignments are to be submitted online through Blackboard. Please refer to the corresponding section below for more information about each assignment. The examination will be a closed book, written examination. More information about the examination will be provided closer to the date.

**Individual Assignment – 35%**

For the individual assignment, you are required to write an essay of no more than 2000 words discussing how you would go about setting up a small business. The essay should cover the following topics:

1. The type of business you would like to set up
2. An analysis of your target market
3. Your marketing strategy
4. Your financial plan
5. The legal structure of your business
6. Your human resources strategy

More detailed information about the individual assignment can be found in the corresponding section on Blackboard.

**Group Assignment – 30%**

For the group assignment, you are required to work in a group of 3-4 students to develop a business plan for a small business. The business plan should be no more than 3000 words and should cover the following topics:

1. Executive Summary
2. Business Description
3. Market Analysis
4. Marketing Plan
5. Operational Plan
6. Management and Organisation
7. Financial Plan

More detailed information about the group assignment can be found in the corresponding section on Blackboard.

**Examination – 35%**

The examination will be a closed book, written examination consisting of short answer and essay questions based on BUSI 3010 Course content covered during weeks 1-8 of the semester. A sample examination paper can be found in the corresponding section on Blackboard under ‘Examination Paper’

BUSI 3010 Week 4 Suggested Resources/Books

Resources: Review the relevant chapters in your text and any other resources you may have. Access to a word processing program such as Microsoft Word or Corel WordPerfect, and a spreadsheet program such as Microsoft Excel or Lotus 1-2-3 is required for completion of BUSI 3010 Course.

Suggested Books:
* Your textbook, Successful Small Business Management, 14th edition by Norman M. Scarborough, Jeffrey R. Cornwall, and Thomas W. Zimmerer.
* Small Business Management: An Entrepreneurial Emphasis by Norman M. Scarborough, Jeffrey R. Cornwall, and Thomas W. Zimmerer (latest edition).

BUSI 3010 Week 4 Assignment (20 Questions)

Instructions: This assignment is to be submitted via Blackboard at the end of Week 4. It is worth 5% of the total grade and must be completed by yourself. There are 20 questions, each worth 1 mark. The marks for each question are shown in square brackets at the start of each question. Please answer all questions. Do not copy from other students or from the textbook or internet, as this will result in a mark of zero for the whole assignment. If you do not understand a question, please ask your lecturer during class time or in person during office hours.

1) [1] Which of the following is an advantage that small businesses have over large businesses?

A) More effective use of available resources

B) Lower costs associated with marketing campaigns

C) Larger customer base and more locations to serve them

D) Less need for formalised management structures

BUSI 3010 Week 4 Assignment Question (20 Questions)

(CBE)

**Total: 100 points**

Instructions:

– Answer all questions to the best of your ability.
– **If you do not answer a question, zero points will be awarded for that question.**
– Be sure to write your answers clearly and in complete sentences. Answers should be grammatically correct, free from typographical and spelling errors, and free from slang. Points may be deducted for these errors.
– All work must be your own; plagiarism will not be tolerated.
– Be sure to include your name at the top of this document and save the file as “[Last Name]-[First Name]-BUSI4002-Week4Assignment”. For example, my file would be named “Smith-John-BUSI4002-Week4Assignment”. Files with names such as “Week4Assignment” or “BUSI4002-Week4Assignment” will **not** be graded.

– Files submitted as Word documents (.docx) are preferred, but files submitted as PDFs will also be accepted.

– Do not submit any other file type, including .zip files or any type of executable file (.exe).

– Files that cannot be opened will not receive credit.

– Files submitted after the due date and time will not receive credit.

– Files submitted more than one week after the due date and time will receive a 10 point deduction for each day late (this includes weekends). No assignments will be accepted more than two weeks after the due date and time.

—

# Part 1: Case Study Review (30 points)

1\. Read the case study *Enlightening Light* on pages 149–151 of *Starting a Business*. Then answer each of the following questions based on what you read in the case study:

1\. What was Bill’s primary purpose for starting his business?

Bill’s primary purpose for starting his business was to help people save money by reducing their energy consumption through energy efficient lighting options such as LEDs (Light Emitting Diodes).

2\. What main source(s) did Bill use when researching his business?

When researching his business, Bill used a variety of sources including books from local libraries, industry magazines and websites, as well as attending industry trade shows and meetings to learn about various lighting technologies available on the market today.

3\. What was Bill’s greatest challenge when starting his business?

Bill’s greatest challenge when starting his business was finding funding to get his business off the ground and running smoothly. He was able to overcome this challenge by securing a small business loan which helped him purchase inventory and marketing materials, as well as cover other start up costs associated with launching a new business venture.

4\. How did Bill market his products/services?

To market his products/services, Bill utilized a variety of marketing channels including print ads in local newspapers and magazines, online directories and search engines, as well as word-of-mouth referrals from satisfied customers who told their friends and family about Enlightening Light’s money saving services.

5\. What methods did Bill use to track his progress?

In order to track his progress, Bill kept track of various metrics including number of customer inquiries/estimates requested, number of new customers acquired, amount of energy saved (in kilowatts), and dollars saved on customers’ electric bills each month. This allowed him to gauge how successful his business was in meeting its goals and objectives, as well as identify areas where improvements could be made in order to better serve his target market.

BUSI 3010 Week 4 Discussion 1 (20 Questions)

Question 1. The following is a list of common startup mistakes. For each, describe how it can be avoided.

1. Trying to do everything yourself

2. Not having a clear business model or plan

3. Not knowing your target market or customer base

4. Not having enough capital or resources

5. Not having the right team in place

6. Not taking the time to properly research and develop your product or service

7. not understanding the competitive landscape

8. not having a clear go-to-market strategy

9. not measuring or tracking key metrics

BUSI 3010 Week 4 DQ 1 (20 Questions)

Week 4 DQ 1 (20 Questions) Please provide the following: 1. The name of your team member you worked with on this assignment. 2. The number of questions you answered correctly. 3. The percentage of questions you answered correctly. 4. A copy of your completed assignment. 5. Any suggestions for improving the DQ assignments in the future? This DQ will be worth 50 points (5 points for each question). You must answer all 20 questions to receive full credit for this DQ. Please post your answers to these questions in the Discussion Board area for Week 4 by clicking on the “Add a New Thread” link, and then copy and paste your answers into the text box that appears. Click “Submit” when you are finished. 1) If you own a small business, what accounting software do you use? If not, which one would you recommend? 2) What is cash accounting? What are some advantages and disadvantages of using it over accrual basis accounting? 3) What is double-entry bookkeeping? Why is it important to understand as a small business owner or manager? 4) How does accrual basis accounting differ from cash basis accounting? 5) What are debits and credits in accounting terms? Give an example of each and explain how they relate to one another. 6) How do journal entries work? Give an example of one that would apply to a small business owner or manager. 7) What is an asset in accounting terms? Give an example of an asset that would apply to a small business owner or manager. 8) What is a liability in accounting terms? Give an example of a liability that would apply to a small business owner or manager 9) What is equity in accounting terms? Give an example of equity that would apply to a small business owner or manager 10) How does double-entry bookkeeping work with assets, liabilities, and equity? 11) How does the accrual basis of accounting work with revenue and expenses? 12) When should revenue be recognized in accrual basis accounting? 13) When should expenses be recognized in accrual basis accounting? 14) How does matching principle work with revenue and expenses in accrual basis accounting 15) What is a balance sheet? 16

BUSI 3010 Week 4 Discussion 2 (20 Questions)

BUSI 3010 Course

Question 1: Do you agree that the entrepreneurial perspective is unique? Why or why not? If you do, how would you explain what makes the entrepreneurial perspective unique? If you don’t, how would you explain the similarities and differences between an entrepreneur and other business people?

Question 2: How important do you think creativity is to entrepreneurship? Explain your answer.

Question 3: What do you think are the three most important characteristics of an entrepreneur? Why are these characteristics important?

Question 4: Do you think that entrepreneurship can be taught? Why or why not? If you do, how would you go about teaching it?

Question 5: What do you think are the benefits of entrepreneurship? Are there any drawbacks? Explain your answer.

BUSI 3010 Week 4 DQ 2 (20 Questions)

Question 1: What is a business plan? Question 2: Who should write the business plan? Question 3: When should you prepare a business plan? Question 4: How detailed should a business plan be? Question 5: How long should a business plan be? Question 6: How will your business plan be used? Question 7: How often should you review and revise your business plan? Question 8: What are some of the key components of a business plan? Question 9: Why is market research so important for small businesses? Question 10: What are some common sources of market information for small businesses?

BUSI 3010 Week 4 Quiz (20 Questions)

*If you’re taking BUSI 4002 for non-credit, BUSI 3010 Week 4 quiz is not required.

BUSI 3010 Week 4 MCQ’s (20 Multiple Choice Questions)

Choose one answer for each question. The questions are worth 2 marks each.

1. Which of the following types of business structure is characterized by the limited liability of its owners, centralized management, and a pyramid-like organizational structure?
2. Which of the following is true regarding corporate governance?
3. Which of the following types of business structure is characterized by the limited liability of its owners, decentralized management, and a horizontal organizational structure?
4. Which of the following types of business structure is characterized by unlimited liability for its owners, centralized management, and a pyramid-like organizational structure?
5. Which of the following statements is true regarding sole proprietorships?
6. Which of the following is not one of the four main types of financial statements?
7. Which type of financial statement reports on a company’s cash flow during a specific period of time?
8. Which type of financial statement reports on a company’s assets and liabilities at a specific point in time?
9. Which type of financial statement reports on a company’s equity at a specific point in time?
10. Which type of financial statement reports on a company’s revenue and expenses during a specific period of time?
11. In which type of market does each buyer have enough market power to influence prices?
12. In which type of market are there many buyers and many sellers, each with enough market power to influence prices?
13. What is the difference between primary and secondary data?
14. What is the difference between qualitative and quantitative data?
15. What is an example of primary data?
16. What is an example of secondary data?
17. What is an example of qualitative data?
18. What is an example of quantitative data?

BUSI 3010 Week 5 Description

BUSI 3010 Course is about starting your own business. It covers the process of business planning, financing, marketing, and managing a small business venture. The BUSI 3010 Course also covers the legal and regulatory environment of small businesses.

BUSI 3010 Week 5 Outline

(BUSI 3002)

Week 5: Entrepreneurial Financing

Learning Objectives: After completing this week, students should be able to:
1. Understand various financing options for small businesses
2. Analyze the impact of financial decisions on business growth
3. Determine the best financing option for a small business venture
4. Develop a financial plan for a small business venture
5. Understand the role of venture capitalists in small business financing
6. Understand the role of government programs in small business financing

BUSI 3010 Week 5 Objectives

In BUSI 4002, students learn to apply the knowledge and skills acquired in previous business BUSI 3010 Courses to the development of a small business venture. The BUSI 3010 Course is structured around four modules: 1) Entrepreneurial Leadership; 2) Opportunity Recognition; 3) Business Planning; and 4) Launching the Venture. At the end of each module, students complete an assignment that integrates the content of that module with their own small business venture idea. Students also have opportunities to reflect on their own entrepreneurial journey, share their experiences with classmates, and receive feedback from their instructors and peers.

By the end of BUSI 3010 Course, students will be able to:

1. Explain what it means to be an entrepreneur and describe the entrepreneurial process.

2. Recognize opportunities for new businesses and assess their potential.

3. Develop a business plan for a small business venture.

4. Describe the key components of launching a small business venture.

BUSI 3010 Week 5 Pre-requisites

Please note that you are only required to register for the BUSI 3010 Course after you have completed all of the pre-requisites.

BUSI 3010 Week 5 Duration

Week 1: Introduction to the BUSI 3010 Course and an Overview of the Concept of Entrepreneurship

Introduction to the BUSI 3010 Course and an Overview of the Concept of Entrepreneurship Week 2: Characteristics of Entrepreneurs

Characteristics of Entrepreneurs Week 3: Business Ideation and Opportunity Identification Processes

Business Ideation and Opportunity Identification Processes Week 4: Developing a Business Plan and Securing Funding

Developing a Business Plan and Securing Funding Week 5: Managing a Small Business Venture

BUSI 3010 Week 5 Learning Outcomes

1. Understand the nature and purpose of small business ventures;

2. Analyze the opportunities and constraints of starting a small business venture;

3. Develop a business plan for a small business venture;

4. Evaluate the financial viability of a small business venture; and

5. Understand the legal environment of small business ventures.

BUSI 3010 Week 5 Assessment & Grading

*Assessment & Grading for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

Assessment for BUSI 4002 – Small Business Ventures is based on a portfolio of work comprising three components: an individual report; a group presentation; and an individual blog post. The individual report and the group presentation are worth 30% each and the individual blog post is worth 40% of the final grade. Assessment criteria are available in the BUSI 3010 Course Profile.

The individual report assesses your ability to analyse a small business venture and to apply your knowledge of small business management concepts to the analysis. The group presentation assesses your ability to work effectively in a team, to develop and present an innovative business idea, and to apply your knowledge of small business management concepts to the development of the business idea. The individual blog post assesses your ability to reflect on your learning in the BUSI 3010 Course and to apply your knowledge of small business management concepts to your own personal context.

BUSI 3010 Week 5 Suggested Resources/Books

Required Textbook:

• Kotler, Philip. (2012). Marketing Management. Upper Saddle River, NJ: Prentice Hall.

BUSI 3010 Week 5 Assignment (20 Questions)

### Assignment Outline

Answer the following questions in a **markdown file** in your GitHub repository. You will be graded on whether you answer the questions, and how well you structure your answers. You can use bullet points or full sentences to structure your answers.

**Due:** Tuesday, February 21 at 11:59pm ET.

—

#### Question 1 (2 marks) – “The Power of Passion” Video (4:52)

Watch the short video, “The Power of Passion” (4:52). Then answer the following questions:

* What are the three key things that you learned from this video?

**Passion is important because it is something that drives people and helps people to continue doing something even when they may not be getting paid as much or they may not have as many opportunities as other people do. The three key things I learned from this video are:**

1. Passion is something that drives people to do what they love.
2. Passion is something that helps people to continue doing something even when they may not be getting paid as much or they may not have as many opportunities as other people do.
3. Passion is something that can help people to be successful in their field.

* What did you find most interesting about this video?

**I found it most interesting how passionate the people in the video were about their work and how that passion helped them to be successful in their field.**

* How can you apply what you learned from this video to your chosen career?

**I can apply what I learned from this video to my chosen career by being passionate about what I do and by continuing to do it even when I may not be getting paid as much or I may not have as many opportunities as other people do.**
—
#### Question 2 (1 mark) – Defining Your Target Market

* What is a target market? How is it different from a general market?

**A target market is a group of individuals who share common characteristics and who are likely to purchase a company’s products or services. A target market is different from a general market because it is more specific and it allows companies to focus their marketing efforts on a group of individuals who are more likely to purchase their products or services.**

* Why is it important for businesses to identify their target markets?

**It is important for businesses to identify their target markets because it allows them to focus their marketing efforts on a group of individuals who are more likely to purchase their products or services. This, in turn, allows businesses to save money on marketing and increase their sales.**

* What are some factors that businesses should consider when trying to identify their target markets?

**Some factors businesses should consider when trying to identify their target markets are: age, gender, income, location, interests, and needs.**
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#### Question 3 (1 mark) – Researching Your Target Market

* What are some ways that businesses can research their target markets?

**Some ways businesses can research their target markets are by conducting surveys, interviews, focus groups, and customer analysis.**

* Why is it important for businesses to research their target markets? What happens if they don’t?

**It is important for businesses because if they don’t research their target markets they could end up targeting the wrong group of individuals which would lead to wasted marketing efforts and decreased sales.**

* What type of information can businesses learn from researching their target markets? Give an example of each.

**Businesses can learn information such as age, gender, income, location, interests, needs, etc. For example, if a business was trying to sell skateboards they would want to know the age group of individuals who are interested in skateboarding, what gender skateboarders are more likely to be, what income level skateboarders tend to have, etc. This information would then allow the business to tailor its marketing efforts specifically towards skateboarders which would lead to increased sales.**
—

BUSI 3010 Week 5 Assignment Question (20 Questions)

Note: This assignment question is just for reference. Please create your own questions based on the topics given in the study unit.

1. Define entrepreneurship and explain its importance to society.

2. Discuss the main characteristics of successful entrepreneurs.

3. Explain the role of creativity and innovation in entrepreneurship.

4. Discuss the stages of new venture creation.

5. Describe the different types of business ownership structures.

6. Explain the concept of a business plan and its importance to entrepreneurs.

7. Describe the process of raising capital for a new venture.

8. Discuss the main challenges faced by entrepreneurs when starting a new business.

9. Explain the concept of scalability and why it is important for entrepreneurs to consider when starting a new business.

10. Discuss the main stages of a company’s life cycle and how entrepreneurs can manage each stage effectively.

BUSI 3010 Week 5 Discussion 1 (20 Questions)

at Liberty University

Due Thursday by 11:59pm

Points 100

Submitting a text entry box

The DQ for this week is 20 questions. The DQ grade will be based on your answers to each of the questions and to at least two other students’ posts. Please respond fully to each question, but be concise and precise. There is no specific page limit, but I recommend 2-3 pages double-spaced for each question. Please use proper APA format for any resources you use in your responses (including in-text citations). Be sure to write in third person and reference outside sources where appropriate. Remember that BUSI 3010 Course involves several assignments (including the DQs) that must be integrated throughout the semester. Thus, you should refer back to previous assignments as appropriate when responding to the discussion questions. To help you with integration of your responses across the semester, I have included a list of some key terms and concepts that you can use throughout all the discussions to integrate your work on those topics: entrepreneurship, innovation, entrepreneurship environment, opportunity recognition/creation, venture idea generation and selection, business model generation and selection, technology commercialization strategies, business planning strategies and processes (such as Lean Canvas), human capital acquisition strategies (team building), legal issues related to launching new ventures (e.g., intellectual property protection), finance/funding issues related to launching new ventures (e.g., capitalization structures), marketing strategies for launching new ventures (e.g., positioning strategy). Some of these concepts are discussed more in this week’s required reading than others; however, they all connect across the entire semester of material covered. Below are the discussion questions for Week 5: 1) What were your key takeaways from reading section 3? Discuss how innovation affects technology commercialization strategies and how competition affects pricing strategies. 2) How would you describe the role of entrepreneurs in developing a market niche? What types of opportunities do they pursue? Explain how it might be advantageous for entrepreneurs to create a market niche rather than pursue one already existing? 3) How would you describe what an entrepreneur does? What makes an entrepreneur different from other business people? 4) One important difference between successful entrepreneurs and unsuccessful entrepreneurs is their understanding of risk taking. How does their understanding affect their behavior when it comes time to make decisions about risk taking? 5) In this section we looked at ways entrepreneurs can become involved with start-ups through venturing or intrapreneurship as well as ways they can begin self-employment through acquiring an existing business or starting a new business from scratch (inventing). Which option would you prefer if given each opportunity? Why did you choose this option? 6) In this section we discuss why it is difficult for some people who want to become self-employed through self-employment opportunities because they cannot find any suitable opportunities within their field or industry or because they cannot identify any potential markets within their region or country that are currently underserved by competitors. 7) We talked about six basic types of risk that all businesses face: strategic risk; financial risk; marketing risk; legal risk; political risk; and managerial/operational risk. Of these six types of risks which do you believe poses the greatest threat to most small businesses today? 8) In this section we talked about five basic methods for reducing business risks: diversification; hedging; insurance; contingency planning; and partnering or joint venturing with other companies. If you were going into business which method would you prefer and why did you choose it over others? 9) In this section we looked at six different factors that increase the odds of success when starting a new venture: technical competency – development of highly innovative products or services relative to competitor offerings within specified markets which are underdeveloped thus allowing early market entrants significant competitive advantage relative to later entrants who must enter larger more competitive markets with fewer technological advantages over incumbent competitors.; management team – experienced team of managers capable of executing on company vision while meeting operational objectives such as profitability targets; market size – size needs to be large enough but not too large so that there is room for growth yet still maintain adequate profits per unit sold without having too much competition driving down profits per unit sold.; market growth rate – rate needs to be high enough so that there is room for growth yet not too high thus creating panic buying among customers thereby driving up prices forcing up costs which results in lower margins.; competitive intensity – competition needs to be low enough so that there is room for growth yet not too low thus making current market unattractive thereby making it difficult if not impossible for company owner(s) attempting reentry into same market following failed attempt.; profitability potential – potential must be high enough so that there is room for growth yet not too high thus forcing out other potential entrants which results in profits being distributed among fewer players thus lowering per player profits thereby lowering overall attractiveness if not making it unattractive entirely.; 10) When evaluating strategic opportunities during Idea Generation what criteria do Startups typically use: Industry Attractiveness Framework Strategic Groups Resource Based View SWOT Analysis 10 Cs All Of The Above None Of The Above 11) When evaluating strategic opportunities during Idea Generation what criteria do Established Firms typically use: Industry Attractiveness Framework Strategic Groups Resource Based View SWOT Analysis 10 Cs All Of The Above None Of The Above 12) When evaluating strategic opportunities during Idea Generation what criteria do Entrepreneurs typically use: Industry Attractiveness Framework Strategic Groups Resource Based View SWOT Analysis 10 Cs All Of The Above None Of The Above 13) During Idea Generation startups typically assess all possible ideas against multiple internal and external factors such as industry attractiveness framework etc., However established firms tend evaluate their existing business model against multiple internal factors only e.g., financial performance indicators such as ROI etc,. True False 14) During Idea Generation startups typically assess all possible ideas against multiple internal factors only e.g., financial performance indicators such as ROI etc,. However established firms tend evaluate their existing business model against multiple external factors only e.g., customer feedback etc,. True False 15) During Idea Generation startups typically assess all possible ideas against multiple external factors only e.g., customer feedback etc,. However established firms tend evaluate their existing business model against multiple internal factors only e..g,, financial performance indicators such as ROI etc,. True False 16) Entrepreneurs who adopt a fast fashion philosophy can best described by which one(s): A willingness develop new products faster than competition B willingness sell products at much cheaper price points than competition C willingness sell products at much higher price points than competition A & B A & C B & C A & B & C 17) Entrepreneurs who adopt an uberization philosophy can best described by which one(s): A willingness develop new products faster than competition B willingness sell products at much cheaper price points than competition C willingness sell products at much higher price points than competition A & B A & C B & C A & B & C 18.) There are many reasons why people may elect not start a startup despite having great ideas some examples include limited funds scarce resources lack knowledge lack skills lack confidence fear failure legal obligation conflict interest fear change fear uncertainty fear loss lack ambition bad timing cultural norms social norms personal circumstances family circumstances financial circumstances political circumstances economic circumstances negative media coverage unemployment personal health issues mental health issues physical health issues emotional stress relationship stress peer pressure conflict interest incompatible partner difficulty finding partner difficulty hiring talent legal obligation Only one reason is given above 19.) There are many reasons why people may elect start a startup despite having great ideas some examples include limited funds scarce resources lack knowledge lack skills lack confidence fear failure legal obligation conflict interest fear change fear uncertainty fear loss lack ambition bad timing cultural norms social norms personal circumstances family circumstances financial circumstances political circumstances economic circumstances negative media coverage unemployment personal health issues mental health issues physical health issues emotional stress relationship stress peer pressure conflict interest incompatible partner difficulty finding partner difficulty hiring talent legal obligation Only one reason is given above 20.) When conducting Opportunity Assessment during Idea Selection establish firms tend focus heavily on three areas namely perceived unmet needs perceived underserved markets perceived unserved markets True False

BUSI 3010 Week 5 DQ 1 (20 Questions)

at Liberty University. This study guide is 1 pages long and was uploaded by an elite notetaker Liza Notetaker at Liberty University on Nov 13 2017. Browse this and other BUSI 4002 study materials at Studysoup.*

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BUSI 3010 Week 5 Discussion 2 (20 Questions)

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Disclaimer: Any information provided on this Web site is subject to change without notice. Although every effort has been made to provide accurate and current information, students should consult with an academic advisor before enrolling in any BUSI 3010 Course.

If you have questions, please email businessadvising@osu.edu

BUSI 3010 Week 5 DQ 2 (20 Questions)

Question 1: What is the biggest mistake you have made in business?
Question 2: How did you turn things around?
Question 3: What was your biggest challenge in business?
Question 4: What are some common mistakes small businesses make?
Question 5: How can small businesses overcome these mistakes?

BUSI 3010 Week 5 Quiz (20 Questions)

*The questions are extracted from quizzes, assignments, midterms and final exams.

1. (TCO 8) The most important marketing tool for a new business is the _____. (Points : 5)

2. (TCO 8) The first step in the strategic marketing planning process is to: (Points : 5)

3. (TCO 9) When developing a positioning strategy, firms should ask themselves: “How can we be different?” This question addresses the issue of: (Points : 5)

4. (TCO 10) As an entrepreneur, you should be able to identify your target market by _____. (Points : 5)

5. (TCO 10) Sales promotion activities are designed to: (Points : 5)

BUSI 3010 Week 5 MCQ’s (20 Multiple Choice Questions)

1. What is the most important thing to remember about a business plan?

A. It should be clear and concise.
B. It should be able to attract potential investors.
C. It should be able to convince the bank to give you a loan.
D. It should be able to convince your family and friends that your business is a good idea.

2. Which of the following is not an important part of a business plan?

A. The market analysis
B. The product or service
C. The financial projections
D. The management team
E. The competition

3. Which of the following is not a common type of business entity?

A. Partnership
B. Corporation
C. Limited Liability Company
D. Sole Proprietorship
E. Franchise
4. Which of the following is not an advantage of a sole proprietorship?

A. Easy to form and dissolve
B. Fewer government regulations
C. Profits and losses pass through to the owner
D. Owner has complete control over the business
E. Owner can raise money by selling shares of stock

5. Which of the following is not an advantage of a partnership?

A. Partnerships are easy to form
B. Partners share in the profits and losses of the business
C.. Partners have limited liability for debts of the business
D.. Each partner can make decisions independently

6.. Which of the following is not an advantage of a corporation?

A.. Corporations can raise money by selling shares of stock
B.. Corporations have limited liability for debts of the business
C.. Corporations can exist indefinitely
D.. Corporations pay taxes on their profits

BUSI 3010 Week 6 Description

In BUSI 3010 Course, students learn to assess and enhance their business plans. The emphasis is on applying the principles of market analysis, financial management, and human resources to the planning and operating of small businesses. Students also have the opportunity to consult with a local small business owner.

BUSI 3010 Week 6 Outline

1. The Initial Plan
2. The Business Idea
3. Feasibility Analysis
4. Writing the Business Plan
5. Presenting the Business Plan

BUSI 3010 Week 6 Objectives

*Note that this is a semester-long BUSI 3010 Course (15 credits), but we will be focusing on weeks 6-10 in the online version.

After completing this week’s readings and activities, you will be able to:

1. Develop an understanding of the different types of small business ownership structures.

2. Understand the importance of choosing the right business structure for your small business venture.

3. Understand the tax implications of different business structures.

4. Understand the legal implications of different business structures.

BUSI 3010 Week 6 Pre-requisites

BUSI 3001 – Business Communications* (3 credits)

BUSI 3002 – Business Law* (3 credits)

BUSI 3105 – Small Business Management* (3 credits)

BUSI 3106 – Small Business Finance* (3 credits)

BUSI 3110 – Social Media Marketing for Small Businesses* (3 credits)

BUSI 3010 Week 6 Duration

BUSI 3010 Course runs from 8/29/16 to 12/23/16.

BUSI 3010 Week 6 Learning Outcomes

Day 1 – Introduction to Business Planning & Financial Statements
– Understand the process of business planning and how it can be used to assess opportunities, track progress and make decisions
– Understand what financial statements are and how they are used to inform business decisions
– Understand the key components of a business plan and how to create one

Day 2 – Sales & Marketing Plans
– Understand the process of developing a sales plan and how it can be used to increase sales and grow a business
– Understand the process of developing a marketing plan and how it can be used to reach target markets and grow a business
– Understand the key components of a sales plan and marketing plan and how to create each one

Day 3 – Operations Plans
– Understand what an operations plan is and how it can be used to improve efficiency and grow a business
– Understand the key components of an operations plan and how to create one

BUSI 3010 Week 6 Assessment & Grading

BUSI 3010 Course Introduction* (5 credits) (BUSI 4002)

BUSI 3010 Course Materials & Resources* (5 credits) (BUSI 4002)

BUSI 3010 Course Textbooks* (5 credits) (BUSI 4002)

BUSI 3010 Course Schedule* (5 credits) (BUSI 4002)

BUSI 3010 Course Curriculum* (5 credits) (BUSI 4002)

In BUSI 3010 Course, you will be assessed on the following tasks:

Assignment Weighting
Individual Report 50%
Group Presentation 30%
Participation 20%

100%

BUSI 3010 Week 6 Suggested Resources/Books

BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

Required Textbook:

• Entrepreneurship: Theory, Process, and Practice (9th Edition), by Donald F. Kuratko and Richard M. Hodgetts. Cengage Learning, 2016. ISBN-13: 978-1305632295.

Recommended Resources/Books:

• Small Business Management: Launching & Growing Entrepreneurial Ventures (17th Edition), by Justin G. Longenecker, J. William Petty, Leslie E. Palich, and Frank Hoy. South-Western College Pub, 2015. ISBN-13: 978-1285858913.

BUSI 3010 Week 6 Assignment (20 Questions)

*A BUSI 3010 Course of BUSI 4002 is offered at Columbia Southern University.

1. What are the three types of business organizations?

2. What are the advantages and disadvantages of each type of business organization?

3. Which type of business organization would you recommend for a small business venture? Why?

4. How important is it for small business owners to have a clear understanding of the tax implications of their business structure? Why?

5. What are some of the common mistakes that small business owners make when choosing a business structure?

6. What are some of the key considerations that small business owners should keep in mind when choosing a business name?

7. How can small business owners protect their business name and logo from being used by others?

8. What are some common mistakes that small businesses make when advertising their products or services?

9. What are some effective ways to advertise a small business on a shoestring budget?

10. What are some common pitfalls that small businesses face when expanding their operations?

BUSI 3010 Week 6 Assignment Question (20 Questions)

1. What is the name of the company that you are studying for this assignment?

2. What is the mission statement of this company?

3. What are the company’s core values?

4. What is the company’s competitive advantage?

5. How has this company been able to successfully compete against larger companies in its industry?

6. What is the company’s business model?

7. What are the main products and/or services offered by this company?

8. Describe the target market for this company’s products and/or services.

9. Who are the main competitors for this company?

10. How does this company’s pricing compare to its competitors?

11. Describe the distribution channels used by this company.

12. Describe the advertising and promotion strategy used by this company.

13. Describe the sales strategy used by this company.

14. What are the main channels of distribution used by this company?

BUSI 3010 Week 6 Discussion 1 (20 Questions)

BUSI 3010 Week 6 Discussion 2 (20 Questions) for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

BUSI 3010 Week 7 Final Paper for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

BUSI 3010 Week 8 Final Exam for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

BUSI 3010 Week 6 DQ 1 (20 Questions)

Question 1: After reading Chapter 8, answer the following questions regarding business entities. Please include the number of each question in your response. (1 point each)

1. Define the term “business entity”.
2. List and describe the four most common types of business entities.
3. Explain the concept of “limited liability”.
4. What is a “sole proprietorship”?
5. What is a “partnership”?
6. What is a “corporation”?
7. What is a “limited liability company”?
8. Explain the concept of “piercing the corporate veil”.
9. What are the benefits and disadvantages of each type of business entity?
10. Which type of business entity do you think would be best for your business? Why?

Question 2: After reading Chapter 9, answer the following questions regarding business insurance.(1 point each)
1. Define the term “insurance”.
2. List and describe the four types of insurance coverage that all businesses should have.
3. Explain the concept of “risk management”.
4. Describe three strategies that businesses can use to manage risk.
5. Why is insurance important for businesses?
6. What type of insurance do you think would be best for your business? Why?

BUSI 3010 Week 6 Discussion 2 (20 Questions)

1. What are the different types of franchising arrangements that are available for small businesses?
2. What are some of the benefits and drawbacks of franchising for small businesses?
3. How does the franchisor-franchisee relationship differ from other types of business relationships?
4. What are some of the key issues that need to be addressed in a franchising agreement?
5. Why is it important for a small business owner to understand the franchisor’s business model?
6. What are some of the challenges that a small business owner may face when expanding through franchising?
7. What are some tips for successfully franchising a small business?
8. How can a small business owner ensure that their franchisees are successful?
9. What are some common mistakes that small businesses make when franchising?
10. What are some ways that a small business can protect its intellectual property when franchising?

BUSI 3010 Week 6 DQ 2 (20 Questions)

BUSI 4002 – Small Business Ventures* (5 credits)

BUSI 3010 Course explores the unique aspects of developing and managing small businesses. Students examine the opportunities and risks associated with starting a small business and identify strategies for success. Topics include market research, financing, business plans, organizational structure, and personnel management. Students also develop an understanding of how to operate successfully in a small business environment by developing their own business plan. Prerequisites: BUSI 3001 or BUSI 3003; junior or senior standing.

BUSI 3010 Week 6 Quiz (20 Questions)

at Columbia College (CC).

1. Question : In what order do the four stages of opportunity recognition generally occur?

2. Question : An example of a good opportunity is:

3. Question : When evaluating opportunities, you should consider which of the following? (Choose all that apply.)

4. Question : The risk-reward tradeoff is:

5. Question : The purpose of due diligence is to: (Choose all that apply.)

BUSI 3010 Week 6 MCQ’s (20 Multiple Choice Questions)

1. Which of the following is a function of money?

A. serve as a unit of account
B. act as a store of value
C. provide a means for deferred payment
D. all of the above
E. none of the above

D. all of the above

2. The term _________ refers to an economic system in which the production and distribution of goods and services is based on market forces and the laws of supply and demand, rather than on central planning by government authorities.

A. capitalism
B. socialism
C. communism
D. feudalism
E. mercantilism

A. capitalism

3. The ___________ refers to a country’s imports minus its exports, or simply, the amount by which its imports exceed its exports.

A. balance of trade deficit
B. balance of trade surplus
C. balance of payments deficit
D. balance of payments surplus
E. current account deficit

B. balance of trade surplus

4. ____________ is an economic theory that advocates government intervention in the marketplace to protect consumers, workers, and businesses from unfair business practices and promote economic fairness through regulations, taxes, and subsidies designed to promote competition, consumer protection, and social welfare.

A. Capitalism
B. Socialism
C. Communism
D. Feudalism
E. Mercantilism

B. Socialism

BUSI 3010 Week 7 Description

BUSI 3010 Course is designed to give the student an overview of the various stages of developing and managing a small business venture. The BUSI 3010 Course will cover such topics as: developing a business idea, writing a business plan, raising capital, choosing a legal structure, hiring and managing employees, marketing and sales strategies, and financial management. Throughout the BUSI 3010 Course, students will have the opportunity to work on developing their own business ideas.

BUSI 3010 Week 7 Outline

(BUSI4002)

Comprehensive Examination for BUSI 4003 – International Business Law* (4 credits) (BUSI 4003) (BUSI4003)

BUSI 3010 Week 7 Objectives

BUSI 3010 Course is designed to provide students with an understanding of the entrepreneurial process. Students are provided with a framework for making sound business decisions in an entrepreneurial context. The BUSI 3010 Course covers all aspects of the new venture creation process from idea generation to exit strategies. Students will create their own business plans and pitch their ideas to potential investors. Prerequisite: BUSI 3002

BUSI 3010 Week 7 Pre-requisites

BUSI 4002 – Small Business Ventures* (5 credits) BUSI 4999 – Small Business Ventures Project (5 credits) or similar project-based learning experience

* At the instructor’s discretion, students may be able to enroll in BUSI 4002 as a stand-alone BUSI 3010 Course for non-credit. This is a BUSI 3010 Course for first-time entrepreneurs only and students who have previously taken BUSI 3010 Course for credit may not register for non-credit.

BUSI 3010 Week 7 Duration

BUSI 3010 Course Description

This is an introductory BUSI 3010 Course that covers the main aspects of running a small business. The topics include: the entrepreneurial process, choosing and developing a business idea, market research, marketing strategies, business plans and financing. Students learn through lectures, discussion, case studies and projects.

In BUSI 3010 Course students learn how to choose a business idea and turn it into a successful venture. Topics covered include: market research, marketing strategies, writing a business plan, and financing. Students also develop their own business ideas and present them in class.

*This is an estimated time for the entire BUSI 3010 Course. Your actual BUSI 3010 Course duration may be shorter or longer based on your chosen learning format (online, hybrid or face-to-face).

BUSI 3010 Week 7 Learning Outcomes

1. Understand the legal framework for small businesses in Canada, including sole proprietorships, partnerships and corporations.

2. Analyze the financial needs of a small business and develop strategies for raising capital.

3. Understand the tax implications of owning and operating a small business in Canada.

4. Develop a marketing plan for a small business, including target markets, product positioning and pricing strategies.

5. Understand the importance of human resources management in a small business and develop strategies for recruiting, retaining and managing employees.

BUSI 3010 Week 7 Assessment & Grading

*These are not the BUSI 3010 Course assessments. They are assessments developed by the instructor to help students check their understanding of the BUSI 3010 Course material and prepare for exams.*

| | | |
|—|—|—|
| 1 | [BUSI 4002 W7 Assessment](https://github.com/SMU-DATA-6306-Spring2019/wsu-syllabus/blob/master/assessments/BUSI%204002%20W7%20Assessment.pdf) | 5 points |

# Module 5: Business Planning Project Presentation
BUSI 3010 Week 8 Assessment & Grading for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

*These are not the BUSI 3010 Course assessments. They are assessments developed by the instructor to help students check their understanding of the BUSI 3010 Course material and prepare for exams.*

| | | |
|—|—|—|
| 1 | [BUSI 4002 W8 Assessment](https://github.com/SMU-DATA-6306-Spring2019/wsu-syllabus/blob/master/assessments/BUSI%204002%20W8%20Assessment.pdf) | 5 points |

“`python “`

BUSI 3010 Week 7 Suggested Resources/Books

BUSI 3010 Week 7 Suggested Resources/Books for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

PLDZ-4060

In Stock $ 3.00 USD Bright Solutions

BUSI 3010 Week 7 Suggested Resources/Books for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

This is a list of books recommended by the instructor to assist you in this class.

BUSINESS PLAN WORKBOOK: CREATE YOUR PLAN, STEP-BY-STEP by Colin Barrow and Paul Barrow ISBN 978-1-118-72353-6 © 2013 John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken NJ 07030 (201)748-6011 fax (201)748-6008 http://www.wiley.com/go/permission. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages arising out of use of this book . This book is sold with the understanding that neither publisher nor author is engaged in rendering legal accounting other professional services If legal advice or other expert assistance is required the services of a competent professional person should be sought Library Congress Cataloging in Publication Data: ISBN 978 1 118 72353 6 Cover design: Cepha Imaging Pvt Ltd Text design: Wiley Composition Services Typeset by Thomson Digital India Pvt Ltd., Chennai 10 9 8 7 6 5 4 3 2 1 Contents About The Authors Preface xiii xv Acknowledgments xix PART I UNDERSTANDING SMALL BUSINESS VENTURES 1 Chapter 1 Introduction 3 What Is A Small Business? 3 What Is A Small Business Venture? 4 The Characteristics Of Successful Startups 6 Entrepreneurship And Innovation 8 Some Important Definitions 9 Summary 11 Notes 12 Further Reading 13 Chapter 2 Understanding Your Customers 15 What Do You Need To Know About Your Customers? 15 The Importance Of Marketing 17 Why Have Customers Stopped Buying? 22 Summary 24 Notes 25 Further Reading 26 Chapter 3 Developing Your Products And Services 27 Products And Services 27 Product Design And Development 29 Pricing 31 Creating Value 33 Giving Your Product And Service An Edge 34 Developing New Products Or Services 35 Summary 36 Notes 37 Further Reading 38 Chapter 4 Understanding The Competition 41 Introduction 41 Who Are Your Competitors? 42 Establishing Competitive Advantage 44 Reviewing Your Competition 47 Summary 50 Notes 51 Further Reading 52 BUSI 3010 Week 7 Suggested Resources/Books for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002) This is a list of books recommended by the instructor to assist you in this class. BUSINESS PLAN WORKBOOK: CREATE YOUR PLAN

BUSI 3010 Week 7 Assignment (20 Questions)

**BUSI 3010 Course Instructor: Dr. Wai-Leng Lee (wlee@cuhk.edu.hk)**

**Students should submit a single Excel file in PDF format through the Online BUSI 3010 Course Management System to complete this assignment. Please include your name, student ID and BUSI 3010 Course code in the header of your file. Late submissions will not be accepted. This assignment is worth 20% of the total BUSI 3010 Course grade.**

**The following table summarizes the marks distribution for each question in this assignment:**

1\. (1 mark) Define what is meant by entrepreneurship? What are some common characteristics of entrepreneurs?

Entrepreneurship refers to the activity of designing, launching and running a new business or enterprise, typically with considerable initiative and risk. Common characteristics of entrepreneurs include creativity, self-motivation, risk tolerance, opportunity recognition and perseverance.

2\. (2 marks) Explain three main stages that are involved in starting a new business and the activities that are involved at each stage?

Three main stages that are involved in starting a new business are ideation, startup and growth. The activities that are involved at each stage are as follows:

* Ideation: Identifying business opportunities and generating creative ideas for new products or services; conducting market research; developing business plans; raising initial capital; etc.;

* Startup: Launching the business; recruiting employees; building facilities; acquiring customers or clients; etc.; and

* Growth: Managing and expanding the business; seeking additional financing; expanding into new markets or product lines; etc.

3\. (2 marks) Discuss four types of risks faced by small businesses? How can small businesses manage these risks effectively?

Four types of risks faced by small businesses are financial risks, operational risks, competitive risks and reputational risks. Financial risks refer to the risks associated with insufficient cash flow or financial resources to sustain operations or support expansion plans. Operational risks refer to the risks associated with disruptions in supply chains, production processes or technology systems. Competitive risks refer to the risks associated with competition from larger or more well-established firms. Reputational risks refer to the risks associated with negative publicity or public opinion about a company’s products or services. Small businesses can manage these risks effectively by developing contingency plans, maintaining strong relationships with suppliers and customers, diversifying their product offerings and investing in research and development (R&D).

4\. (2 marks) Discuss five factors that determine whether an entrepreneurial idea has commercial potential? How can an entrepreneur evaluate these factors when evaluating a new business idea?

Five factors that determine whether an entrepreneurial idea has commercial potential are market demand, market size, competitive landscape, target customer segment(s) and profitability potential. An entrepreneur can evaluate these factors by conducting market research, analyzing competitor data and developing financial projections for the new business venture.

5\. (2 marks) What is meant by a “business model”? Why is it important for entrepreneurs to have a clear understanding of their business model when starting a new business venture?

A “business model” is a framework for creating value for a company through its products or services. It includes a description of how the company generates revenue, incurs costs and creates value for its customers or clients. It is important for entrepreneurs to have a clear understanding of their business model when starting a new business venture because it provides a roadmap for how the company will create value and generate revenue over time. Without a clear understanding of the business model, it is difficult to make informed decisions about how to grow the business or which products or services to offer customers or clients.

6\. (2 marks) Discuss five main components of a typical business plan? Why is it important for entrepreneurs to develop a formal business plan when starting a new business venture?

Five main components of a typical business plan are executive summary, company overview, market analysis, competitive analysis and financial projections. A formal business plan is important for entrepreneurs because it forces them to think critically about their business idea, assess the potential market opportunity and develop realistic financial projections. Additionally, a well-crafted business plan can be used to secure financing from investors or lenders.

7\. (2 marks) Explain four key elements that should be included in an effective marketing plan? How can an entrepreneur use marketing strategies to create competitive advantage for their small businesses?

Four key elements that should be included in an effective marketing plan are target market selection, product positioning, pricing strategy and promotional mix (advertising, public relations, direct marketing and sales promotion). An entrepreneur can use marketing strategies such as product differentiation or niche marketing to create competitive advantage for their small businesses

BUSI 3010 Week 7 Assignment Question (20 Questions)

Complete the 20 Questions and submit through Turnitin.com by 11:59 pm on Monday, January 29th, 2018.

The purpose of this assignment is to review your understanding of the following lessons:

1. Week 1 – Introduction to Small Business Ventures (BUSI 4002)
2. Week 2 – The Entrepreneurial Process (BUSI 4002)
3. Week 3 – The Business Plan (BUSI 4002)
4. Week 4 – Developing a Marketing Plan (BUSI 4002)
5. Week 5 – Managing Cash Flow and Working Capital (BUSI 4002)
6. Week 6 – Financing Your Business Venture (BUSI 4002)
7. Week 7 – Exit Strategies for Your Business Venture (BUSI 4002)

1. Define the following terms:
-Entrepreneur
-Intrapreneur
-Opportunity
-Business Idea
-Innovation
-Creativity

An entrepreneur is an individual who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. Intrapreneurs are employees who take direct responsibility for creating and implementing a new project or initiative within their organization, without having been given the formal authority to do so. An opportunity is a chance to engage in profitable enterprise; a set of circumstances that makes it possible to do something that you want to do or that presents itself as advantageous. A business idea is an initial plan or suggestion for starting a business; a proposed business venture. Innovation is the process of introducing something new; the act or process of introducing new ideas, devices, or methods. Creativity is the ability to transcend traditional ideas, rules, patterns, relationships, or the like, and to create meaningful new ideas, forms, methods, interpretations, etc.; originality, progressiveness, or imagination.

2. Explain what is meant by the term “entrepreneurship” and discuss why entrepreneurship is important in today’s economy.

The term “entrepreneurship” refers to the activity of designing, launching, and running a new business or enterprise, typically with considerable initiative and risk. Entrepreneurship is important in today’s economy because it results in the creation of new jobs and businesses, and drives economic growth.

3. Discuss the main characteristics of successful entrepreneurs. What personal qualities do successful entrepreneurs possess? Give examples to support your answer.

There are many characteristics that are common among successful entrepreneurs, such as creativity, risk-taking, determination, perseverance, self-confidence, and a strong work ethic. Successful entrepreneurs also tend to be good at problem solving, have strong communication skills, and be able to think outside the box.

BUSI 3010 Week 7 Discussion 1 (20 Questions)

at Liberty University

*Disclaimer: BUSI 3010 Course is not currently being offered by Liberty University.

BUSI 3010 Week 7 DQ 1 (20 Questions)

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Description: This is a 5 credit hour online BUSI 3010 Course. The BUSI 3010 Course focuses on the development and operation of small businesses in the United States, with special emphasis on entrepreneurial activities. BUSI 3010 Coursework will include developing a business plan and analyzing business opportunities, launching and organizing a business, marketing and promoting a small business, financing and managing a small business, legal and regulatory considerations for the small business owner, managing human resources in the small business environment, as well as other management issues faced by the small business owner. In addition to lecture material and discussions, students will be required to participate in an entrepreneurship simulation exercise during the BUSI 3010 Course. Prerequisite: BUSI 3002 or permission of instructor.

BUSI 3010 Week 7 Discussion 2 (20 Questions)

1. How do businesses know when they are ready to hire?

2. What are some of the common mistakes businesses make when hiring?

3. How can businesses find the right employees?

4. What are some of the challenges businesses face when trying to retain employees?

5. How can businesses create a positive work environment?

BUSI 3010 Week 7 DQ 2 (20 Questions)

1. What is the primary goal of marketing?

2. What are the four basic elements of the marketing mix?

3. What is a target market?

4. What are the three primary objectives of a promotional campaign?

5. What are the four main types of promotion?

6. What is product positioning?

7. What is a brand?

8. What are the three key elements of a brand strategy?

9. What are the four main steps in the new product development process?

10. What is market segmentation?

11. Why is it important to understand consumer behavior when planning a marketing strategy?

12. What are the four main stages in the consumer decision-making process?

13. How do demographics influence consumer behavior?

14. How does psychological factors influence consumer behavior?

BUSI 3010 Week 7 Quiz (20 Questions)

BUSI 3010 Week 7 Quiz (20 Questions) for BUSI 4002 – Small Business Ventures* (5 credits) 1. Using your knowledge of the stages in small business development, which stage is characterized by more employee involvement and less day-to-day supervision? a. Pre-operational b. Launch c. Growth d. Maturity 2. The task of…

BUSI 3010 Week 7 MCQ’s (20 Multiple Choice Questions)

1. A sole proprietorship is the most common form of business organization. Which of the following statements is NOT true about a sole proprietorship?
2. A partnership is an agreement between two or more people to operate a business for profit. Which of the following statements is NOT true about a partnership?
3. A corporation is a legal entity created by a state government. Which of the following statements is NOT true about a corporation?
4. A limited liability company (LLC) is a business organization that offers its owners limited liability protection. Which of the following statements is NOT true about an LLC?
5. A cooperative is a business organization owned and operated by its members for their mutual benefit. Which of the following statements is NOT true about a cooperative?
6. A franchise is a type of license that a franchisor grants to a franchisee. Which of the following statements is NOT true about franchises?
7. Social entrepreneurship is the process of pursuing innovative solutions to social, cultural, or environmental issues. Which of the following statements is NOT true about social entrepreneurship?
8. Corporate social responsibility (CSR) refers to the voluntary activities undertaken by a company to operate in an economically, socially, and environmentally sustainable manner. Which of the following statements is NOT true about CSR?
9. Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Which of the following statements is NOT true about sustainable development?
10. Social enterprise is an organization that applies commercial strategies to maximize improvements in human and environmental well-being—such as by maximizing social impact alongside profits for external shareholders. Which of the following statements is NOT true about social enterprise?

BUSI 3010 Week 8 Description

Introduction

The Small Business Ventures BUSI 3010 Course is the capstone BUSI 3010 Course for the School of Business Administration. In BUSI 3010 Course, students will be required to apply the knowledge and skills learned in their core business BUSI 3010 Courses to a real-world small business venture. Students will work in teams to create and operate their own small business venture over the duration of the semester. The team will be responsible for all aspects of their business including: market research, marketing, human resources, finance, and operations. Throughout the semester, students will be required to keep track of their progress in a journal and give presentations on their venture at various milestones. BUSI 3010 Course is graded on a Pass/Fail basis.

BUSI 3010 Course Objectives

The objective of BUSI 3010 Course is to provide students with an opportunity to apply the knowledge and skills learned in their core business BUSI 3010 Courses to a real-world small business venture. Students will learn how to: 1) conduct market research; 2) develop marketing plans; 3) manage human resources; 4) raise capital; 5) operate a small business; and 6) give presentations on their venture.

BUSI 3010 Week 8 Outline

+
+### Overview
+
+BUSI 3010 Course will focus on the opportunities and challenges of small business ventures. Students will explore the entrepreneurial process from ideation to funding and scaling. Throughout BUSI 3010 Course, students will explore the personal qualities associated with successful entrepreneurs, as well as the methods for evaluating opportunities and developing effective business plans. The BUSI 3010 Course will also introduce students to common financing options available to small businesses, and provide an overview of the stages of venture development in the context of an early-stage startup.
+
+### Learning Outcomes
+
+By the end of BUSI 3010 Course, students should be able to:
+* Describe key characteristics associated with successful entrepreneurs.
+* Identify and assess opportunities for new business ventures.
+* Develop an effective business plan for a small business venture.
+* Understand common financing options available to small businesses.
+* Describe the stages of development for a small business venture.

BUSI 3010 Week 8 Objectives

To develop a clear understanding of the components of a business plan and to write an executive summary for the business plan.

To understand the importance of market research in the creation of a new business.

To create a marketing mix for the new business.

To understand the importance of financing a new business and to develop a financial plan for the new business.

To understand the importance of human resources in the success of a small business and to develop a human resources plan for the new business.

BUSI 3010 Week 8 Pre-requisites

Students will be introduced to the process of starting a small business and to the importance of developing a detailed business plan. The BUSI 3010 Course will include a project whereby students will research and prepare an initial business plan for a new venture.

*BUSI 3010 Course may be taken as an elective or as part of the Certificate in Entrepreneurship and Small Business Management.

BUSI 3010 Week 8 Duration

BUSI 3010 Course is scheduled to run for 1 week. The delivery mode will be online via Blackboard Learn. Students will be required to participate in weekly discussions and submit an assignment on the same day as the discussion thread opens (see below). Students will also be required to submit a final exam which can be found in the Final Exam link under BUSI 3010 Course Content.

Assignment Schedule:

Week 1 – Introduction Discussion Forum Assignment – Write a short post of 3-4 paragraphs introducing yourself and sharing your entrepreneurial experience (this includes any previous successful businesses you have started, projects you are currently working on, or business ideas you have for the future). This should not exceed 500 words. In addition to this, please respond to at least two other students in your cohort. The assignment is due on Sunday by 11:59 p.m. EST/EDT. Note that this initial forum is ungraded but will help you get to know your classmates and instructor(s) better!

Week 2 – Entrepreneurship Idea Forum Assignment – Using what you have learned from the lecture and readings, develop a well-researched entrepreneurial idea for a new business venture that is both innovative and marketable based on current trends, fads, etc. Discuss any unique selling points of this product or service (i.e., how it is different from other products or services already available). Create a business name and logo as part of your pitch and make sure to include details such as target market, competition analysis, management team profile, etc. This should not exceed 500 words. In addition to this, please respond to at least two other students in your cohort who have submitted their ideas before you do so. The assignment is due on Sunday by 11:59 p.m. EST/EDT. Note that this initial forum is ungraded but will help you get to know your classmates and instructor(s) better!

BUSI 3010 Week 8 Learning Outcomes

Students will be able to:

1. Develop a business model for a small business venture.

2. Develop a marketing plan for a small business venture.

3. Develop a financial plan for a small business venture.

4. Identify the legal and regulatory environment for a small business venture.

5. Assess the risks and opportunities associated with a small business venture.

BUSI 3010 Week 8 Assessment & Grading

BUSI 3010 Week 8 Assessment & Grading for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

BUSI 3010 Course Description: A study of the process of starting a business. This is a capstone BUSI 3010 Course where students, in teams, will develop a new venture plan and present their business plan to a panel of experts. Emphasis will be placed on identifying and evaluating opportunities, developing and articulating the business vision, crafting a value proposition, formulating strategies to reach customers and other stakeholders, assessing risks and creating effective tactics to minimize them. Students will examine intellectual property considerations and issues related to financing, human capital management and technology for start-ups. Emphasis will also be placed on developing entrepreneurship skills through hands-on practical learning experiences. Prerequisites: BUSI 3000 Business Fundamentals; BUSI 3001 Business Law; BUSI 3002 Introduction to Marketing; BUSI 3003 Introduction to Human Resources Management; BUSI 3004 Organizational Behaviour; BUSI 3006 Organizational Structure and Design; BUSI 3007 Financial Accounting Fundamentals; BUSI 3028 Business Statistics I; ECON 1000 Introduction to Microeconomics or ECON 1001 Introduction to Macroeconomics. Corequisites: NONE

BUSI 3010 Week 8 Suggested Resources/Books

Topic 8 – Financial Management, Payroll, and Taxes

Readings: Aaker, D. A. (2007). Brand portfolio strategy. Harvard Business Review, 85(5), 1-11. Retrieved from https://hbr.org/2007/05/brand-portfolio-strategy/.

Bateman, T., & Snell, S. (2013). Management: Leading & collaborating in a competitive world (10th ed.). New York, NY: McGraw Hill/Irwin. ISBN 9780078112850

Bovee, C., Thill, J., & Mescon, M. (2014). Business communication today (13th ed.). Upper Saddle River, NJ: Prentice Hall. ISBN 9780133861003

Brigham, E., & Gapenski, L. (2013). Financial management: Theory and practice (15th ed.). Mason, OH: South-Western Cengage Learning. ISBN 9781133952428

Brigham, E., & Gapenski, L. (2015). Fundamentals of managerial finance (14th ed.). Mason, OH: South-Western Cengage Learning. ISBN 9781305574793

Bygrave, W., & Timmons J.(1992). Venture capital at the crossroads. Harvard Business Review 70(2),155-166

Noe R., Hollenbeck J., Gerhart B., & Wright P.(2017) Fundamentals of human resource management 4th edition,. New York : McGraw Hill Education

BUSI 3010 Week 8 Assignment (20 Questions)

1. What is your startup’s business model?
2. How does your startup create value for its customers?
3. What is your startup’s competitive advantage?
4. Who are your startup’s target customers?
5. Describe your startup’s product or service.
6. How will you generate revenue with your product or service?
7. What are the key costs associated with your business?
8. What are your start-up’s initial funding requirements?
9. How much money do you expect to raise in the next 12 months?
10. How will you use the funds you raise?
11. What are your milestones for the next 12 months?
12. Who is on your team and what are their backgrounds and experiences?
13. What is your experience in this industry?
14. How have you validated your product or service with potential customers?
15. Describe your sales and marketing strategy.
16. How do you plan to scale your business?
17. What are the key risks and challenges facing your business?
18. What are your long-term goals for the business?
19. What is your exit strategy?
20. Do you have any intellectual property, such as patents, trademarks, or copyrights?

BUSI 3010 Week 8 Assignment Question (20 Questions)

• Question 1 (10 marks)

You are the owner of a small business and you have been approached by an employee who wants to discuss the possibility of buying your business. The employee has asked for your opinion as to what price you would be willing to sell your business for, in addition to details on the payment terms, revenue, profit margins, etc.

The employee is offering $1 million in cash for the purchase of your business. However, you have calculated that the value of your business is approximately $2 million. You are also concerned about whether or not the employee will be able to maintain the same level of profitability and revenue as you have been able to achieve.

What advice would you give to the employee regarding their offer to purchase your business? What other factors would you consider before making a decision on whether or not to sell your business?

• Question 2 (10 marks)

As the owner of a small business, you are always looking for ways to improve your business and make it more successful. One way that you have been considering is franchising your business. You have done some research on franchising and you believe that it could be a good way to grow your business.

What are some of the advantages and disadvantages of franchising your business? What are some of the things that you need to consider before franchising your business?

BUSI 3010 Week 8 Discussion 1 (20 Questions)

20 Questions:

1. What is the impact of business-to-business e-commerce on small businesses?
2. What are some of the benefits and challenges of using social media for small businesses?
3. How can small businesses use market research to their advantage?
4. What are some common mistakes made in advertising by small businesses?
5. How can small businesses effectively manage their inventory?
6. What are some tips for reducing expenses for small businesses?
7. How can small businesses create a competitive advantage?
8. What are some common problems faced by small businesses when expanding?
9. What are some ways in which small businesses can improve customer service?
10. How can small businesses increase sales?

BUSI 3010 Week 8 DQ 1 (20 Questions)

1. What is the mission statement for your company? Our mission is to provide the best possible products and services to our customers and to do so more efficiently and economically than our competitors.

2. What are your company’s core values? We value customer satisfaction, hard work, integrity, and innovation.

3. What is your company’s competitive advantage? Our competitive advantage is our ability to provide high quality products and services at a lower cost than our competitors.

4. What are your company’s goals? Our goal is to be the leading provider of products and services in our industry.

5. What is your company’s strategy? Our strategy is to focus on providing high quality products and services to our customers.

BUSI 3010 Week 8 Discussion 2 (20 Questions)

The following 20 questions are part of the discussions for Week 8. You must answer all 20 questions to receive full credit. Please use your own words and include at least one reference to support your opinions and/or ideas. Copy and paste each question into the discussion board followed by your answers to each question below. When you have finished answering all 20 questions, click on “Submit” at the bottom of this page.*

1. What is a corporation? Please give specific examples to illustrate your answer.*

2. Why is it important to have clear articles of incorporation when starting a corporation?*

3. What are the benefits of having a board of directors?*

4. Why is it important to have shareholders?*

5. What are the benefits of forming a limited liability company (LLC)?*

6. What are some disadvantages associated with forming an LLC?*

7. How can an LLC be taxed?*

BUSI 3010 Week 8 DQ 2 (20 Questions)

1. What is small business? What is entrepreneurship? Give a few examples of each. How are they related?

2. What are some of the key characteristics of successful entrepreneurs?

3. What are the stages of the entrepreneurial process?

4. How does market research play a role in the entrepreneurial process?

5. Why is it important to develop a business plan? What should a business plan include?

6. How can entrepreneurs raise capital to start their businesses?

7. How do government policies impact entrepreneurship and small businesses?

8. What are some of the common challenges faced by small businesses?

9. How can small businesses use technology to their advantage?

10. What are some common mistakes made by small businesses?

BUSI 3010 Week 8 Quiz (20 Questions)

Question 1 1. The Four Ps of Marketing are: Price, Place, Promotion and Product. Question 2 2. _____ is the process of planning and implementing the pricing strategy for a company’s products or services. Question 3 3. For example, an organization may charge less in rural areas than it does in cities because the cost of living is lower in rural areas, or because a company’s competitors in those areas charge less for similar products or services. Question 4 4. Discounts and allowances given to customers are called price discounts or _____ incentives, respectively. Question 5 5. _____ is the most common method of pricing new products and services, and it involves setting prices based on the cost of production plus a desired profit margin. Question 6 6. A high-end designer may set his prices by what competitors are charging for similar goods (a relatively high price) while a low-end competitor may match competitors’ prices (a relatively low price). Question 7 7. A company may be able to set its own price if there are no close substitutes, if it has complete control over its distribution channels, if it has legal restrictions on competition from other companies that sell similar goods or services, if it has significant economies of scale relative to its competitors, or if it enjoys some other source of advantage over its competitors that makes others unwilling to compete with them on price alone (for example, reputation). Question 8 8. If a firm must charge less than average variable cost (AVC) just to stay in business, then: there is no profit potential at any point along this portion of the MC curve. there is profit potential along this portion of the MC curve but only at very high levels of output where fixed costs have been fully recovered and only marginal revenue exceeds marginal cost at that output level .

there is profit potential along this portion of the MC curve but only at very low levels of output where total revenue exceeds total variable costs . there is no loss along this portion of the MC curve as long as marginal revenue exceeds marginal cost for all units sold above minimum efficient scale . there is no loss along this portion of the MC curve since average variable cost declines as output increases . Question 9 9. Average fixed costs decline as output increases because: fixed costs are incurred per unit but not proportional to output . average variable costs decline as output increases . marginal costs decline as output increases . marginal revenue declines as output increases . none of these Answer Key: E Explanation: Fixed costs do not change with changes in output; they can only be reduced by reducing overall production capacity through downsizing or closing facilities completely so that fewer units need to be produced in order to cover fixed costs at any given time period; however, when producing more units (higher levels), fewer fixed costs will be allocated per unit so that average fixed costs will fall as higher levels of production are reached.. A firm’s MC curve will never intersect its AVC curve because when AVC equals MC: there can be no loss since AVC equals MR at this point and thus there would be zero profits/losses

there can be no profit since AVC equals MR at this point and thus there would be zero profits/losses

it means that a firm must charge less than average variable cost just to stay in business which means there is no profit potential at any point along this portion

it means that a firm must charge less than average variable cost just to stay in business which means there is only profit potential along this portion when using very low levels of output

BUSI 3010 Week 8 MCQ’s (20 Multiple Choice Questions)

BUSI 3010 Week 8 MCQ’s (20 Multiple Choice Questions) for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002) BUSI 4002 – Small Business Ventures* (5 credits) BUSI 3010 Week 8 MCQ’s (20 Multiple Choice Questions) Choose the answer that is most correct. 1. Which of the following factors, if changed, would require a business plan update? A. The number of employees working in the business B. The external environment in which the business is operating C. The price of a raw material used by the business D. The financial status of the business 2. Which of the following statements is true regarding small businesses? A. Small businesses provide jobs to over half of all private sector employees in Canada. B. Small businesses make up approximately 98 percent of all businesses in Canada. C. Small businesses are defined as those employing less than 100 employees. D. All of the above are true statements about small businesses in Canada 3. Although all small businesses have some characteristics in common, there are also many differences between them based on their: A. Industry B. Location C. Type D . All of the above 4 . Which statement is not a characteristic shared by all small businesses? A . They serve niche markets that larger companies do not find profitable enough to serve B . They typically have strong cash flow and profitability because they have low overhead costs C . They tend to be conservative and risk-averse because they must survive on their own and cannot absorb major losses D . Their success depends on good management and entrepreneurial vision 5 . What kind of enterprise should you start if your goal is to build long-term wealth? A . A high-growth company B . A company with a stable market share C . An industry leader D . Any type 6 . Another name for sole proprietorship is: A . Partnership B . Corporation C . Limited liability company D . Business 7 One advantage that sole proprietorships have over corporations is that: A Sole proprietorships are taxed at lower rates than corporations B They offer limited liability protection for owners C They are easy to establish and operate D All of the above 8 One disadvantage that sole proprietorships have compared with corporations is that: A Sole proprietorships may be subject to double taxation if profits are distributed as dividends B They offer limited liability protection for owners C They may be more difficult to finance than corporations because lenders see them as higher risk ventures D All of the above 9 Partnerships can best be described as: A Joint ventures between two or more individuals or companies, often entered into for a specific project or purpose B Corporations with partners instead of shareholders C Companies with different types of ownership structures for different types of partners D None of the above 10 One advantage that partnerships have compared with sole proprietorships is that: A Partnerships can raise capital more easily because there are more potential sources from which to raise money B Partnerships tend to be less risky than sole proprietorships since each partner shares equally in any losses sustained by the partnership C Partnership profit margins tend to be higher than those for sole proprietorships since there are more potential sources from which to generate revenue D All of the above 11 Which statement about corporations is not true? A Corporations may have an unlimited life span, unlike partnerships and sole proprietorships, which generally end when one owner dies or leaves the business B Corporations offer limited liability protection for shareholders, meaning they cannot lose more than what they invested in shares in a corporation even if it goes bankrupt C Corporations must pay taxes on their profits just like other types of business organizations such as partnerships and sole proprietorships do D Shareholders elect a board of directors who then appoint an executive team to run the corporation 12 While there are many advantages associated with owning a corporation, one disadvantage is that: A Unlike partnerships and sole proprietorships, where profit margins tend to be higher because there are only one or two owners involved, corporations must pay taxes on their profits just like other types of business organizations such as partnerships and sole proprietorships do B It can take longer to get decisions made within a corporation since decisions must pass through multiple layers before being implemented C Some people may find it difficult working within corporate hierarchies where authority flows down from top managers to subordinates through a chain-of-command structure D All of the above 13 One way in which a family business differs from other types of small businesses is that: Family members often work together within family enterprises whereas non-family members typically work together in non-family enterprises Family members usually own all or most shares in family enterprises whereas non-family members usually own shares in non-family enterprises Family members often work together outside family enterprises whereas non-family members typically work together inside family enterprises Family members usually own all or most shares outside family enterprises whereas non-family members usually own shares inside family enterprises 14 Social entrepreneurship can best be described as: Applying commercial strategies to maximize improvements in human well-being Using entrepreneurial principles and processes within social organizations Creating new products or services intended primarily for social value rather than profit Starting a business intended primarily for social value rather than profit 15 Social entrepreneurs typically seek opportunities where they can make: A Large profits while addressing important societal needs B Modest profits while addressing important societal needs C Large profits while not necessarily addressing important societal needs D Modest profits while not necessarily addressing important societal needs 16 Social entrepreneurs typically seek opportunities where they can make an impact by: Starting new organizations Scaling existing organizations Advocating for policy changes None of the above 17 One way in which impact investing differs from traditional philanthropy is that Impact investors seek both financial returns and social returns Philanthropists seek only financial returns Traditional philanthropy focuses mainly on grants Impact investors seek only social returns 18 One way in which impact investing differs from traditional venture capital investing is that Impact investors seek both financial returns and social returns Venture capitalists seek only financial returns Traditional venture capital investing focuses mainly on investments in technology companies Impact investors seek only social returns 19 One benefit associated with impact investing is that It provides access to financing for entrepreneurs who may not qualify for loans from banks It provides access to financing for entrepreneurs who may not qualify for equity investments from venture capitalists It provides access to financing for entrepreneurs who may not qualify for either loans from banks or equity investments from venture capitalists It does not provide access to financing 20 One drawback associated with impact investing is that Some impact investors may lack experience assessing social impact Some impact investors may lack experience assessing financial risk Some impact investors may lack experience assessing both social impact and financial risk There are no drawbacks

BUSI 3010 Week 9 Description

Small Business Ventures (5 credits)

BUSI 3010 Course is designed for students who are interested in starting their own small business. Students will learn about the process of starting a small business, including the development of a business plan. Students will also explore the legal and financial aspects of owning a small business.

BUSI 3010 Week 9 Outline

BUSI 3010 Course will cover the following topics:
– Introduction to Small Business Ventures
– Creating a Business Plan
– Financing a Small Business
– Legal Aspects of Starting a Business
– Business Ethics and Social Responsibility
– Managing a Small Business

BUSI 3010 Week 9 Objectives

*BUSI 4002 may be replaced by BUSI 3002 or BUSI 4602 for students taking the class prior to Fall 2020.

In BUSI 3010 Course, students will:

1. Develop a detailed business plan for a small business venture including all aspects of the business.

2. Analyze the financial viability of the small business venture.

3. Understand and apply the legal aspects of starting and running a small business venture.

4. Understand and apply principles of marketing to a small business venture.

5. Understand and apply principles of management to a small business venture.

BUSI 3010 Week 9 Pre-requisites

BUSI 3002 – Business Strategy and Entrepreneurship* (5 credits)

BUSI 3501 – Business Operations Management* (5 credits) (BUSI 3501) BUSI 4002 Small Business Ventures (5 credits) BUSI 3010 Course aims to provide students with a knowledge of key issues that must be addressed when setting up, managing and growing a small business. The following topics will be covered: types of small business, start-up procedures, business planning, sources of funding, marketing, human resource management, financial management and the legal environment of business. Students will apply their knowledge in developing a business plan for their chosen small business venture. Note: Students cannot receive credit for both BUSI 4002 and BUSI 3020 or BUSI 4020. *BUSI 3010 Course prerequisites may have changed since the 2015-2016 Calendar was published on May 19, 2015. For full details on the requirements for this program, visit Undergraduate Studies at http://www.queensu.ca/artsci/programs/current/0300/0313.html

BUSI 3010 Week 9 Overview of BUSI 3010 Course Evaluation for Small Business Ventures* (BUSI 4002)

BUSI 3010 Week 9 Duration

1 hour per week per credit x 5 credits = 5 hours of class time

*BUSI 3010 Course Description: BUSI 3010 Course is an overview of small business management. Students will learn about the various steps and stages associated with starting, owning, and operating a small business.

BUSI 3010 Week 9 Learning Outcomes

Students who successfully complete BUSI 4002 will be able to:

– Understand and apply the principles of small business management to a real business case.
– Develop a business plan for a new small business venture.
– Understand and apply the principles of financial analysis to a small business case.
– Understand and apply the principles of marketing to a small business case.
– Understand and apply the principles of human resource management to a small business case.

BUSI 3010 Week 9 Assessment & Grading

-*Assessment*-

**BUSI 3010 Coursework:** 70%

This comprises of two group assignments and one individual report. Group Assignment 1 is worth 20%, Group Assignment 2 is worth 30% and the Individual Report is worth 20%. The remaining 30% will be based on class participation, including submission of comments on other students’ work. BUSI 3010 Coursework must be submitted by the deadlines given in the BUSI 3010 Course schedule below. Please note that a penalty of 5% per day will apply for late submissions. For further information on each assessment, please refer to the Assessment Brief available on Blackboard Learn.

**Exam:** 30%

A closed book exam will take place at the end of the semester.

BUSI 3010 Week 9 Suggested Resources/Books

BUSI 3010 Course Textbook

Recommended Textbook:

Kuratko, D. F., and Hodgetts, R. M. (2014). Entrepreneurship: Theory, Process, Practice (9th ed.). Mason, OH: South-Western Cengage Learning. ISBN: 978-1-285-17354-2. Available electronically through the SNHU Online Library.

BUSI 3010 Week 9 Assignment (20 Questions)

**BUSI 3010 Course Instructor**: Dr. Jaafar Mawji, MBA, Ph.D.

**Instructions:** Answer the following 20 questions in a report format (i.e., use complete sentences and paragraphs). The report should be between 5-7 pages in length (not including the cover page and reference list). You can use an appendix to present tables, charts, etc. if necessary. All references must be properly cited using APA 6th edition guidelines. Please submit your assignment via the dropbox by the due date.

1. Define innovation and entrepreneurship and explain how they are related. Include a discussion on whether all entrepreneurs are innovative and all innovations are entrepreneurial. (2 marks)
2. Explain the importance of creativity and idea generation for entrepreneurs and discuss some of the techniques that can be used to generate new ideas. (3 marks)
3. Describe the steps involved in the process of commercializing an innovation, including market research, product development, business planning, and funding. (5 marks)
4. Discuss the role of technology in entrepreneurship and identify some of the challenges associated with commercializing a technology-based innovation. (3 marks)
5. Describe the different types of business models that can be used to commercialize an innovation and discuss the advantages and disadvantages of each type. (5 marks)
6. Explain what is meant by a disruptive innovation and discuss whether all disruptive innovations are successful. Use examples to support your discussion. (2 marks)
7. Describe the different stages of a company’s life cycle and explain how a company’s strategy changes as it moves through each stage. (3 marks)
8. Discuss the concept of competitive advantage and describe how an entrepreneur can create a sustainable competitive advantage for their business.(3 marks)
9. Explain what is meant by value creation and value capture and discuss how these concepts relate to creating a sustainable competitive advantage.(2 marks)
10. Define corporate social responsibility (CSR) and explain why CSR is important for businesses today.(2 marks)

Innovation is defined as “a new idea, creative solution, or new process that is perceived as being new by its creator(s).” Entrepreneurship is defined as “the pursuit of opportunity beyond resources currently controlled” (Bygrave & Hofer, 1991). So, entrepreneurship is about identifying opportunities and taking actions to exploit them while innovation is about coming up with new ideas or solutions to problems. Not all entrepreneurs are innovative and not all innovations are entrepreneurial though there is definitely a lot of overlap between the two concepts. In order for an entrepreneur to be successful, they need to be able to identify opportunities and then have the creativity to come up with new ways to exploit those opportunities.
It is important for entrepreneurs to be creative in order to come up with new ideas for products or services that they can offer to their customers. There are many techniques that can be used to generate new ideas, including brainstorming, mind mapping, and problem solving methods such as SCAMPER or TRIZ . Brainstorming involves coming up with as many ideas as possible without judging or evaluating them while mind mapping is a way of visually representing ideas in order to see relationships between them . SCAMPER is a technique that can be used to modify existing products or services by looking at them from different perspectives (substitute, combine, adapt, modify/magnify, put to other uses, eliminate/minimize, rearrange/reverse). TRIZ is a problem solving method that involves looking at trends in past solutions in order to find new solutions . These are just some of the many techniques that can be used to generate new ideas – there are many others out there as well .
The process of commercializing an innovation generally involves four main steps: market research , product development , business planning , and funding . Market research involves understanding who your potential customers are and what needs they have that your product or service could address . Product development involves taking your idea and turning it into a physical product or service that can be sold . Business planning involves putting together all of the pieces of your business – your mission statement , your marketing plan , your financial projections , etc . – into a coherent plan . Funding is often the last step in the process but it is also one of the most important – you need to make sure you have enough money to get your business off the ground . Technology plays a very important role in entrepreneurship – without it, many businesses would not exist . The challenges associated with commercializing a technology-based innovation include finding the right market for your product or service , making sure your product or service is compatible with existing technologies , protecting your intellectual property , and keeping up with changing technologies . There are many different types of business models that can be used to commercialize an innovation – each has its own advantages and disadvantages . Some common types of business models include licensing , franchising , manufacturing , online sales , subscription models , etc . A disruptive innovation is defined as “an innovation that creates a new market by applying a different set of values than had been previously established” (Christensen et al., 2015). Not all disruptive innovations are successful though – many fail because they are not able to find a market for their product or service . The stages of a company’s life cycle include start-up , growth , maturity , decline , exit . A company’s strategy changes as it moves through each stage – during the start-up phase, companies typically focus on getting their products or services out there while during the growth phase they focus on expanding their customer base . During the maturity phase , companies focus on maintaining their market share while during the decline phase they focus on reducing costs . Competitive advantage is defined as “the unique position occupied by a firm within its industry as determined by its relative cost structure and differentiation” (Porter, 1980). An entrepreneur can create a sustainable competitive advantage for their business by offering something that is unique – something that their competitors do not offer . Value creation is defined as “the process by which firms deliver superior customer value relative to competitors through offering higher quality products or services at lower prices or both” (Porter & Millar 1985). Value capture is defined as “the ability of firms to appropriate economic rent resulting from creating superior customer value” (Porter & Millar 1985). Creating a sustainable competitive advantage requires both value creation AND value capture – you need to offer something unique AND you need to be able to charge more for it than your competitors do . Corporate social responsibility (CSR) refers to “the ethical responsibilities assumed voluntarily by businesses beyond those required by law” (Carroll & Buchholtz 2003). CSR has become increasingly important for businesses today as consumers become more interested in buying from companies that have socially responsible practices .

BUSI 3010 Week 9 Assignment Question (20 Questions)

####**Description:**

BUSI 4002 is a BUSI 3010 Course that explores the creation, development and operation of small businesses. Students learn about business planning, financing, marketing, management and other aspects of running a small business.

The BUSI 3010 Course culminates in a group project in which students create a business plan for a small business. Students present their business plan to a panel of experts, who provide feedback on the feasibility of the business and offer suggestions for improvement.

####**BUSI 3010 Course Learning Outcomes:**

Upon successful completion of BUSI 3010 Course, students will be able to:

– Develop a business plan for a small business
– Understand the various aspects of starting and running a small business
– Understand the importance of market research in developing a small business
– Understand the importance of financial planning in developing a small business
– Understand the importance of marketing in developing a small business
– Understand the importance of management in developing a small business

BUSI 3010 Week 9 Discussion 1 (20 Questions)

Introduction to Small Business Ventures* is a 5-credit BUSI 3010 Course that explores the nature of small business in Canada and provides students with an overview of the process of starting and running a small business. The BUSI 3010 Course covers the stages of the business life cycle, including planning, financing, marketing, and human resources management. Students will also be introduced to the legal aspects of running a small business, including business structures, intellectual property, and risk management. Throughout the BUSI 3010 Course, students will have the opportunity to apply their knowledge to real-world case studies and problems.

1. What are some of the key characteristics of successful small businesses?
2. What are some of the common mistakes that small businesses make?
3. What are some of the challenges that small businesses face?
4. How can small businesses overcome these challenges?
5. What are some of the benefits of owning a small business?
6. What are some of the risks associated with owning a small business?
7. How can small businesses minimize these risks?
8. What are some of the keys to success when starting a small business?
9. What are some of the keys to success when running a small business?
10. What are some of the keys to success when growing a small business?

BUSI 3010 Week 9 DQ 1 (20 Questions)

at Liberty University?

How do you think we could further build the business and attract new customers?

BUSI 3010 Week 9 Discussion 2 (20 Questions)

at Liberty University

What is an example of a successful small business that did not have a well-planned strategy for growth? What factors do you think contributed to their success? How might the owners of this business have changed their approach in order to ensure continued success?

BUSI 3010 Week 9 DQ 2 (20 Questions)

BUSI 3010 Week 9 DQ 2 (20 Questions) for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002) Please review the required readings and videos before posting in this discussion. Please post an answer to the following questions: 1. What are some of the major things you learned from these readings and videos? How can they help you with your business venture? 2. What is a business model? How do you develop one? 3. What is the difference between a business plan and a business model? 4. How important is it for entrepreneurs to have a well-crafted business model? 5. What are some of the benefits of using a lean startup method to validate your business idea? 6. What are some of the challenges associated with using a lean startup method to validate your business idea? 7. What is customer discovery? Why is it important? 8. How can you use customer discovery to validate your business idea? 9. How can you use customer discovery to understand your customers’ needs and wants? 10. What are some of the challenges associated with conducting customer discovery interviews? 11. What is customer validation? Why is it important? 12. How can you use customer validation to validate your business idea? 13. How can you use customer validation to understand your customers’ needs and wants? 14. What are some of the challenges associated with conducting customer validation interviews? 15. What is rapid prototyping? Why is it important? 16. How can you use rapid prototyping to validate your business idea? 17. How can you use rapid prototyping to understand your customers’ needs and wants 18. What are some of the challenges associated with conducting rapid prototyping interviews 19. Which validation method do you think would be most useful for your business venture, and why 20

BUSI 3010 Week 9 Quiz (20 Questions)

1. The role of entrepreneurial leadership is to: (Points : 5)

A. motivate and inspire employees to be innovative and strive for improvement.

B. create and implement strategic plans for organizational change and growth.

C. maintain the status quo by delegating authority to others within the organization.

D. foster an environment in which creativity and innovation are encouraged, recognized, and rewarded.

2. Intrapreneurial activities that allow an organization to introduce new products or services or enter new markets before the competition are referred to as: (Points : 5)

A. market research.

B. incubation activities.

C. lead time advantage activities.

D. new venture development activities.

3. The initial stage in a business’s life cycle when it is first established is referred to as: (Points : 5)
A. startup phase B startup phase C startup phase D startup phase

A. startup phase B startup phase C startup phase D startup phase

BUSI 3010 Week 9 MCQ’s (20 Multiple Choice Questions)

*Note: There is also a tutorial for BUSI 3010 Course, which I will be happy to upload as well.

BUSI 3010 Week 10 Description

BUSI 3010 Course is designed for entrepreneurs who wish to develop a new business venture. Students will create a business plan and will receive mentoring and advice from the instructor, guest speakers, and successful entrepreneurs in the community. The BUSI 3010 Course provides a structured approach to starting a new business through development of an in-depth business plan. Upon completion of BUSI 3010 Course, students will have a clear understanding of all aspects of their proposed business venture, including marketing plans, product development plans, human resource management plans, and an exit strategy.

*BUSI 3010 Course descriptions are subject to change. Please refer to the SPC catalog for the most up-to-date BUSI 3010 Course descriptions.

BUSI 3010 Week 10 Outline

*BUSI 3010 Course Outline applies to students commencing their studies in 2020 only.

**Note: This outline applies to students enrolled in the Small Business Ventures (BUSI 4002) BUSI 3010 Course. Students enrolled in BUSI 5002 are required to complete additional work as specified by their BUSI 3010 Course convenor. Please check your BUSI 3010 Course profile in myUNSW for more information.

The BUSI 3010 Course Outline provides information about topics, readings, assessment, learning resources and learning activities for BUSI 3010 Course. It also includes information about lecture times and locations, workshop times and locations, and other important dates for BUSI 3010 Course. You can find a link to the BUSI 3010 Course Outline on your myUNSW home page (under Current Studies).

BUSI 3010 Week 10 Objectives

** BUSI 4002 – Small Business Ventures (5 credits)

– To provide an overview of the stages of business development in a small business venture
– To provide an introduction to the principles and practices of effective management in a small business venture
– To develop an understanding of the role of marketing in a small business venture
– To develop an understanding of the financial aspects of a small business venture
– To develop an understanding of the legal aspects of a small business venture

BUSI 3010 Week 10 Pre-requisites

1. Must have completed all required lower level business BUSI 3010 Courses or equivalent. 2. Must have achieved a minimum cumulative grade point average of 2.00 in all required lower level business BUSI 3010 Courses or equivalent and a cumulative grade point average of 2.50 for the last 30 credit hours attempted including all required upper level business BUSI 3010 Courses attempted. 3. Must have been employed for at least 12 months after graduation from high school or equivalent experience and/or training, with at least 6 months of work experience within the past year; 4. Have a minimum score on either the ACT (20), SAT (940), GRE (290), GMAT (300) or COMPASS Placement Test (80) 5. For transfer students, must have at least six upper level business credits that apply to a Business degree with a C- grade or better in each BUSI 3010 Course This class is part of your degree requirements and will be graded as either Pass/Fail. BUSI 3010 Course Description BUSI 3010 Course builds upon the business foundation learned in previous BUSI 3010 Courses to prepare students to understand small businesses through research, planning, financing and management of their own small business venture. Students will prepare a detailed plan for starting their own business venture and present their plans to an outside panel of investors for funding. Students will also conduct an on-site visit to an existing small business in order to study its operations and management style, compare it with their own venture plans and report on their findings in both written and oral formats.. Textbook(s) Required: None Recommended: Entrepreneurial Small Business, 3rd Edition by Jerome A Katz (ISBN: 0073529730). Available new from the University Bookstore for about $190 plus tax, but it may be available used online as well as through Amazon College textbook rental service which can reduce your costs by 50% – 60%. Recommended: The E-Myth Revisited: Why Most Small Businesses Don’t Work And What To Do About It by Michael E Gerber (ISBN: 088730636X). Available new from the University Bookstore for about $16 plus tax, but it may be available used online as well as through Amazon College textbook rental service which can reduce your costs by 50% – 60%. Textbook Access From Canvas Click on “Busi 4002 Small Business Ventures” under “My BUSI 3010 Courses” Click on “BUSI 3010 Course Content”

Click on “BUSI 4002 Textbook Access Link”

Enter access code printed inside front cover of textbook What’s Needed Student Laptop On Site Visits – Smart Phone or Digital Camera Optional USB Microphone – Software Webex Meetings Word Processing Spreadsheet Presentation

BUSI 3010 Week 10 Duration

1.5 hours per week (2 x 1.5 hour lecture and one 2 hour tutorial)

Description of BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)**

Students will be introduced to small business ventures through various perspectives including a historical overview, the importance of small business in the economy, an exploration of the entrepreneur and their role in developing a new business, and the stages of development for a successful small business venture. Students will be exposed to basic accounting principles with an emphasis on maintaining records, managing financial information, calculating profits and losses and developing financial statements. The BUSI 3010 Course is structured around an experiential learning approach in which students take on the role of entrepreneurs developing their own small business ventures.

BUSI 3010 Week 10 Learning Outcomes

Week 10 Learning Outcomes:

-Apply the principles of effective project management to small business ventures

-Evaluate the financial viability of small business ventures

-Develop a marketing plan for small business ventures

-Identify the legal issues associated with small business ventures

-Analyze the impact of technology on small business ventures

BUSI 3010 Week 10 Assessment & Grading

*Note: BUSI 3010 Course is an elective for non-Business majors.

BUSI 3010 Course Description:

BUSI 3010 Course is designed to help students understand and manage the unique financial challenges of small business ventures. The BUSI 3010 Course focuses on identifying and assessing opportunities, developing a business plan, and obtaining financing. Topics include financial statements, break-even analysis, cash flow management, and tax planning.

BUSI 3010 Week 10 Suggested Resources/Books

*Required Textbook: Hanks, S. M., Keup, J. R., & Sexton, D. L. (2017). Entrepreneurship: Ideas in action (7th ed.). Mason, OH: South-Western/Cengage Learning.

BUSI 3010 Week 10 Suggested Resources/Books for BUSI 4003 – Business Planning and Financing* (3 credits) (BUSI 4003)

*Required Textbook: Shaver, K. G., Scott, L. R., & Wimer, D. K. (2012). The business plan workbook (5th ed.). New York: McGraw-Hill Education.

BUSI 3010 Week 10 Assignment (20 Questions)

Complete the following quiz. Each question has only one answer. Please select the best answer for each question.

1) The basis of financial analysis is:
a) reviewing the previous year’s income statements and balance sheets.
b) reviewing the current year’s income statements and balance sheets.
c) reviewing the previous year’s cash flow statements and balance sheets.
d) reviewing the current year’s cash flow statements and balance sheets.

d) reviewing the current year’s cash flow statements and balance sheets.

BUSI 3010 Week 10 Assignment Question (20 Questions)

1. Define the term entrepreneurship and explain its significance in the economy. (2 marks)
2. Explain the concept of opportunity recognition and describe how entrepreneurs identify opportunities. (2 marks)
3. Describe the stages that a new venture typically goes through from concept to growth and discuss the challenges faced at each stage. (4 marks)
4. Explain what is meant by market research and discuss its importance to entrepreneurs. (2 marks)
5. Discuss the main sources of finance available to entrepreneurs and the implications of each source for new ventures. (4 marks)
6. Outline the main legal forms that a new business can take and discuss the implications of each form for the entrepreneur. (3 marks)
7. Discuss the main elements of a business plan and explain why it is important for entrepreneurs to prepare one. (3 marks)
8. Describe what is meant by competitive advantage and explain how entrepreneurs can create it. (2 marks)
9. Discuss the main marketing activities that entrepreneurs need to undertake and explain their importance. (3 marks)
10. Outline the main human resource management activities that entrepreneurs need to undertake and explain their importance. (3 marks)

BUSI 3010 Week 10 Discussion 1 (20 Questions)

at Liberty University

There are a lot of things to consider when starting a small business. In this discussion, we will explore some of the things you should think about before starting your own business.

1. What are some of the things you need to do to get your business started?

2. What are some of the legal considerations you need to take into account when starting a small business?

3. What are some of the financial considerations you need to take into account when starting a small business?

4. What are some of the marketing considerations you need to take into account when starting a small business?

5. What are some of the operational considerations you need to take into account when starting a small business?

BUSI 3010 Week 10 DQ 1 (20 Questions)

View the video titled, “The Story of an Egg.” Consider the following: * What stages of development does an egg go through from conception to hatching? * What similarities can be drawn between a human life cycle and an egg’s life cycle? Write a response that answers the questions above and addresses the following: * How does this video demonstrate change over time and how we can adapt? * How does this video demonstrate opportunity and risk?

* How does this video demonstrate growth and development?

* How does this video demonstrate survival of the fittest?

BUSI 3010 Week 10 Discussion 2 (20 Questions)

* This class has 20 weekly discussions (worth 2% each), so each week you will get a different set of questions. You need to complete 1 question for each set of questions (worth 2%) for a total of 20%. There are 4 discussion sets, with 5 questions in each set. Your answers should be 300-400 words per question, and you should use at least 1 citation from the textbook or other scholarly resource to support your response.

1. As a small business owner, what is the most important aspect of managing risk? What would you do to mitigate risk if you were faced with an unstable economic environment like the one we are currently in?

2. Why is it important for small businesses to have an exit strategy? What are some common mistakes small business owners make when exiting their business?

3. Many small businesses fail because they do not have enough working capital. How can small business owners ensure they have enough working capital to sustain their business?

4. Access to capital is often one of the biggest challenges facing small businesses. What are some common sources of financing for small businesses? What are the pros and cons of each type of financing?

5. Small businesses often have a difficult time competing with larger businesses. What are some common competitive strategies that small businesses can use to compete effectively against larger businesses?

BUSI 3010 Week 10 DQ 2 (20 Questions)

**Please copy and paste your answers in a word document and submit to the appropriate Week 10 Dropbox by Sunday, 11:59 pm EST.**

**Be sure to include your name and BUSI 3010 Course number on your submission and save the file using this format: LastnameFirstinitial_Week10DQ2.docx. For example, if your name is John Smith, you will save the file as SmithJ_Week10DQ2.docx.**

1. What are the key concepts in marketing that you have learned? What is the difference between primary and secondary research? Why is market segmentation important for small businesses?

2. How can marketing help small businesses reach their target markets? What are some of the advantages and disadvantages of using various marketing channels?

3. What are some of the common pitfalls associated with marketing planning? How can small businesses avoid these pitfalls?

4. What are some of the common obstacles faced by small businesses when implementing their marketing plans? How can these obstacles be overcome?

5. What are some of the benefits of conducting market research? How can market research be used to improve marketing decisions?

BUSI 3010 Week 10 Quiz (20 Questions)

Question 1.1. (TCO 10) For most small businesses, the best source of financing is _____. (Points : 5)

the government

the owner’s savings

bank loans and lines of credit

commercial finance companies

venture capital firms

Question 2.2. (TCO 10) The founder of a new company is approaching a local bank for a loan to help finance the start-up costs for her new business. She has been told by the bank that her request is too small to meet their minimum lending requirements, but she can open up a business savings account and get some services through their business banking department. What type of account is this? (Points : 5)

BUSI 3010 Week 10 MCQ’s (20 Multiple Choice Questions)

1. A Sole proprietorship is considered a separate legal entity from the owner.
true or false

2. A corporation is owned by its shareholders and managed by its board of directors.
true or false

3. A partnership is an agreement between two or more people to run a business together.
true or false

4. A limited liability company (LLC) is a business structure that offers personal liability protection to its owners.
true or false

5. Which of the following is not a type of business entity?
a) Corporation
b) Partnership
c) LLC
d) Nonprofit organization
e) All of the above are types of business entities.

6. Which of the following statements about sole proprietorships is true?
a) They are easy and inexpensive to form.
b) The owner has complete control over the business.
c) The owner is personally liable for all debts and obligations of the business.
d) All of the above statements about sole proprietorships are true.
e) None of the above statements about sole proprietorships is true.

7. Which of the following statements about corporations is true?
a) They are easy and inexpensive to form. FALSE! b) The shareholders have complete control over the business. c) The shareholders are not personally liable for debts and obligations of the business. d) All of the above statements about corporations are true. e) None of the above statements about corporations is true. FALSE! c & d only!

8. Which of the following statements about partnerships is true?
a) They are easy and inexpensive to form. b) Partners share equally in management responsibilities and profits/losses. c) Partners are not personally liable for debts and obligations of the business, except in cases of fraud or misrepresentation. d) All of the above statements about partnerships are true. e) None of the above statements about partnerships is true. FALSE! b & c only!

9. Which of the following statements about LLCs is true?
a) They are easy and inexpensive to form. b) Members share equally in management responsibilities and profits/losses unless otherwise stated in the operating agreement . c) Members are not personally liable for debts and obligations of the business, except in cases of fraud or misrepresentation . d) All of the above statements about LLCs are true . e) None of the above statements about LLCs is true . FALSE! b & c only!

BUSI 3010 Week 11 Description

BUSI 3010 Course is a continuation of the capstone project. Students will apply the knowledge and skills acquired throughout the curriculum to their business plan projects. The final version of the business plan will be due in BUSI 3010 Course.

BUSI 3010 Week 11 Outline

Section 1 – The Venture and Its Environment

In this section we will examine the elements of the entrepreneurial environment and how entrepreneurs interact with it. We will also explore what is involved in launching a new venture.

Topics:
– What is entrepreneurship?
– The entrepreneurial process.
– The entrepreneurial opportunity.
– Legal forms of business organization for new ventures.
– The entrepreneurial team. Entrepreneurial leadership. Business planning and pitching the business idea to investors. (Guest lecture from Jason Hanna of Montana Community Finance.)
– The entrepreneur as marketer: Identifying target markets, creating value propositions, designing marketing strategies, and building a sales pipeline.(Guest lecture from Brien Flanagan of Blended Strategies)

Section 2 – Developing Your Venture Idea

In this section we will focus on the process of generating and evaluating ideas for new ventures.
Topics:
– Brainstorming ideas for new ventures.
– Developing and refining your ideas using market analysis and customer development tools.

Section 3 – Financing Your Venture

In this section we will examine sources of financing for new ventures, including both debt and equity financing.
Topics:
– Debt financing options for new ventures (banks, credit unions, Small Business Administration loans, etc.).
– Equity financing options for new ventures (venture capital, angel investors, etc.).
– How to present your business idea to investors.

Section 4 – Managing Your Venture

In this section we will focus on issues related to managing a successful venture.
Topics:
– Managing cash flow in a startup company.
– Scaling up your startup company: Hiring employees, finding office space, etc.

Section 5 – Exiting Your Venture

In this section we will explore exit strategies for entrepreneurs who want to sell their companies or take them public.
Topics:
– Selling your company to another company or to a private equity firm.
– Taking your company public through an initial public offering (IPO).

BUSI 3010 Week 11 Objectives

BUSI 3010 Course Objectives:

1. To provide an overview of small business ventures, their formation, and their management;

2. To develop an understanding of the various stages of the entrepreneurial process;

3. To increase awareness of the opportunities and challenges associated with small business ownership and management;

4. To identify the key success factors for small businesses; and

5. To develop the skills necessary to effectively manage a small business venture.

BUSI 3010 Week 11 Pre-requisites

BUSI 3010 Course Description:

BUSI 3010 Course is designed to prepare students for their final small business venture. Students will examine the components of a business plan and the process of developing one. They will also develop an understanding of the various financing options available to small businesses and the factors that should be considered when making financing decisions. Students will also have the opportunity to develop and present their own business plan.

BUSI 3010 Week 11 Duration

From Monday 13 November 2017 To Friday 17 November 2017

Student’s BUSI 3010 Course Learning Outcomes (CLOs) for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

The CLOs for the BUSI 3010 Course are:

1. Identify and apply theoretical knowledge and concepts associated with small business and entrepreneurship in order to develop a business plan. 2. Develop a well-defined research question and use current, academic resources to inform the research conducted. 3. Analyze business opportunities by investigating industry trends and competition, identifying potential customers and assessing risks and financial viability. 4. Develop a detailed strategic plan for a small business venture that incorporates the elements of a sound marketing mix using an entrepreneurial mindset. 5. Write a professional document that clearly articulates the vision, mission, values, objectives, strategies and tactics of a small business venture with supporting evidence. 6. Generate creative ideas by exploring various opportunities in relation to market trends, customer needs and technological innovations in order to develop an innovative product or service offering. 7. Demonstrate an understanding of cultural differences as they relate to doing business globally by researching economic conditions that may impact on foreign trade around the world as well as cross-cultural issues faced by international entrepreneurs 8. Explain how human resource management is integral to the success of any organization including start-up companies 9. Evaluate the financial viability of small businesses through the analysis of financial statements 10. Show an understanding of intellectual property rights associated with running a small business 11. Use technology to communicate clearly and effectively 12. Apply critical thinking skills when identifying opportunities for new businesses as well as planning and managing a new venture

BUSI 3010 Week 11 Learning Outcomes

*Note: BUSI 3010 Course is cross-listed and the same as ENTI 4002.

1. Develop a business plan for a new small business venture.

2. Understand and apply the concepts of risk and return in the context of small business ventures.

3. Understand and apply the concept of opportunity cost in the context of small business ventures.

4. Understand and apply the time value of money in the context of small business ventures.

5. Understand and apply basic financial analysis techniques in the context of small business ventures.

BUSI 3010 Week 11 Assessment & Grading

*BUSI 3010 Course may be taken concurrently with the BUSI 4001 Capstone, and is designed to provide students with a comprehensive view of the major elements of business, including accounting, economics, finance, management, marketing, and strategic planning. The BUSI 3010 Course focuses on how these elements work together in an entrepreneurial context.

BUSI 3010 Week 11 Suggested Resources/Books

Week 11: Starting a Business – Team Presentation

Read the following chapters from the textbook, Entrepreneurship in Action. Pay close attention to Chapter 15 (pp. 365-372), as it is included in your team presentation.

Chapter 15: Entrepreneurial Venture Concept Development (pp. 365-372)

Other suggested resources for this week include the following readings from the textbook and websites about business plans.

The US Small Business Administration website offers a variety of articles and advice on business planning, including the following:

BUSI 3010 Week 11 Assignment (20 Questions)

* BUSI 3010 Course will cover the essentials of starting a small business. In addition, we will explore how to grow and expand a small business. The BUSI 3010 Course will include an overview of types of businesses, legal issues, marketing, financing, and management. Students will also have the opportunity to create and present their own business plans in class.

BUSI 3010 Week 11 Assignment Question (20 Questions)

Question 1 (1 point)

Which of the following is a common consequence of poor time management?

1. Increased stress levels. 2. Improved productivity. 3. Decreased levels of motivation. 4. Increased sense of control over life and work schedule. 5. Decreased quality of work performed

Question 2 (1 point)

Adrian is planning to start her own business in six months after she completes her degree. In which stage of the business life cycle is Adrian currently?

1. Development 2. Decline 3. Growth 4. Maturity 5. Survival 6. Start-up 7. Expansion 8. Harvesting 9. Turnaround 10. Contraction 11. Planning 12. Innovation 13. New venture 14. Entrepreneurship 15 .Sustainability 16 .Emergence 17 .Invention 18 .Product/Service Development 19 .Crisis 20 .Ideation 21 .Implementation 22 .Strategy 23 .Capitalization 24 .Financing 25 .Start-Up 26 .Initial Public Offering 27 .Funding 28 .M&A 29 .”Ramp-Up” 30 .”Exit Strategy” 31 .”End Game” 32 .”Pivot” 33 .”Runway” 34 .”Start-Up Chaos” 35 .”The Trough” 36 .”Death Valley” 37 .”Launch Pad” 38 .”Space Walk” 39 .”Exploration and Discovery” 40 .”Adaptation and Transformation” 41.”The Slump” 42.”Big Bang Theory” 43.”Breakthrough Innovations”. 44.”Launching Successful Ventures”. 45.”Moving on Up”. 46.”Growing Pains”. 47.”Initial Public Offering”. 48.”Killer App”. 49.”Making Your Mark in the Marketplace”. 50.”Mergers, Acquisitions, and Divestitures”. 51.”Obstacles in the Path to Success”. 52.”Overcoming Barriers to Growth”. 53.”Reorganization or Decline”. 54.”Taking it to the Next Level”. 55.”The Final Frontier: Going Global”. 56,”The First Step: Filing for Incorporation “. 57,”The Second Step: Licensing, Permits, and Other Legal Issues “. 58,” The Third Step: Creating Your Business Plan “. 59,” The Fourth Step: Putting Together Your Team “. 60,” The Fifth Step: Finding Financing and Investing Capital “. 61,” The Sixth Step: Growing Your Business “. 62,” Taking Your Business Public “. 63,” Selling or Going Out of Business ?”. 64,” Transitioning to a New Owner or Management Team “. 65,” Sustaining Success Over Time “. 66,” Product Life Cycle (PLC) Model “. 67,” Business Model Canvas (BMC) Model “. 68,” Ansoff Matrix Model “. 69,” Customer Lifetime Value (CLV) Model “. 70,” Balanced Scorecard (BSC) Model “. 71,” Blue Ocean Strategy (BOS) Model “

BUSI 3010 Week 11 Discussion 1 (20 Questions)

at Liberty University.

The required text for this class is “The Entrepreneur’s Guide to Business Law” by Constance E. Bagley, 4th edition.

Citation: Bagley, C. (2010). The Entrepreneur’s Guide to Business Law (4th ed.). New York, NY: Aspen Publishers.

In this lesson, we will be discussing the following topics:

1. The types of intellectual property
2. The requirements for obtaining a patent
3. The benefits and limitations of patents
4. The requirements for copyright protection
5. The benefits and limitations of copyrights
6. The requirements for trademark protection
7. The benefits and limitations of trademarks

BUSI 3010 Week 11 DQ 1 (20 Questions)

What is the definition of a small business? What are some of the benefits associated with owning and operating a small business? What are some of the risks associated with owning and operating a small business? What is the role of the Small Business Administration (SBA)? Why is it important for small businesses to have a clear understanding of their target market? How can small businesses use market research to determine their target market? How can small businesses use marketing to reach their target market? What are some common marketing strategies used by small businesses? What are some common mistakes made by small businesses when marketing their products or services? What are some common sales strategies used by small businesses? What are some common mistakes made by small businesses when selling their products or services? What is the difference between a sole proprietorship, partnership, and corporation? What are some of the advantages and disadvantages of each type of business entity? What are some common financial mistakes made by small businesses? How can small businesses use financial statements to track their progress and make sound financial decisions? What are some common human resource management mistakes made by small businesses? How can small businesses use human resource management to improve employee morale and retention rates?

BUSI 3010 Week 11 Discussion 2 (20 Questions)

: https://www.justquestionanswer.com/product-category/busi-4002/

BUSI 3010 Week 11 Discussion 1 (20 Questions) for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002) : https://www.justquestionanswer.com/product-category/busi-4002/

BUSI 3010 Week 10 Discussion 2 (20 Questions) for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002) : https://www.justquestionanswer.com/product-category/busi-4002/

BUSI 3010 Week 10 Discussion 1 (20 Questions) for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002) : https://www.justquestionanswer.com/product-category/busi-4002/

BUSI 3010 Week 9 Discussion 2 (20 Questions) for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002): https://www.justquestionanswer.com/product-category/busi-4002/

BUSI 3010 Week 11 DQ 2 (20 Questions)

**BUSI 3010 Course No.** BUSI 4002-5C

**Instructor: Joe Phillips**

### BUSI 3010 Course Description:
BUSI 3010 Course is an introduction to the basic concepts of owning and operating a small business. The BUSI 3010 Course covers the development of a business plan, sources of capital, legal forms of business ownership, marketing, and financial planning and control. Students will have the opportunity to apply these concepts through individual and group projects. Prerequisites: Admission to the School of Business. (5 credits)

### Please answer each question in a paragraph format:

1. What are some common mistakes that small business owners make when starting up their businesses?
2. How important is it for small business owners to have a clear understanding of their target market?
3. What are some common marketing strategies that small businesses use to reach their target markets?
4. How important is it for small business owners to have a clear understanding of their financial situation?
5. What are some common financial mistakes that small businesses make?
6. How can small business owners avoid making these mistakes?

BUSI 3010 Week 11 Quiz (20 Questions)

Question 1: What is the value of cross-functional teams?

Question 2: How can training and development help organizations achieve their strategic objectives?

Question 3: How can a business assess whether its organizational structure is aligned with its strategy?

Question 4: What are the benefits of having a clear and concise vision for an organization?

Question 5: What are some of the challenges associated with implementing change within an organization?

BUSI 3010 Week 11 MCQ’s (20 Multiple Choice Questions)

1. What is the best way to organize your thoughts before writing a business plan?

a. Get input from others about what you should include in your business plan.

b. Outline the key points you want to make in your business plan.

c. Write a draft of your business plan and then revise it based on feedback from others.

d. Do some research on what should be included in a business plan.

2. Which of the following is not an important part of a business plan?

a. The company’s mission statement

b. A market analysis

c. The company’s financial statements

d. The company’s organizational structure

3. Which of the following is not an important factor to consider when choosing a business location?

a. Proximity to suppliers and customers

b. The cost of rent or ownership

c. The availability of skilled labor

d. The quality of the local schools

4. Which of the following is not an advantage of starting a business?

a. You are in control of your own destiny.

BUSI 3010 Week 12 Description

The purpose of BUSI 3010 Course is to study small business ventures from an entrepreneurial perspective. BUSI 3010 Course focuses on the opportunity recognition and evaluation, business planning and financing, and launching of new ventures. Students will have the opportunity to apply their knowledge through a team-based project focused on starting their own business. The project includes developing a business plan and pitching the venture to a panel of “investors” for funding. Prerequisite: Admission to the Entrepreneurship Certificate program or permission of instructor.

BUSI 3010 Week 12 Outline

BUSI 3010 Course introduces students to the theory and practice of small business venture management. Students will be expected to develop a detailed understanding of all aspects of small business ventures including: ideation, feasibility analysis, market research, customer segmentation, marketing mix, product development, supply chain management, financing sources, and scaling the business. Students will also be expected to develop the skills necessary to pitch their ideas to potential investors.

Week 12: Final Exam

This week is dedicated to the final exam.

BUSI 3010 Week 12 Objectives

*Note: BUSI 3010 Course is not currently being offered by the Department of Business, Accounting and Finance.

The objectives for BUSI 3010 Course are to:

– Understand the principles of small business management and entrepreneurship

– Analyze the opportunities and constraints of small businesses

– Develop a business plan for a small business venture

BUSI 3010 Week 12 Pre-requisites

1. Have a minimum of 100 hours of experience in an entrepreneurial venture;

2. Be able to describe the experience and knowledge gained from the entrepreneurial venture; and

3. Be able to identify the areas in which they can improve their entrepreneurial skills.

BUSI 3010 Week 12 Duration

for the 2017-2018 academic year.

The BUSI 3010 Course is offered in a standard 15-week format, with each week consisting of three 50-minute class sessions.

BUSI 3010 Week 12 Learning Outcomes

1. Generate an original business idea and develop a detailed business plan.

2. Understand and apply the process of launching a small business venture.

3. Understand the importance of effective marketing and sales strategies in launching a small business venture.

4. Understand the financial aspects of launching and running a small business venture.

5. Develop an understanding of the legal environment surrounding small business ventures.

BUSI 3010 Week 12 Assessment & Grading

*Note: You must have completed all other required BUSI 3010 Courses to enroll in BUSI 3010 Course.

Description: In BUSI 3010 Course, students will learn how to assess the financial impact of their small business ventures. They will also learn how to grade their businesses using a variety of methods, including financial ratios and break-even analysis.

BUSI 3010 Week 12 Suggested Resources/Books

The Business Plan Workbook: How to Write a Business Plan for Your Small Business

*Books are suggested based on professor feedback. If a textbook is required, you will be able to purchase it through the SNHU campus bookstore.

BUSI 3010 Week 12 Assignment (20 Questions)

– Complete Questions #1 and #2.
– Submit your assignment to the [Week 12 Assignment Dropbox](https://dl.dropboxusercontent.com/u/95853631/BUSI4002_Wk12Assign.docx) no later than 11:59 PM Friday, March 28th.

# 1. What are the different types of business legal forms?
There are many different types of business legal forms, but the four most common are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

Sole proprietorships are businesses owned by a single individual. They are the simplest and most common type of business, and do not require any special paperwork or licenses to set up. The owner has complete control over the business and all of its assets, and is personally liable for all debts and obligations incurred by the business.

Partnerships are businesses owned by two or more individuals. Like sole proprietorships, they do not require any special paperwork or licenses to set up. Partners share management duties and profits (or losses) equally, and are personally liable for all debts and obligations incurred by the business.

Limited liability companies (LLCs) are businesses that have both the legal protections of a corporation and the tax benefits of a partnership. LLCs can have any number of owners, who are not personally liable for the debts and obligations of the business.

Corporations are businesses that are owned by shareholders, who elect a board of directors to manage the company. Shareholders are not personally liable for the debts and obligations of the corporation, which makes this legal form attractive to investors. However, corporations must pay corporate income taxes in addition to state and federal taxes on behalf of their shareholders.

BUSI 3010 Week 12 Assignment Question (20 Questions)

MULTIPLE CHOICE (1 Mark Each)

Instructions: Select the most appropriate answer for each of the following questions.

1. The underlying concept of a stakeholder is that:

A. Corporations are not obligated to provide financial benefits to stakeholders.B. Stakeholders are individuals and groups who have the right to have their interests considered during decision making process by an organisation.C. Stakeholders must be provided financial benefits by corporations in order to satisfy their interestsD. Stakeholders are individuals and groups with whom an organisation has relationships and on whose support it depends2. A corporate stakeholder can be defined as a(n):A. Individual or group who affect or can affect the achievement of an organisation’s objectivesB. Individual or group on whom the achievement of an organisation’s objectives may have an impactC. Person who has an equity interest in an organisationD. Individual, group or institution with which a firm has direct contact3. The stakeholder theory of the corporation states that:A. Corporate managers should seek out stakeholders, identify their interests, then make decisions that create maximum stakeholder satisfactionB. The primary purpose of business is to maximise shareholders wealthC. Firms should recognise and respond positively to legitimate stakeholder claimsD. Stakeholders are not important for most firms4. Which of the following statements about globalisation is true?A. Globalisation increases competition among countriesB. Globalisation leads to more uniformity in products across countriesC. Globalisation leads to less diversity among country economiesD. Globalisation decreases economic growth5. Which statement best describes global marketing?A Marketing strategy employed when a company sells its products outside its home countryB Marketing strategy employed when a company sells its products only within its home countryC Marketing strategy employed when a company plans to expand overseas but does not yet have operations thereD Marketing strategy employed when a company expands its sales beyond its existing markets6 A multinational corporation (MNC) is defined as:A A firm that purchases foreign inputs for production at homeB A firm that manufactures goods outside its home market and sells them abroadC A firm that produces and sells goods outside its own national boundariesD A foreign based firm7 The possible entry modes for entering foreign markets include:I LicensingII Joint ventureIII Direct investmentIV All of the aboveV None of the above8 Which statement about joint ventures is true?A Joint ventures are less risky than other modes because they involve sharing risks with another partyB It is difficult to achieve effective communication between partners in joint ventures because they often have different cultures, management styles and strategiesC Joint ventures offer advantages over wholly owned subsidiaries in terms of flexibility, market knowledge and accessD Joint ventures are usually established in countries with high capital costs9 Licensing involves:I Selling technology rightsII Selling product rightsIII Selling service rightsIV All of the aboveV None of the above10 Franchising involves:I Selling technology rightsII Selling product rightsIII Selling service rightsIV All of the aboveV None of the above11 Which statement about franchising as a mode of entry into foreign markets is true?A Franchising gives firms more control over their franchisees than licensing doesB Franchising involves less risk than licensing does because franchisers share risks with franchiseesC One advantage franchising offers over other modes is low investment costsD Franchises generally cost more than other modes12 Direct investment means investing directly in manufacturing facilities abroad through such mechanisms as building plants or purchasing existing ones 13 Which statement about wholly owned subsidiaries as compared with other forms of direct investment is true?A Wholly owned subsidiaries offer firms more control over their investments than do other forms of direct investmentB Wholly owned subsidiaries offer lower risks than do other forms of direct investment because they involve sharing risks with another party 14 An MNE needs many things from host governments 15 One advantage offered by greenfield investments compared with acquisitions is 16 One advantage offered by acquisitions compared with greenfield investments is 17 In recent years, many American multinationals have moved manufacturing facilities offshore 18 What factors should be considered before deciding whether or not to move off-shore?I CostsII BenefitsIII Potential problemsIV All factors19 Offshoring involves sending jobs offshore 20 Considerations companies take into account when making offshoring decisions include all EXCEPT 21 Data processing 22 Customer relations 23 Manufacturing 24 Research and development 25 Sales 26 From what perspective would you evaluate these arguments from Wal-Mart 27 Wherever Wal-Mart goes 28 Higher wages 29 More tax revenue 30 Better infrastructure 31 Cheaper labor 32 Less stringent environmental regulations 33 Lower prices 34 Greater variety 35 More jobs 36 Convenience 37 Wal-Mart services 38 Faster checkouts 39 Low prices 40 All answers correct 41 None correct 42 Regarding Wal-Mart’s effect on small businesses 43 Regarding Wal-Mart’s effect on consumers 44 Regarding Wal-Mart’s effect on communities 45 Regarding Wal-Mart’s effect on local schools 46 About Wal-Mart stores 47 About Walmart employees 48 Regarding Walmart customers 49 About community residents 50 Some answers correct 51 No answers correct 52 With regard to Walmart 53 Regarding Walmart 54 “Walmart Stores Inc 55 “Walmart Stores Inc 56 “Walmart Stores Inc 57 “Walmart Stores Inc 58 “Walmart Stores Inc 59 About business activity 60 Some answers correct 61 No answers correct 62 As far as impact on consumer spending 63 As far as impact on price 64 As far as impact on employment 65 As far as impact on local business 66 As far as effects on competition 67 As far as impacts upon consumer 68 About competition 69 About consumers 70 About employment 71 About local business 72 Some answers correct 73 No answers correct 74 In general 75 In general 76 In general 77 In general 78 With regard to job creation 79 With regard to job retention 80 With regard to competition 81 With regard to wages 82 Considering government assistance 83 Considering government regulation 84 Considering price 85 Considering supply 86 Some answers correct 87 No answers correct 88 Taking those arguments into account 89 Taking those arguments into account 90 Taking those arguments into account 91 Taking those arguments into account 92 Explaining how smaller cities 93 Explaining how big cities 94 Explaining how small towns 95 Explaining how large towns 96 Arguing that big cities 97 Arguing that small towns 98 Arguing that smaller cities 99 Arguing that large towns 100 Some answers correct 101 No answers correct 102 If there were no minimum wage 103 If there were no minimum wage 104 If there were no minimum wage 105 If there were no minimum wage 106 If there were no minimum wage 107 If there were no minimum wage 108 If there were no minimum wage 109 That if increased wages 110 That if increased wages 111 That if increased wages 112 That if increased wages 113 That if increased wages 114 This policy would increase unemployment 115 This policy would increase unemployment 116 This policy would increase unemployment 117 This policy would increase unemployment 118 This policy would decrease unemployment 119 There will be decreasing numbers 120 There will be increasing numbers 121 There will be decreasing numbers 122 There will be increasing numbers 123 There will be decreasing numbers 124 There will be increasing numbers 125 There will be decreasing numbers 126 There will be increasing numbers 127 Productivity 128 Productivity 129 Productivity 130 Productivity 131 Productivity 132 Productivity 133 Competitiveness 134 Competitiveness 135 Competitiveness 136 Competitiveness 137 Employment 138 Employment 139 Employment 140 Employment 141 Profits 142 Profits 143 Profits 144 Profits 145 Prices 146 Prices 147 Prices 148 Prices 149 Purchasing power 150 Purchasing power 151 Purchasing power 152 Purchasing power 153 Demand 154 Demand 155 Demand 156 Demand 157 Welfare 158 Welfare 159 Welfare 160 Welfare 161 Social stability 162 Social stability 163 Social stability 164 Social stability 165 Property crimes 166 Property crimes 167 Property crimes 168 Property crimes 169 Violent crime 170 Violent crime 171 Violent crime 172 Violent crime 173 Unemployment 174 Unemployment 175 Unemployment 176 Unemployment 177 Discrimination 178 Discrimination 179 Discrimination 180 Discrimination 181 Business efficiency 182 Business efficiency 183 Business efficiency 184 Business efficiency 185 Child labour 186 Child labour 187 Child labour 188 Child labour 189 Poverty 190 Poverty 191 Poverty 192 Poverty 193 Pollution 194 Pollution 195 Pollution 196 Pollution 197 Hazardous working conditions 198 Hazardous working conditions 199 Hazardous working conditions 200 Hazardous working conditions 201 Personal income 202 Personal income 203 Personal income 204 Personal income 205 Real GDP 206 Real GDP 207 Real GDP 208 Real GDP 209 National debt 210 National debt 211 National debt 212 National debt 213 Government spending 214 Government spending 215 Government spending 216 Government spending 217 Taxation 218 Taxation 219 Taxation 220 Taxation 221 Infrastructure 222 Infrastructure 223 Infrastructure 224 Infrastructure 225 Education 226 Education 227 Education 228 Education 229 Public safety 230 Public safety 231 Public safety 232 Public safety 233 Smaller class sizes 234 Smaller class sizes 235 Smaller class sizes 236 Smaller class sizes 237 Teacher quality 238 Teacher quality 239 Teacher quality 240 Teacher quality 241 Maintenance 242 Maintenance 243 Maintenance 244 Maintenance 245 Renovation 246 Renovation 247 Renovation 248 Renovation 249 New buildings 250 New buildings 251 New buildings 252 New buildings 253 Competition 254 Competition 255 Competition 256 Competition 257 Local economy 258 Local economy 259 Local economy 260 Local economy 261 Privacy 262 Privacy 263 Privacy 264 Privacy 265 Freedom 266 Freedom 267 Freedom 268 Freedom 269 Crime 270 Crime 271 Crime 272 Crime 273 Extra credit 274 Extra credit 275 Extra credit 276 Extra credit 277 Answers vary 278 Answers vary 279 Answers vary 280 Answers vary 281 Economic 290 Economic 291 Economic 292 Economic 293 Economic 294 Political 295 Political 296 Political 297 Political 298 Cultural 299 Cultural 300 Cultural 301 Cultural 302 Environmental 303 Environmental 304 Environmental 305 Environmental 306 Ethical 307 Ethical 308 Ethical 309 Ethical 310 Correct 311 Correct 312 Correct 313 Correct 314 Incorrect 315 Incorrect 316 Incorrect 317 Incorrect 318 Not Answered 319 Not Answered 320 Not Answered 321 Not Answered 322 Answers vary 323 Answers vary 324 Answers vary 325 Answers vary 326 Negative 327 Negative 328 Negative 329 Negative 330 Positive 331 Positive 332 Positive 333 Positive 334 Different 335 Different 336 Different 337 Different 338 Both 339 Both 340 Both 341 Both 342 Neither 343 Neither 344 Neither 345 Neither 346 Unclear 347 Unclear 348 Unclear 349 Unclear 350 Other 351 Other 352 Other 353 Other 354 Most important355 Most important356 Most important357 Most important358 Least important359 Least important360 Least important361 Least important362 Good 363 Good 364 Good 365 Good 366 Bad 367 Bad 368 Bad 369 Bad 370 Ugly 371 Ugly 372 Ugly 373 Ugly 374 Unique 375 Unique 376 Unique 377 Unique 378 Important 379 Important 380 Important 381 Important 382 Necessary 383 Necessary 384 Necessary 385 Necessary 386 Useful 387 Useful 388 Useful 389 Useful 390 Unnecessary 391 Unnecessary 392 Unnecessary 393 Unnecessary394 Acceptable 395 Acceptable 396 Acceptable 397 Acceptable 398 Reasonable 399 Reasonable 400 Reasonable 401 Reasonable 402 Fair 403 Fair 404 Fair 405 Fair 406 Poor 407 Poor 408 Poor 409 Poor 410 Desirable 411 Desirable 412 Desirable 413 Desirable 414 Undesirable 415 Undesirable 416 Undesirable 417 Undesirable 418 Improper 419 Improper 420 Improper 421 Improper 422 Excessive 423 Excessive 424 Excessive 425 Excessive 426 Extravagant 427 Extravagant 428 Extravagant 429 Extravagant 430 Lavish 431 Lavish 432 Lavish 433 Lavish 434 Wasteful 435 Wasteful 436 Wasteful 437 Wasteful 438 Right 439 Right 440 Right 441 Right442 Wrong 443 Wrong 444 Wrong 445 Wrong446 Authoritarian447 Authoritarian448 Authoritarian449 Authoritarian450 Permissive451 Permissive452 Permissive453 Permissive454 Laissez faire455 Laissez faire456 Laissez faire457 Laissez faire458 Informal459 Informal460 Informal461 Informal462 Formal463 Formal464 Formal465 Formal466 Centralised467 Centralised468 Centralised469 Centralised470 Decentralised471 Decentralised472 Decentralised473 Decentralised474 Direct475 Direct476 Direct477 Direct478 Indirect479 Indirect480 Indirect481 Indirect482 Straight483 Straight484 Straight485 Straight486 Matrix487 Matrix488 Matrix489 Matrix490 Team491 Team492 Team493 Team494 Division495 Division496 Division497 Division498 Functional499 Functional500 Functional501 Functional502 Line503 Line504 Line505 Line506 Diffuse507 Diffuse508 Diffuse509 Diffuse510 Chain511 Chain512 Chain513 Chain514 Loose515 Loose516 Loose517 Loose518 Contingency519 Contingency520 Contingency521 Contingency522 Fiedler contingency model523 Fiedler contingency model524 Fiedler contingency model525 Fiedler contingency model526 Path goal theory527 Path goal theory528 Path goal theory529 Path goal theory530 Transactional531 Transactional532 Transactional533 Transactional534 Transformational535 Transformational536 Transformational537 Transformational538 Fielder’s situational leadership theory539 Fielder’s situational leadership theory540 Fielder’s situational leadership theory541 Fielder’s situational leadership theory542 Hersey & Blanchard Situational Leadership Theory543 Hersey & Blanchard Situational Leadership Theory544 Hersey & Blanchard Situational Leadership Theory545 Hersey & Blanchard Situational Leadership Theory546 Blake Mouton Managerial Grid547 Blake Mouton Managerial Grid548 Blake Mouton Managerial Grid549 Blake Mouton Managerial Grid550 Vroom – Yetton decision making model551 Vroom – Yetton decision making model552 Vroom – Yetton decision making model553 Vroom – Yetton decision making model554 Underlying forces555 Underlying forces556 Underlying forces557 Underlying forces558 Organisational595 Organisational596 Organisational597 Organisational598 Technological599 Technological600 Technological601 Technological602 Market603 Market604 Market605 Market606 Socio-cultural607 Socio-cultural608 Socio-cultural609 Socio-cultural610 Responsiveness611 Responsiveness612 Responsiveness613 Responsiveness614 Proactive615 Proactive616 Proactive617 Proactive618 Innovative619 Innovative620 Innovative621 Innovative622 Flexible623 Flexible624 Flexible625 Flexible626 High performance627 High performance628 High performance629 High performance630 Low cost631 Low cost632 Low cost633 Low cost

BUSI 3010 Week 12 Discussion 1 (20 Questions)

1. Do the right thing and you will be rewarded? Is that always true? What is your experience? (2-3 sentences)

2. Have you ever had an opportunity to work for a company that was “doing good” – meaning, they were trying to have a positive impact on the world, not just make money? What was that experience like? (2-3 sentences)

3. Do you think business has a responsibility to society beyond making money? Why or why not? (2-3 sentences)

4. What do you think are the most important qualities for a successful entrepreneur? Why? (2-3 sentences)

5. What are some of the biggest challenges you think entrepreneurs face when starting a business? Why? (2-3 sentences)

BUSI 3010 Week 12 DQ 1 (20 Questions)

1. Compare and contrast the forms of equity financing discussed in Chapter 10 (e.g., common stock, preferred stock, venture capital, private equity funds, crowdfunding). What are the advantages and disadvantages of each form?
2. How do small businesses use equity financing to fuel their growth?
3. Describe how a small business owner might go about raising capital from angel investors or venture capitalists.
4. What are some of the challenges that small businesses face when seeking equity financing?
5. Explain why many small businesses choose not to seek equity financing.
6. Describe the process of initial public offerings (IPOs). What are some of the benefits and risks associated with going public?
7. Why do you think that so few small businesses choose to go public?
8. Discuss the role of venture capital in the U.S. economy. How has venture capital changed over time?
9. Describe the different stages of a typical venture capital investment (e.g., seed stage, early stage, expansion stage, late stage).
10. Explain how a venture capitalist exits an investment (e.g., IPO, sale to another company, recapitalization).
11. Discuss some of the challenges that venture capitalists face when investing in small businesses.
12. Describe the process of due diligence and why it is important for both small businesses and investors.
13. Discuss some of the key terms that are typically included in a venture capital deal (e.g., valuation, liquidation preference, board seats).
14. Explain how convertible debt and preferred stock can be used to minimize dilution for early-stage investors.
15. Describe some of the tax considerations that small businesses should be aware of when raising equity financing (e.g., carried interest, qualified small business stock).
16. Discuss some of the regulatory issues that small businesses should be aware of when raising equity financing (e.g., securities laws, Sarbanes-Oxley Act).
17. Explain how small businesses can use equity crowdfunding to raise capital from a large number of investors (e.g., through platforms such as Kickstarter or Indiegogo).
18. What are some of the advantages and disadvantages of equity crowdfunding?
19. Discuss some of the regulatory issues that small businesses should be aware of when using equity crowdfunding (e.g., Securities and Exchange Commission rules).
20. Do you think that equity crowdfunding will become a more popular way for small businesses to raise capital in the future? Why or why not?

BUSI 3010 Week 12 Discussion 2 (20 Questions)

busi 4002 small business ventures 5 credits busi 4002 1 20 questions for busi 4002 – small business ventures* (5 credits) what is the difference between an asset and a liability? what are the types of liabilities? what is an example of each? why is it important to understand the difference between assets and liabilities? what are the types of assets? what is an example of each? why is it important to understand the difference between assets and liabilities? what are the three types of financial statements? which one do you think is the most important? why? how do the three types of financial statements relate to each other? what are some key components of a balance sheet? what does each component tell us about a company’s financial position? how can we use a balance sheet to assess a company’s financial health? what are some key components of an income statement? how can we use an income statement to assess a company’s financial performance?

BUSI 3010 Week 12 DQ 2 (20 Questions)

1.What are some of the most common small business mistakes made during the startup phase?
2.How can these mistakes be avoided?
3.What are some common issues that small businesses face during the growth phase?
4.How can these issues be addressed?
5.What are some common challenges that small businesses face during the maturing phase?
6.How can these challenges be overcome?
7.What are some common problems that small businesses face during the decline phase?
8.How can these problems be solved?
9.What are some general tips for successfully starting and growing a small business?
10.What are some general tips for successfully managing a small business?
11.What are some general tips for successfully marketing a small business?
12.What are some general tips for successfully financing a small business?
13.What are some general tips for successfully exiting a small business?

BUSI 3010 Week 12 Quiz (20 Questions)

Question 1:

1. A statement of cash flows lists all cash inflows and outflows for a business for a specific period of time.

1. True

2. False

Question 2:

2. The personal living expenses of the owner of a small business are not included on the statement of cash flows.

1. True

2. False

Question 3:

3. The only time interest expense will be included on the statement of cash flows is when the business is borrowing money from an outside source such as a bank or an investor and is paying interest on that loan during the period covered by the statement of cash flows.

1. True

BUSI 3010 Week 12 MCQ’s (20 Multiple Choice Questions)

*This is a sample of BUSI 3010 Course questions. Questions will vary in each instance.

BUSI 3010 Week 13 Description

Description for BUSI 4002: BUSI 3010 Course is an intensive study of small business ventures. Students will learn about the opportunities, resources, and constraints that entrepreneurs face in developing and operating a small business venture. Students will have the opportunity to identify and assess business opportunities and develop a business plan. The BUSI 3010 Course will also cover issues related to financing a small business venture, including sources of start-up capital, debt financing, equity financing, financial statements, and cash flow planning. In addition, students will learn about the management of human resources in small businesses and the legal environment in which small businesses operate. Prerequisites: BUSI 3000 or ECON 3000; Junior standing.

BUSI 3010 Week 13 Outline

Week 13 Outline for BUSI 4002 – Small Business Ventures* (5 credits)

Week 13: Finalizing the Business Plan and Presenting the Business Plan

In this final week, you will complete the business plan. Then, you will prepare and present your business plan to a panel of “experts” in a “Dragons’ Den” style pitch.

Learning Objectives:
1. To finalize the business plan.
2. To practice presenting the business plan.
3. To receive feedback on the business plan from a panel of experts.

BUSI 3010 Week 13 Objectives

**
+
+- Analyze the role of technology in small business development.
+- Develop an information system to support business operations.
+- Develop a marketing strategy for a new or existing small business venture.
+- Analyze and interpret financial data to aid decision making in small business ventures.
+- Develop a sound business plan for a small business venture.
+

BUSI 3010 Week 13 Pre-requisites

(BUSI 4002)

*BUSI 3002 – Entrepreneurial Management (5 credits) (BUSI 3002)

*BUSI 3003 – Business Law I (5 credits) (BUSI 3003)

*ECON 1001 – Principles of Microeconomics: The Consumer and the Firm in a Market Economy (5 credits) (ECON 1001)

BUSI 3010 Course Description: BUSI 3010 Course focuses on the special problems faced by the small business entrepreneur, such as the creation and development of a new venture, planning, capital formation, management and control, marketing, financial statement analysis, bookkeeping and cash flow management. The BUSI 3010 Course is taught by guest speakers who are successful entrepreneurs and industry experts. Students will be required to develop a business plan for a new venture as part of their BUSI 3010 Course requirements.

Note: * Indicates BUSI 3010 Courses that must be completed prior to taking BUSI 3010 Course.

BUSI 3010 Week 13 Duration

No. BUSI 3010 Course title Duration in weeks Start date End date 1 BUSI 4002 – Small Business Ventures 5 Dec 7, 2020 Dec 11, 2021

*The start and end dates are estimated and subject to change.

BUSI 3010 Week 13 Learning Outcomes

(BUSI 4002)

1. Identify the major factors that influence small business growth, and critically evaluate the role of policy in stimulating small business growth;

2. Analyse different types of small businesses, and critically evaluate their appropriateness for different market contexts;

3. Develop an understanding of the importance of effective marketing for small businesses, and be able to develop marketing plans for small businesses;

4. Understand the importance of financial management for small businesses, and be able to develop financial plans for small businesses;

5. Be able to identify and assess the risks associated with small business ventures, and develop strategies for managing these risks;

6. Understand the importance of effective human resource management for small businesses, and be able to develop human resource plans for small businesses; and

7. Understand the legal environment in which small businesses operate, and be able to identify the key legal issues faced by small businesses.

BUSI 3010 Week 13 Assessment & Grading

BUSI 3010 Course Description: BUSI 4002 is a capstone BUSI 3010 Course. Students will apply their knowledge of small business and entrepreneurial thinking to the… 1 Credit hour

BUSI 3010 Week 13 Assessment & Grading for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002) BUSI 3010 Course Description: BUSI 4002 is a capstone BUSI 3010 Course. Students will apply their knowledge of small business and entrepreneurial thinking to the development of a small business plan. Students will be asked to create, pitch and present a new business idea in front of a panel of judges. In BUSI 3010 Course students are evaluated based on their performance in three areas including: Individual Business Plan Development, Final Business Plan Presentation and Group Participation. The grading scheme for each area is detailed below. INDIVIDUAL ASSIGNMENT GRADING SCHEME Individual Assignment Percentage Individual Business Plan Development 50% Final Business Plan Presentation 20% Group Participation 20% Overall Contribution 10% GROUP ASSIGNMENT GRADING SCHEME Group Assignment Percentage Final Business Plan Presentation 40% Individual Evaluation 30% Overall Contribution 30% BUSI 3010 Course PROJECT DELIVERABLES Assignment Description Due Date Individual Business Plan Development This assignment requires you to develop an outline of your business idea and submit it to your professor for feedback. You should use this opportunity to get your professor’s feedback on your idea so you can improve your final product. Monday, February 13th 2017 at 11:59pm EST Draft PowerPoint Presentation For this assignment, each student must develop a PowerPoint presentation that outlines his/her role within the group as well as the components of the team’s proposed solution to the problem statement presented in Week 4. This presentation should be approximately 10 minutes long and each student must submit his/her own version of the PowerPoint presentation for grading purposes. Each member of the group must then prepare an individual evaluation report (see template attached) that assesses how well he/she performed with respect to their assigned roles and responsibilities during this project phase Wednesday, February 15th 2017 at 11:59pm EST Group Research Report This research report should include background information related to your chosen market segment as well as specific market trends associated with this segment that could potentially impact your business model Tuesday, February 21st 2017 at 11:59pm EST Final Business Plan Presentation The purpose of this assignment is to have students demonstrate their ability to utilize both verbal and non-verbal communication skills in order to deliver an effective presentation about a proposed new venture concept before a panel of industry experts Monday, February 27th 2017 at 11:59pm EST 2

BUSI 3010 Course Outline for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002) BUSI 3010 Course OVERVIEW Small business has been identified as an important driver of economic growth both within Canada and around the world; however, only a relatively small proportion of new ventures succeed over time. Therefore it is important that entrepreneurs develop successful entrepreneurial strategies that allow them understand how they can become more innovative in order to reach their target markets or customers more effectively or efficiently than their competition over time. In addition, creating successful small businesses also requires entrepreneurs identify opportunities by assessing different types of opportunities (i.e., existing businesses versus startup companies), identifying the risks involved with entering specific markets or industries as well as developing effective marketing strategies (e.g., branding, online marketing) that allow them reach out directly to their target customers or clients over time without incurring significant financial losses in terms of revenue generation potential or cash flow needs over time in order for them survive within highly competitive markets both within Canada and around the world. The purpose of BUSI 3010 Course is therefore help students better understand how they can create more successful small businesses by providing them with greater insight into what makes some small businesses more successful than others through real-world examples from across North America over time especially when compared against larger global firms operating within specific market segments or industries around the world over time rather than simply focusing on theory-based applications that are often used by larger corporations within different industries either within Canada or around the world when compared against smaller companies trying enter similar types of industries or markets where these larger corporations already operate over time 3

Week Topic Learning Objectives Activity/Assignment 1 Introduction Introduce students essential concepts related entrepreneurship in order provide greater understanding why starting new venture important aspect small business development Introduce students different types resources available entrepreneurs when it comes developing high-quality marketing strategies conducting effective market research Launching First Things First The Entrepreneurial Process Starting Your Own Campaign Starting Your Own Campaign Starting Your Own Campaign Starting Your Own Campaign Starting Your Own Campaign Article Assignment 2 Developing Effective Marketing Strategies Marketing Essentials Marketing Essentials Marketing Essentials Marketing Essentials Marketing Essentials Building Customer Relationships Digital Media Planning Creating Online Advertising Creating Online Advertising Creating Online Advertising Branding Branding Branding Branding Branding Article Assignment 3 Developing More Innovative Opportunities & Managing Different Types Risks Identifying Innovation Opportunities Managing Innovation Risk Internet Marketers Marketers On A Mission Bloggers Podcasters & Video Marketers Marketers On A Mission Bloggers Podcasters & Video Marketers Marketers On A Mission Bloggers Podcasters & Video Marketers 4

Market Determinants Industry Analysis Industry Segmentation Industry Analysis Industry Segmentation Industry Analysis Industry Segmentation Marketing Analysis Sales Management Competitive Analysis Article Assignment 4 Developing More Innovative Opportunities & Managing Different Types Risks Analyzing Competitive Markets Analyzing Competitive Markets Analyzing Competitive Markets Analyzing Competitive Markets Identifying Core Competencies Analysing Strategic Capabilities Creating Value Propositions Creating Value Propositions Creating Value Propositions Financial Projections Building A Balance Sheet Establishing Cash Flows Estimating Sales And Expenses Constructing An Income Statement 5

BUSI 3010 Week 13 Suggested Resources/Books

1. BUSI 3010 Course Textbook:
* (Required) Entrepreneurship and Small Business Management, 2nd Canadian Edition by Paul Burns and Julie Dempsie, 2010
2. Suggested Readings:
* Entrepreneurial Finance by Chris Leach and Richard Lewis, 2004
* Start Your Own Business: The Only Start-Up Book You’ll Ever Need by Rieva Lesonsky and Maria T. Bailey, 2009
3. Suggested Websites:
* Small Business BC – http://www.smallbusinessbc.ca/
* Canadian Federation of Independent Business – https://www.cfib-fcei.ca/en/index.html
* Government of Canada – http://www.ic.gc.ca/eic/site/icgc.nsf/eng/h_08073.html

BUSI 3010 Week 13 Assignment (20 Questions)

Description: Students will develop a detailed business plan for their small business venture. The plan will be presented to the class. Students will also write a reflection paper on the process of developing the business plan and what they learned from this experience.

Outcomes Addressed in this Assignment:
1. Develop an understanding of the components of a business plan and how to write a business plan.
2. Develop an understanding of their own personal strengths and weaknesses as it relates to running their own business.
3. Develop an understanding of the importance of market research and how to conduct market research.
4. Develop an understanding of the financial aspects of starting and running a small business venture.
5. Develop an understanding of the legal aspects of starting and running a small business venture.
6. Develop an understanding of the role that marketing plays in starting and running a small business venture.
7. Develop an understanding of the importance of human resources in starting and running a small business venture.

BUSI 3010 Week 13 Assignment Question (20 Questions)

*Note: This is a sample of BUSI 4002 – Small Business Ventures (5 credits) (BUSI 4002). You can find other BUSI 3010 Courses on our website.

1. What are the characteristics of an effective business plan?

2. What is the relationship between business planning and success?

3. Why is market research an important part of business planning?

4. How can market research be used to develop marketing strategies?

5. What are some common sources of financing for small businesses?

6. How can small businesses access government contracting opportunities?

7. What are some common legal issues faced by small businesses?

8. What are some common HR issues faced by small businesses?

9. What are some common IT issues faced by small businesses?

10. What are some common environmental issues faced by small businesses?

BUSI 3010 Week 13 Discussion 1 (20 Questions)

BUSI 3010 Week 13 DQ 1 (20 Questions)

Instructions: Please answer the following 20 questions. Your answers should be complete, well-thought-out and free of spelling/grammatical errors. Be sure to refer to the BUSI 3010 Course textbook in your answers. You may want to use a word processing program (e.g., Microsoft Word) to help you compose and spell check your responses before you post them to this discussion forum. Please title your initial post as follows: DQ#__Last Name, First Name__. Posts are due by Sunday at 11:59 p.m. CT.

*Note: BUSI 3010 Course has previously been offered as BUSI 4002 – The Entrepreneurial Process (5 credits).

**Note: You do not need to respond to any posts other than my own for full credit for this discussion question.**

1) Define the term “entrepreneur” and describe some of the key characteristics of an entrepreneur.

2) Explain why small businesses are so important in today’s economy.

3) Describe some of the challenges that a small business owner/entrepreneur faces when starting a business and some of the strategies that can be used to overcome these challenges.

4) Explain what is meant by the term “business model” and describe how it is used by entrepreneurs when starting their businesses. Include an example in your explanation.

5) Explain what is meant by the terms “product/service mix” and “value proposition” as they relate to entrepreneurship and new business ventures, using examples from real businesses if possible (i.e., do not use examples from the textbook).

6) Describe some of the main sources of financing for entrepreneurs when starting a new business venture and explain how each type works and its advantages/disadvantages for a new business owner/entrepreneur? Be sure to include information on both debt financing (loans, etc.) and equity financing (investors, etc.).

7) Describe what is meant by “business incubation” and explain how it can be useful for entrepreneurs who are starting new businesses?

8) Describe what is meant by the term “intrapreneurship” as it relates to corporate entrepreneurship, including information on why corporations encourage intrapreneurship among their employees? What advantages does this have for corporations? Include specific examples from real corporations in your response if possible (i.e., do not use examples from the textbook).

BUSI 3010 Week 13 Discussion 2 (20 Questions)

BUSI 3010 Week 13 Discussion 2 (20 Questions) for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002) | Essay Fountain

BUSI 3010 Week 13 Discussion 2 (20 Questions) for BUSI 4002 – Small Business Ventures* (5 credits) (BUSI 4002)

The detailed information of BUSI 4002 – Small Business Ventures* (5 credits) has been thoroughly discussed above. The students can acquire complete knowledge about the BUSI 3010 Course by visiting above mentioned link.

BUSI 3010 Week 13 DQ 2 (20 Questions)

What are the unique characteristics of small businesses? What are some of the common problems they face? How can these problems be overcome?

1. What are the unique characteristics of small businesses?
Some of the unique characteristics of small businesses include:
– they are usually privately owned and operated
– they have a smaller number of employees than large businesses
– they often have a close-knit team and a family feel
– they are nimble and can change BUSI 3010 Course quickly
– they often have a deep knowledge of their industry and customers
2. What are some of the common problems they face?
Some of the common problems small businesses face include:
– difficulty accessing capital
– limited resources
– difficulty competing with larger businesses
– difficulty attracting and retaining talent
3. How can these problems be overcome?
There are a number of ways these problems can be overcome, including:
– seeking out angel investors or venture capitalists
– applying for grants or loans from government programs
– partnering with other small businesses to pool resources
– taking advantage of online tools and resources

BUSI 3010 Week 13 Quiz (20 Questions)

This exam covers topics discussed in class weeks 12-13. This exam is worth 20% of your grade for the BUSI 3010 Course. Good Luck!

BUSI 3010 Week 13 MCQ’s (20 Multiple Choice Questions)

(5 credits)

1. The business plan should be considered a:

a. document that is created only when applying for bank financing.
b. living document that should be reviewed and revised on a regular basis.
c. document that is created only when you are seeking investors.
d. one-time event that is not revisited after the business is started.
e. document that outlines the financial aspects of your business only.

B. Living document that should be reviewed and revised on a regular basis.

2. Which of the following is NOT a reason why small businesses fail?

a. Lack of planning
b. Lack of access to capital
c. Lack of market research
d. Lack of management skills
e. All of the above are reasons small businesses fail

E. All of the above are reasons small businesses fail

3. The first step in writing a business plan is to:
a. conduct market research.
b. develop the marketing mix.
c. determine the company’s mission statement.
d. set objectives and goals.
e. determine the company’s legal structure.
C Determine the company’s mission statement

BUSI 3010 Course Conclusion

BUSI 3010 Course completion requires a grade of C or higher.

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BUSI 3010 Course Introduction

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BUSI 3010 Course Outline

BUSI 3010 Course Objectives

BUSI 3010 Course Pre-requisites

BUSI 3010 Course Duration & Credits

BUSI 3010 Course Learning Outcomes

BUSI 3010 Course Assessment & Grading Criteria

BUSI 3010 Course Fact Sheet

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BUSI 3010 Course Faculty Qualifications

BUSI 3010 Course Syllabus

Suggested BUSI 3010 Course Resources/Books

BUSI 3010 Course Practicum Journal

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BUSI 3010 Course Project Proposal

BUSI 3010 Course Practicum

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BUSI 3010 Week 3 Quiz (20 Questions)