Select two (2) essay questions from the list below and write a 500 to 1,000 word response to each question.let me know which two you pick after your selections
QUESTION # 1:
A famous small business expert once said that successful entrepreneurs are:
o cynical (they have a brutally realistic outlook on life);
o insecure (they are never 100% sure of anything and question everything); and
o ruthless (they push to achieve their goals no matter what others might think).
Do you agree? Why or why not?
QUESTION # 2:
You have a full-time job working for a large company, but you want to “scratch the entrepreneurial itch” by selling merchandise in your spare time on eBay®, Amazon®, and other e-commerce platforms. What merchandise would you sell, and why?
QUESTION # 3:
Apple has announced plans to release its new iWatch® — a wristwatch connected to the Internet – later this year. But there’s a problem. Most consumers already have a smartphone that they carry with them everywhere. Why should they invest in a wearable device that does the same things their smartphones do? The success of the iWatch® will depend on the unique software applications (“apps”) that entrepreneurs such as you create for the new platform. Describe three possible apps for the iWatch® that will perform tasks that most smartphones cannot do. (Don’t worry about their technical feasibility; we’re just brainstorming here).
QUESTION # 4:
As a professional speaker on entrepreneurship, I travel an awful lot, and as a result I have trouble staying in shape. Whenever I stay at a hotel, they’ve got a gym that’s open 24 hours a day, and I actually enjoy working out (really, I do). But there’s a problem. I don’t mind packing clean workout clothes in my suitcase before a trip, but once I use them at the hotel gym I don’t want to pack the sweaty, stinky used workout clothes back in the same suitcase for the return trip. So I end up not using the hotel gym. Describe three possible entrepreneurial businesses that would solve my dilemma. Which would be the most likely to succeed, and why?
QUESTION # 5:
One of the most exciting trends in technology is “the Internet of things” – the creation of “smart” household devices that connect to the Internet and do things without human intervention. In Japan, they have actually developed a toilet that will analyze your – er – deposits chemically against a database of over 5,000 diseases. If the toilet senses data indicating that you may have one of these diseases, it automatically transmits the data to your smartphone and your online medical record and notifies your doctor. [I am not kidding about this – seehttp://techcrunch.com/2009/04/01/japanese-toilet-analyzes-stool-beams-results-to-cell-phones-via-personalized-urls/ (Links to an external site.)].
The Japanese manufacturer of this toilet has formed a company in the U.S. and asked you to be President. What are some of the marketing challenges you will face in selling these toilets in the U.S.? [If you are not based in the U.S., it’s OK to answer based on your home country.]
QUESTION # 6:
Driving down Black Rock Turnpike in my home town of Fairfield (Connecticut), it seems that all I see are chain stores, franchise outlets and other “national” retailers. What are some of the ways a brick-and-mortar “Mom and Pop” small business can compete effectively in the age of the Internet and social media?
QUESTION # 7:
John, a student, takes a class in entrepreneurship and comes up with a great idea for a new technology product. Because he wants to keep his costs as low as possible, he decides to organize his startup as a “virtual company”. Instead of hiring employees or renting office space, his workers will work as “independent contractors” out of their homes and communicate with each other online using a software program similar to Canvas. Each worker will submit a weekly timesheet on the Canvas platform, and will be paid in shares of company stock based on the number of hours he or she puts in each week. What are some of the legal and practical challenges John will face in getting this business off the ground?
QUESTION # 8:
In building an entrepreneurial business, which is more important, revenue or profits? Why?
QUESTION # 9:
“Successful large companies are all about earnings and profits. Successful small businesses are all about managing cash flow.” Discuss.
QUESTION # 10:
The U.S. Securities and Exchange Commission (SEC) has proposed rules that would allow entrepreneurial companies to raise capital from individual investors using crowdfunding websites such as Kickstarter®® and IndieGoGo. A short summary of the proposed rules can be found at www.sec.gov/News/PressRelease/Detail/PressRelease/1370540017677#.VL1yGi5UVeY (Links to an external site.) (or go to www.sec.gov (Links to an external site.) and type “crowdfunding” into their search engine). It is expected that the SEC will pass final rules later this year allowing such “equity crowdfunding”. As an entrepreneur, what are some of the things you would think about before raising capital on a crowdfunding website?
QUESTION # 11:
Alisha, a student, wants to start a company creating “green” products for the home. She really wants to make money, but she is also very concerned about global warming and the environment. Should Alisha set up her company as:
o a nonprofit or charitable organization;
o a “benefit corporation” or “B corp.” that has a social mission but is also profit-driven (to learn more about these, go to www.bcorporation.net); or
o a traditional for-profit company (such as Ben & Jerry’s® or Newman’s Own®) that is required to donate X% of profits to environmental causes?
QUESTION # 12:
If you have read one of the “Textbooks Recommended” listed in the course syllabus, select one argument or piece of information in the book that you TOTALLY DISAGREE WITH, and explain why. [Be sure to list the title and author of the book you chose, and include a page or chapter reference to the content you are questioning so that I can find it. If you chose the book that I co-authored with venture capitalist Miles Spencer, you will earn points for bravery, courage, audacity and total disregard of authority – all essential qualities of the successful entrepreneur :-).]
QUESTION # 13:
Three University of Bridgeport students — John, Mary and Karim — decide to start a business to develop a mobile smartphone application (app) that will help students better manage their social lives on campus. John and Mary are U.S. citizens; Karim is an international student with a student visa. They plan to raise capital from investors at some point, but feel this is not necessary right away as the price they will charge for the “app” will more than cover operating expenses. Should they set up this company as a corporation, an S corporation, or a limited liability company? Should they set up the company in Delaware, Connecticut, or some other state? Why?
QUESTION # 14:
At the end of the Hirsch textbook there are 17 case studies designed to stimulate class discussion. Select one of these case studies and either (a) answer the questions posed at the end of the case study (for example, Cases 16 and 17), or (b) if there are no questions posed at the end of the case study, make three (3) recommendations as to how the entrepreneur in the case study can solve his/her problem or turn his/her business around. [Note: answering this question will count as two (2) essay answers.]
