The following assignments are required for Week Fourteen:
Notes and Reading Review:
Chapter 12: Strategic Entrepreneurship
Week 14 Discussion Questions
1. Small firms often have innovative products. When is it appropriate for a large firm to buy a small firm for its product innovations and new product ideas? Explain with a specific company example.
2. Make a list of ten unique management concerns and techniques that your organization will need to consider to successfully promote, develop, and run a business in its markets. Thoroughly explain each item on your list and how you can productively handle the concern.
3. To increase creativity in America, many organizations, such as Google and 3M, allow time for employee brainstorming and idea development each week. Provide three ways that you could increase the creative process within your organization that was developed in week 1. Support and substantiate your responses.
Read the Adam’s Ribs Case and Answer the following Questions:
1. Explain the difference between a small business and an entrepreneurial venture. What is Adam pursuing? What is the average age range that entrepreneurs open a business? Does Adam fit this description?
2. What are the basic identifiable entrepreneurial skills needed to be successful in the mobile food industry? Below are some article links and stories to assist in answering this question.
Building a Food Truck Business from the Ground Up:
The Food Truck Phenomenon:
Food on Wheels – A Mini-Documentary:
How to Start a Food Truck:
Food Truck Case Study – This is a case study about Anthony Salvagno. It takes readers through the entire process of starting a food truck business. It is a good real-world example of how to start a food truck:
Are Food Truck Strt Up Costs Low? – Eric Silverstein, the owner of The Peached Tortilla “an award winning” food truck, discusses the process of starting a food truck business in Austin, Texas. Silverstein shares his insights on the “affordability” and ease of starting a food truck business:
Food Truck Economics – The discussion provides a thorough analysis as well as the details/expenses of operating a food truck:
3.Assess the viability of a new business start-up that competes in a niche market.
Include a Porter’s 5 Forces Analysis, SWOT and TOWS in your assessment.
4.What should Chef Adam do? Calculate a Return on Investment based on the information provided in the case and a Break-even point using the following calculation.
Break-even Formula: Sp × Q = Ve × Q + Fe
Where: Sp = Sales price per unit. Q = Number (quantity) of units to be manufactured and sold during the period. Ve = Variable expenses to manufacture and sell a single unit of product. Fe = Total fixed expenses for the period.
5. How would Adam and Mary cover their living expenses during the business launch? Should Mary continue working while Adam gets the food truck business going?
*Discussion Questions and Participation are due Day 7 (Sunday) per the syllabus schedule
Participation: Students are required to “add value” to the classroom a minimum of three days per week or six days for every two weeks. Please see the syllabus for more information.
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