Business Essentials (11th Edition)
11th Edition
ISBN: 9780134129969
Author: Ronald J. Ebert, Ricky W. Griffin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 5, Problem 5.20TE
Summary Introduction
Summary:
Person AJ has loads of experience in the travel industry as a manager and a sales director. He is primed and ready to start his own venture Company DV. The business offers travel planning services for families and individuals. He hopes the business to grow by at least 10% every year through making advertisements and other means.
To explain: If the short-term goals are equally important as the long-term goals.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Identify a particular type of business you may wish to start. You are required to:1. Develop a written mission statement for that business2. Construct a set of goals for the business3. From the set of goals developed in (2) above, formulate specific verifiable objectives4. Devise a statement of social responsibility (CSR) for the business5. Discuss two strategies that you intend to adopt to grow the business
You are about to finish the business degree in near future. There are different options afterwards, most
of the students seek job opportunities, and many of the students decide to manage their family businesses.
In recent times, entrepreneurship studies got much interest among young graduates and people tend to
establish independent units. If you choose to become an entrepreneur, why would you choose to be? In
case you choose not to become an entrepreneur, what would be the reason? Also prepare your own SWOT
analysis.
Overview
There is much that you can learn from other experienced entrepreneurs. Many new businesses are started every year, so receiving external input can give you an advantage when beginning your own entrepreneurial venture. A good way is to start looking around you. Is there an entrepreneur you know who you would like to hear insights from? For this assignment, arrange for an interview with that entrepreneur and prepare thoughtful questions to ask. This will be helpful in the course as you work on your Business Model project.
Instructions
choose an entrepreneur (preferably not a family member) and Talk about about their job and entrepreneurial journey. Approach the interview with a goal in mind and think of specific questions that could help you achieve that goal. Some examples of these questions might include the following:
Why did you choose to become an entrepreneur?
What is your approach to risk?
What customer segment do you cater to?
How did you choose your customer segment?…
Chapter 5 Solutions
Business Essentials (11th Edition)
Ch. 5 - Prob. 5.1QRCh. 5 - Prob. 5.2QRCh. 5 - Prob. 5.3QRCh. 5 - Prob. 5.4QRCh. 5 - Prob. 5.5QACh. 5 - Prob. 5.6QACh. 5 - Prob. 5.7QACh. 5 - Prob. 5.8QACh. 5 - Prob. 5.9AECh. 5 - Prob. 5.10AE
Ch. 5 - Prob. 5.11ACh. 5 - Prob. 5.12ACh. 5 - Prob. 5.13ACh. 5 - Prob. 5.14ACh. 5 - Prob. 5.15ACh. 5 - Prob. 5.16ACh. 5 - Prob. 5.17TECh. 5 - Prob. 5.18TECh. 5 - Prob. 5.19TECh. 5 - Prob. 5.20TECh. 5 - Prob. 5.21EECh. 5 - Prob. 5.22EECh. 5 - Prob. 5.23EECh. 5 - Prob. 5.24EECh. 5 - Prob. 5.25CCh. 5 - Prob. 5.26CCh. 5 - Prob. 5.27CCh. 5 - Prob. 5.28CCh. 5 - Prob. 5.29CCh. 5 - Prob. 5.30CCh. 5 - Prob. 5.31CCh. 5 - Prob. 5.32CCh. 5 - Prob. 5.33C
Knowledge Booster
Similar questions
- Watch the video below and then explore the sba.gov website. Summarize the highlights of the video and the sba.gov website in 300 words and connect them to chapter 5 around the concept of business planning. If you have any questions please let me know. https://youtu.be/lZi4A9pyJb4 https://www.sba.gov/business-guide/plan-your-business/write-your-business-planarrow_forwardMeet with your group and discuss a new business venture that can save our environment. It canbe any business that can sustain within & after COVID19.Business Model Canvas 1. Introduction: Define your new business venture, either it is goods or services. Brieflyintroduce why and what motivates you to choose the business?2. BMC: Develop a Business Model Canvas for your business. Explain briefly every 9 keyelements of your BMCGoal & organization Chart 3. Goal: Formulate a specific goal for long, intermediate and short term of your newbusiness venture? Then develop strategy and a hierarchy of plans involving thesecomponents (strategic, tactical, operational and contingency planning).4. Organization Chart: Draw a sample of organizational chart for your business venture. Itshould include job titles, short description and purpose.Marketing Strategy 5. Define factors that determine your marketing strategy (at least 3).6. Develop a marketing plan for your business venture. Your…arrow_forwardRead the case study below and make your recommendations to Jane about whether she should pursue entrepreneurship based on the information provided. Jane Browne recently completed her college education. She has decided to start her own business because she has been unable to find work. She is unsure whether she possesses the personal qualities or qualifications required to become an entrepreneur. She isn't sure which type of business ownership is best for her. You discover the following information while speaking with Jane. She doesn't have a lot of money in the bank. Six months from now, she will be required to begin making payments on her student loans. She has a few friends who are also unemployed. They each have a small amount of money. They are all trained in the same field. She has a lot of great ideas for how to run her business. She does not want to share or change her ideas, and she is unsure how she will work in a team. She is not afraid of working long hours. When she was in…arrow_forward
- 1. What is the best advice Tristan ever received? 2. What advice Tristan wants to give to other entrepreneurs? 3. How Tristan comes up with best ideas?arrow_forwardChoose four (4) activities that belong to stage 3 of the Entrepreneurial Process a. Your medical technology venture team only needs your mom, sister and dad, you don't need to hire trained technicians, doctors or even outsource to professional medical firm. The team can learn on the job b. Create fake financial records so that investors will be impressed c. Preparing the proper ethical and legal foundation d. Assessing a new venture’s financial strength and viability e. Social distancing is for clowns, and after curfew parties are best held in cane fields f. If you operate a restaurant bribe the health inspector so that you don't need a health permit g. Your bank manager is your girlfriend, who cares if the venture is financially feasible, she can't say no to me h. Do not pay taxes and pirate software to cut expenses i. Contact your local loan shark for some quick cash j. Building a new venture team k. Getting financing or fundingarrow_forwardkindly help me with this 3 simple items cause i dont fown about business thank you ill give thumbs up for the answersarrow_forward
- “Visionaries are born. Entrepreneurs are made.” Explain reasons why you agree or disagree with the statement using relevant concepts, readings, and case examples in this module. Clearly give the citation of anything you refer to in your discussion.arrow_forwardWhat's In Guide Questions: 1. What are the considerations taken in venturing into a new business? 2. What are the risks involved in venturing into a new business? (e.g. restaurant business). 3. Is there a market for the product/services you want to offer? 4. Are the products/services you plan to offer basic necessities or not? 5. Can you identify the players in the industry? 6. What are the salient features/competitive edge of the product/services your plan to offer? 7. Do you have the managerial competence and technical expertise to run the business? 8. Do you have distribution channels by which you can sell you products/services? 9. Do you have the financial resources to start and operate the business?arrow_forward1. Identity five elements that are important in assessing and comparing the attractiveness of alternative business opportunities in terms of their market potential.2. identify three elements that are important in assessing and comparing the attractiveness of 'alternative business opportunities in terms of their financial viability.arrow_forward
- Entrepreneurs begin with visions, or overall ideas for their businesses, and then they passionately pursue those visions. Describe the vision you had for your organization.arrow_forwardQ1)What are the different types of Start-Ups? Explain it with an example the difference between Breakthrough innovation and Technical innovation? Q2)Explain the Entrepreneurial Process in your own words. What is Window for Opportunity? Q3)Consider an example of your own choice to explain the major differences between Entrepreneurship and Management when it comes to Decision making? Q4)What are the skills needed for an Entrepreneur to minimize the Risk in this modern world? Q5)What is the difference between Gordon method and Brainstorming? Q6)What are the important factors that an Entrepreneur should keep in mind when conducting business activities across national boundaries? Q7)What are the methods of generating new ideas? Explain why criticism is not allowed during group Brainstorming activity?arrow_forwardYou have been recently hired as a strategic planning manager for HotelTonight. HotelTonight provides mobile applications for booking same-day unsold hotel deals. It offers a marketplace for hotels to fill tonight only and last-minute rooms that would otherwise remain empty; and enables guests to book the deals using their smartphones and tablets. HotelTonight was acquired by Airbnb in late 2019, and the incoming executive team has asked you for your opinion on the impact of setting objectives on company's future financial performance. Would you say that the achievement of strategic objectives or the achievement of financial objectives is most important in terms of impact? For what reason(s)?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Management, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College Pub
Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub