Application Questions Homework Help

Justin Coban plans to write an e-mail message to his dad asking for a loan. The purpose of the loan will be to start a company to sell an environmentally friendly line of cleaning supplies that are suitable for light manufacturing facilities. Justin has spent the past two years developing the products in his spare time and wants to convince his dad that the idea represents an attractive business opportunity. What information and insights about his potential company should Justin include in the e-mail message?

2-21.Identify three start-ups, other than those discussed in this chapter or listed in Table 2.2, that were started to solve a problem. Briefly describe the problems the three start-ups are solving and how they are going about doing so.

2-22.Marshall Hanson, the founder of Santa Fe Hitching Rail, a chain of nine steak restaurants in New Mexico, is considering expanding his menu, which is currently restricted to steak, hamburger, potatoes, and fries. He has just read a book about entrepreneurship and learned that entrepreneurs should study social trends to help identify new product opportunities. What are some current social trends that might help Marshall choose items to add to his menu? Given the trends you list, what items do you suggest Marshall add to expand his restaurant’s menu?

2-23.Tiffany Jones owns a small chain of fast-casual restaurants in Denver that sell sandwiches, soups, wraps, and desserts. In general, her restaurants are successful, but she feels they are getting “stale” and could benefit from new ideas. What techniques could Tiffany use to generate new ideas for her restaurants?

2-24.As mentioned in this chapter, “prior experience” in an industry helps entrepreneurs recognize business opportunities. This concept of “help” extends to prior experience in any aspect of life—whether it is in sports, music, or a volunteer activity. In what areas do you have a good amount of prior experience? How could this prior experience position you to start a business?

2-25.Make a list of your strong-tie and weak-tie relationships. Include at least five ties on each list. Select two names from your list of weak-tie relationships and speculate on the types of new business ideas you think these individuals would be uniquely qualified to help you contemplate.

2-26.Imagine that you’ve been hired by Fitbit, the wearable activity tracker, to conduct focus groups on your campus to get a better sense of how Fitbit can be as relevant and useful to college students as possible. How would you go about setting up the focus groups? What are the primary issues on which you would concentrate with the focus groups?

2-27.How could Jamie Heywood and Ben Heywood, the cofounders of Patients-LikeMe, the subject of Case 1.1 in Chapter 1, have utilized library and Internet research to flesh out their business idea?

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