Assignment
• Each student must answer 4 of the essays below and can write up to a total of 8 typewritten pages, double spaced.
• Use course materials and concepts; use examples in all of your answers; spelling, grammar and organization matter as this is a take home exam.
• The highest scores will go to those that push the material, analyze it, critique it, and/or extend it. Please explain the meaning or importance of the concepts in your answers related to small business as it is practiced in the United States.
1. Small business growth and success relies often relies on engaged talent. Identify and explain at least 4 advantages (some of which the text refers to as "selling points") a small company can use to attract candidates to work for the business. Use examples to highlight your answer.
2. Briefly state the difference between a market and an industry. How are these two items related to small business success? Use examples
3. What are some important social responsibilities of all small businesses? How and why do some small businesses now make social impact a core part of their venture? Use examples.
4. Discuss the importance of good asset management to a small business. Name at least three areas through which a small business owner can manage their assets to improve the effectiveness cash flow of their venture. Use examples please.
5. Draw the business model canvas for the small business owner that you interviewed. Which are the parts of their business model that have made their business successful? What would you recommend they change and improve? Why?
6. The textbook describes 6 leadership styles. Please briefly define each and then rank them in order of effectiveness, explaining your rankings. Use examples to highlight your answers.
7. List the three basic types of acquisitions and identify the purpose of each type and give an example of each type. Why should small business owners be familiar with these concepts?
8. Your childhood friend has spent the last 6 years as a project manager at a large food distributor and explains that they want to own and operate a small business. They have saved $150,000, have $100,00 in equity in their home, and are considering buying a franchise or an existing business. What thoughtful, organized advice do you have for them?
9. Michael Porter's economic clusters are often very important to the growth and success of organizations of all sizes. Pick 3 small businesses and compare and contrast the role that clusters play or could potentially play in their long term survival or failure.