31 Dec An effective elevator speech is

MGT211 unit 1 Discussion

Our text and learning unit 1 lists and discusses several myths of entrepreneurship and small business. Please complete the following HRB Quiz at:

http://blogs.hbr.org/2010/02/should-you-be-an-entrepreneur/

What surprised you as a result of completing the survey? Do you agree or disagree with the results? Explain.

List and discuss three characteristics you believe to betrue about entrepreneurs and why you selected these characteristics.

MGT211 unit 2.1 & 2.2 Discussion

2.1 Discussion

Finding and Using NAICS Numbers

Part 1 of the feasibility study requires you to identify the NAICS code of your proposed business concept. As mentioned in this week’s learning unit, the North American Industry Classification System (NAICS) provides not only a system to classify your business but also provides valuable industry information and data, which is an invaluable tool to a startup or existing business. In this discussion thread, you will practice using the NAICS site and discuss your findings with your classmates as presented in Skill Module 7.2 (Katz & Green).

What is your NAICS code? (Katz, pl 190). Please go to the updated site:

http://www.census.gov/cgi-bin/sssd/naics/naicsrch?chart=2012. In the text box that says “enter keyword” enter the name of the industry that best describes the industry in which your proposed business idea is located. You should end up with a 6 digit code for the industry in which your business will be located. If you are not sure of your industry, it may take some experimentation. See examples in Skill module 7.2.

Once you locate your NAICS code, go to www.census.gov and click on “economic census.” Once you are in “economic census” enter your NAICS code and look for data related to your industry.

Find and share one fact about your industry that you find particularly intersting and that is available at this cite such as number of establishments, annual revenue, trends, etc. Also refer to Table 7.1 on page 200 for additional information and ideas.

For your convenience, I am also attaching a table with the NAICS structure and numbers.

2012_NAICS_Structure.xls (255 KB)

2.2 Discussion

Not all good ideas represent profitable business opportunities. Ideas must be tested and you will have an opportunity to do so in your feasibility study which is the primary written requirement for this course. You will also be introduced to many free resources available to you in developing your feasibility study such as the SCAMPER acronym (Katz & Green). Tim Hayden (See Focus on Small Business, Katz & Green) developed a web-based application so that baseball fans could watch TV instant replays while enjoying a baseball game at a stadium. Using the SCAMPER acronym, discuss at least two methods in the acronym that Tim may use to update his App to 2014? How will you use these methods in developing your feasibility study?

MGT211 unit 3 Discussion

Part 2 of your feasibility study will require you to describe your customer base. This process requires careful research to identify the types and concentration of customers you will need to start and grow your business.

Please go to Skill Module 11.2 on page 367. Following the directions in Skill Module 11.2 and using the site: www.zipwho.com,

Please enter the state and city where your proposed business will be located and share at least three pieces of information describing your customer base such as education level, ethnicity, age, etc.

Discuss how this information will assist you in completing Part 2 of your feasibility study.

MGT211 unit 4 Discussion

Each year corporations spend millions of dollars for a few seconds of advertising during the football championship super bowl game. Please watch the advertisements in the link below, which includes 15 advertisements shown during the 2014 super bowl game.

Discuss the target market and market segment of at least four advertisements in terms of age group, gender, education, and any other marketing demographic information.

http://www.thedailybeast.com/articles/2014/02/02/the-15-best-super-bowl-2014-commercials.html

Enjoy!

MGT211 unit 5.1 & 5.2 Discussion

5.1 Discussion

Locate your state’s Secretary of State home page on the Internet. Find information on forming LLCs. Answer the following questions and discuss your findings with your classmates.

1. What state did you research?

2. Discuss reasons why you would or would not use the services of an attorney to assist you in submitting your application.

5.2 Discussion

If a start-up entrepreneur lacks certain competencies such as understanding cash flow or not knowing how to use social media marketing techniques, using the BRIE Checklist (Katz & Green, p. 14), discuss at least three strategies the start-up entrepreneur could use to compensate for his or her deficiencies. You may also want to refer to Skill Module 2.2.

MGT211 unit 6 Discussion

Read the case, Debbie Dusenberry and the Curious Sofa (Katz & Green, pp. 409-10). Discuss the following concepts with your classmates.

Discuss the differences between profit and cash flow.

Will completing breakeven analysis (p. 311) help Debbie? Why or why not?

Where or how can Debbie find help to save her business?

MGT211 unit 7 Discussion

View Table 8.2 on page 225 of our textbook. Discuss the differences and similarities between conducting a feasibility study and writing a complete business plan.

How can the conduct of a strong feasibility study help to minimize or avoid some of the most common critical risks in a business plan listed on p. 238? Have you observed any of these risks in the parts of your feasibility study completed to date?

Where would you find funds to start a business? (See Table 15.1, p. 489).

MGT211 unit 8 Discussion

An effective elevator speech is specific and has the capacity to “sell” your business concept quickly to your classmates who will play the role of venture capitalists. The elevator pitch is designed to be brief but is a specific statement about your startup investment opportunity. The idea is to be able to sell your idea to a potential investor in an elevator going up or down about 30 floors, about 2 minutes. It should also include the amount of startup cash or resources you would be requesting of a potential investor. Please refer to “The Thoughtful Entrepreneur” (p. 242) and to the notes in the “Written Assignments” in the Course Information Tab.