1. What is meant by the statement 'small business is the backbone of the Canadian economic system'? How did Covid 19 effect this? 2. Select a
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Question

1. What is meant by the statement "small business is the backbone of the

Canadian economic system"? How did Covid 19 effect this?




2. Select a successful business, and discuss the reasons for its success,


drawing on the success characteristics outlined in the text.




3. J & J is thinking of developing a new coin laundry. The firm first needs to do


some market research to determine the demand for the product. What


kind of information should it collect?




4. What do you think is the best method of becoming an entrepreneur?


Starting a business from scratch? Buying an existing business? Buying a


franchise? Why? Explain the advantages and disadvantages of all three.





5. Define the target market(s) for your College. What are the target


demographics, lifestyle characteristics, purchase characteristics, and


purchase motivations? Create a customer profile for one of the target


markets.




6. What do you think are the advantages and disadvantages of crowdfunding


and angel investors?




7. Develop a promotional campaign for a business of your choice, following


the guidelines in the text in this chapter (Chapter 8). Make sure you use


some of the effective, low-cost promotions such as guerrilla marketing, PR,


and social networking. Decide specifically which social networking sites you


will use and why. Present your promotional campaign to the class, and ask


for feedback and suggestions.


8. What elements make up the marketing mix? What is the purpose of the


marketing mix in a marketing plan?




10.Is it more important for an entrepreneur to track cash or profits? Does it


depend on the type of business and/or industry? What troubles will an


entrepreneur face if he or she tracks only profits and ignores cash? What


troubles will an entrepreneur face if he or she tracks only cash and ignores


profits?


5. Define the target market(s) for your College. What are the target


demographics, lifestyle characteristics, purchase characteristics, and


purchase motivations? Create a customer profile for one of the target


markets.




6. What do you think are the advantages and disadvantages of crowdfunding


and angel investors?




7. Develop a promotional campaign for a business of your choice, following


the guidelines in the text in this chapter (Chapter 8). Make sure you use


some of the effective, low-cost promotions such as guerrilla marketing, PR,


and social networking. Decide specifically which social networking sites you


will use and why. Present your promotional campaign to the class, and ask


for feedback and suggestions.


8. What elements make up the marketing mix? What is the purpose of the


marketing mix in a marketing plan?




9. In addition to business expenses, reviewing your personal expenses can be


a meaningful exercise. Create a monthly budget for yourself. Where do


you want to be financially in one, three, five, and ten years? How will you


get there?


10.Is it more important for an entrepreneur to track cash or profits? Does it


depend on the type of business and/or industry? What troubles will an


entrepreneur face if he or she tracks only profits and ignores cash? What


troubles will an entrepreneur face if he or she tracks only cash and ignores


profits?



11.Research the software packages (3 total) available to help entrepreneurs


with the financials for a business plan. Which do you believe is the best?




12.Recently, a small business increased the wages of its employees, but its


productivity is still inadequate. What are some possible reasons for this


low level of productivity?


13.Study some online job boards or LinkedIn job advertisements, and choose


three examples of good job advertisements, explain why. Choose three


examples of poor job advertisements, explain why.



14.Have you ever had a Mentor? Who and why did they become a Mentor to


you?






16.What are some of the advantages of growing a business? What problems


should the owners be aware of when expanding? How might these


problems be dealt with?



17.Assume you owned a company that you wanted to keep in the family. One


of your three children has been working in the business and is interested in


taking over. However, the other two feel they are entitled to their one-


third share of the value of the business. What would you do?

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