MBAX 6860 – BOOTSTRAP TACTICS FOR ENTREPRENEURS SPRING 2007
FINAL EXAM STUDY QUESTIONS
FRIDAY, APRIL 27
WOLF 301
9:30am – 12:15pm
NOTES:
· The exam is closed-book, closed-notes, and “closed-computer-files”
· You may use a computer to write this exam, if you desire, but may not refer to any files, information, or data on your computer.
· Use concepts and ideas from class and our guest speakers to frame your answers.
· The quality of your response is more important than quantity (e.g., length)
· Write logically and thoughtfully, with complete sentences and coherent paragraphs
· Please use (bullet, numbered) lists as appropriate
· For grading purposes, each question will start with a grade of “B” – excellent answers will increase this grade, poor answers will lower it, and good answers will leave it unchanged.
· Good Luck!
BOOTSTRAP PR
Consider Laura Love’s presentation:
· Why would a bootstrapper utilize PR? How can PR help a bootstrapper’s business?
· What is typically included in a PR kit? Describe each item.
· Identify and briefly discuss media “do’s and don’ts?
Consider the assigned reading "Everything you always wanted to know about PR..."
· What is the difference between public relations and press relations?
· Who should public relations efforts target (according to the authors)?
· What's the relationship between PR and marketing?
· Why is it key to make the message right?
· If you decide to hire a PR agency, what are the steps? What to watch out for?
· Describe creative ways to utilize PR.
· When should a bootstrapper use PR?
· What are the key benefits of PR?
BOOTSTRAP OPERATIONS
Consider the assigned article "Virtual realities"
· How does Walden Paddlers' run its kayak manufacturing business?
· What type of market research did Walden Paddlers' undertake?
· What types of alliances did it build?
· Since Walden outsources everything, what is its value proposition?
Consider class discussion slides:
· How do contract manufacturer’s approach start-ups?
· What steps should you go through in selecting a contract manufacturer?
· What systems are critical for a bootstrapper at the start-up stage? What resources would you use for each and why?
Consider John Neill’s presentation:
· What are the three ways a bootstrapper can address risk in his/her business?
· Identify and describe the three basic insurance needs for a start-up.
LIFESTYLE ENTREPRENEURSHIP
Consider the assigned reading “Making a Profit Out of Passion: Lifestyle Entrepreneurship”
· Identify and discuss the 3 groups of Lifestyle Entrepreneurs.
Consider class discussion slides:
· Define lifestyle entrepreneurship.
· Identify reasons for starting a lifestyle business?
· Identify and discuss the benefits and drawbacks to a lifestyle business.
· What are the differences between entrepreneurship and lifestyle entrepreneurship?
Consider the panel of the three lifestyle entrepreneurs:
· What were the key, overlapping reasons that each of them chose a lifestyle business?
· Do lifestyle entrepreneurs do more or less planning than a “traditional entrepreneur”? Why or why not?
BOOTSTRAP LEADERSHIP
· Define leadership.
· Identify and discuss common attributes of leaders.
· Why is leadership from the owner important to a bootstrap business?
· Are you born with leadership qualities are can they be learned? Discuss.