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[INSERT TITLE HERE] 2 [INSERT TITLE HERE] Student Name Allied American University Author Note This paper was prepared for [INSERT COURSE NAME], [INSERT COURSE ASSIGNMENT] taught by [INSERT INSTRUCTOR’S NAME]. Directions: Please answer the following questions using complete sentences. A minimum of one paragraph is required for each response. Each paragraph must be five to seven sentences in length. 1. Describe opportunity identification for the entrepreneur. 2. What are the major sources of innovative ideas? Explain and give an example of each. 3. What are the four major components in the creative process? 4. What are the four steps involved in developing personal creativity? 5. What are the four major types of innovation? 6. Identify and describe five of the innovation principles. 7. Identify the three main pathways to entering business for a prospective entrepreneur. 8. What “right questions” need to be answered when deciding whether to buy a business? 9. What is meant by the term franchise? 10. What are the advantages and disadvantages of franchising? [INSERT TITLE HERE] 1 [INSERT TITLE HERE] Student Name Allied American University Author Note This paper was prepared for [INSERT COURSE NAME], [INSERT COURSE ASSIGNMENT] taught by [INSERT INSTRUCTOR’S NAME]. Directions: Read the cases below and answer the questions using complete sentences. Your completed submission should be at least five pages in length in APA format. Be sure to use and cite at least two outside, scholarly sources. Visit the Academic Resource Center for helpful APA formatting techniques. Case Study I: Post-it Notes One way new products are developed is to take a current product and modify it in some way. Another way is to determine how a previously developed product can be marketed or used by a particular group of customers. The 3M Company is famous for many products, among them adhesives and abrasives. In one of 3M’s most famous innovative stories from the 1980s, a 3M manager, who was a member of a church choir, wanted to mark the pages of his hymnal so he could quickly find them. A bookmark would not do because the piece of paper could easily fall out. The manager needed something that would adhere to the page but not tear it. Back at work, the manager asked one of the members of the research and development department if an adhesive existed that would do this. One did, but it never had been marketed because the company found that the adhesive was not strong enough for industrial use. At the manager’s request, a batch of the glue was prepared and applied to small pieces of paper that could be used as bookmarks. As the manager who had requested the product began to think about the new product, he concluded it had uses other than as a bookmark. Secretaries could use it to attach messages to files and managers could use it to send notes along with letters and memos. In an effort to spur interest in the product, the manager had a large batch of these “attachable” notes, now called Post-it Notes, made and began distributing them to secretaries throughout the company. Before long, more people began to ask for them. The manager then ordered the supply cut off and told everyone who wanted them that they would have to contact the marketing department. When that department became inundated with calls for Post-it Notes, it concluded that a strong demand existed throughout industry for these notes and full production began. Today Post-it Notes is one of the largest and most successful product lines at the 3M Company. 1. How did the creative thinking process work in the development of this product? Describe what took place in each of the four steps. Is the development process always the same? Why or why not? 2. Why did the manager have the Post-it notes sent to secretaries throughout the company? What was his objective in doing this? Did the act accomplish the objectives and goals? What are alternatives that could have been done to reach the same outcome? Would you make the same choice? 3. What type of innovation was this—invention, extension, duplication, or synthesis? Explain your answer then identify another example of the same type of innovation but in a different company. Describe it in your paper 4. Which of the innovation sources discussed in the chapter help account for this product’s success? Explain in detail. Case Study II: An Idea for the Dogs! Chris Wasserberg is a salesperson for a Fortune 100 firm. He has a bachelor's degree in marketing and is one of the firm's best salespeople. It is likely that Chris will one day become a sales manager if he stays with the firm. This is doubtful, however, because he hopes to start his own business. Since he was hired seven years ago, Chris has managed to build a nest egg of $160,000. He now is looking for a business that would require no more than $60,000-$70,000 to get started. The rest would be used for operating capital and to keep him going until the company turns profitable. In the past, Chris has gathered ideas by reading magazines such as Entrepreneur and Inc., which report new types of businesses. Last week, Chris read a story that intrigued him. A man on the West Coast has been building custom doghouses out of expensive materials and selling them for $5,000 to $15,000 each. Chris realizes that few people can afford to pay this much for a doghouse, yet most doghouses are not distinctive, and owners simple pay $50 to $150 for basic doghouses. Chris believes a market may exist for doghouses between these two extremes, in the range of $250 to $500. Chris has done the research and believes it would not be too difficult to differentiate his product from the standard doghouse. In particular, he is considering building a house that is slightly larger than the typical one, well insulated, and floored with washable vinyl; he would put the dog's name above the door and shingle the roof. Additionally, he believes that it would be more appealing if the house has the same basic design as the owner's. The two biggest obstacles will be marketing and production—that is, getting people to order houses for their dogs and then building the houses. Chris believes that, with his background, he can handle the marketing, and it should not be too difficult to find someone to handle the construction. Moreover, until the business takes off, he believes he can continue with his sales job. 1. Is anything unique about Chris's idea? If so, what? If nothing was unique about it, was it successful? How is success defined in this case? Explain. 2. What is the first thing Chris should do to follow up on his idea? Take both a marketing and a finance position in your answer and compare and contrast the two. Explain. 3. When this is done, what else should Chris do? Outline a general course of action for him. How would Chris know his goals are accomplished? [INSERT TITLE HERE] 1 [INSERT TITLE HERE] Student Name Allied American University Author Note This paper was prepared for [INSERT COURSE NAME], [INSERT COURSE ASSIGNMENT] taught by [INSERT INSTRUCTOR’S NAME]. Directions: Please answer the following questions using complete sentences. A minimum of one paragraph is required for each response. Each paragraph must be five to seven sentences in length. 1. In your own words, what is corporate entrepreneurship? 2. What are some of the corporate obstacles that must be overcome to establish a corporate entrepreneurial environment? 3. What are some of the innovative principles identified by James Brian Quinn that companies need to establish? 4. What are five useful rules for innovation? 5. Identify the four key elements on which managers should concentrate so as to develop a corporate entrepreneurship strategy. 6. Identify the five specific entrepreneurial climate factors that organizations need to address in structuring their environment. 7. Social enterprise can be classified into three distinct categories. Describe each category, and discuss the efforts of entrepreneurs to become more socially responsible. 8. In your own words, what is meant by the term ethics? 9. Describe the critical threat to our environment as a major challenge of social enterprise. 10. Ethics must be based more on a process than on a static code. What does this statement mean? Do you agree? Why or why not? [INSERT TITLE HERE] 4 [INSERT TITLE HERE] Student Name Allied American University Author Note This paper was prepared for [INSERT COURSE NAME], [INSERT COURSE ASSIGNMENT] taught by [INSERT INSTRUCTOR’S NAME]. Directions: Read the cases below and answer the questions using complete sentences. Your completed submission should be at least five pages in length in APA format. Be sure to use and cite at least two outside, scholarly sources. Visit the Academic Resource Center for helpful APA formatting techniques. Case Study I: Southwest Airlines: Positively Outrages Leadership (see Chapter 3) When Southwest Airlines first taxied onto the runway of Dallas’s Love Field in 1971, industry gurus predicted it would be a short trip to bankruptcy for the Texas-based airline. But the first short-haul, low-fare, high-frequency, point-to-point carrier took a unique idea and made it fly. Today, Southwest Airlines is the most profitable commercial airline in the world. But it took more than a wing and a prayer for Southwest to soar to such lofty altitudes. It took a maverick spirit. From the beginning, Southwest has flown against convention. Southwest’s fleet of 737s, considered by many the safest in the industry, still makes only short hauls to 45 cities. The airline does not give seat assignments and the only food it serves passengers is a “snack pack.” But what Southwest may lack in amenities, it seems to more than make up for in what could be called positively outrageous service. “FUN” is the company’s mandate! Leading the way is founder and CEO, Herb Kelleher. “Herb Kelleher is definitely the zaniest CEO in the world,” Libby Sartain, vice president of Southwest Airlines’ People Department, admits. “Where else would you find a CEO who dresses up as Elvis Presley, who’s on a first-name basis with 20,000 employees, and who has a heart as big as the state of Texas? His style has fostered an atmosphere where people feel comfortable being themselves, where they can have a good time when they work.” Legendary for his love of laughter, Kelleher calls his unique leadership style management by fooling around. “An important part of leadership, I think, is enjoying what you’re doing and letting it show to the people that you work with,” Kelleher reveals. “And I would much rather have a company that is bound by love, rather than bound by fear.” Kelleher’s philosophy has been enthusiastically embraced by a workforce that is 85 percent unionized. “Southwest’s culture is designed to promote high spirit and avoid complacency. We have little hierarchy here. Our employees are encouraged to be creative and innovative, to break rules when they need to in order to provide good service to our customers,” Sartain explains. “If you create the type of environment that a person really feels valued and they feel they make a difference, then they’re going to be motivated. That’s the type of environment we create here for our employees,” Rita Bailey, Southwest’s director of training, adds. Beginning with its new-employee orientation, the airline nurtures entrepreneurship by grooming a workforce of leaders. “You can do whatever it takes to keep this airline on top,” an orientation instructor tells his class of newly hired staffers. At Southwest Airlines’ University for People, future managers and supervisors attend a course titled “Leading with Integrity.” Through a series of role-playing exercises, employees learn that trust, cooperation, mutual respect, and good communication are the components of success. “An organization that has an esprit, that does things cooperatively and voluntarily rather than through coercion, is the most competitive organization you can have,” Kelleher asserts. These guiding principles have earned Southwest Airlines the distinction of being named one of the ten best companies to work for in America. Employees are valued and recognized in many ways for their achievements. Perhaps the most prestigious is Southwest’s “Heroes of the Heart” award. Each year, one outstanding department has its name tattooed on a Southwest Jet. Southwest was the first airline to offer stock options to its employees. Today, employees own approximately 10 percent of the company. In the lobby of Southwest Airlines’ corporate headquarters is a prominent tribute to the men and women of Southwest. It reads, “The people of Southwest Airlines are the creators of what we have become—and what we will be. Our people transformed an idea into a legend. That legend will continue to grow only so long as it is nourished by our people’s indomitable spirit, boundless energy, immense goodwill, and burning desire to excel. Our thanks and our love to the people of Southwest Airlines for creating a marvelous family and wondrous airline.” 1. Describe some of the factors needed to reengineer corporate thinking that Southwest Airlines already exhibits. Compare and contrast these factors to those that other businesses must study and analyze. Do case outcomes help other businesses to make good decisions? 2. What specific elements of a corporate entrepreneurial strategy are apparent within Southwest Airlines? How can a small business owner learn from this and apply the information and outcomes to his or her own company? 3. Has Herb Kelleher structured a climate conducive to entrepreneurial activity? Why or why not? Has this changed over time? Support your answer. Case Study II: A Friend for Life (see Chapter 4) The Glades Company is a small manufacturer. It has produced and marketed a number of different toys and appliances that have done very well in the marketplace. Late last year, the product designer at the company, Tom Berringer, told the president, Paula Glades, that he had invented a small, cuddly, talking bear that might have a great deal of appeal. The bear is made of fluffy brown material that simulates fur, and it has a tape inside that contains 50 messages. The bear is made of fluffy brown material that simulates fur, and it has a tape inside that contains 50 messages. The bear was produced and marketed 1,000 of the bears. At the same time, a catchy marketing slogan was formulated: "A Friend for Life." The bear was marketed as a product a child could play with for years and years. The first batch of 1,000 bears sold out within a week. The company then scheduled another production run, this time for 25,000 bears. Last week, in the middle of the production run, a problem was uncovered. The process of making the bear fur was much more expensive than anticipated. The company is now faced with two options: It can absorb the extra cost and have the simulated fur produced, or it can use a substitute fur that will not last as long. Specifically, the original simulated fur will last for up to seven years of normal use; the less-expensive simulated fur will last for only eight months. Some of the managers at Glades believe most children are not interested in playing with the same toy for more than eight months; therefore, substituting the less-expensive simulated fur for the more-expensive fur should be no problem. Others believe that the company will damage its reputation if it opts for the substitute fur. "We are going to have complaints within eight months, and we’re going to rue the day we agreed to a cheaper substitute," the production manager argues. The sales manager disagrees, contending that "the market is ready for this product, and we ought to provide it." In the middle of this crisis, the accounting department issued its cost analysis of the venture. If the company goes with the more-expensive simulated fur, it will lose $2.75 per bear. If it chooses the less-expensive fur, it will make a profit of $4.98 per bear. The final decision on the matter rests with Paula Glades. People on both sides of the issue have given her their opinion. One of the last to speak was the vice president of manufacturing, who said, "If you opt for the less-expensive fur, think of what this is going to do to your marketing campaign of 'A Friend for Life.' Are you going to change this slogan to 'A Friend for Eight Months'?" But the marketing vice president urged a different course of action: "We have a fortune tied up in this bear. If you stop production now or go to the more-expensive substitute, we'll lose our shorts. We aren’t doing anything illegal by substituting the fur. The bear looks the same. Who’s to know?" 1. Is the recommendation of the marketing vice president legal? Is it ethical? Why or why not? What is the difference between legal and ethical? Support your answer. 2. Would it be ethical if the firm used the less-expensive fur but did not change its slogan of "A Friend for Life" and did not tell the buyer about the change in the production process? Why or why not? What are some real life examples of this? Describe at least two. You can research terms on the Internet if you are not personally familiar with situations or companies in which this was an issue. 3. If you were advising Paula, what would you recommend? State your answer and explain your reasoning and answer.