Note: This Project Received Faculty Feedback On April 18, 20

Note This Project Received Faculty Feedback On 18 Apr 16 110935 Am

These are instructions for a research log and case study assignment. You are required to select a research question, identify key concepts and related terms, create a Boolean search statement, and analyze a case study related to small business and entrepreneurship. Your work must include detailed, well-organized responses, references from credible sources, and proper MLA citations. The assignment emphasizes critical thinking, understanding of economic principles, competition, and entrepreneurship traits, as well as research skills. Be sure to review your work carefully before submission, incorporate instructor feedback, and adhere to the specified formatting and content requirements.

Paper For Above instruction

The analysis of research questions and the application of business principles require a systematic approach to information retrieval and understanding of economic systems and entrepreneurial success factors. In this paper, I will address each component outlined in the assignment, illustrating the process of identifying key concepts, developing search strategies, and analyzing case studies related to small business operations.

Initially, selecting a clear research question lays the foundation for an effective information search. For example, the question "What effect does violence in the media have on children?" necessitates identifying core concepts—'media violence' and 'children'—which are essential for constructing search queries. To enhance search efficacy, brainstorming alternative and related terms such as 'TV violence,' 'aggression,' 'adolescents,' 'youth,' 'bullying,' and 'crime' is crucial. This diversity broadens the scope of sources and ensures comprehensive literature retrieval.

Constructing a Boolean search statement involves combining these terms with operators like AND, OR, and NOT, alongside advanced techniques such as nesting, truncation, and phrase searching. For example, a refined search might be: ("media violence" OR "television violence" OR "video game aggression") AND ("children" OR "adolescents" OR "youth") AND ("behavior" OR "attitudes" OR "development"). Employing truncation (e.g., aggress*) captures multiple word variants, while phrase searching ("media violence") ensures precise results. This strategic approach improves relevance and depth in research findings.

Transitioning to the case study analysis, understanding the entrepreneurial process involves examining the motivations, strategies, traits, and funding mechanisms that contribute to a business's success. The case of Wild Planet Toy Company exemplifies effective entrepreneurial practices grounded in a clear mission and innovative corporate culture. Daniel Grossman founded Wild Planet with a vision to produce educational, socially responsible toys that inspire creativity. His motivation stemmed from a desire to balance commercial success with social value, creating a brand trusted by parents and children alike.

The company's success is rooted in its nimble and responsive environment, which prioritizes innovation and customer feedback. Grossman's emphasis on values and social purpose aligns with modern consumer preferences for ethical and educational products. This corporate culture fosters employee engagement and customer loyalty, critical drivers of growth. The company’s expansion is primarily driven by its ability to innovate and respond quickly to market trends, leveraging its small, agile structure to introduce new products rapidly and maintain a competitive edge.

Grossman's motivation was to create a sustainable business with a social mission, emphasizing educational value and integrity. He has largely achieved these objectives, expanding his product line while maintaining core values of quality and social responsibility. As a small business, Wild Planet fits the typical entrepreneurial profile because it started with a clear vision, distinctive niche focus, and a strong emphasis on innovation and social impact. Its growth demonstrates the effectiveness of entrepreneurial traits such as passion, resilience, adaptability, and visionary leadership.

Entrepreneurs exhibiting traits like risk-taking, persistence, creativity, and a proactive attitude significantly influence small business success. Wild Planet exemplifies these traits through its innovative product development, strong brand identity, and commitment to social values. Grossman’s ability to secure funding during startup involved appealing to investors aligned with his mission, emphasizing the social impact of the business and its growth potential. His strategic approach in funding reflects typical entrepreneurial financing methods, often relying on angel investors and socially conscious funding sources.

In conclusion, the analysis illustrates how a well-defined mission, innovative corporate culture, entrepreneurial traits, and strategic funding contribute to the success of small businesses like Wild Planet. The case exemplifies core principles of entrepreneurship, including passion-driven leadership, responsive adaptation, and social value integration. These factors collectively foster sustainable growth and competitive advantage in dynamic markets, reaffirming the importance of entrepreneurial traits and strategic planning in small business success.

References

• Solomon, Michael, MaryAnne Poatsy, and Kendall Martin. Better Business. 4th ed., Pearson Education, 2015.
• Investopedia. "Invisible Hand." https://www.investopedia.com/terms/i/invisiblehand.asp
• Pearson. "Fresher than Fresh: Economics: How Business Builds and Distributes Wealth." N.p., n.d. Web. 29 Sept. 2015.
• Pearson. "Chapter 5 Case Study: Wild Planet - The Entrepreneurial Spirit." N.p., n.d. Web. 30 Oct. 2023.
• U.S. Small Business Administration. "Entrepreneurial Traits." SBA, 2020.
• Hisrich, Robert D., et al. Entrepreneurship. McGraw-Hill Education, 2017.
• Peter, John P., and James H. Donnelly. Marketing Management. McGraw-Hill, 2019.
• Shane, Scott. The Illusions of Entrepreneurship. Yale University Press, 2008.
• Birley, S., et al. "The Role of Entrepreneurial Traits in Small Business Success." Journal of Small Business Management, vol. 57, no. 4, 2019, pp. 1242–1258.
• Davey, T., et al. "Corporate Culture and Innovation." Journal of Business Venturing, vol. 31, no. 1, 2016, pp. 3–19.