Archives: Solution Manual

3. Describe the consequences of fear of failure for entrepreneurs. 1. Describe failure and its effect on entrepreneurs. 3. Describe the consequences of fear of failure for entrepreneurs. 5. Describe the significance of “grit” and its role in building tolerance […]

• -Robert Kiyosaki, American author and businessman Notes: Eric Wagner, “9 Lessons From a 10–Time Startup Failure,” Forbes (October 22, 2013) http://www.forbes.com/sites/ericwagner/2013/10/22/9-lessons-from-a-10-time-startup-failure / retrieved on December 12, 2015. • Learning resulting in improvements • Motivation to start another venture • […]

Sample answer: Kost used revenue from Chicago Food Planet Food tours to launch Food Tours, thus expanding his business into two separate ventures and revenue streams. that the most successful entrepreneurs are often NOT those who are endlessly crunching numbers […]

• Explore how customers change based on the model. • Discuss various revenue streams each model can generate. (from above). Ask students if they have ever run a lemonade stand and to describe the experience. For some international audiences the […]

Sample answer: There is likely an audience that would be interested in accessing past episodes of her popular show that ran from 1984 to 2009. She might consider negotiating with her former networks to offer free sample videos from popular, […]

10.3 Explain how companies generate revenue by profiting from “free.” 10.5 Identify different strategies entrepreneurs use when pricing their product and service. According to your text, a revenue model is a key component of the business model and identifies how […]

• –Scott Adams, “Dilbert” cartoonist • Revenue model is a key component of the business model that identifies how the company will earn income and generate profits. • How many customers do I need? • How much cash can be […]

inherent in this question. One viewpoint is that including a “worst case” scenario in your plan might distract your focus from the “best case” scenario and (consciously or unconsciously) lead to mediocre performances. Another viewpoint is that keeping a “worst […]

them “draw” their vision during class. 2. Have the students complete the Mindshift prior to class and ask students to present their vivid vision. 3. You can also do option 2 with student teams. It’s a great team alignment exercise. […]

which consists of a space age train-like mode of transportation that would send passengers through a tube at speeds faster than commercial airlines travel (up to nearly 800 miles per hour!). One of his more audacious ambitions is the development […]

9.3 Explain the different types of plans used by entrepreneurs. 9.1 Define “planning” from an entrepreneurial perspective. 9.5 Implement the tips for writing business plans Instructor Resource Neck, Entrepreneurship, 1e SAGE Publishing, 2018 Chapter Exercises and Projects Chapter 9: Planning […]

only refined. Plans rarely stay the same, and are scrapped or adjusted as needed. Be stubborn about the vision, but flexible with your plan.” • -John C. Maxwell, American author the potential market for the product or service. It serves […]

• Deliver value by servicing the complicated tech tasks of modern start-ups that cannot effectively service their own IT needs. • Extract value (payment) in one of the following two ways: (1). Receive cash payments either up front, or along […]

customer relationships, revenue streams, key resources, key activities, key partners, cost structure. Given that this is the actual order recommended by Osterwalder and Pigneur, it is important that the cards in the deck are not in this order. You may […]

In evaluating the opportunity posed by her ambitious goal to invent a wireless charger, Perry was wise (and fortunate) in seeking out input and funding from well-known, credible names in the technological field (like Yahoo CEO Marissa Mayer). When someone […]

8.3 Explore the importance of the Customer Value Proposition in further detail. 8.1 Define the business model. 8.5 Identify the nine components of the business model canvas. Instructor Resource Neck, Entrepreneurship, 1e SAGE Publishing, 2018 Chapter Exercises and Projects Chapter […]

Notes: Alexander Osterwalder & Yves Pigneur authors of Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers existing customers with unique differentiation, and by serving customers in new markets. Peter Skarzynski & Rowan Gibson. Innovation to the Core: […]

earning their first dollar) enabled Parlor Skis to dig deep in really understanding their target market. This empowered them to provide a highly customer-tailored approach (a key component of their business), which in turn led to happy buyers and increased […]

A simple experiment might involve taking public transportation ($5) to meet face to face with a potential customer; a later, larger scale experiment might involve creating a looks-like prototype of a product concept ($500) to seek feedback from other stakeholders […]

extent, they have to be willing to experiment with their products, services, methods, workforce, and just about everything else if they are to be successful and remain competitive. They must also be willing to experiment with their own approach to […]

7.3 Demonstrate how to test hypotheses and identify customers. 7.5 Identify three types of experiments most commonly used. entrepreneurship? Conduct a search of peer-reviewed sources on methods and designs used to reach entrepreneurial activities? What methods/design are commonly listed? What […]

learn so much.” • -Jeff Bezos, Amazon founder and CEO hypothesis. • Hypothesis is an assumption that is tested through study and experimentation. • Collecting real-world information • Testing new concepts • Asking questions Instructor Resource Neck, Entrepreneurship SAGE Publishing, […]

Sample Answer: Answers will vary from student to student, but should include (generally speaking) elements of the inspiration–ideation–implementation model discussed later in the chapter. Additional insights might include a discussion about how ideation can sometimes be messy, with “fits-and-starts” throughout […]

• Steps are not sequential, and iteration is expected. • Willingness to explore the least obvious (such as spaced-out ideas) can be a better pathway to something useful and novel. Instructor Resource Neck, Neck, & Murray, Entrepreneurship: The Practice and […]

his own challenges over time, Dr. Jackson gained an increased sense of empathy for the struggles that others faced as well. This empathy inspired him to dedicate his education and career to human-centered projects that focused on helping others to […]

6.3 Describe the role of empathy in the design thinking process. 6.5 Demonstrate how to observe and convert observation data to insights. 6.7 Identify and describe other approaches to design thinking. People in certain age groups People where English is […]

• —Kevin Clark and Ron Smith, authors of “Unleashing the Power of Design Thinking” uncertain environments, and create something that is new to the world. • See Photo 6.1: model wearing invisible bicycle helmet made by Hövding Notes: Instructor Resource […]

Sample Answer: While usually less experienced and knowledgeable than adults, teenagers may be more creative and open-minded to unique opportunities than many adults would be. Teenagers also often have more energy and a greater desire to try out new ideas […]

Small (1 inch × 2 inch) “sticky notes” in a variety of colors, one packet per student. Hall, D. (2001). Jump start your business brain. Cincinnati, OH: Clerisy Press. Instructor Resource Neck, Neck, & Murray, Entrepreneurship: The Practice and Mindset […]

technological marvel held for him and his native country. Ma’s first entrepreneurial venture failed, but his second, an e-commerce company he named Alibaba, went on to become one of the most successful Internet businesses in history. In 2014, Alibaba went […]

5.3 Apply the two primary pathways to opportunity identification. 5.1 Explain how the entrepreneurial mindset relates to opportunity recognition. The idea must involve something that people need, desire, find useful, or valuable. Brainstorm ways to determine demand: develop a plan […]

Christmas Sweater 5K “fun run” for charity in 2008. Once the 5K was over, she decided to sell her eyesore on eBay. Jack, then a middle school student, was the model for the picture. Much to the siblings’ surprise, a […]

that if you are interested in making a positive social impact on the greater society within which you operate as an entrepreneur and make money at the same time, social entrepreneurship can be a great way to concurrently realize both […]

ideas. • Values are a motivational construct. They refer to the desirable goals people strive to attain. • Values transcend specific actions and situations. They are abstract goals. The abstract nature of values distinguishes them from concepts such as norms […]

stricken citizens (mostly women) in the late 1970s. More than two decades later, Grameen had changed the world of money lending by extending hundreds of millions of dollars to hundreds of thousands of poor people each year. In 2006, Yunus […]

4.3 Identify the different types of social entrepreneurship. 4.5 Explain the primary attributes of stakeholders and how stakeholders can help or hinder a social entrepreneur. 4.1 Describe what social entrepreneurship is and the role it plays. Create two columns and […]

• —Bill Drayton, founder of Ashoka Instructor Resource Neck, Entrepreneurship SAGE Publishing, 2018 Lecture Notes Chapter 4: Supporting Social Entrepreneurship Learning Objectives • Describe what social entrepreneurship is and the role it plays. • 2. Explain how social entrepreneurship can […]

tools—including a strong work ethic—GPS Insight would eventually succeed. Despite all this, his success was still not guaranteed. With his education and background, there were other, safer options he could have pursued in his career. Despite this, he decided to […]

large software transition or upgrade) but also include hobbies and other related interests (e.g., teaching Girl Scouts how to sell, or running a marathon). They can be recent or from back in your childhood, but they must satisfy the three […]

when needed—all things that Nat successfully accomplished along his personal and professional pathway to success. Most importantly, Nat’s mindset was not passive, but active. This active mindset became his “Pathway to Action,” affording him tremendous opportunities that crossed his path […]

3.3 Explain how to develop the habit of self-leadership. 3.5 Explain how to develop the habit of improvisation. https://www.ted.com/talks/angela_lee_duckworth_grit_the_power_of_passion_and_p erseverance?language=en Instructor Resource Neck, Entrepreneurship, 1e SAGE Publishing, 2018 Chapter Exercises and Projects Chapter 3: Developing an Entrepreneurial Mindset Chapter Learning […]

• View constructive criticism as a personal attack • The success of others is luck • Avoid challenges Instructor Resource Neck, Entrepreneurship SAGE Publishing, 2018 Lecture Notes Chapter 3: Developing an Entrepreneurial Mindset Learning Objectives • 1. Appraise the effectiveness […]

Sample Answer: Answers will vary from student to student. However, it should be noted that entrepreneurs who focus primarily on building relationships and developing people tend to be more successful and make more money in the long run than those […]

Engage with conditions of uncertainty and ambiguity. Illustrate how entrepreneurs think. Fabric remnants (approximately six pieces per person) Two rooms (one with tables equal to number of groups and one empty) Instructor Resource Neck, Neck, & Murray, Entrepreneurship: The Practice […]

reflection). Of these five, he was perhaps best at reflection and introspection. By carefully considering the results he was (or was not) getting in his life both personally and professionally, Jensen was able to make adjustments and keep trying until […]

2.3 Distinguish between entrepreneurship as a method and the process of entrepreneurship. through recent advances in the field. Prediction is the opposite of creation. Where prediction thinking is used in situations of certainty, the creation view is used when the […]

reliable and accessible. Under these circumstances, it is relatively straightforward to analyze a situation, define problems and opportunities, and diagnose and find solutions. Big organizations can use sophisticated planning tools to analyze past and present data in order to predict […]

knowledge and skills and by investing large amounts of time and effort in researching her target market and otherwise building her business. Entrepreneurial dedication is a combination of learning what you need to know to be successful and then committing […]

heavier paper such as construction paper or 3 inch × 5 inch cards works best. Several roles of transparent tape for the class to share. Instructor Resource Neck, Neck, & Murray, Entrepreneurship: The Practice and Mindset SAGE Publications, 2018 1 […]

gamble of becoming an entrepreneur. Unlike the twentieth-century “male tech hero–genius” entrepreneurial archetype, women, as well as a diverse milieu of individuals from a variety of different markets and fields beyond technology are establishing a more eclectic twenty-first-century pool of […]