Solution Manual For Entrepreneurship The Practice and Mindset 3th Edition by Heidi M. Neck, Christop

Solution Manual For Entrepreneurship The Practice and Mindset 3th Edition by Heidi M. Neck, Christopher P. Neck (Author), Emma L. Murray

Chapter 1-16 With Spplement

Chapter Exercises and Projects Chapter 1: Practicing Entrepreneurship Chapter Learning Objectives: LO 1.1 Describe the six most important features of modern entrepreneurship.

LO 1.2 Explore various pathways to participating in entrepreneurship.

LO 1.3 Distinguish between entrepreneurship as a method and as a process.

LO 1.4 Illustrate the key components of the Entrepreneurship Method.

LO 1.5 Explore the role of deliberate practice in developing entrepreneurial expertise, and recognize how this book supports such a practice.

Proposed Activities Activity 1: Franchise (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

There are various forms of entrepreneurship. One of the most ―turn-key‖ forms is the franchise. For the following exercise, please research a franchise opportunity in your community. Please include the following information: 

The steps you would need to take to operate the franchise;

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Any up-front financial investment and potential financing opportunities;

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Support you would be provided from the franchise network;

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The advantages and disadvantages of the opportunity;

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The average time it would take for the franchise to yield a profit; when would you know if you made a good investment?

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Do you anticipate a marathon or a sprint and why?

Learning Objectives: LO 1.1 Describe the six most important features of modern entrepreneurship.

LO 1.2 Explore various pathways to participating in entrepreneurship.

LO 1.3 Distinguish between entrepreneurship as a method and as a process.

Activity 2: Contemporary Entrepreneur (This can be done solo or as part of a team exercise or live discussion; it can be used for online, face-to-face, or a blended format.)

Choose an example of a contemporary entrepreneur (one not mentioned in the chapter) and outline their trajectory from start to success. Make sure to include how application and practice played a role in their success. Highlight any setbacks and how the entrepreneur managed them. Was their trajectory linear? Why or why not? Compare and contrast this entrepreneur with the features of entrepreneurship described in Chapter 1: Feature 1: Entrepreneurship is a method that requires practice.

Feature 2: Entrepreneurs think differently.

Feature 3: Entrepreneurs act more than plan.

Feature 4: Entrepreneurs aren’t driven purely by profit.

Feature 5: Entrepreneurs collaborate more than they compete.

Feature 6: Entrepreneurship is a life skill.

Learning Objectives: LO 1.1 Describe the six most important features of modern entrepreneurship.

Activity 3: Entrepreneurship Ecosystem (Solo research exercise; it can be used for online, face-to-face, or a blended format.)

Please choose any two countries of your choice and compare and contrast each on the Entrepreneurship Ecosystem (factors are listed below). You will need to conduct research outside of your text to fully respond. Describe each of the following per the two countries you choose. How are the countries similar? How are they different? What country is more conducive to entrepreneurship endeavors and why?

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Financial resources: Entrepreneurs must have availability to appropriate financing such as grants and subsidies, loans, private equity, angel investors, venture capital funds, and so on.

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Support from government: Entrepreneurs must have support from government policies that incentives entrepreneurship by tax incentives, lower interest rates, loans, and the like. Some countries also offer government entrepreneurship programs that provide entrepreneurs with access to tools, mentors, and educational resources.

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Entrepreneurship Education: Certain countries provide entrepreneurship courses and training at primary and secondary levels; and at higher education such as colleges, business schools, and other institutions.

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Research and Development (R&D) transfer: The extent to which scientists and research will pass on their knowledge to entrepreneurs involved in innovation.

Many SMEs do not have their own R&D department so it is important they have the opportunity to access knowledge from other resources.

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Commercial and Legal Infrastructure: Entrepreneurs must be supported by a secure commercial and legal framework supported by experts and advisors in property rights, accounting, legal, investment banking, and technology.

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Entry Regulation: Entrepreneurs must be able to meet the regulatory costs of starting a new business as well as undergoing administrative procedures. The extent of these costs and procedures is dependent upon two factors: market dynamics—the annual rate of change in markets; and market openness—the degree to which new businesses have the freedom to enter new markets.

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Physical Infrastructure: Entrepreneurs must be able to easily access or purchase at a reasonable price vital resources in the areas of communication, land, office space, and transportation.

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Cultural and Social Norms: Entrepreneurs tend to thrive more in an environment where they feel encouraged enough to start a business, or have the confidence to choose entrepreneurship as a career path.

Learning Objectives: LO 1.3 Distinguish between entrepreneurship as a method and as a process.

LO 1.4 Illustrate the key components of the Entrepreneurship Method.

Activity 4: Social Entrepreneurship (Solo exercise or team discussion.)

Identify a local company that you think meets the definition of social entrepreneurship as defined in your text: ―the process of sourcing innovative solutions to social and environmental problems.‖ Please identify the company vision and mission and discuss why it fits into the model of social entrepreneurship. What are your thoughts about whether entrepreneurs can make both a social and economic impact?

Learning Objectives: LO 1.1 Describe the six most important features of modern entrepreneurship.

LO 1.2 Explore various pathways to participating in entrepreneurship.

Activity 5: Deliberate Practice (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Discuss the role of deliberate practice in entrepreneurship. Provide example of how you already use deliberate practice. How might these skills help promote entrepreneurial success?

Components of Deliberate Practice 

It requires high levels of focus, attention, and concentration.

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It strengthens performance by identifying weakness and improving on them.

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It must be consistent and be maintained for long periods of time.

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It must be repeated to produce lasting results.

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It requires continuous feedback on outcomes

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It involves setting goals beforehand.

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It involves self-observation and self-reflection after practice sessions are completed.

Source: Baron, R.A., & Henry, R.A. 2010. How entrepreneurs acquire the capacity to excel: Insights from research on expert performance. Strategic Entrepreneurship Journal, 4: 49–65.

Learning Objectives: LO 1.4 Illustrate the key components of the Entrepreneurship Method.

LO 1.5 Explore the role of deliberate practice in developing entrepreneurial expertise, and recognize how this book supports such a practice.

Chapter Exercises and Projects Supplement A: Financial Statements and Projections for Startups Chapter Learning Objectives: A.1 Demonstrate how financial statements are an essential part of financial projections.

A.2 Describe the journey of cash through the cash conversion cycle.

A.3 Discuss how to build a pro forma financial statement.

A.4 Explain how to apply assumptions when building pro forma statements.

Proposed Activities Activity 1: Financial Statements (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Describe three essential financial statements and create mock statements for a hypothetical company.

Learning Objectives: A.1 Demonstrate how financial statements are an essential part of financial projections.

Activity 2: Cash Conversion Cycle (CCC) (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Describe the cash conversion cycle? What information from the financial statements will you need to calculate the CCC? Why does the CCC matter to the entrepreneur?

Learning Objectives: A.1 Demonstrate how financial statements are an essential part of financial projections.

A.2 Describe the journey of cash through the cash conversion cycle.

Activity 3: Pro Forma Statement (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Develop a Pro Forma Statement based on a hypothetical company. What are the main assumptions you will need to account for?

Learning Objectives: A.3 Discuss how to build a pro forma financial statement.

A.4 Explain how to apply assumptions when building pro forma statements.

Activity 4: Primary and Secondary Research (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Compare and contrast primary versus secondary research as it applies to financial projections. Provide 3–5 examples of data for each category.

Learning Objectives: A.1 Demonstrate how financial statements are an essential part of financial projections.

Chapter Exercises and Projects Chapter 2: Activating an Entrepreneurial Mindset Chapter Learning Objectives: LO 2.1 Differentiate between a fixed and growth mindset.

LO 2.2 Define ―entrepreneurial mindset‖ and explore five themes underlying the definition.

LO 2.3 Connect the Entrepreneurship Method’s ―why statement‖ to an entrepreneurial mindset.

LO 2.4 Explore five habits you can practice to develop an entrepreneurial mindset.

Proposed Activities Activity 1: Mindset and Girt (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

In a fixed mindset, people perceive their talents and abilities as set traits. They believe that brains and talent alone are enough for success and go through life with the goal of looking smart all the time. On the other hand, in a growth mindset, people believe that their abilities can be developed through dedication, effort, and hard work. Compare the growth mindset to Duckworth’s research on Grit. Why is grit an important quality for the entrepreneur?

Watch: https://www.ted.com/talks/angela_lee_duckworth_grit_the_power_of_passion_and_perse verance?language=en Learning Objectives: 2.1 Differentiate between a fixed and growth mindset.

2.2 Define “entrepreneurial mindset” and explore five themes underlying the definition.

Activity 2: Emotional Intelligence (This can be done solo or as part of a team exercise or live discussion; it can be used for online, face-to-face, or a blended format.)

While there is no one clear definition of mindset and how it relates to entrepreneurs, we believe the most accurate meaning of an entrepreneurial mindset is the ability to quickly sense, take action, and get organized under uncertain conditions. This also includes the ability to persevere, accept, and learn from failure, and get comfortable with a certain level of discomfort!

Compare entrepreneurial mindset to Emotional Intelligence. How is entrepreneurial mindset similar to and different than Emotional Intelligence?

Please see: See: https://www.mindtools.com/pages/article/newCDV_59.htm Learning Objectives:

2.1 Differentiate between a fixed and growth mindset.

2.2 Define ―entrepreneurial mindset‖ and explore five themes underlying the definition.

2.4 Explore five habits you can practice to develop an entrepreneurial mindset.

Activity 3: Metacognitive Exercise (Solo research exercise or can be done in pairs; it can be used for online, face-toface, or a blended format.)

Entrepreneurs regularly engage in metacognitive processes to adapt to changing circumstances by thinking about alternative routes to take and choosing one or more strategies based on these options. Metacognitive awareness is part of the mindset; and it is not something that we are born with; it can be developed over time through continuous practice.

Write a detailed description of your current setting. Please make sure to take note of all the details in your environment and describe them from your perspective. After you complete your narrative, please circle all of the positive and negative words you used. What did you learn? What descriptions are consistent with the mindset of an entrepreneur?

Learning Objectives: 2.3 Connect the Entrepreneurship Method’s “why statement” to an entrepreneurial mindset.

2.4 Explore five habits you can practice to develop an entrepreneurial mindset.

Activity 4: Promote Growth Mindset (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Although many of us tend to exhibit one mindset or the other, it is important to recognize that mindsets can be changed.

Create list of “events” you have experienced and write down the first thought you have about it. Then, identify if the mindset is growth or fixed. If fixed then rewrite to reflect a growth mindset.

Example: Event: Failing a math final.

FIXED MINDSET: “If you fail, people will laugh at you.”

GROWTH MINDSET: “Give me the name of one successful person who never experienced failure at one time or another.”

Learning Objectives: 2.1 Differentiate between a fixed and growth mindset.

2.2 Define ―entrepreneurial mindset‖ and explore five themes underlying the definition.

2.3 Connect the Entrepreneurship Method’s ―why statement‖ to an entrepreneurial mindset.

2.4 Explore five habits you can practice to develop an entrepreneurial mindset.

Activity 5: Improvisation (This can be done as a team exercise; it can be used for online, face-to-face, or a blended format) Improvisation is especially relevant to the world of entrepreneurship where uncertainty is high and the ability to react is essential.

Divide students into pairs and have one person state an idea and the other person respond with the reply ―Yes, and.‖ The ―Yes, and‖ principle does not allow for the negative words such as ―no‖ and ―but‖ as the following conversation illustrates. The goal of the exercise is to have each pair try to build off of the proposed idea.

Example: I have an idea (present idea) E.g. I have an idea to substitute seating on airplanes with supported standing; E.g. I have an idea to install personalized vending machines in all apartment units; Your response: Yes and (add to idea).

E.g. Yes and we can vary the size of the vending machines based on the number of rooms in the apartment.

Learning Objectives: 2.4 Explore five habits you can practice to develop an entrepreneurial mindset.

Chapter Exercises and Projects

Chapter 3: Facilitating Social Entrepreneurship Chapter Learning Objectives: LO 3.1 Define social innovation and social value creation.

LO 3.2 Explain how social entrepreneurship can help solve wicked problems around the world that are connected to the United Nations Sustainable Development Goals.

LO 3.3 Explore different types of social entrepreneurship.

LO 3.4 Examine funding sources for social ventures.

LO 3.5 Identify the primary attributes of stakeholders and how stakeholders can help or hinder a social entrepreneur.

LO 3.6 Discuss how social ventures measure impact beyond profit.

Proposed Activities Activity 1: Debate (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Debate: Are making a profit and solving social problems antithetical? Why or why not?

Create two columns and create arguments for and against profit making’s compatibility with addressing social ills.

Learning Objectives: 3.1 Define social innovation and social value creation.

3.4 Examine funding sources for social ventures.

3.6 Discuss how social ventures measure impact beyond profit.

Activity 2: Wicked Problems (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

In the 1960s, scholars coined the term wicked problems—large, complex social problems where there is no clear solution, where there is limited, confusing, or

contradictory information available, and which is debated by a whole range of people with conflicting values.

Generate a list of contemporary wicked problems including global examples. Document negative consequences and describe present state. Propose an entrepreneurial solution.

Learning Objectives: 3.1 Define social innovation and social value creation.

3.2 Explain how social entrepreneurship can help solve wicked problems around the world that are connected to the United Nations Sustainable Development Goals.

Activity 3: Models of Social Entrepreneurship (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

There are different models of social entrepreneurship that are described in your chapter: for-profit social ventures, enterprising nonprofits, and hybrid social ventures. Find a contemporary example of a business that fits each category and explain why you placed the business in that category.

Learning Objectives: 3.1 Define social innovation and social value creation.

3.3 Explore different types of social entrepreneurship.

Activity 4: Stakeholder Map (This can be done solo; it can be used for online, face-to-face, or a blended format.)

Draw a stakeholder map that corresponds to the any of the entrepreneurial solutions you generated in Activity 1. Apply Mitchell Stakeholder Typology to categorize each of the stakeholders you identified.

Learning Objectives 3.5 Identify the primary attributes of stakeholders and how stakeholders can help or hinder a social entrepreneur.

Chapter Exercises and Projects

Chapter 4: Creating and Recognizing New Opportunities Chapter Learning Objectives: 4.1 Explain how the entrepreneurial mindset relates to opportunity recognition.

4.2 Employ strategies for generating new ideas from which opportunities are born.

4.3 Explore four pathways to opportunity identification.

4.4 Practice the IDEATE Method to generate high-potential ideas.

4.5 Recognize challenges different people face moving from idea to opportunity.

Proposed Activities Activity 1: Opportunity and Value (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Your chapter defines opportunity as a possibility of generating value through the introduction of unique, novel, or desirable products, services, and even processes that have not been previously exploited in a particular context. For an opportunity to be viable, the idea must have the capacity to generate value.

The idea must involve something that people need, desire, find useful, or valuable.

Brainstorm ways to determine demand: develop a plan to assess demand for product and services.

For more on needs assessment processes, see: http://learningspacetoolkit.org/needsassessment/needs-assessment-process/ Learning Objectives: 4.1 Explain how the entrepreneurial mindset relates to opportunity recognition.

4.2 Employ strategies for generating new ideas from which opportunities are born.

4.3 Explore four pathways to opportunity identification.

Activity 2: Invention versus Innovation (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Compare and contrast innovations and inventions. Generate 5 examples of inventions and innovations—explain why you categorize each as such.

Learning Objectives: 4.1 Explain how the entrepreneurial mindset relates to opportunity recognition.

4.2 Employ strategies for generating new ideas from which opportunities are born.

Activity 3: Finding versus Building (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Compare and contrast finding versus building approaches. Find a contemporary example of each and discuss why you placed each in the respective category.

Learning Objectives: 4.2 Employ strategies for generating new ideas from which opportunities are born.

4.3 Explore four pathways to opportunity identification.

4.4 Practice the IDEATE Method to generate high-potential ideas.

Activity 4: Debate: But is it ethical to ―steal‖ someone else’s idea and improve upon it?

(This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Divide into two teams: assign one team to argue for and one team to argue against the ethics of ―improving‖ on someone else’s idea. Which mindset is more conducive to entrepreneurialism and why?

Learning Objectives: 4.1 Explain how the entrepreneurial mindset relates to opportunity recognition.

4.4 Practice the IDEATE Method to generate high-potential ideas.

4.5 Recognize challenges different people face moving from idea to opportunity.

Chapter Exercises and Projects Chapter 5: Using Design Thinking Chapter Learning Objectives: 5.1 Differentiate between design and design thinking.

5.2 Demonstrate design thinking as a human-centered process focusing on customers and their needs.

5.3 Describe the role of empathy in the design-thinking process.

5.4 Illustrate the five phases of the design-thinking process.

5.5 Demonstrate how to observe and interview customers to generate insights.

5.6 Explore using design thinking for services.

Proposed Activities Activity 1: Design Thinking (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Define design thinking and its role for entrepreneurs. Develop a needs assessment to identify what people in your community need. You can start by identifying key demographics and choosing one group.

E.g. you may choose parents of school age children dog owners people in certain age groups people where English is a second language etc.

Where might you go to receive local statistics on the people you are interested in? Who may have existing data? How would you go about assessing needs? What data collection methods would you use to understand what these groups need?

Learning Objectives:

5.1 Differentiate between design and design thinking.

5.2 Demonstrate design thinking as a human-centered process focusing on customers and their needs.

5.3 Describe the role of empathy in the design-thinking process.

5.4 Illustrate the five phases of the design-thinking process.

5.5 Demonstrate how to observe and interview customers to generate insights.

5.6 Explore using design thinking for services.

Activity 2: Empathy-Based Interview (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Develop an empathy-based interview protocol to capture the experience and needs of a potential customer. If you were interviewing a potential customer what questions would you ask and why? Make sure to develop an introductory script and a set of questions that would help you design an empathy map.

Learning Objectives: 5.1 Differentiate between design and design thinking.

5.2 Demonstrate design thinking as a human-centered process focusing on customers and their needs.

5.3 Describe the role of empathy in the design-thinking process.

5.4 Illustrate the five phases of the design-thinking process.

5.5 Demonstrate how to observe and interview customers to generate insights.

5.6 Explore using design thinking for services.

Activity 3: Empathy Map (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Develop an empathy map based on the learning about the experience of someone who is different than you. What was this process like? What did you learn? What was difficult about this process?

Learning Objectives: 5.3 Describe the role of empathy in the design-thinking process.

Activity 4: Brainstorming (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Conduct a brainstorming session and abide by IDEO’s brainstorming rules listed in your chapter to address the following questions in your text (or you can come up with your own questions). 

How might we enhance the entrepreneurship education experience of students?

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How might we improve how older people live independently?

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How might we redesign how adults learn in virtual worlds?

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How might we reimagine how people get around in a city without cars?

What was this process like? What was challenging about the process? What did you like?

What did you learn? Any surprise solutions?

Learning Objectives: 5.2 Demonstrate design thinking as a human-centered process focusing on customers and their needs.

5.4 Illustrate the five phases of the design-thinking process.

5.5 Demonstrate how to observe and interview customers to generate insights.

Chapter Exercises and Projects Chapter 6: Building Business Models Chapter Learning Objectives: 6.1 Define the business model.

6.2 Identify the four primary components of a business model.

6.3 Explain the importance of the customer value proposition.

6.4 Describe the different types of customer value propositions and learn how to identify customer segments.

6.5 Explore the components of the Business Model Canvas and the Lean Canvas.

Proposed Activities Activity 1: Business Model (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Choose any contemporary domestic or global company and go to their website and peruse their information. Describe the business model based on what you were able to find. How does a business model differ from a business plan?

Learning Objectives: 6.1 Define the business model.

6.2 Identify the four primary components of a business model.

Activity 2: The Four Parts of a Business Model (This can be done solo or as part of a team exercise or live discussion.)

Choose any contemporary domestic or global company and go to their website and peruse their information. Conduct a search on the company in peer-reviewed journals and trade magazines. Based on what you were able to find and describe their business model and each of the following components: the offering, the customers, the infrastructure, and the financial viability.

Learning Objectives: 6.1 Define the business model.

6.2 Identify the four primary components of a business model.

Activity 3: What job is the customer trying to get done?

(This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

According to your text, customers face at least one of the four problems that prevent them from getting a job done. These problems include: lack of time, lack of money, lack of skills, and lack of access.

Identify key stakeholders or customer groups in your community: What are the key jobs that key stakeholders need to get done?

What are the key barriers to getting these jobs done more efficiently?

Have you identified any potential opportunities? Tell us about this process.

Learning Objectives: 6.3 Explore the importance of the customer value proposition.

6.4 Describe the different types of customer value propositions and learn how to identify customer segments.

Activity 4: The Business Model Canvas (BMC) (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

As directed in your chapter, download a free copy of the Business Model Canvas from http://www.businessmodelgeneration.com/canvas/bmc.

Compare and contrast value creation and value delivery. How does each play an important role? Complete the BMC based on any of the problems you have identified in previous chapters. You can also brainstorm ideas in a team.

Learning Objectives: 6.5 Explore the components of the Business Model Canvas and the Lean Canvas.

Chapter Exercises and Projects Chapter 7: Developing Your Customers Chapter Learning Objectives: 7.1 Define customers and markets.

7.2 Differentiate the types of customers entrepreneurs may encounter.

7.3 Identify your customers through segmentation.

7.4 Explain the importance of market sizing in growing your customer base.

Proposed Activities Activity 1: Create an End User Profile (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

When coming up with a business idea, you must identify who your end user will be. An end user profile is made up of six items: demographics, psychographics, proxy product, watering holes, day in the life, and biggest fears and motivators. Using an idea of your own, create an end user profile by identifying each of the six items: 

demographics: (e.g., age, location, gender, career)

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psychographics: (e.g., attitudes, values, aspirations, fears)

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proxy product: (e.g., existing products your user is likely to buy)

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watering holes: (e.g., work conferences, group fitness classes)

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day in the life: (e.g., a day in the users’ shoes)

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biggest fears and motivators: (e.g., priorities, concerns)

Learning Objectives: 7.2: Differentiate the types of customers entrepreneurs may encounter.

7.3: Identify your customers through segmentation.

Activity 2: The Technology Adoption Life Cycle Model (This can be done solo or as part of a team exercise or live discussion; it can be used for online, face-to-face, or a blended format.)

Everett Rogers created a technology adoption life cycle model that divides the market into five categories of potential customers: innovators, early adopters, early majority, late majority, and laggards. Search online and find a video example that reflects the technology adoption life cycle model. Once you find a video, provide a 1–2 paragraph explanation of how the example represents each category of the lifecycle.

As an example, see the following YouTube video: https://www.youtube.com/watch?v=GA8z7f7a2Pk In the beginning of the video, you see a man dancing alone on a hill. He is representative of an innovator, doing his own thing and willing to try something new; he is taking a risk.

As the video goes on, a couple other people join in and start dancing, forming a small group of early adopters. These early adopters are also quick to adopt the dancing shortly after the main dancer did. Around the 1:30 mark in the video, the early majority join in once they see how much fun others are having while dancing. By the 2-minute mark, the late majority arrive once they see the group growing larger and more comfortable. All of those still sitting on the grass by the end of the videos are the laggards, who may never join in on the fun.

Learning Objectives: 7.2: Differentiate the types of customers entrepreneurs may encounter.

7.3: Identify your customers through segmentation.

Activity 3: Build Your Own Buyer Persona (Solo research exercise; it can be used for online, face-to-face, or a blended format.)

Figure 7.2 in the text provides an example of a buyer persona for Cooper, the stay-athome Dad. Using your own business idea, create a buyer persona figure for your potential customer and include the following: 

A picture representing your buyer.

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Lifestyle: includes 3–5 bullet points on the lifestyle of your buyer, what is their career, household, financial profile, interests, etc.

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Background: includes 3–5 bullet points on the background of your buyer, where did they go to school, what are their accomplishments? etc.

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Challenges/Pain Points: include 3–5 bullet points of the challenges and pain points of your buyer.

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Values: include 3–5 bullet points of what your buyer values most.

Learning Objectives: 7.2: Differentiate the types of customers entrepreneurs may encounter.

7.3: Identify your customers through segmentation.

Chapter Exercises and Projects

Chapter 8: Testing and Experimenting With New Ideas Chapter Learning Objectives: 8.1 Define experiments and describe why we do them.

8.2 Identify the types of experiments most commonly used.

8.3 Explore prototypes in greater depth.

8.4 Demonstrate how the scientific method guides experimentation and testing of new ideas.

8.5 Explore the interviewing process for customer feedback.

8.6 Evaluate the value of collecting your own data.

Proposed Activities Activity 1: Experiments and Experimentation (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

What are the advantages and disadvantages of experimentation as related to entrepreneurship? Conduct a search of peer-reviewed sources on methods and designs used to reach entrepreneurial activities? What methods/design are commonly listed?

What are some alternatives to experiments?

Learning Objectives: 8.1 Define experiments and describe why we do them.

8.6 Evaluate the value of collecting your own evidence.

Activity 2: Experimental Method (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Describe how you would do each of these steps in the scientific method in an entrepreneurial area you are interested in. What potential barriers might you experience and how would you address these?

1. identifying a question,

2. gathering background information, 3. developing a hypothesis, 4. testing the hypothesis, 5. analyzing the results, and 6. forming a conclusion.

Learning Objectives: 8.1 Define experiments and describe why we do them.

8.2 Identify the types of experiments most commonly used.

8.3 Explore prototypes in greater depth.

8.4 Demonstrate how the scientific method guides experimentation and testing of new ideas.

Activity 3: Ethics in Market Research (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Conduct a search for contemporary (last 5 years) examples where there may have been ethical issues with how market data were collected and used. What protections exist to protect the rights of consumers? How would you ensure that your own research abided by ethical guidelines?

See: Belmont Report: http://www.hhs.gov/ohrp/regulations-and-policy/belmont-report/ Learning Objectives: 8.3 Explore prototypes in greater depth.

8.4 Demonstrate how the scientific method guides experimentation and testing of new ideas.

8.6 Evaluate the value of collecting your own evidence.

Activity 4: Storyboarding (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Develop a four-quadrant storyboard to address a problem of your choice with your team and present it to your class. Collect questions that were generated and respond to them.

How did the process impact your initial ideas?

Learning Objectives: 8.3 Explore prototypes in greater depth.

8.5 Explore the interviewing process for customer feedback.

8.6 Evaluate the value of collecting your own data.

Chapter Exercises and Projects Chapter 9: Developing Networks And Building Teams Chapter Learning Objectives: 9.1 Explain the role of networks in building social capital.

9.2 Demonstrate the value of networks for entrepreneurs.

9.3 Describe different ways of building networks.

9.4 Explore how networking can help to build the founding team.

Proposed Activities Activity 1: Your network (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Assess the status of your current social network. What are the strengths of your list?

What are potential areas of improvement? What type(s) of stakeholders are missing?

Create three measureable and time-bound action steps to address expanding your network. Consider the three main advantages to networks: private information, access to diverse skill sets, and power.

Learning Objectives: 9.1 Explain the role of networks in building social capital.

9.2 Demonstrate the value of networks for entrepreneurs.

9.4 Explore how networking can help to build the founding team.

Activity 2: Networking (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Make a list of all of the words that you associate with networking. Consider how many have a positive connotation? Negative connotation? Based on your chapter, what are some of the myths related to networking? What is the role of authenticity and networking?

Learning Objectives: 9.1 Explain the role of networks in building social capital.

9.2 Demonstrate the value of networks for entrepreneurs.

9.4 Explore how networking can help to build the founding team.

Activity 3: Networking Events (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Research and identify a local or virtual networking event related to your field of study, professional interests, or even hobby. Register for the event. In preparation, read the chapter and create three goals for your attendance. After you attend, write a short reflection on the process. What did you learn? What did you like about the experience?

What was difficult? What would you do differently? Were you able to be authentic?

Learning Objectives: 9.1 Explain the role of networks in building social capital.

9.2 Demonstrate the value of networks for entrepreneurs.

9.3 Describe different ways of building networks.

9.4 Explain how networking can help to build the founding team.

Activity 4: Top Organizations for Entrepreneurs (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Pick three of the following organizations to research. Explore the website and call a representative. What did you learn? What opportunities are offered?

Table 9.3 Networking Groups for Entrepreneurs Chief

A private membership network focused on supporting women in business—specifically CEOs, founders, and other executive women.

Entrepreneurs’ Organization Peer-to-peer networking groups that has 200+ chapters (EO) across 60 countries.

Minority Business Provides programs, services, and initiatives to connect Development Agency and grow minority business entrepreneurs.

Social Enterprise Alliance A membership organization connecting social enterprise owners to learn, connect, and grow together.

StartOut Supports LGBTQ+ entrepreneurs through mentorship, networking events, and accelerators.

Vistage Connect CEOs of small- and medium-size organizations and creates advisory groups of 12–16 CEOs and owners for support, guidance, and shared problem-solving.

Young Entrepreneurs’ Council A selective organization that connects young (YEC) entrepreneurs in a peer learning and development community.

Young Presidents’ Premier leadership organization composed of 34,000 Organization (YPO) top executives, founders, and CEOs from all over the world and under 45 years of age.

Sources: Camberato, J. (2022, November 4). 7 networking groups every small business owner should be involved in. Entrepreneur. https://www.entrepreneur.com/growing-abusiness/7-networking-groups-every-small-business-owner-should-join/437040; Gerson, E. (2023, January 18). 12 resources for LGBTQ entrepreneurs. HubSpot. https://blog.hubspot.com/marketing/resources-for-lgbtq-entrepreneurs; Mroz, K. (2022, August 12). Networking groups for entrepreneurs and business owners. U.S. Chamber of Commerce. https://www.uschamber.com/co/start/strategy/networking-groups-forentrepreneurs Learning Objectives:

9.1 Explain the role of networks in building social capital.

9.2 Demonstrate the value of networks for entrepreneurs.

9.3 Describe different ways of building networks.

9.4 Explore how networking can help to build the founding team.

Activity 5: Virtual Networking (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

What social media do you use now professionally? If you have an existing LinkedIn Account, assess your profile–are there any gaps? What impression are you projecting?

Obtain the opinions of your classmates. If you do not have a LinkedIn Profile consider creating one and obtaining feedback from classmates.

Learning Objectives: 9.1 Explain the role of networks in building social capital.

9.2 Demonstrate the value of networks for entrepreneurs.

9.3 Describe different ways of building networks.

9.4 Explore how networking can help to build the founding team.

Chapter Exercises and Projects Chapter 10: Creating Revenue Models Chapter Learning Objectives: 10.1 Distinguish a revenue model from a business model and illustrate the most popular revenue models.

10.2 Explain how companies generate revenue by profiting from ―free.‖ 10.3 Identify the drivers that affect revenue as well as cost.

10.4 Describe different strategies entrepreneurs use when pricing their product or service.

10.5 Explore different methods of calculating price.

Proposed Activities Activity 1: Building a Revenue Model (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

According to your text, a revenue model is a key component of the business model and identifies how the company will earn income and generate profits.

Key questions include: 

How much are my customers willing to pay?



How many customers do I need?



How much cash can be generated through sales?



If I have more than one revenue stream, how much does each stream contribute to the total?

You may use the problem and solution you generated as part of your needs assessment exercise or you can create a hypothetical entrepreneurial business solution for this exercise. How would you go about answering the questions listed above? What methods would you use? What resources would you need?

Learning Objectives: 10.1 Distinguish a revenue model from a business model and illustrate the most popular revenue models.

Activity 2: Types of Revenue Models (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Compare and contrast 10 most popular revenue models used by entrepreneurs. Consider the advantages and disadvantages of each? What model is your favorite and why?

Learning Objectives:

10.1 Distinguish a revenue model from a business model and illustrate the most popular revenue models.

Activity 3: Generating Revenue from ―Free‖ (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Identify three companies (not discussed in the chapter) that offer free products or services. Ideally, one should be local, one should be national, and one should be global: What is provided free?

What services and/or products cost additional money?

Which of the following three types of free financial models do they represent and why: Direct cross-subsidies, Multi-Party Markets, The freemium model.

Learning Objectives: 10.1 Distinguish a revenue model from a business model and illustrate the most popular revenue models.

10.2 Explain how companies generate revenue by profiting from ―free.‖

Activity 4: Pricing Strategies (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

List and briefly describe the pricing strategies discussed in your text. Identify and list a business that appears to employ each strategy (one example per strategy). What do you think are the key revenue drivers that impact each business?

Learning Objectives: 10.3 Identify the drivers that affect revenue as well as cost.

10.4 Describe different strategies entrepreneurs use when pricing their product and service.

10.5 Explore different methods of calculating price.

Chapter Exercises and Projects

Chapter 11: Anticipating Failure Chapter Learning Objectives: 11.1 Describe failure and its effect on entrepreneurs.

11.2 Explore the spectrum of reasons for failure.

11.3 Discover the underlying reasons for fear of failure.

11.4 Recognize the different ways entrepreneurs can learn from failure.

11.5 Explain the role of resilience in overcoming failure.

Proposed Activities Activity 1: Failure and Its Impact (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Based on your network of colleagues identify people who have experienced ―failure‖ as entrepreneurs. How did the failure impact them? How did they make sense of the failure?

What were short-term effects? Long-term effects? What were the reasons for their failure?

Learning Objectives: 11.1 Describe failure and its effect on entrepreneurs.

11.2 Explore the spectrum of reasons for failure.

11.3 Discover the underlying reasons for fear of failure.

11.4 Recognize the different ways entrepreneurs can learn from failure.

Activity 2: How do you approach failure?

(This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

How an entrepreneur interprets failure or set-backs is instrumental in long-term success.

What are your personal beliefs about failure? List 10 beliefs you have about failure including:

I believe that failure means that I am…

Regarding the future, I believe that failure says...

Because of failure, people will perceive me as …….

Etc. As a next step, evaluate the credibility of each statement. What evidence do you have that supports each statement? What are alternative explanations? What beliefs are consistent with a resilient mindset?

Learning Objectives: 11.1 Describe failure and its effect on entrepreneurs.

11.2 Explore the spectrum of reasons for failure.

11.3 Discover the underlying reasons for fear of failure.

11.4 Recognize the different ways entrepreneurs can learn from failure.

11.5 Explain the role of resilience in overcoming failure.

Activity 3: Global Fear of Failure (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Based on the results of the Global Entrepreneurship Monitor report (GEM), compare and contrast two countries on their fear of failure. Choose one country that is relatively high and one that is relatively low. How do you understand the differences? What factors appear to drive global fear of failure?

Learning Objectives: 11.1 Describe failure and its effect on entrepreneurs.

11.2 Explore the spectrum of reasons for failure.

11.3 Discover the underlying reasons for fear of failure.

11.5 Explain the role of resilience in overcoming failure.

Activity 4: Grit (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

As discussed in the chapter, according to Duckworth, grit is the quality that enables people to work hard and sustain interest in their long-term goals. Grit is also related to resilience, not just in the face of failure, but in perseverance to stick to long-term commitments and goals.

Take the self-quiz is found at http://angeladuckworth.com/grit-scale/ How gritty are you? What do you think about the results? Any surprises? Do you think this is a valid indicator of your personality? Is grit a valid indicator or entrepreneurial success?

Validity tells us how meaningful and accurate an assessment maybe.

Learning Objectives: 11.1 Describe failure and its effect on entrepreneurs.

11.2 Explore the spectrum of reasons for failure.

11.3 Discover the underlying reasons for fear of failure.

11.4 Recognize the different ways entrepreneurs can learn from failure.

11.5 Explain the role of resilience in overcoming failure.

Chapter Exercises and Projects Chapter 12: Bootstrapping and Crowdfunding for Resources Chapter Learning Objectives: 12.1 Define bootstrapping and illustrate how it applies to entrepreneurs.

12.2 Describe common bootstrapping strategies used by entrepreneurs.

12.3 Explain the difference between crowdsourcing and crowdfunding.

12.4 Explore the effects of crowdfunding on entrepreneurship.

12.5 Discuss the 4 contexts for crowdfunding.

12.6 Examine best practices entrepreneurs use to conduct successful crowdfunding campaigns.

Proposed Activities Activity 1: Bootstrapping (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Your text offers a list of 12 common bootstrapping strategies. Reflect on these items and consider whether there are any items missing? What else can you do as an entrepreneur to bootstrap your business? What strategies do you find particularly appealing and why?

Rank the list from what you think is most to least effective. 

Work from home to save on renting an office, or if you need an office, use coworking spaces instead.



Never buy new what you can borrow, lease, or get for free; for example, borrow or lease office equipment such as computers, printers, and so on.



Take as little salary for yourself for as long as possible.



Use your network of friends and family to get what you need at a reduced rate or for free.



Educate yourself on basic legal and accountancy matters before paying high fees to a lawyer or accountant.



Reimburse advisors and consultants with equity and goodwill where possible.



Be frugal with your travel—drive rather than fly and choose cheap accommodation.



Hire help if you need it, but keep in mind some employees may agree to work temporarily for an equity share in the business rather than a cash payment.



Attend every possible networking event to make connections and get introductions to people that may be able to contribute to or enhance your business.



Offer discounts to early customers to ensure a consistent cash flow. Not only will this help to cover overheads, but it will also help you build a loyal customer base.



Negotiate payment terms with suppliers (if you have them) and explain how they will benefit when your business takes off.



Outsource some tasks if you are struggling to keep up with the workload. For example, 99designs and Fiverr are good examples of websites that can provide

you with the services you need, allowing you more time to focus on the parts of the business that generate the most income. 

Don’t give up your day job until the business is productive and making proper money.

Source: Based on information from Sharp, G. (2014). The ultimate guide to bootstrapping: How you can build a profitable company from day one [Kindle ed.]. Real.

Cool. Media; Victor, A. (2018). Bootstrapping strategies for building successful business.

Medium. https://medium.com/@agvictorsblog/bootstrapping-strategies-for-buildingsuccessful-business-8fc0b1f65513

Learning Objectives: 12.1 Define bootstrapping and illustrate how it applies to entrepreneurs.

12.2 Describe common bootstrapping strategies used by entrepreneurs.

Activity 2: Crowdfunding versus Crowdsourcing (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

What is the difference between crowdfunding and crowdsourcing? Identify companies (2 per each type) that practice each and describe their strategy.

Learning Objectives: 12.1 Define bootstrapping and illustrate how it applies to entrepreneurs.

12.2 Describe common bootstrapping strategies used by entrepreneurs.

12.3 Explain the difference between crowdsourcing and crowdfunding.

12.4 Explore the effects of crowdfunding on entrepreneurship.

Activity 3: The Four Contexts for Crowdfunding (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Describe the four main contexts for crowdfunding. Describe how you would hypothetically use each to fund a business. Identify a local entrepreneur and ask them what role crowdfunding played in their business.

Learning Objectives: 12.1 Define bootstrapping and illustrate how it applies to entrepreneurs.

12.3 Explain the difference between crowdsourcing and crowdfunding.

12.4 Explore the effects of crowdfunding on entrepreneurship.

12.5 Discuss the 4 contexts for crowdfunding.

12.6 Examine best practices entrepreneurs use to conduct successful crowdfunding campaigns.

Activity 4: Crowdfunding Campaign (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Using the crowdfunding tips below, outline the tasks involved in launching an effective crowdfunding campaign. How would you go about implementing each? Discuss specific strategies. How would you avoid common mistakes?

Crowdfunding Checklist Crowdfunding Tip

Stage of Completion from 1 to 5 with 5 = Fully Accomplished

1. Make sure your product or service solves a real problem.

2. Test and refine your idea.

3. Be prepared.

4. Seek and accept advice.

5. Start socializing your campaign early.

6. Money matters.

7. Focus on the video.

8. Make the most of crowdfunding opportunities.

9. Promote your campaign extensively.

10. Commit to and manage your campaign.

Learning Objectives: 12.4 Explore the effects of crowdfunding on entrepreneurship.

12.5 Discuss the 4 contexts for crowdfunding.

12.6 Examine best practices entrepreneurs use to conduct successful crowdfunding campaigns.

Chapter Exercises and Projects Chapter 13: Financing for Startups Chapter Learning Objectives: 13.1 Define equity financing for entrepreneurs and outline its main stages.

13.2 Illustrate the basics of business valuation.

13.3 Describe angel investors and how they finance entrepreneurs.

13.4 Explore the role of venture capital in entrepreneurship.

13.5 Explain how investors carry out due diligence processes.

Proposed Activities Activity 1: Angel versus VC (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Compare and contrast the angel versus VC. Identify businesses that have used each. What do you think would be most appropriate to use for a business idea you may have? Why? Learning Objectives: 13.3 Describe angel investors and how they finance entrepreneurs.

13.4 Explore the role of venture capital in entrepreneurship.

Activity 2: Understanding Investors (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Watch an episode of Shark Tank and discuss what you learned about what investors are looking for when they decide whether to move forward. What types of questions were asked? What information was important to them? How does this information compare to that presented in your text?

Learning Objectives: 13.4 Explore the role of venture capital in entrepreneurship.

13.5 Explain how investors carry out due diligence processes.

Activity 3: Most Active Angel Groups in the United States, 2020 (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Explore the websites of the most active angel groups in the United States (in 2020)–what types of business are financed? Is there a process outlined? What did you learn?

1. Keiretsu Forum 2. Houston Angel Network 3. Golden Seeds 4. New York Angels 5. Social Venture Circle

6. Alliance Angels and Irish Angels (tied) 8. Desert Angels and Maine Angels (tied) 10. Astia Angels

Learning Objectives: 13.1 Define equity financing for entrepreneurs and outline its main stages.

13.2 Illustrate the basics of business valuation.

13.3 Describe angel investors and how they finance entrepreneurs.

13.5 Explain how investors carry out due diligence processes.

Activity 4: Venture Capitalist (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Describe the process you might take to locate and approach a potential local venture capitalist to fund your business. Where would you look? What strategies would you employ to approach potential venture capitalists? What information would they need to make a decision? What questions would you be prepared to answer?

Learning Objectives: 13.1 Define equity financing for entrepreneurs and outline its main stages.

13.2 Illustrate the basics of business valuation.

13.3 Describe angel investors and how they finance entrepreneurs.

13.4 Explore the role of venture capital in entrepreneurship.

13.5 Explain how investors carry out due diligence processes.

Chapter Exercises and Projects

Chapter 14: Navigating Legal and IP Issues Chapter Learning Objectives: 14.1 Discuss how legal considerations can add value to entrepreneurial ventures.

14.2 Explore the most common types of legal structures available to startups.

14.3 Define IP and how it affects entrepreneurs.

14.4 Assess the global impact of IP theft.

14.5 Explain the legal requirements of hiring employees.

Proposed Activities Activity 1: Resources (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Explore each of the following resources. What did you learn? How might each be helpful in the start-up of a business? Maintenance? Dissolution?

United States Patent and Trademark Office Quora

Avvo

U.S. Small Business Administration Startup Company Lawyer

LegalZoom∗

You can learn about patent and trademark basics, search existing patents, and register trademarks. https://www.uspto.gov/ A question-and-answer website on thousands of topics but also a good place to ask legal questions.

There is an area devoted to startup law. https://www.quora.com/topic/Startup-Law-1 A lawyer directory that allows you to search based on location, expertise, rating, and years of experience. https://www.avvo.com/ A comprehensive site for entrepreneurs that offers free guides for legal compliance in starting and running a business. https://www.sba.gov/ Good sources for answers to frequently asked legal questions, such as ―When do I need to incorporate a company?‖ and ―What state should I incorporate in?‖ and ―What type of entity should I form?‖ http://www.startupcompanylawyer.com/ Provides legal services to help start and run a business as well as file trademark applications. https://www.legalzoom.com/

NOLO∗ Rocket Lawyer∗

Offers low-cost DIY kits for setting up business entities. https://www.nolo.com/ Helps you draft legal documents to start a business, manage employees, or rent property. https://www.rocketlawyer.com/

∗Note: The authors are not advocating or promoting any paid services. We have no

relationship with any site promoting products for a fee.

Learning Objectives: 14.1 Discuss how legal considerations can add value to entrepreneurial ventures.

14.2 Explore the most common types of legal structures available to startups.

Activity 2: Legal Structures (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Compare and contrast the main legal structures and find a business that exemplifies each.

What would you use and why?

Sole proprietorship, general partnership, C Corporation, S Corporation, Limited Liability Company (LLC), Limited Partnership, Benefit Corporation Learning Objectives: 14.1 Discuss how legal considerations can add value to entrepreneurial ventures.

14.2 Explore the most common types of legal structures available to startups.

Activity 3: Founder Agreement (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Pretend you are launching a start-up with three individual and draft a mock founder agreement as a team; present it to your class. What were the most difficult decisions?

Learning Objectives:

14.1. Discuss how legal considerations can add value to entrepreneurial ventures.

14.2. Explore the most common types of legal structures available to startups.

Activity 4: Intellectual Property (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Intellectual property (IP) describes intangible personal property created by human intelligence, such as ideas, inventions, slogans, logos, and processes.

What are the four most common forms of IP? How does an entrepreneur potentially use these to protect their business?

Learning Objectives: 14.3 Define IP and how it affects entrepreneurs.

14.4 Assess the global impact of IP theft.

Activity 5: Hiring Employees (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Compare and contrast hiring an employee versus a contractor. What legal steps are involved in each?

Learning Objectives: 14.5 Explain the legal requirements of hiring employees.

Chapter Exercises and Projects

Chapter 15: Engaging Customers Through Marketing Chapter Learning Objectives: 15.1 Explain the principles of marketing and how they apply to new ventures.

15.2 Define entrepreneurial marketing and explain how it is different from traditional marketing.

15.3 Describe branding and the importance of building a brand.

15.4 Explore the most important elements of digital marketing for entrepreneurs.

15.5 Discover how influencers are becoming a core part of entrepreneurial marketing.

Proposed Activities Activity 1: Traditional versus Entrepreneurial marketing (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Compare and contrast traditional versus entrepreneurial marketing. Identify business that uses traditional and entrepreneurial—How can you tell?

Learning Objectives: 15.1 Explain the principles of marketing and how they apply to new ventures.

15.2 Define entrepreneurial marketing and explain how it is different from traditional marketing.

Activity 2: Social Media (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

What are the advantages and challenges related to marketing and social media? What does the entrepreneur need to be aware of?

Propose a social media marketing campaign for a hypothetical business: What steps would you take?

What platforms would you use and why?

How would you assess whether or not you were successful?

How would you need to modify your pitch to be effective in social media?

Learning Objectives: 15.1 Explain the principles of marketing and how they apply to new ventures.

15.2 Define entrepreneurial marketing and explain how it is different from traditional marketing.

15.4 Explore the most important elements of digital marketing for entrepreneurs.

Chapter Exercises and Projects Chapter 16: Pitching to Launch Chapter Learning Objectives: 16.1 Examine ―planning‖ from an entrepreneurial perspective.

16.2 Explore the 4 most common planning activities of startups.

16.3 Review the essential questions that any planning document must answer.

16.4 Describe the different types of pitches entrepreneurs should create.

16.5 Show examples of the content in an extensive pitch deck.

16.6 Acquire tips for delivering effective pitches.

Proposed Activities Activity 1: Planning (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Compare and contrast traditional business planning and planning for the entrepreneur.

Make sure to include information about the purpose of planning, the process of planning, and how the plan is documented. What are the different potential formats for the entrepreneurial business plan?

Learning Objectives: 16.1 Examine ―planning‖ from an entrepreneurial perspective.

16.2 Explore the 4 most common planning activities of startups.

16.3 Review the essential questions that any planning document must answer.

Activity 2: Feasibility Study (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

What role do feasibility studies have in business planning for entrepreneurs? Design a feasibility study to address whether your ideas are feasible. What data would collect?

What are the key questions you would want to answer prior to implementation? You may use the same problem that you used as part of your needs assessment or create a hypothetical problem and solution.

Learning Objectives: 16.1 Examine ―planning‖ from an entrepreneurial perspective.

16.2 Explore the 4 most common planning activities of startups.

16.3 Review the essential questions that any planning document must answer.

Activity 3: Debate (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

You chapter discusses that there is considerable debate on the value of spending the time writing a business plan. Argue for and against the development of a written document.

Learning Objectives: 16.1 Examine ―planning‖ from an entrepreneurial perspective.

16.2 Explore the 4 most common planning activities of startups.

16.3 Review the essential questions that any planning document must answer.

Activity 4: Pitch Deck Slides (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Develop and present a set of pitch deck slides; obtain feedback; what went well? What could you do differently next time?

Learning Objectives: 16.4 Describe the different types of pitches entrepreneurs should create.

16.5 Show examples of the content in an extensive pitch deck.

16.6 Acquire tips for delivering effective pitches.

Activity 5: Question and Answer (This can be done solo or as a team exercise; it can be used for online, face-to-face, or a blended format.)

Prepare a list of questions that are typically asked of an entrepreneur who has presented their pitch. How would you prepare to answer each?

Now, watch an episode of Shark Tank and compare the questions asked by the potential investors to those you came up with. What would you have liked to ask the contestants?

Learning Objectives: 16.4 Describe the different types of pitches entrepreneurs should create.

16.5 Show examples of the content in an extensive pitch deck.

16.6 Acquire tips for delivering effective pitches.

Chapter Exercises and Projects

Ongoing Course Projects The following projects can be assigned as solo course projects.

1. Create a career portfolio that includes key skills you have learned in this course: Introduction and background (2–3 pages) Explain your goals for the course and how they fit into your career goals. How does entrepreneurship align with your career goals?

Competencies (3–6 pages) List competencies that you have acquired in this course and compile supporting documents.

Describe how you may use these competencies in other contexts than this course.

2. Develop a proposal and related pitch for a start-up Based on the ideas presented in your text, develop a comprehensive proposal for a start-up. Make sure that you clearly outline what problem you intend to address and your target customer base. How do you intend to fund your start-up? Please incorporate templates from your textbook to construct your proposal. Develop a pitch that corresponds to your proposal.

3. Contemporary events Compile a collection of media articles of contemporary events that highlight six of the course concepts addressed this semester. Please include an explanation of why the event illustrates the concept (do not just include news clips).

4. Wicked problem research paper Choose a wicked problem that fits the definition outlined in your text. Locate at least five peer-reviewed journal articles on the topic. You may also include contemporary media coverage from credible sources and material from credible trade magazines.

Background and facts Who is impacted and how? Documented negative consequences and scope of problem.

What makes it a wicked problem?

Existing solutions Document and describe what has been done to date to address the issue. How have these solutions fallen short?

Your proposal Propose a solution. How is it different than what has already been tried?

5. Track the evolution of an entrepreneur Choose any entrepreneur that is not discussed in your text and outline the following: How did they get their start?

Have they ever failed? If so how did they manage their failure?

How do they exemplify the mindset of the entrepreneur as presented in your text?

If you could interview this person what questions would you ask them?

What have you learned from this process?

How do you identify with this person? How are you different?