M Business 5Th Edition Ferrell Solutions Manual Full Chapter PDF

Ferrell / Hirt / Ferrell:
Instructor’s Manual - Chapter 5

Business
M Business 5th Edition Ferrell

Solutions Manual
Full download at link:
Solution Manual: https://testbankpack.com/p/solution-manual-for-m-

business-5th-edition-ferrell-hirt-1259578143-9781259578144/
Test Bank: https://testbankpack.com/p/test-bank-for-m-business-5th-

edition-ferrell-hirt-1259578143-9781259578144/
Chapter 5: Small Business, Entrepreneurship,

and Franchising
Use this Instructor’s Manual to facilitate class discussion and incorporate the unique features of the text’s
highlights. Follow-up via the Connect exercises is then encouraged to provide a holistic understanding of the
chapter.
CHAPTER FORECAST
This chapter surveys the world of entrepreneurship and small business. First we define entrepreneurship and
small business and examine the role of small business in the American economy. Then we explore the
advantages and disadvantages of small-business ownership and analyze why small businesses succeed or fail.
Next, we discuss how an entrepreneur goes about starting a business and the challenges facing small
businesses today. Finally, we look at entrepreneurship in larger organizations.
LEARNING OBJECTIVES
LO 5-1 Define entrepreneurship and small business.

LO 5-2 Investigate the importance of small business in the U.S. economy and why certain fields attract
small business.
LO 5-3 Specify the advantages of small-business ownership.
1 Instructor’s Manual – Chapter 5 | Ferrell / Hirt / Ferrell: Business © 2017 by McGraw-Hill Education.
This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This
document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Business
LO 5-4 Summarize the disadvantages of small-business ownership, and analyze why many small
businesses fail.
LO 5-5 Describe how you go about starting a small business and what resources are needed.
LO 5-6 Evaluate the demographic, technological, and economic trends that are affecting the future of
small business.
LO 5-7 Explain why many large businesses are trying to “think small.”
LEARN THE TERMS
business plan (p. 156) franchiser (p. 159) Small Business

Administration (SBA) (p. 147)
entrepreneurship (p. 146) intrapreneurs (p. 164)
undercapitalization (p. 155)
franchise (p. 159) small business (p. 147)
venture capitalists (p. 158)
franchisee (p. 159)
Business
KEY TERMS AND DEFINITIONS
business plan A precise statement of the rationale for a business and a step-by-
step explanation of how it will achieve its goals.
entrepreneurship The process of creating and managing a business to achieve desired

objectives.
franchise A license to sell another’s products or to use another’s name in

business, or both.
franchisee The purchaser of a franchise.
franchiser The company that sells a franchise.
intrapreneurs Individuals in large firms who take responsibility for the

development of innovations within the organizations.
small business Any independently owned and operated business that is not
dominant in its competitive area and does not employ more than
500 people.
Small Business An independent agency of the federal government that offers

Administration (SBA) managerial and financial assistance to small businesses.
undercapitalization The lack of funds to operate a business normally.
venture capitalists Persons or organizations that agree to provide some funds for a new
business in exchange for an ownership interest or stock.
Business
CONTENT OUTLINE
The following section provides the flow of information using the LEARNING OBJECTIVES as a guide, KEY TERMS
learners will need to take away from the course and a notation of when to use POWERPOINT SLIDES with
LECTURE NOTES to drive home teaching points. There is also a reminder on when CONNECT activities can be
used. This is created so that you can facilitate in-class or online discussion effectively.
LO 5-1 Define entrepreneurship and small business. Key Terms:
• Introduction • Entrepreneurship
• The Nature of Entrepreneurship • Small business
o What is a Small Business? • Small Business
o The Role of Small Business in the American Administration (SBA)
Economy
PowerPoint Slides Lecture Outline and Notes:
PPT 5.4 I. The Nature of Entrepreneurship and Small Business

A. Entrepreneurship is the process of creating and managing a business to
achieve desired objectives. The entrepreneurship movement has been
accelerating.
1. Some entrepreneurs who start small businesses have the ability to see
emerging trends; in response, they create a company to provide a
product that meets customer needs.
2. Technology once available only to the largest firms can now be
obtained by small business.
3. Companies such as Procter & Gamble, McDonald’s, and Dell
PPT 5.5 Computers all started out as small businesses. Now they have become
major global corporations. Many of the entrepreneurs that founded
these businesses, such as Steve Jobs (Apple), Michael Dell (Dell
Computers), Larry Page and Sergey Brin (Google), and Bill Gates
(Microsoft) are recognized as some of the greatest entrepreneurs.
(Table 5.1)
PPT 5.6 B. What Is a Small Business?
1. The textbook’s definition of small business is any independently
owned and operated business that is not dominant in its competitive
area and employs fewer than 500 people. (Table 5.3)
2. This is similar to the definition used by the Small Business
Administration (SBA), an independent agency of the federal
government that offers managerial and financial assistance to small
businesses.
Business
PPT 5.7 C. The Role of Small Business in the American Economy (Table 5.2)
1. Small businesses are vital to the soundness of the American
economy.
2. Over ninety-nine percent of all U.S. firms are classified as small
PPT 5.8
businesses, and they employ 50 percent of private workers.
3. They represent 98 percent of all U.S. exporters of goods and
contribute 33 percent of the value of these exports.
4. Small businesses fuel job creation and innovation and provide
significant opportunities for minorities and women to succeed in
business.
5. Small businesses generate 63 percent of net new jobs.
a. Many new jobs are also created by big-company/small-company
alliances.
PPT 5.9 6. Women-owned businesses are responsible for more than 7.7 million
American jobs and contribute $1.3 trillion to the national economy.
Women own more than 8 million businesses nationwide.
7. Minority-owned businesses have been growing faster than other
classifiable firms as well, representing 21.3 percent of all small
businesses. The number of minority-owned businesses is increasing at
a rate of 30 percent.
8. 99.7 percent of all businesses employ fewer than 500 people.
Businesses employing 19 or fewer people account for 89.8 percent of
all businesses.
PPT 5.10 9. Small businesses contribute highly to innovation and bring significant
changes and benefits to customers. For instance, the airplane, audio
tape recorder, fiber-optic examining equipment, the heart valve,
optical scanner, personal computer, soft contact lenses, the Internet,
and even the zipper were innovations by small businesses.
PPT 5.11 a. Founder and CEO of the small firm UniKey, Phil Dumas, invented a
new way for consumers to keep their doors locked
b. Invented Kevo, a motorized deadbolt that links to users’ iPhones
(with just a touch of a finger, consumers can lock and unlock their
doors from remote locations)
c. UniKey distributes products in major retailers such as Lowe’s and
Home Depot
d. Just one example of a small company with the ability to innovate
and contribute to the benefit of customers
Business
LO 5-2 Investigate the importance of small business in the U.S. economy Key Terms:
and why certain fields attract small business.
• Industries That Attract Small Business
PPT 5.12 D. Industries That Attract Small Business

1. Small businesses are found in every industry, but some areas are
especially attractive because they are relatively easy to enter, require
low initial financing, and/or offer relatively easy ways to target a
specific group of customers.
PPT 5.13 2. Retailing and Wholesaling
a. A retailer acquires goods from producers or wholesalers and sells
them to consumers. Retailing is attractive to small-business
owners because it is easy to gain experience and exposure in the
field and the financial cost of opening a retail store is relatively
low.
b. Wholesalers supply products to industrial, retail, and institutional
users for resale or for use in making other products. Small
businesses are successful in wholesaling activities because they
are close to final customers and know how to keep them satisfied.
3. Services
a. Service providers work for others but do not actually produce
tangible goods.
b. The service sector accounts for 80 percent of U.S. jobs.
c. Many service providers are also retailers because they provide
their services to ultimate consumers.
PPT 5.14
4. Manufacturing
a. Small businesses can often customize products to meet specific
customer needs and wants.
b. The Malcolm Baldrige Award recognizes achievements in quality
and performance in businesses of all sizes
5. High Technology businesses depend heavily on advanced scientific and
engineering knowledge.
a. In general, high-technology businesses require greater capital and
have higher initial startup costs than do other small businesses.
b. 37 percent of high-tech jobs are in small business
Business
PPT 5.17 E. Successful Traits of Young Entrepreneurs (Table 5.4)

1. Intuitive
2. Productive
4. Resourceful
5. Charismatic
7. Innovative
8. Risk-taker
9. Persistent
10. Friendly
LO 5-3 Specify the advantages of small-business ownership. Key Terms:
• Advantages of Small-Business Ownership

o Independence
o Costs
o Flexibility
o Focus
o Reputation
PPT 5.16 II. Advantages of Small-Business Ownership

PPT 5.18 A. Independence
1. Independence and the opportunity to better themselves are leading
reasons why entrepreneurs go into business for themselves.
2. Freedom to work where and when they want is desired by many
small-business entrepreneurs.
PPT 5.19
B. Small businesses usually require less money to start and maintain than
large ones.
PPT 5.20 C. Flexibility
1. Small businesses have the flexibility to adapt to changing market
demands.
2. With only one layer of management, decisions can be made quickly.
D. Small firms can focus their efforts on a precisely defined market niche—a
specific group of customers—to address a need that other companies
have not addressed.
E. Many small firms can develop reputations for quality and service,
demonstrating a commitment to customer satisfaction.
Business
LO 5-4 Summarize the disadvantages of small-business ownership, and Key Terms:

analyze why many small businesses fail.
• Undercapitalization
• Disadvantages of Small-Business Ownership
o High Stress Level
o High Failure Rate
PPT 5.22 III. Disadvantages of Small-Business Ownership

A. High Stress Level
1. Worries about the business, competition, or changing market demand
cause stress.
2. Long work days are the norm.
B. High Failure Rate (Table 5.5)
PPT 5.23
1. There is no guarantee of small business success.
2. Half of all small businesses fail within five years.
3. Small businesses fail for many reasons.
a. Poor business management causes many failures.
b. Other causes include burdens imposed by government regulation,
insufficient funds during slow sales periods, and competition from
others.
4. The shortest path to failure in business is undercapitalization—
lacking sufficient funds needed to operate the business normally.
5. Poor management is the cause of many business failures: Just because
an entrepreneur has a brilliant vision for a small business does not
mean he or she has the knowledge or experience to manage a growing
business effectively.
a. Expanding a hobby into a business may work if a genuine market
niche exists, but all too often people start such a business
without identifying a real need for the goods or services.
6. Growth requires specialized management skills that the owner may
not have nor have the time to acquire.
a. Growth often requires the owner to give up a certain amount of
direct authority, and it can be hard for someone who has called
all the shots to give up control.
Business
LO 5-5 Describe how you go about starting a small business and what Key Terms:
resources are needed.
• Business plan
• Starting a Small Business • Venture capitalists
o The Business Plan • Franchise
o Forms of Business Ownership
• Franchiser
o Financial Resources
• Franchisee
o Approaches to Starting a Small Business
o Help for Small-Business Managers
PPT 5.24 IV. Starting a Small Business
A. Creating a small business involves starting out with a concept or idea.
Then it involves creating a business plan. After, the entrepreneur must
devise a strategy to guide planning and development.
B. The Business Plan
PPT 5.25
1. A business plan is a precise statement of the rationale for the business
and a step-by-step explanation of how it will achieve its goals.
connect 2. It should include an explanation of the business, an analysis of the
competition, estimates of income and expenses, a strategy for
Need help acquiring sufficient funds to keep the business going, and other
understanding How information.
an Entrepreneur Can
Secure Financing for 3. The business plan should act as a guide and reference document.
Small Business? Visit 4. It should be revised periodically to ensure that the firm’s goals and
your Connect ebook strategies can adapt to changes in the environment.
video tab for a brief
animated 5. Business plans also allow companies to assess market potential,
explanation. determine price and manufacturing requirements, and refine product
selection.
C. Forms of Business Ownership
PPT 5.26
1. After developing a business plan, the entrepreneur has to decide on
an appropriate legal form of business ownership, such as a sole
proprietorship, partnership, or corporation.
PPT 5.27 D. Financial Resources

1. To make money from a small business, the owner must provide or
obtain money (capital) to start the business and to keep it running
smoothly. Financing options include loans, stocks, or equity financing.
Business
PPT 5.28 2. Equity Financing

a. Equity financing occurs when the owner uses real personal assets
rather than borrowing funds from outside sources to get started
in a new business.
b. Small businesses can also obtain equity financing by finding
investors for their operations.
1) They may sell stock in the business to family members,
friends, employees, or other investors.
PPT 5.29 2) Venture capitalists are persons or organizations that agree to
provide some funds for a new business in exchange for an
ownership interest or stock.
3) This form of equity financing requires that the small business
owner share the profits or the control of the business.
3. Debt Financing
PPT 5.32
a. Banks are the main suppliers of external debt financing to small
businesses.
b. The Small Business Administration offers financial assistance to
qualifying businesses.
c. Small business owners can look to family and friends as sources
for loans of long-term funds or other assets, such as computers or
automobiles that are exchanged for an ownership interest in a
business.
PPT 5.33 d. The amount a financial institution is willing to loan depends on its
assessment of the venture’s likelihood of success and of the
entrepreneur’s ability to repay the loan.
1) The owner is often required to put up collateral—a financial
interest in the property or fixtures of the business—to
guarantee payment of the debt.
2) The small business owner may also have to offer some
personal property as collateral, such as a home, in which case
the loan is called a mortgage.
e. Financial institutions can also grant a small business a line of
credit—an agreement by which a financial institution promises to
lend a business a predetermined sum on demand.
PPT 5.34 f. Small businesses may also obtain funding from their suppliers in
the form of trade credit; suppliers allow the business to take
possession of the needed goods and services and pay for them at
a later date or in installments.
g. Occasionally, small businesses engage in bartering, trading their
own products for the goods and services offered by other
businesses.
h. Some community groups, state, and local agencies sponsor loans,
especially to minority businesspeople or for development in
certain areas.
Business
PPT 5.35 E. Approaches to Starting a Small Business

1. Starting from Scratch Versus Buying an Existing Business
a. Buying an already existing business has the advantage of providing
a network of existing customers and suppliers.
b. However, the entrepreneur must deal with the problems the
business already has.
PPT 5.36 2. Franchising
a. A license to sell another’s products or to use another’s name in
business, or both, is a franchise.
1) The company that sells a franchise is the franchiser.
2) The purchaser of a franchise is called a franchisee.
b. The franchisee acquires the rights to a name, logo, methods of
operation, national advertising, products, and other elements
associated with the franchiser’s business in return for a financial
commitment and the agreement to conduct business in
accordance to the franchiser’s standard of operations.
c. The initial fee to join a franchise varies greatly. In addition,
franchisees buy equipment, pay for training, and obtain a
mortgage or lease. The franchisee also pays the franchiser a
monthly or annual fee based on the percentage of sales or profits.
d. Dunkin’ Donuts, Subway, and Jiffy Lube are examples of
franchises. (Table 5.6)
e. Advantages of franchising
PPT 5.37 1) Franchising allows a franchisee the opportunity to set up a
small business relatively quickly, and a franchise outlet often
reaches the breakeven point faster than an independent
business would because of its association with an established
brand.
2) Management training and support
3) Brand-name appeal
4) Standardized quality of goods and services
5) National and local advertising programs
6) Financial assistance
7) Proven products and business formats
8) Centralized buying power
9) Site selection and territorial protection
10) Greater chance for success
Business
PPT 5.38 f. Disadvantages of franchising

1) Franchise fees and profit sharing with the franchiser
2) Strict adherence to standardized operations
3) Restrictions on purchasing
4) Limited product line
5) Possible market saturation
6) Less freedom in business decisions
g. The practice of franchising first began in the United States in the
19th century when Singer used it to sell sewing machines. The
concept of franchising grew especially rapidly during the 1960s,
when it expanded to diverse industries.
PPT 5.41 F. Help for Small Business Managers
1. Many organizations exist to help small businesses
a. Small Business Administration
1) Small Business Development Centers
2) Service Corps of Retired Executives
3) Active Corps of Executives
4) Small Business Institutes
b. College courses and seminars
c. Chambers of Commerce and U.S. Department of Commerce
d. National publications such as Inc. and Entrepreneur, as well as
weekly business journals/newspapers.
e. Advice and help from other small businesses
f. Networking
1) Networking—building relationships and sharing information
with colleagues—is vital for any businessperson.
LO 5-6 Evaluate the demographic, technological, and economic trends that Key Terms:
are affecting the future of small business.
• The Future of Small Business

o Demographic Trends
o Technological and Economic Trends
Business
PPT 5.42 V. The Future for Small Business

A. Demographic Trends
1. The baby boom generation (those born between 1946 and 1964) is
wealthy and aging, but not actively pursued by most small businesses.
2. Another market with huge potential for small business is the echo
boomers (those born between 1977 and 1994; also called Millennials
or Generation Y), who shop frequently and spend lavishly. Millennials
PPT 5.43 number about 75 million.
3. The growing number of immigrants living in the United States
represents another potential market for small business. Immigrants
represent about 16 percent of the population.
PPT 5.44 B. Technological and Economic Trends
1. Technological advances have opened many new markets to small
business.
a. Jack Dorsey founded the idea for Twitter on a sketchpad. He says
the idea was based on how dispatched vehicles, such as cabs,
communicate with one another. Via radio, they are constantly
squawking to each other about where they are and what they are
doing.
2. Small businesses can react quickly to changes in the economy.
3. Economic turbulence provides opportunities and threats
4. Changes in communication and technology can allow small companies
to customize their services quickly for international customers.
Deregulation of the energy market and interest in alternative fuels
and in fuel conservation has spawned many small businesses.
C. Top cities to start a small business (Table 5.7)
LO 5-7 Explain why many large businesses are trying to “think small”. Key Terms:
o Making Big Businesses Act “Small” • Intrapreneurs
Business
PPT 5.46 VI. Making Big Businesses Act “Small”

A. The success and competitiveness of small businesses have led many large
corporations to take a closer look at what makes their smaller rivals tick.
B. Many large corporations are focusing on downsizing. This process involves
the reduction of management layers, corporate staff, and work tasks in
order to make the firm more flexible, resourceful, and innovative like a
smaller business.
C. Many companies are trying to instill a spirit of entrepreneurship. In major
corporations, intrapreneurs, like entrepreneurs, are employees who take
responsibility for the development of innovations of any kind within the
large organization.
Business
BOXED TEXT DISCUSSION QUESTIONS
ENTER THE WORLD OF BUSINESS—Chobani Yogurt Fights for Dominance in the Yogurt Market
Hamdi Ulukaya, the founder of Chobani Yogurt, made it into the billion-dollar venture it is now. At one time,
Greek yogurt accounted for less than 1 percent of the yogurt market in the United States; it now makes up
50 percent. With the help of a Small Business Administration loan, Ulukaya purchased a small yogurt plant
Kraft was selling. Ulukaya does not outsource but maintains control of the entire manufacturing process.
Under his leadership, the company has become a challenger to the top yogurt makers in the industry in only
a matter of years. In fall 2013 the company had to recall its yogurt after reports that mold growing in the
yogurt made consumers sick. Chobani is facing increased competition from more established rivals such as
Danone’s Oikos brand and Yoplait Greek.
1. What are some likely reasons that Chobani Yogurt has become such a success?
The owner does not outsource but maintains control of the entire manufacturing process. Hamdi
Ulukaya is considered a strong and respected leader. Greek yogurt has recently become very popular and
accounts for 50% of the yogurt market in the United States.
2. Describe some of the challenges that Chobani is facing.
The company had to recall its yogurt after reports that mold growing in the yogurt made consumers sick.
Whole Foods decided to drop Chobani from its shelves. Finally, Chobani is facing increased competition
from more established rivals such as Danone’s Oikos brand and Yoplait Greek.
3. Why is it such an issue when a major retailer drops a product from its shelves?
Chobani needs visibility for consumers to select it for purchase. When the brand is removed from a major
retailer it hurts the brand image and also puts it out-of-sight-out-of-mind for the consumer.
CONSIDER ETHICS AND SOCIAL RESPONSIBILITY—The Difference between Successful Entrepreneurs and
Fraudsters
There are surprising similarities in the characteristics of famous entrepreneurs and fraudsters. Fraudsters
tend to be intelligent, creative, persuasive, and seemingly confident—all characteristics of many successful
entrepreneurs. Successful entrepreneurs and fraudsters often display what has been termed “fearless
dominance” demonstrating boldness, grace under pressure, charisma, and intelligence. What keeps
entrepreneurs from becoming fraudsters? One trait is empathy. Another major characteristic is the ability to
bounce back from failure.
Another random document with
no related content on Scribd:
Fig. 1
Fig. 2
Fig. 3
Fig. 4 Fig. 5
A Light-Weight, Two-Horsepower Motor Installed in a Stanch 18-Foot

Canoe will Increase the Range and Utility of Such a Craft; the
Construction Shown Is Simple and within the Capabilities of a Careful
Novice of Fair Mechanical Skill. A View of the Stern from Above is Shown
in Fig. 1. The Engine is Shown Mounted on the Engine Bed, and near the
Stern the Shaft Block is Shown. A Partial Sectional View is Shown in Fig.
2. The Relation of the Engine and Bed, Shaft and Fittings, Shaft Block,
Shaft Log, and Rudder are Shown. The Construction Diagram, Fig. 3, is
Described in Detail in the Text. A Larger-Scale View and a Section of the
Shaft Block are Indicated in Fig. 4, and Fig. 5 Illustrates the Engine Bed
with Dimensions and Fastening Holes
A detail of the shaft bearing R is shown in Fig. 4. The hole to

receive the shaft must be bored accurately, and the use of the
template, as with the boring of the shaft log, is advisable. Flanged
metal bearings are provided to take up the wear in the bearing block.
The method of fastening the block, as shown in the detail view,
insures a rigid bearing with a minimum of holes through the bottom
of the canoe. A U-bolt, T, binds the double angle brace U and the
block firmly to the keel. The angles of the brace are fixed into the
sides of the canoe with bolts, and a bolt at the stern end of the block
supports it further. The block should be placed so that it will bear on
three ribs and must be fitted to the curve of the canoe.
The rudder is made of sheet metal supported on a rod or pipe. Its
general dimensions are shown in Fig. 2. The fan of the rudder is
riveted to its supports and rests in a bearing strip of ¹⁄₄ by 1-in. strap
iron, which is shaped as a guard for the propeller. The upper bearing
of the rudder post is formed from a strip of iron, bolted to the stern,
and the upper guide bar, to which the ropes are attached, is cut from
an iron strip.
The propeller is 8 in. in diameter, but may be installed of a size
suitable to the power, speed, and type of the motor used. The
stuffing box V, Fig. 2, the bearings for the bearing block R, the intake
strainer W, the exhaust outlet X, Fig. 1, and the shaft coupling Y are
all of manufactured types that may be purchased of marine-supply
houses.
The intake strainer W is placed in the bottom directly below the
pump Z. The exhaust outlet X is placed above the water line, and a
muffler should be installed to avoid noise from the exhaust
explosions. The exhaust may be conducted under water or to a point
near the stern. No indication is given for the placing of the gasoline
tank, the supply pipes, electrical-energy source, and wiring. The tank
may be placed in the stern of the canoe high enough to provide a
good flow. A magneto may be used to give current for the sparking
circuit, or batteries may be provided. They may be placed at any
point convenient, and should be incased in a waterproof container.
In assembling the parts care must be taken not to wrench the shaft
or other pieces out of line, and in general, it is well to fix
nonadjustable parts solidly when they are fitted into place. This
applies particularly to the engine bed and the shaft log. The bearing
block may be adjusted vertically by adding packing, or by reducing
the lower surface. The rudder and its fittings may be made in regular
course, but should not be fitted until the power unit and driving
mechanism is in place finally. The propeller may be protected from
possible injury by laying it aside until needed. All the openings in the
hull through which bolts or other fastenings are placed should be
packed with red lead or other waterproof packing. The working parts
and finished metal surfaces should be oiled or greased thoroughly as
the parts are assembled, and the unfinished metal parts painted with
red lead. This will protect them from moisture and aid in the smooth
operation of the mechanism.
How to Make a Fluorescent Screen
Many experimenters have occasion to use a fluorescent screen,
particularly those interested in X-ray work. Such a device is quite
expensive if purchased, and may be made as follows:
Mix 1 oz. each of common salt, sodium tungstate, and calcium
chloride. Place the mixture in a crucible and heat it dull red in a coal
fire, for several hours. It will melt into a clear liquid, and should then
be removed and permitted to cool. The liquid will crystallize into a
hard glasslike mass. Break this out of the crucible and crush it into
small pieces. Put them into a jar of clear water. The sodium chloride
resulting from the chemical change by heating, will gradually
dissolve and the calcium tungstate will fall to the bottom in fine
crystals. Wash this precipitate until all trace of the salt disappears;
then pour the crystals upon a sheet of filter or blotting paper to dry.
After drying, place them in a mortar and grind them to a fine powder,
when they will be ready for use.
To make the screen proper, procure a piece of thin white
cardboard of the size desired. The calendered board known as
three-ply is satisfactory. Paint the cardboard on one side with a thick
solution of gum arabic in water, or better still, with celluloid dissolved
in amyl acetate. Permit the gum to become “tacky” before dusting
with the chemical. The latter process requires care, to produce an
even layer on the cardboard, and it is advisable to practice with
ordinary salt before attempting it on the cardboard for the screen.
The calcium tungstate should be placed in a dry jar, and a piece of
fine muslin fixed over the mouth of it. The chemical may be dusted
over the surface with this sieve jar.
Shake off the superfluous crystals and permit the screen to dry
thoroughly. Fasten a piece of mica, or sheet celluloid, over the
sensitized surface to prevent damage to it. Mount the sensitized
cardboard in a wooden frame of suitable size and arrange a hood
around its edges to cut out unnecessary light. The sensitive side of
the screen is, of course, held toward the observer when the
apparatus is used.—Contributed by Chester Keene, Hoboken, N. J.
Preventing Wire Mesh from Rising between
Fence Posts
Fences which inclose pastures for hogs, or other smaller animals,
are usually stretched to give rigidity and strength. Often the
adjustment of the wire, after being put into place, causes it to rise
from the ground between the fence posts, permitting the animals to
escape. An effective method of holding the wire close to the ground
is shown in the sketch. A peg, notched near its upper end, is driven
into the ground so that the lower edge of the wire mesh is held fast in
the notch.—Contributed by O. B. Laurent, New Roads, La.
The Notched Stake Holds the
Wire Mesh Down between the
Posts Where It Has a Tendency
to Rise from the Ground
Jig-Saw Table for Vise
Those who have occasional work to be done with a jig saw will find
the simple device shown in the sketch convenient. It provides a table
for sawing light work. By holding it in a vise, as shown, a rigid
support may be had. The table is made of a rectangular piece of ³⁄₄-
in. wood, 8 in. wide and 10 in. long. At one end, a strip, 1 in. square,
is attached for clamping in the vise. The other end is notched to
provide a place for the saw while in use.—Contributed by Victor A.
Rettich, New York, N. Y.
The Jig-Saw Table Provides a Rigid Support for Light Fretwork

An Emergency Dark-Room Light
The traveling man who “lives in a suitcase” and at the same time
wishes to enjoy the pleasures of amateur photography sometimes
experiences difficulty in developing films in a hotel room. Soup plates
borrowed from the steward, or even the bowl pitcher and the ice-
water pitcher in the room, can be used for development, but it is very
hard to improvise a ruby lamp. My emergency lamp is a small vest-
pocket flash lamp over which two yellow envelopes, one inside of the
other, are slipped, as shown. The lower edges are cut perfectly
square and rest on the table, or shelf, in the closet, and all white light
is excluded. At night, the shades may be drawn, and a yellow-paper
sack may be tied around the electric light.—Contributed by J. L.
Pinkston, Granite Hill, Ga.
An Ice Creeper
The illustration shows a one-piece ice creeper for the heel of a

boot or shoe. It is made from sheet steel with the arms bent up to
receive a strap for buckling it in place on the boot heel. The zigzag
cuts in the bottom part are turned down for engaging the ice.—
Contributed by Chas. S. Snell, Lewiston, Me.
¶In machine work a way must be provided for removing dowel pins
before they are driven in place.
Waterproofing for Fish Lines
Dissolve ¹⁄₂ oz. of orange shellac in ¹⁄₂ pt. of alcohol, and add 1
teaspoonful of Venice turpentine, the same quantity of raw linseed
oil, and 2 oz. tincture of benzoin. Shake well, and set in a varnish
can in hot water.
Soak the coiled line in the varnish for two hours, then hang it up to
dry. Thin the varnish with alcohol, and repeat the dipping. When the
line is dry, rub it down well with a wool rag greased with tallow. Silk
lines treated in this manner are pliable, and the fibers of the silk are
so united by the varnish that the strength of the line is almost
doubled.
Making Chest Lock More Secure
As a rule, ordinary chest locks cannot be relied upon, since almost

any kind of a similar key will unlock them. I found a good remedy by
taking out the pin on which the key fits, and making a new one twice
as long as the one removed, then drilling a hole in the key deep
enough to fit over the new pin. In case the pin extends too far, a
piece of wood block, with a hole in it to admit the key, can be
fastened over it to prevent bending the pin. No ordinary key will pass
on the pin far enough to turn the lock.—Contributed by Chas. G.
England, Washington, Pa.
Driving Screws in Hard Wood
Keep the supply of screws in a box containing a small amount of
powdered soapstone. Shake the box occasionally, and the screws
will be dusted with the powder, which acts as a lubricant. This is a
much cleaner and more convenient method than the ordinary one of
rubbing each screw on a bar of soap before driving it in hard wood.
Paddling Your Own Canoe
by
Stillman Taylor
PART I—
Kinds of Canoes
Theprose,
charm of the birchen canoe has long been sung in verse and
and while the bark that the Indian used has been
supplanted by a more perfect type of modern manufacture, the
popularity of this, the most graceful of water craft, has increased with
years, until today we find the canoe the choice of thousands of
recreation seekers who paddle about in park lakes and quiet
streams, or spend their vacations in cruising down rivers and other
attractive waterways—sometimes within the environs of towns and
villages, and again dipping paddles in the wilderness streams of the
far north. True, the modern canoe is a distinct product of the
twentieth century, and while it is so largely used at summer resorts, it
nevertheless retains all the good points of the old, while embodying
numerous improvements which fit it even better for wilderness travel
than the Indian model after which it was patterned. The noteworthy
increase in the number of canoeists in the past dozen years is good
evidence that this natty craft is fast coming into its own, and as more
and more outdoor men and women understand its possibilities and
limitations and become proficient in handling it, the long-rooted fear
and distrust with which the uninformed public regard the canoe, will
pass away. As a matter of fact, accidents ever follow in the wake of
ignorance and carelessness, and while there are very few expert
gunners injured by firearms, and still fewer experienced canoeists
drowned, there are numerous sad accidents constantly occurring to
the reckless and foolhardy, who do not know how to handle a
weapon, nor understand the first thing about paddling a canoe. Let
us consider then, the practical side of the subject, the choice of a
suitable canoe and the knack of handling it in a safe and efficient
manner.
If one would experience in full measure the many-sided charm of
paddling, he should get a good canoe. Unlike other and heavier
water craft, the canoe is a lightly balanced and responsive
conveyance, which may be cranky and dangerous, or safe and
stable, according to the model, the skill of the builder, and the
dexterity of the paddler. There are canoes and canoes, of varying
models and sizes, and constructed of many materials, and while all
may serve as a means of getting about in the water, the paddling
qualities include numerous little idiosyncrasies which serve to
differentiate canoes as well as men. In fact, this light and graceful
craft may be properly viewed as the highest type of boat building,
since it must be fashioned strong but light; it must be steady when
going light; capable of carrying comparatively heavy loads; draw little
water, and it must be honestly constructed of good material to stand
up under the hard usage which every canoe is subjected to, whether
used for summer paddling, or upon long hunting and shooting trips.
Three types of canoes are in common use by experienced
canoeists, the birch-bark, the all-wood, and the canvas-covered
cedar canoe. The birch-bark, by reason of its rougher workmanship,
is slow under the paddle, is easily injured, and it grows heavier and
more difficult to handle every time it is used. The all-wood canoe is
most expensive to buy, and though swift under the paddle, is too
easily injured and too difficult to repair for rough and ready use. The
cedar-planked canoe which is covered with filled and painted canvas
is for many reasons the best all-around craft-attractive enough for
park use, and stout enough for use in rapid water and for cruising in
northern lakes and rivers.
How to Select a Birch-Bark Canoe
The Indian-made birch-bark canoe costs about $1 a foot and is

fashioned of birch bark over an ash, or spruce, frame. The bark is
not nailed to the frame, but is sewed together with boiled spruce, or
tamarack, roots, split to a suitable size. To give the proper shape to
the canoe a double row of stakes are firmly planted in the ground
and the spruce frame is sprung between them. The bark is put on
inside out, and the work of sewing together is done while the bark is
fresh, or immediately after it is stripped from the tree. The seams are
afterward made water-tight by smearing well with spruce gum, which
hardens quickly and makes a fairly good joint. The Indian model is a
good one so far as the freeboard, width of beam, and flaring stems
are concerned, but the curved bottom makes it extremely cranky and
dangerous for the novice to handle. Be sure to see that the birch-
bark canoe is fashioned with a flat, straight bottom, which makes the
craft steadier and less inclined to veer about under the stroke of the
paddle. In an expert’s hands the round bottom will be found a
decided advantage, making it faster to paddle and more easily
turned and steered in swift and rough water. Many prefer the three-
piece bottom, but the bottom made of a single piece of bark is
stronger and less likely to open up and leak. All birch canoes will
warp and twist somewhat, and it is practically impossible to find one
that is straight and true. The birch-bark canoe has many limitations
and not a few weaknesses, but if one has the good luck to find a
good one, and treats it fairly, it will prove a safe and dry craft for
many hundreds of miles’ travel. Of course, one must carry a kettle of
pitch for making repairs, and be content to travel somewhat slower
than with modern canoes, but this may not be a disadvantage. Birch
canoes have no seats, as the Indian kneels when paddling, but a low
thwart, or seat, is easy to put in at the bow and stern, if one prefers
the white man’s paddling position.
All-Wood or Peterborough Canoe
This type of craft is much used in Canada along the St. Lawrence
River, and to a much less extent by American sportsmen, owing to
its higher cost, and its tendency to break and cause a leak. Of
course, the all-wood canoe is a good craft, but everything
considered, there can be no question in the minds of canoeists who
are acquainted with all types of canoes, that the all-cedar or
basswood craft is less dependable than the canvas-covered cedar
canoe. The Peterborough type—so called from a Canadian city of
this name where many wood canoes are made—with its relatively
low ends and straight sides with but little sheer and tumble home, is
the model commonly used by practically all manufacturers of the all-
wood canoe. While a boat of this kind can be, and often is, used in
rough-water lake paddling as well as in wilderness travel, the all-
wood canoe is better suited for club use, and in the wider and more
quiet-flowing streams and lakes.
The Best All-Around Craft, for Two Men and a Reasonable Amount of Camp
Duffle, Is a Canvas-Covered Cedar Canoe, 16 Feet Long, 32-Inch Beam, and
12 Inches Amidships, Weighing About 60 Pounds
The Canvas-Covered Cedar Canoe
The canvas-covered cedar canoe, when rightly made of the best

material, is by all odds the best paddling craft afloat, being strong
and light, with a hull so smooth that it is swift to paddle, while the
mode of construction makes a very stiff craft, which will not warp or
twist out of shape. Moreover, it will stand a vast amount of hard
usage and abuse, while repairs are quickly and neatly done by the
stream side. In the making of a first-class canoe of this type, the ribs
are first steamed and then bent and fitted over a solid form; cedar
being used for the ribs and planking; spruce for the gunwales, and
white ash, or oak, for the stems and thwarts. In a canoe built
according to my instructions, each plank runs to the full length of the
craft and all are beveled and lapped together, thus making a
perfectly smooth and almost water-tight canoe, before the canvas is
cemented on its surface. The canvas is thoroughly waterproofed
before it is put on, then it is drawn tightly over the planking, and
several coats of filler and the final finish of paint are applied, after
which it is rubbed down.
The well-made canvas-covered canoe is, if properly designed, a
pretty good facsimile of the representative Indian model in that it
possesses all the good points of the birch-bark canoe, but is more
substantially constructed, of better and more durable material, and
more finely finished. In making the selection, it is necessary to pay a
fair price to obtain a good craft, and while various manufacturers
supply canoes of similar types at different prices, some of them are
so inferior that they will scarcely stand a season’s use. Of course,
the use to which a canoe is put will influence the selection. If the
craft is wanted for long service on hunting and fishing trips, a high-
grade canoe of plain finish is the logical choice. If the canoe is for
club use, a highly finished craft with mahogany trimmings may be
preferred. A canoe for occasional use on some quiet lake or small
stream may be selected from the cheaper kinds, which will, no
doubt, answer every purpose. However, most manufacturers list
what they call an “A” and a “B” grade. The “A” grade provides
selected-cedar ribs and planking; oak for gunwales, stems, thwarts
and seats selected from the finest material, and the finish the best
that can be procured, while the “B” grade is identical in model,
canvas and paint, but the material not quite so clear or free from
minor defects, though for all practical purposes it will render as much
service and give fully as much satisfaction as the first, or “A,” grade.
A little saving may be made by selecting the second-grade canoe,
having most of the money invested in the canoe and not so much in
the finer finishings. The ordinary construction provides for the
ordinary solid topwale, but the open gunwale is sometimes preferred,
because the openings make washing easy, all sand and dirt running
out freely between the wales. This construction detail is supplied by
most manufacturers, when specified, at a slight additional cost.

M Business 5Th Edition Ferrell Solutions Manual Full Chapter PDF

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

M Business 5Th Edition Ferrell Solutions Manual Full Chapter PDF

Uploaded by

Copyright:

Available Formats

Ferrell / Hirt / Ferrell:

Instructor’s Manual - Chapter 5

M Business 5th Edition Ferrell

Solution Manual: https://testbankpack.com/p/solution-manual-for-m-

Test Bank: https://testbankpack.com/p/test-bank-for-m-business-5th-

Chapter 5: Small Business, Entrepreneurship,

LO 5-1 Define entrepreneurship and small business.

LEARN THE TERMS

business plan (p. 156) franchiser (p. 159) Small Business

KEY TERMS AND DEFINITIONS

entrepreneurship The process of creating and managing a business to achieve desired

franchise A license to sell another’s products or to use another’s name in

franchisee The purchaser of a franchise.

franchiser The company that sells a franchise.

intrapreneurs Individuals in large firms who take responsibility for the

Small Business An independent agency of the federal government that offers

undercapitalization The lack of funds to operate a business normally.

LO 5-1 Define entrepreneurship and small business. Key Terms:

PPT 5.4 I. The Nature of Entrepreneurship and Small Business

• Industries That Attract Small Business

PPT 5.12 D. Industries That Attract Small Business

PPT 5.17 E. Successful Traits of Young Entrepreneurs (Table 5.4)

• Advantages of Small-Business Ownership

PPT 5.16 II. Advantages of Small-Business Ownership

LO 5-4 Summarize the disadvantages of small-business ownership, and Key Terms:

PPT 5.22 III. Disadvantages of Small-Business Ownership

PPT 5.27 D. Financial Resources

PPT 5.28 2. Equity Financing

PPT 5.35 E. Approaches to Starting a Small Business

PPT 5.38 f. Disadvantages of franchising

• The Future of Small Business

PPT 5.42 V. The Future for Small Business

o Making Big Businesses Act “Small” • Intrapreneurs

PPT 5.46 VI. Making Big Businesses Act “Small”

BOXED TEXT DISCUSSION QUESTIONS

2. Describe some of the challenges that Chobani is facing.

A Light-Weight, Two-Horsepower Motor Installed in a Stanch 18-Foot

A detail of the shaft bearing R is shown in Fig. 4. The hole to

The Jig-Saw Table Provides a Rigid Support for Light Fretwork

The illustration shows a one-piece ice creeper for the heel of a

As a rule, ordinary chest locks cannot be relied upon, since almost

How to Select a Birch-Bark Canoe

The Indian-made birch-bark canoe costs about $1 a foot and is

All-Wood or Peterborough Canoe

The canvas-covered cedar canoe, when rightly made of the best

You might also like