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Chapter 07 - Entrepreneurship
Entrepreneurship
chapter
7
CHAPTER CONTENTS
Learning Objectives 2
Key Student Questions 2
Class Roadmap 3
Key Terms Presented in This Chapter 9
Bottom Line 179
In Practice 180
Lecturettes 180
Discussion Questions 183
Experiential Exercises 187
Concluding Case 188
Part Supporting Case 190
Examples 23191
Supplemental Features 193
Chapter Video 193
Manager’s Hot Seat 193
Self-Assessment 193
Test Your Knowledge 193
Expanded PowerPoint Slide Show 193

7-1
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill
Education.
LEARNING OBJECTIVES
1 Describe why people become entrepreneurs and what it takes,

personally.
2 Summarize how to assess opportunities to start new businesses.
3 Identify common causes of success and failure.
4 Discuss common management challenges.
5 Explain how to increase your chances of successes, including

good business planning.
6 Describe how managers of large companies can foster entrepre-

neurship.
KEY STUDENT QUESTIONS
The revisions to Chapter 7 address some of the questions students have about entrepreneurship directly.
For example, the three questions most often asked by my students include:
 1. “What does it take to be successful as an entrepreneur?”

2. “Where can I get ideas for an entrepreneurial venture?”
3. “Who can help me to write a business plan?”
Question 3 opens a whole series of nuts and bolts questions about starting a business, including things
like “Where do I go to get a business license?” “What are the advantages and disadvantages of having a
home-based business?” etc. While these kinds of details are beyond the scope of the class, it is useful to
have resources to give to students. Some of the ones that I have used in the past include:
• U.S. Small Business Administration (www.sba.gov) In addition to offering a wealth of in-

formation about starting and running a small business, the SBA also sponsors SCORE - the
Service Core of Retired Executives. (www.score.org) SCORE offers free counseling to small
business owners and budding entrepreneurs, and their help can be invaluable in getting a
business off the ground.
• U.S. Chamber of Commerce (www.uschamber.com) The U.S. Chamber of Commerce also

provides a wealth of information for entrepreneurs. In particular, their toolkits on everything
from office management to sales and marketing to government contracting, can be useful in
7-2
Education.
helping to get a small company up and running. Local chambers of commerce will often sell
business startup kits that contain all of the forms a small business owner needs to register his
or her business name, obtain a business license, etc.
• The Business Owner’s Idea Café (www.businessownersideacafe.com) is a little difficult to

navigate, but it contains tips and advice from working entrepreneurs. Students may find a site
like this helpful not only for information, but for support and building a sense of community.
CLASS ROADMAP
Management Connection
How Popchips Became Keith Belling’s Next Big Idea
Keith Belling already had two start-ups under his belt when he and a partner got the idea for Popchips. Looking for
business concepts, they toured an abandoned rice cake factory and decided they could apply the method to other
starchy foods and create tasty low-fat snacks.
Belling and his business partner, Pat Turpin, bought the factory and began selling seasoned potato chips under the
Popchips brand. In just three years, the company was earning more than $6 million a year, with sales growth driven
by clever publicity campaigns featuring entertainment and sports celebrities.
What challenges do you think Belling has overcome in the process of creating a successful new type of snack food?
I. Introduction
A. Definitions
1. Entrepreneurship - The pursuit of lucrative oppor-

tunities by enterprising individuals.
2. Small Business - A business having fewer than 100
employees, independently owned and operated, not LO 1: Describe why people
dominant in its field, and not characterized by many become entrepreneurs, and
innovative practices. what it takes, personally
3. Entrepreneurial Venture - A new business having
growth and high profitability as primary objectives.
B. The Excitement of Entrepreneurship E.G.

Use Example 7.1 – Why become an
C. Some myths about entrepreneurs (Table 7.1) entrepreneur?
II. ENTREPRENEURSHIP
1. Successful entrepreneurs (Table 7.2)
7-3
Education.
A. Why Become an Entrepreneur? LO 2: Summarize how to as-

sess opportunities to start new
1. Entrepreneurs start their own firms because of the companies
challenge, the profit potential, and the enormous sat-
isfaction they hope lies ahead.
2. New immigrants may find existing paths to econom-
ic success closed to them.
3. The excitement of entrepreneurship - entrepreneurs
report the highest levels of pride, satisfaction, and
income.
B. What Does It Take to Succeed? (Figure 7.1)
1. Varies by creativity and innovation/general man-

agement skills
a. inventor
b. entrepreneur
c. promoter
d. manager, administrator
C. What Business Should You Start?

E.G.
Use Example 7.2 – Today’s en-
1. The idea – a great product, viable market, and good trepreneur here
timing are essential ingredients in any recipe for
success.
2. The opportunity – entrepreneurs spot, create, and
exploit opportunities in a variety of ways.
3. Franchising - when evaluating a franchise, consider
market presence, market share, and profit margins
4. The next frontiers – where do they lie? Healthcare,
education, mobile apps, etc.
a. One fascinating opportunity for entrepreneurs is
outer space based on the expansion of private
sector companies in this industry and increasing
demand for satellite launches
b. Changes in the health care sector due to the Af-
fordable Care act and advances in technology
represent another key opportunity.
5. The Internet
a. Five successful business models:
i. Transaction fee model
ii. Advertising support model
iii. Intermediary model
TEXT REFERENCE
iv. Affiliate model Management Connection – Pro-
v. Subscription model gress Report
Popchips is still a small business in the
snack food industry; it’s $93.7 million in
6. Social Entrepreneurship refers to leveraging re-
7-4
Education.
sources to address social problems (Table 7.3) sales represents just 0.1 percent of indus-
try revenues. Before long, big rivals
7. Social Enterprises are organizations that engage in including Frito-Lay and Kellogg’s intro-
social entrepreneurship using market-based methods duced their own popped snack foods.
CEO Keith Belling tries to stay out front
D. What Does It Take, Personally? by being personally engaged with cus-
tomers and continuing to market his
products creatively.
1. Commitment and determination – successful entre- • What do you think are the most signifi-
preneurs are decisive, tenacious, disciplined, willing cant risks facing Popchips?
The most obvious risk is the strength of
to sacrifice, and able to immerse themselves totally the company’s competitors, including
in their enterprises. industry giants such as PepsiCo and
2. Leadership – self-starters, team builders, superior Mondelez (formerly part of Kraft Foods).
These companies have more influence
learners, and teachers. over retailers, as well as more money to
3. Opportunity obsession – intimate knowledge of cus- spend on product development and mar-
tomers’ needs, market driven, and obsessed with keting. Students may see other risks as
well, including changes in consumer
value creation and enhancement. tastes and eating habits and the difficulty
4. Tolerance of risk, ambiguity, and uncertainty – cal- of controlling operations as a company
culated risk takers, risk minimizers, tolerant of grows.
• Do you think Popchips would be a
stress, able to resolve problems. good candidate for an initial public of-
5. Creativity, self-reliance, and ability to adapt – open- fering (IPO)? Why or why not?
minded, restless with the status quo, able to learn Answers will vary, but students should
address the basic issues surrounding
quickly, highly adaptable, creative, skilled at con- IPOs: An IPO can help Popchips raise
ceptualizing, and attentive to details. more capital, which is important for
6. Motivation to excel – clear results orientation, set competing with big players. With more
capital, Popchips can pursue new ideas
high but realistic goals, strong drive to achieve, and opportunities for growth. On the
know your own weaknesses and strengths, and focus downside, an IPO is expensive and time
on what can be done rather than on the reasons consuming, and management attention
once directed toward customers and in-
things can’t be done. novation may have to shift to investors
7. Making good choices and the company’s stock price. For Pop-
a. Entrepreneurial strategy matrix (Figure 7.2) chips to be a good IPO candidate, it
should have strong growth potential, and
i. Innovation the owners should be willing to focus on
ii. Risk shareholder value—or cede control to
others who will do so.
(Box in text page 243)
E. Success and Failure
1. Risk
a. Be realistic, and anticipate risks ahead
2. The role of the economic environment
a. Business incubators are protected environ-
ments for new, small businesses.
b. Business accelerators can also provide addi-
tional support.
c. The most amazing region for start-ups is Silicon
Valley, in California, however other regions in-
clude Boston, North Carolina, Austin, and Seat- LO 3: Identify common caus-
tle. es of success and failure.
7-5
Education.
F. Common Management Challenges
1. You might not enjoy it

a. If you don’t want to sell, you don’t want to be
an entrepreneur
E.G.
Use Example 7.3 – Risk here
2. Survival is difficult
a. Small businesses feel mistakes more strongly
3. Growth creates new challenges
a. Start-up mentality is often “high performance,
cheap labor”
b. Growth requires hiring people at higher wages LO 4: Discuss common man-
that are less dedicated than the founders agement challenges
4. It’s hard to delegate
a. Leadership deteriorates into micromanagement
5. Misuse of funds
a. Failure to use money that is available properly
6. Poor controls
a. Aversion to record keeping
E.G.
b. People like to spend money, don’t focus on Use Example 7.4 – Lessons from
fundamentals like customers and creating value failure here
7. Mortality
a. Companies outlive entrepreneurs when:
i. the company has gone public
ii. the entrepreneur has planned an orderly suc-
cession, usually to a family member.
Teaching Tip:
The student discussion question
G. Going public above can be enriched by asking
students to compare two businesses -
1. Initial stock offerings (IPOs) - sale to the public, one which folded, and one which was
for the first time, federally registered and underwrit- successful. In looking at the factors
ten shares of stock in the company. of success, be sure the students con-
sider both environmental and personal
2. Global start-ups factors. For example, Southwest
a. It is a new venture that is international from the Airlines is a success, whereas Peo-
very beginning. ple’s Express failed. Were the people
b. Several questions must be answered to deter- running these companies
mine whether you should begin with a domestic
or global outlook.
i. Where are the best people?
ii. Where is the financing easiest and most suit-
able?
iii. Where are the targeted customers?
iv. When global operators learn about your ven-
ture, will they go head-to-head with yours?
7-6
Education.
H. Increasing Your Chances of Success LO 5: Explain how to in-

crease your chances of suc-
1. Planning cess, including good business
planning
a. The first step is to do an opportunity analysis,
which includes a description of the product or
E.G.
service, an assessment of the opportunity, an
assessment of the entrepreneur, specification of
activities and resources needed to translate your
idea into a viable business, and your source(s) Use Example 7.5 – Business
of capital. (Table 7.4) plans here
b. A business plan is a formal planning step in
starting a new business that focuses on the en-
tire venture and describes all the elements in-
volved in starting it. (Table 7.5)
2. Key planning elements

a. People should be energetic and have skills and
expertise directly relevant to the venture.
b. Opportunity should allow a competitive ad-
vantage that can be defended.
c. Identify current competitors and their strengths
and weaknesses, predict how they will respond
to the new venture, indicate how the new ven-
ture will respond to the competitors’ responses,
identify future potential competitors, and con-
sider how to collaborate with actual or potential
competitors.
d. Context should be favorable, regulatory and
contain economic perspectives.
e. Risk must be understood and addressed as fully
as possible.
3. Selling the plan LO 6: Describe how managers
a. The goal is to get investors to agree on and of large companies can foster
back up the written plan. intrapreneurship and an en-
b. The plan should be marketed in order to obtain trepreneurial orientation
the necessary funding for the business.
4. Nonfinancial Resources
a. Legitimacy
b. Networks to increase social capital
c. Top management teams
d. Advisory boards
E.G.
Use Example 7.6 –
e. Partners Intrapreneurship here
7-7
Education.
III. CORPORATE ENTREPRENEURSHIP TEXT REFERENCE

Management Connection – On-
ward
A. Building support for your idea – capitalize on a mar- As an already-experienced entrepreneur,
ket opportunity. Keith Belling knew not to start Popchips
alone. He partnered with Pat Turpin, who
1. The first step involves clearing the investment with contributed experience in investment
your immediate boss or bosses. You explain the banking and product management of
idea and seek approval to look for wider support. consumer products. Belling’s business
network also included Alex Panos, man-
2. Making cheerleaders – people who will support the aging director at an investment firm, and
manager before formal approval from higher levels. Rohan Oza, formerly chief marketing
3. Horse-trading begins – you offer promises of pay- officer of Vitaminwater. But even with
the ideas of all these people together,
offs from the project in return for support, time, Belling knows that running a successful
money, and other resources that peers and others business in a highly competitive market
contribute. is far from a sure thing.
4. Finally, getting the blessing of relevant higher-level
• What actions described in this case
officials. increase Popchips’ chances of long-term
success?
B. Building intrapreneurship Several actions can help: finding a part-
ner with important and complementary
1. Skunkworks are project teams designated to pro- skills; building a network of valuable
duce a new product. business relationships; seeking invest-
2. Bootlegging refers to informal efforts by managers ments; listening to advice from experts;
and feeling and expressing enthusiasm
and employees to create new products and new pro- about the challenges.
cesses. • Why do you think the innovation of
popped snacks came from an entrepre-
neur like Keith Belling instead of from a
C. Management Challenges big snack company?
1. The most dangerous risk is the risk of over-reliance • How could a large company increase
on a single project. the odds that it will be the source of the
next great snack idea?
2. Organizations also court failure when they spread An entrepreneur lacks the incentive to
their intrapreneurial efforts over too many projects. maintain existing systems and methods.
Someone like Belling is curious to try
something new and willing to assume
D. Entrepreneurial orientation risk. This spirit is not always present in a
1. Entrepreneurial orientation is the tendency of an large company.
organization to engage in activities designed to iden- However, a large company can increase
the odds of creating the next great snack
tify and capitalize successfully on opportunities to idea by encouraging intrapreneurship. It
launch new ventures by entering new or established could set up a skunkworks and tolerate
markets with new or existing goods or services. or even encourage bootlegging by its
employees. Management in an intrapre-
2. Entrepreneurial orientation is determined by five neurial company need to tolerate failure
tendencies: and avoid relying too much on a single
a. allow independent action product idea or pursuing so many ideas
that none are adequately funded. Manag-
b. innovate ers in a large company also can adopt an
c. take risks entrepreneurial orientation, in which they
d. be proactive allow independent action, innovate, take
risks, are proactive, and are competitive-
e. be competitively aggressive. ly aggressive.
(Box in text page 252)
7-8
Education.
KEY TERMS PRESENTED IN THIS CHAPTER
Advertising support model Charging fees to advertise on a site

Affiliate model Charging fees to direct site visitors to other companies’ sites
Bootlegging Informal work on projects, other than those officially assigned, of employee’s own choos-
ing and initiative
Business incubators Protected environments for new, small businesses
Business accellerators
Business plan A formal planning step that focuses on the entire venture and describes all the elements
involved in starting it
Entrepreneur Individuals who establish a new organization without the benefit of corporate sponsorship
Entrepreneurial orientation The tendency of an organization to identify and capitalize successfully on
opportunities to launch new ventures by entering new or established markets with new or existing goods
or services
Entrepreneurial venture A new business having growth and high profitability as primary objectives.
Entrepreneurship The pursuit of lucrative opportunities by enterprising individuals
Franchising An entrepreneurial alliance between a franchisor (an innovator who has created at least one
successful store and wants to grow) and an franchisee (a partner who manages a new store of the same
type in a new location)
Initial public offering (IPO) Sale to the public, for the first time, of federally registered and underwrit-
ten shares of stock in the company
Intermediary model Charging fees to bring buyers and sellers together
Intrapreneur New-venture creators working inside big companies
Legitimacy People’s judgment of a company’s acceptance, appropriateness, and desirability, generally
stemming from company goals and methods that are consistent with societal values
Opportunity analysis A description of the good or service, an assessment of an opportunity, an assess-
ment of the entrepreneur, specification of activities and resources needed to translate your idea into a via-
ble business, and your source(s) of capital.
Skunkworks A project team designated to produce a new, innovative product
Small business A business having fewer than 100 employees, independently owned and operated, not
dominant in its field, and not characterized by many innovative practices
Social capital A competitive advantage in the form of relationships with other people and the image oth-
er people have of you
Social entrepreneurship leveraging resources to address social problems
Social enterprises
Subscription model Charging fees for site visits
Transaction fee model Charging fees for good and services
7-9
Education.
BOTTOM LINE
p. 226: How is entrepreneurship different from inventing a new product?

The invention is just an idea or a prototype until someone—an entrepreneur—sets up a venture with the
resources and processes to produce and sell the new product.
p. 229: What are some environmentally friendly start-ups you’ve heard about? Do you think they have
great profit potential?
Students’ responses may vary widely here and may depend on their knowledge and awareness of corpo-
rate social responsibility trends. Some examples might include organic farming, environmentally friendly
home cleaning products, such as Molly’s Suds laundry soaps, or other companies designed to reduce the
carbon footprint of current business models.
p. 241: What might be a sign that a small company is growing too fast?
The text provides an example in which the small company lacks the personnel to finish more work up to
standards and on time. Students may not have covered all the relevant topics to answer this question fully,
but with imagination, they may be able to think of other possibilities, such as a shortage of production
space, limited access to capital for acquiring inventory, limits of the entrepreneur’s management skills,
increase in product defects or customer complaints, lack of controls for ensuring quality or making im-
portant decisions, and flat or declining profits even as sales are growing.
p. 242: An entrepreneur who loves selling delegates bookkeeping to an accountant. What is the danger to
the business?
The danger is that the entrepreneur will assume the accountant is keeping track of money coming in and
going out, so the entrepreneur doesn’t need to think about it. At best, the entrepreneur will then lose sight
of what is making the company profitable and might make poor decisions as a result. Worse, if something
causes the company’s financial performance to suffer, the entrepreneur won’t know or understand what is
happening. Worst, the accountant could abuse that trust, and the entrepreneur wouldn’t find out until the
business was seriously damaged or ruined.
p. 249: What skills would you need in order to get people on board with a new idea?
In general, the innovator needs interpersonal and communication skills, discussed in Chapter 1. These
would especially include the ability to forge positive relationships aimed at mutual goals, as well as the
ability to communicate persuasively in writing and orally. Teamwork skills, too, would be relevant. Stu-
dents will learn more about these skills in Part Four; this question is a chance to build their interest in
what lies ahead.
7-10
Education.
IN PRACTICE
p. 234: What other opportunities might the popularity of mobile devices offer to 3Cinteractive?
Answers will vary; the intent of the question is to encourage creative thought about business ideas. How-
ever, ideas should be suitable for 3Cinteractive, whose focus is on mobile apps for business use. Students
should think about what apps can do for business users of a mobile device.
p. 238: Would you rate this business idea as high or low on innovation? As high or low on risk?
Answers will vary. But given that most doors are opened by hand, this would seem to be an innovative
product (i.e., high on innovation). An argument for low risk is that the students were able to start the
business with a $15,000 loan and recover their money—and earn a profit—within a few months. An ar-
gument for high risk is that any innovative product introduces the risk that customers won’t be enthusias-
tic about doing something in a new way.
p. 248: How can Tumblr maintain its legitimacy as a creative outlet if it accepts advertising? (Or if it
can’t have both ads and legitimacy, how else might Tumblr be profitable?)
Students’ answers will vary depending on their ideas about advertising on websites. To the extent that
Internet users see advertising as an intrusion, they will feel that Tumblr’s ads reduce its legitimacy. Tum-
blr could minimize the amount of legitimacy lost by restricting the way it displays ads, so they have less
impact on the user’s experience (but also probably less value to the advertiser). It could communicate to
users what value they receive in exchange for accepting advertising. It could give users a choice between
a free blog site with ads or a paid blog site without them, which would place the control over the experi-
ence in the hands of the users. Students may have other ideas as well.
LECTURETTE
LECTURETTE 7.1: The Entrepreneur
ENTREPRENEURSHIP DEFINED
1. The concept of corporate entrepreneurship is one of the hottest topics in today’s management lit-
erature. Because the task of entrepreneurship is so complex, a simple definition of it is difficult to
articulate.
2. Originally, entrepreneurship was defined in such economic terms as the buying, selling, and
bringing together of the factors of production.
3. One does not have to sell or buy or bring together the factors of production to be an entrepreneur.
More recently, entrepreneurship has been associated with the creation of new business enterpris-
es.
4. The modern definition holds entrepreneurship to be a mental propensity to identify opportunities
and threats that lie in the future and to take action now to exploit those opportunities and defend
against the threats.
5. The entrepreneur is innovatively future-oriented toward market opportunities and willing to take
chances to exploit those market opportunities.
6. Thus, the modern manager perceives entrepreneurship to be both a property and a process associ-
ated with innovative enterprises.
7-11
Education.
ENTREPRENEURSHIP AS AN ATTRIBUTE
1. Entrepreneurship can be viewed, as a trait or attribute possessed by the entrepreneur.

2. Some of the psychological properties that tend to be shared by entrepreneurs are as follows:
➢ Entrepreneurs have a future-oriented attitude, a way of examining events and cause-and-
effect relationships in the business environment in order to identify opportunities that can be
exploited.
➢ Entrepreneurs have an others-oriented focus on the needs of others in order to identify need-
satisfying opportunities to be exploited.
➢ Entrepreneurs have a change-oriented focus and understand that success lies in change.
➢ Entrepreneurs have an action-oriented focus, realizing that recognizing opportunity is not
enough; action must be taken now to exploit opportunities.
➢ Entrepreneurs have a risk-taking propensity that allows them to take appropriate action to ex-
ploit opportunities, even when risk is involved. There is always an element of risk in busi-
ness, and the greatest opportunities often demand the greatest risk taking.
➢ Entrepreneurs have a high tolerance for ambiguity. Taking innovative, risky action in the
marketplace requires making decisions with less-than-clear information. In order to make
such risky decisions; the entrepreneur needs to cultivate a high tolerance for ambiguity.
➢ Entrepreneurs have a propensity toward Type A behavior – they must work fast, think fast,
demand high quality work, and expect the same from others.
➢ Entrepreneurs have an internal locus of control believing that it is their own behavior – and
not luck or fate – that controls their lives.
➢ Entrepreneurs have high need-achievement.
3. Some of the surveyed characteristics of entrepreneurs are as follows:
➢ Entrepreneurs tend to be mavericks and dreamers.
➢ Entrepreneurs tend to be uncompromising, insisting on doing things their way.
➢ Entrepreneurs are more apt to be expelled from college, to be fired often, and to jump from
job to job.
➢ Entrepreneurs have worked and have been self-supporting since childhood and tend to work
very long hours.
➢ Entrepreneurs tend not to be joiners or team players.
ENTREPRENEURSHIP AS A PROCESS
1. Entrepreneurship may be seen as a process of change in three basic stages.

➢ Recognition of some change in the marketplace. The change may be in buyer behavior, buyer
need, buyer ability to pay, a technological breakthrough, or some major event, such as war,
oil embargo, material shortage, etc. For this stage, the entrepreneur must be alert to a change
that he or she can convert into an opportunity.
➢ Perception of the “idea” of how this change can be successfully exploited – by a product
change, a unique service, a bitter package, a bitter delivery, etc.
➢ Action – the need to get out of the planning and R&D stages and into the marketplace before
someone else beats you to it or before the opportunity goes away.1
LECTURETTE 1.2: Intrapreneurship in Small Business
1 Adapted from T. Begley and D. Boyd, “Psychological Characteristics Associated with Performance in Entrepreneurial Firms and
Smaller Businesses,” Journal of Business Venturing, 2, 1987, 79-93: E. Graham, “The Entrepreneurial Mystique,” The Wall Street
Journal, May 30, 1985, 1, 4, 6-7; J Higgins, The Management Challenge (New York; Macmillian Publishing Company, 1991), 732-
736; J. Stoner and R. Freeman, Management, 5th ed. (Englewood Cliffs, NJ: Prentice Hall, 1992), 164-170; A. Welsh and J. White,
“Converging Characteristics of Entrepreneurs,” in K. Vesper, ed., Frontiers of Entrepreneurship Research (Wellesley, MA: Babson
Center for Entrepreneurial Studies, 1981(, 504-515.
7-12
Education.
CONCEPT OF INTRAPRENEURSHIP
1. It is difficult to agree on a generally accepted definition of entrepreneurship.

2. New definitions of the concept have emerged, introducing new aspects such as risk taking and the
creation of independent units.
3. Entrepreneurship necessarily ends when the venture creation stage is complete.
4. Entrepreneurship as a source of innovation is not the exclusive province of new venture creation.
5. What essentially distinguishes intrapreneurship from entrepreneurship in most works, if not all, is
first and foremost the context in which the entrepreneurial act takes place. Entrepreneurs innovate
for themselves, while intrapreneurs innovate on behalf of an existing organization.
6. Despite the lack of a clearly accepted definition of the term, an analysis of the literature on intra-
preneurship reveals two main trends in the research.
7. The first of these trends is concerned principally with the individuals who implement innovations
in the firms that employ them.
8. The second main trend identified in the intrapreneurship literature is concerned with the intrapre-
neurial process, the factors leading to its emergence, and the conditions required.
MOTIVATORS AND FACTORS GOVERNING EMERGENCE
1. Simplicity of organizational structures.

2. Easy/difficult to identify intrapreneurs.
3. Ability of owner-manager to trust employees and delegate.
4. The right of employees to make mistakes
MOTIVATORS IDENTIFIED DIVIDED INTO FOUR MAJOR CATEGORIES
1. Motivators related to the demands and constraints of the external environment (especially the
competition).
2. Motivators related to the perception of an individual as an intrapreneur and that individual’s
availability.
3. Motivators related to the firm’s growth objectives.
4. Motivators related to the management or production problems encountered in the internal envi-
ronment.
SIX POSTULATES SUPPORTING THE NEED TO RECONCILE THE CONCEPTS OF

INTRAPRENEURSHIP AND SMALL BUSINESS
1. Intrapreneurial characteristics are not the exclusive property of employees of large firms.
2. Intrapreneurs can be first-class allies for owner-managers of growing small businesses.
3. The fact that intrapreneurs are absent from the small business literature does not mean that they
have no fight to be there.
4. The loss of an intrapreneur will have more serious consequences for small firms than for large
firms.
5. Small firms are potential incubators for intrapreneurs.
6. Small business provides a favorable environment for innovation.2
2 Carrier, Camille, “Entrepreneurship; Small Business, Entrepreneurship: Theory & Practice, Fall 1996, Vol. 21, Issue 1, p 5, 16
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DISCUSSION QUESTIONS
1. On a scale of 1 to 10, what is your level of personal interest in becoming an independent

entrepreneur? Why did you rate yourself as you did?
Each student should be instructed to rate his or her level of interest in becoming an independ-
ent entrepreneur on either a “high-medium-low” scale or on a “1 to 10” scale. Then, they
should each list one or two reasons for their rating.
2. How would you assess your capability of becoming a successful entrepreneur? What are
your strengths and weaknesses? How could you increase your capability?
Refer the students to the section entitled, “What Does it Take, Personally?” and have them
rate themselves on each of the six characteristics. (“High-medium-low” scale should be suf-
ficient although it could be done on a numerical basis.)
1) Commitment and determination
2) Leadership
3) Opportunity obsession
4) Tolerance of risk, ambiguity, and uncertainty
5) Creativity, self-reliance, and ability to adapt
6) Motivation to excel
Have the students make a list of their strengths and weaknesses and rank them in order of
importance relative to starting a business. Then, ask students to identify how they might lev-
erage their top two strengths to achieve greater success. Finally, ask students to identify the
training that would improve their two biggest weaknesses.
3. Most entrepreneurs learn the most important skills they need after age 21. How does this affect
your outlook and plans?
Most entrepreneurs learn and develop their skills after age 21 in the area of taking on additional re-
sponsibility, sense of achievement, risk taking, and want feedback. To be able to launch a small busi-
ness, one must understand the requirements of a business plan and the construction thereof. One must
understand the essential components of a business plan and develop financial relationships. A busi-
ness plan is developed by understanding marketing, finance, and production. This requires experi-
ence, and must be learned through skill enhancement of what it takes to become a successful entre-
preneur. This level of knowledge typically comes after the age of 21.
4. Identify and discuss new ventures that fit each of the four cells in the entrepreneurial strategy
matrix.
High innovation/Low risk – new products, without competition, that are backed by large firms with
an abundance of loss-absorbing capital or new products that are relatively inexpensive to make, such
as Lego blocks.
High innovation/High risk – new products produced at great expense, such as automobiles and drugs.
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Education.
Low innovation/High risk – ventures in well-established industries, such as restaurants, that require a
large initial outlay.
5. Brainstorm a list of ideas for new business ventures. Where did the ideas come from? Which
ones are most and least viable, and why?
Divide the class into a number of small groups to facilitate the brainstorming process.
The text suggests that opportunities arise from technological discoveries, demographic changes, life-
style and taste changes, etc., and business probably generates many of their ideas in this manner. Stu-
dents without business experience will generally indicate that their ideas arose from a personal inter-
est (collecting baseball memorabilia) or a problem they have experienced with a product (not being
able to find their keys) or a service (not being able to pick up groceries).
In order to help the students determine which ideas are the most and least viable, refer them to Table
7.4 and have them rate the ideas against the first two items: the "fit with your skills and experience”
and the “fit with the market.
6. Identify some businesses that have recently opened in your area. What are their chances of sur-
vival and why? How would you advise the owners or managers of those businesses to enhance
their success?
Most students will be able to identify one or more retail businesses that have recently opened in the
area. They will recognize that their chances for survival will depend on a number of factors including
the nature of the business, the target market relative to the local population, its location, and its ability
to attract walk-in trade.
By contrast, students may find it more difficult to evaluate the likely success of nonretail businesses
(manufacturing or wholesaling operations) since they normally depend on attracting business from a
far wider geographic market for their success. Location and local business are far less important.
Some of the steps that students might suggest a recently opened (retail) business could take to
enhance the likelihood of success might include advertising in the local press, special promotions and
discounts, direct mailings to potential customers, etc. Signs and billboards might also help as might
advertising on radio or television.
7. Assume you are writing a story about what it’s really like to be an entrepreneur. To whom
would you talk and what questions would you ask?
The ideal person to talk to would be an individual who started a business at about the same age as the
students with very little money and who had experienced a number of “ups and downs” before build-
ing a very successful business.
Among the questions one might ask are:
➢ What motivated you to start the business?

➢ Where did you get the idea?
➢ What were the major problems you experienced in starting up the business?
➢ Which individuals were most helpful in the early stages of the business?
➢ What, in your opinion, are the keys to success?
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Education.
8. Conduct interviews with entrepreneurs, asking whatever questions most interest you. Share
your findings with the class. How do the interviews differ from one another and what do they
have in common?
Many students may not be personally familiar with any entrepreneurs, and thus the simplest way of
handling this question may be to invite two local entrepreneurs to the class and have the students ask
them questions during the class.
9. Read Table 7.1, some myths about entrepreneurs. Which myths did you believe? Do you still?
Why or why not? Interview entrepreneurs by asking each myth as a true-or-false question.
Then ask students to elaborate on their answers. What did they say? What do you conclude
from their answers?
This exercise could be handled by handing out a sheet listing the nine myths and asking students
whether they agree or disagree with the statements.
One might also ask students whether or not they think myth #1 is, in fact, a myth. Many will argue
that it is a true statement. Anyone can start a business. If one considers the incorporation of a compa-
ny as its starting point, then one can start numerous businesses in a single hour. The problem, as
pointed out, is surviving. The vast majority of new businesses are out of business within a year.
10. With your classmates, form small teams of skunkworks. Your task is to identify an innovation
that you think would benefit your school, college, or university, and to outline an action plan for
bringing your idea to reality.
The term “skunkworks” is used to describe a project team designated to produce a new product within
a specified time frame. This exercise will test the students’ creativity, and it may be useful to have
them walk around the campus as a group looking at areas and activities that might be improved or
problems that might be resolved. Some topics that might be raised (since they cause problems on
most campuses) are registration, advisement, job hunting, etc.
Once the group has identified its new product, it should then specify what steps will be taken, by what
date they will be taken, and who will be responsible for ensuring that the steps are taken by the speci-
fied date.
11. Identify a business that recently folded. What do students perceive were the causes of the fail-
ure? What might have been done differently to prevent a failure?
This exercise can be approached in two ways. The first involves a search of publications (such as
Business Week) and the local presses to identify a company that folded and see what reasons were
stated in the press for its demise. The other way is to identify a retail store that used to be in business,
track down its owner, and interview that individual to determine why it folded.
Students will find that businesses that failed during the first year of operations do so usually for lack
of financial resources and an inability to develop sales volume. Poor management is often stated as a
reason for failure in more mature companies, as is the strength of the competition.
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12. Does franchising appeal to you? What kind of franchises would have the most and least interest
and why?
Students will differ in their responses to the first question. Often, people who are attracted to
franchises are entrepreneurs who are lower in innovation, but higher in general management and net-
working skills. The degree of structure, the amount of corporate support, and the cost of the franchise
will all play a role in the amount of interest students feel in the process. For example, McDonald’s
requires that people who are interested in opening a franchise have a minimum of $500,000 in non-
borrowed personal resources before they will be considered for franchise training.
13. The chapter specified some of the changes in the external environment that can provide busi-
ness opportunity (technological discoveries, lifestyle and taste changes, and so on.) Identify
some important recent changes or current trends in the external environment and the business
opportunities they might offer.
As the “baby boom” population ages, caring for the elderly will offer multiple business opportunities
- everything from providing health care to providing assistance with the day-to-day tasks of living.
Opportunities may also arise in assistive technology, which compensates for the reduced hearing, vi-
sion, and mobility that are often associated with old age.
Natural disasters, such as hurricanes and forest fires, provide opportunities for entrepreneurs.
Roofing contractors, for example, are booked ahead by as many as three years in Florida and other lo-
cales after natural disasters such as a major hurricane. In Southern California, sales of fireproof roof-
ing materials shot up in the wake of the Malibu and Laguna Beach fires.
14. Choose an Internet company with which you are familiar and brainstorm ideas for how its ser-
vices or approach to business can be improved. How about starting a new Internet company al-
together - what would be some possibilities?
Student responses to this question will be different, but encourage students to be creative, and keep
the customer in mind when responding. Students may also want to take innovative features from one
website and apply them to another - for example, Amazon.com’s recommendations feature might be
adapted to a clothing company like Dirtbag Clothing, which offers clothes for skateboarders.
(www.dirtbagclothing.com)
15. Find some inspiring examples of social entrepreneurship and describe them to your classmates.
Bill Drayton the founder of Ashoka: Innovators for the Public was one of the first social entrepre-
neurs. Other notable social entrepreneurs include Enterprise Community Partners, Do Something,
Mercy Corps, DataDyne, The Institute for One World Health, and Hopelab.
Create small groups and have each one report on a social entrepreneurship to the class in 1-2 minutes.
Discuss the impact of these organizations. What commonalities do they see between social entrepre-
neurships?
16. Brainstorm some new ideas for social enterprise. What challenges do you foresee and how
would you proceed?
Based on class discussion from the previous question, have students share ideas in small groups for
new social enterprises. Have each group report one or two ideas to the class. Hold a discussion re-
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garding challenges that each social enterprise might face. How might their challenges be similar to
those faced by for-profit entrepreneurs?
EXPERIENTIAL EXERCISES
EXERCISE 7.1 - TAKE AN ENTREPRENEUR TO DINNER
Objectives
1. To get to understand what an entrepreneur does, how she or he got started, and what it took to
succeed.
2. To interview a particular entrepreneur in depth about her or his career and experiences.
3. To acquire a feeling for whether you might find an entrepreneurial career rewarding.
Sample Response
The individual entrepreneur selected in my area is Charles Craft, an owner/operator of a Dairy Queen
franchise. The appointment should have sufficient lead-time to develop interview questions. Approxi-
mately 1 to 2 hours will be sufficient time to interview this entrepreneur. Interview questions should in-
clude: “How did you come up with this idea?” “Have you completed any marketing research for this
market?” “Do you have a business plan to present to investors?” “How will you launch this business
successfully to get it up and running?” “What are the essential traits that you possess to create a success-
ful entrepreneur?” Make sure to record and/or write down the responses to the above mentioned ques-
tions. What you will learn are the successful traits required for an effective entrepreneur. You will also
learn the essential elements of a business plan, whether this is a business that will go or not go successful-
ly at this point in time. The thank-you note should read, “I would like to thank you for taking the time
and energy in responding to my questions of what it takes to be a successful entrepreneur.” Sincere ap-
preciation must be forthcoming to permit the education and learning that is taking place to be successful
and observe the pitfalls of competing in the marketplace.
Teaching Tips:
1. It may be easier to invite an entrepreneur to visit the classroom for the interview than having each
student attempt to identify an entrepreneur. If you take this approach, it may be useful to have the
students prepare their questions in advance. This will allow you to guide the question and answer
session.
2. If students cannot find people to interview before class, have a guest speaker start the class, then
structure your class discussion around how the guest speaker’s comments relate to the material in the
textbook.
3. Ask the students prior to the interview to rate themselves (on a 1 to 10 scale) as to whether or not they
feel they might find an entrepreneurial career rewarding. Ask the question again following the inter-
view to determine if any student’s scores changed dramatically. If it did, in which direction? Ask
why?
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EXERCISE 7.2 - STARTING A NEW BUSINESS
Objectives
1. To introduce you to the complexities of going into business for yourself.

2. To provide hands-on experience in making new-business decisions.
Suggested Responses
1. Product
A customer need that will be satisfied is a fresh submarine sandwich shop. Sandwiches will be cus-
tomized, made-to-order, and freshly cut. Our product is unique because of fresh rolls baked on the
premises, freshly cut meat, and the size shape and thickness.
2. Customer
Customer profile will include businesspersons, college students, and a market segment comprised of
youth who would like a good hardy sandwich.
3. Competition
The competition is the Subway franchise and individual, privately owned submarine sandwich shops.
The competition strength is a quality sandwich that advertises and promotes specials from time to
time. A weakness would include that our competitors’ products are excessively priced and we could
use price differential as a primary marketing tool. They can respond by meeting our price or increase
advertising to attract a different marketing segment.
4. Suppliers
Suppliers will be local and should continue to provide reliability, dependability, quality, and price as
the primary marketing tools of purchasing. The business practices are long hours, good location, cash
and carry, etc. The relationship is to partner and attempt to communicate price differential and differ-
ent market segmentation.
5. Location
Location is extremely important and we must locate in a primary business district. Location costs
should average $20-30 per square foot. The legal limitations have advantages and disadvantages for
sole proprietorship, partnership, corporation, and limited liability company. Each must be studied as
to the advantages outweighing the disadvantages.
6. Physical Facilities/Equipment
It is to our advantage to rent at first to get the business off the ground. Possibly negotiating a lease
option to buy. Same consideration should be given to the purchase of equipment to save working
capital.
7. Human Resources
The availability of Human Resources will be competitive. One-three week training period for each
employee will be given.
8. Legal/regulatory Environment
There are licenses required, city ordinances, labor and industry standards all must be met to gain so-
cial acceptance in the community.
9. Cultural/Social Environment
The cultural issues include understanding the customs and practices of the community. It is important
to create a philosophy of management that is conducive and acceptable with the business community
we will live and work.
10. International Environment
International issues will become relevant if there is expansion in a boundaryless U.S.
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Teaching Tips:
1. This exercise can be assigned before class - have the students discuss their results at this point in the
lecture.
2. Designate a general location for each of the five businesses. For example, the XYZ shopping center
for the submarine shop or the city of ABC for the chimney sweep services.
3. At the end of the exercise, ask each team to evaluate what they feel is the likelihood that the business
will be a success.
CONCLUDING CASE
Rolling Out ScrollCo
Case Summary:
The entrepreneur behind ScrollCo is Mandy Toberman, an engineer who grew tired of the routine
work she had been doing on existing products. On her own time, Mandy designed the Scroll, an e-
reader made of flexible materials that can be rolled up for handy storage. Mandy tried interesting her
employer in the Scroll, but meeting resistance, she quit her job and prepared a business plan. Now she
needs management and entrepreneurial skills to translate her product idea into a viable business.
Chapter Topics Related to the Case:
• Discuss the personality characteristics associated with entrepreneurship

• Describe the challenges associated with entrepreneurship that individuals like Mandy Toberman may
face
• Identify and discuss methods to increase the chance of success for entrepreneurs like Mandy
• Evaluate the kinds of business climates that foster or discourage intrapreneurship
Case Discussion Questions:
1. What actions could Acme Electronics take to foster intrapreneurship? What consequences does it suf-
fer from failing to foster it?
Suggested Response:
Acme Electronics could encourage intrapreneurship by setting up a skunkworks and by tolerating or

even encouraging bootlegging such as Mandy’s design of the Scroll on her own time. Acme’s man-
agement should demonstrate some tolerance of failure and avoid relying too much on a single product
idea or pursuing so many ideas that none are adequately funded. Managers also can adopt an entre-
preneurial orientation—allowing independent action, innovating, taking risks, being proactive, and
being competitively aggressive. By failing to foster intrapreneurship, the company is at risk for lag-
ging in innovation, and it may lose its most creative thinkers when they become bored and leave.
Acme even could find itself competing with former employees who leave to pursue their ideas.
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Education.
2. What information should Mandy include in her business plan?
Suggested Response:
Mandy’s business plan should lead off with an executive summary of the overall business concept
and opportunity, her strategy, competitive advantages, and costs, and the product she has developed.
The sections of the report then flesh out the key areas of her business idea: her industry and company
(including the type of product she developed); the results of market research; the business economics
such as margins, costs, and profit potential; her marketing plan; the product development, including
its status, patents, and so on; the plan for making the product; her management team; the schedule for
start-up; any risks and problems she can identify; and a financial plan.
3. Describe three nonfinancial resources likely to be important for the future of ScrollCo. How can
Mandy ensure that her business has those resources?
Suggested Response:
Important nonfinancial resources for a start-up include legitimacy in the minds of the public and net-
works of advice and support. Legitimacy comes from establishing goals and methods consistent with
societal values. Mandy should be sure her company will conform to all applicable laws, meet stand-
ards of good engineering work, and deliver a product that will be valued. She also should build social
capital from a strong network of people who mutually support one another with ideas and expertise.
She should look for people with complementary skills to serve on her top management team and as an
advisory board. Given her strength in engineering, she may want to consider bringing in a partner
whose strength is in business management.
PART SUPPORTING CASE

Can Foxconn Deliver for Apple?
Case Overview
This case examines some of the key issues facing Foxconn, the primary manufactures of Apple’s iPad,
iPhone, and Sony PlayStation, Nintendo Wii, along with Dell and HP computers. –These issues include
problems with working conditions following the suicides of several workers. In the following year, an
explosion at one of Foxconn’s plants was blamed on improper ventilation which allowed metal dust to
accumulate. This ultimately led to the explosion which killed 3 and injured 15 workers. Foxconn
launched an employee hotline, a morale-boosting campaign, and brought in counselors to talk with work-
ers. The company took action to improve ventilation and began giving raises to workers, whose wages
have more than doubled. Currently turnover has fallen and suicides have ended. However, higher costs
have reduced profits and Foxconn’s stock has tumbled forcing the company to look for lower cost loca-
tions for new manufacturing plants. New locations may allow for Foxconn to hire workers at lower wag-
es and could contribute to good morale by allowing workers to live closer to their hometowns and fami-
lies.
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Education.
Teaching Objectives
• Use a SWOT analysis to identify the appropriate corporate strategy initiatives for an organization
to address situations such as the one that Foxconn has experienced.
• Identify which level of corporate responsibility best defines an organization’s actions.
• Recommend strategies to improve an organization’s image and performance.
Purpose and Relationship to the Part
The purpose of this case is two-fold:

1) to show the serious consequences of “unethical” business decisions and strategies companies can use to
overcome the results of prior bad decisions;
2) to analyze the environmental factors affecting an organization’s performance and determine what strat-
egies might be appropriate to improve that performance. Overall, this case requires that students think
both in terms of ethics and strategy. The case connects three of the four chapters in this part: Planning
and Strategic Management”, “Ethics and Corporate Responsibility”, and “International Management”.
Case Discussion Questions
1. What strengths, weaknesses, opportunities, and threats can you identify at Foxconn? How is it
addressing these with its strategy?
Suggested Response
Student responses to this question may vary, but students should consider the following factors in their
analysis:
• Strengths: Cash flow/profitability, Size, Manufacturing experience

• Weaknesses: Reputation for poor working conditions, Lack of concern for employees, Low wag-
es and lack of opportunity for workers to visit their families
• Opportunities: Relationships with Turkey, Slovakia, and Brazil
• Threats: China’s government bureaucracy, living conditions, and poor travel options
Based on the SWOT analysis, students might consider having Foxconn emulate other international corpo-
rations known for good employee relations.
2. If Foxconn’s management hired you to offer advice on improving its ethical decision making and
corporate social responsibility, what measures would you suggest? Why?
Suggested Response
Corporate responsibility is defined as the obligations toward employees, the community, and society as-
sumed by business. Foxconn was trying to meet its corporate responsibilities at the time this case was
written. As a follow-up question, have students go to theFoxconn website and look to see what evidence
they can find to indicate that the company is doing better in this regard. Students may also explore the
web to discover new locations for Foxconn’s manufacturing locations.
3. For Foxconn, what management challenges arise from running an exporting business based in
China and serving developed nations such as the United States? What management skills does it
need under these circumstances?
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Education.
Suggested Response
It can be very challenging for business leaders in less developed countries to understand and implement
the same levels of working conditions, labor relations, and business strategies that are viewed as the
“norm” in the United States and other developed nations. Managers would benefit from visiting manufac-
turers in more developed countries and discussing plans for implementing better working conditions and
improving labor relations.
EXAMPLES
Example 7.1 – Why become an entrepreneur?: Dave Domm, Cofounder and Executive Vice
President of Raceline Motorworks, in Vernon Hills, Illinois, wanted to start a business that had a
really engaging, interactive environment for boys. They took an already successful product, re-
mote-control cars, and coupled this with a sophisticated race track design in their store to also at-
tract the parents, teenagers and younger siblings. They have had early success in suburban Chi-
cago and have plans for 100 stores in the next five years.3
Example 7.2 – Today’s entrepreneur: Who is today’s entrepreneur? Meet Jefferson Han, the
son of Korean immigrants, who spent his childhood taking apart virtually anything that moved,
while taking violin lessons “like any good Asian kid.”4 But Han has done something revolution-
ary - invented a new way of interacting with computers through touch screen technology that has
the potential to eliminate today’s mouse, keyboard, and Windows pointers. Watch Han demon-
strating his new screen on You Tube, and you, like the “Fast Company” reporter who interviewed
him, might say “He’s going to get rich.” Han’s advice to the teenager who wanted to become a
computer engineer, too? “Study math.”
Example 7.3 - Risk: In 2004, Richard Branson, a British entrepreneur, introduced an early proto-
type became the fastest amphibious vehicle ever to cross the English Channel. The Aquada, a
three-seater vehicle with wheels that fold up is due to go into production in 2008 and will sell for
around $85,000 according to its maker, Gibbs Technologies. The Aquada will be built in Ameri-
ca (several states are vying to attract the plant). The Aquada certainly has novelty value, but its
success depends on there being enough paying customers who decide that it floats their boat.5
Example 7.4 – Lessons from failure: Kamran Elahian was born in Teheran, immigrated to the
US in 1972 and worked in HP as a design automation software engineer. He co-founded several
companies, including CAE systems, Cirrus Logic Inc and NeoMagic Corp. But it is his one fail-
ure – Momenta Corp – that he chooses to remember most. The license plate of his Ferrari reads
Momenta – a caustic reminder of his fallibility that keeps him grounded to reality. It reminds me
not to be too proud, Mr. Elahian says. I celebrate failure – it can temper your character and pave
the way for great achievement.6
Example 7.5 – Business plans: Students can see real business plans, prepared by MBAs, at
http://www.businessplans.org/businessplans.html . The plans presented on this website are win-
3
Prospero, Michael. “Fast Talk: Fast Learners.” Fast Company, Issue 114, March, 2007, p 56.
4
Penenberg, Adam. “Can’t Touch This.” Fast Company, Issue 112, February, 2007, p 86.
5
The Economist Technology Quarterly. “A plane that thinks it’s a boat.” Sept. 8, 2007, p 12.
6
Chellam, Raju. “Celebrating failure.” The Business Times Singapore. May 22, 2006, p ITUSAY.
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Education.
ners of the MOOT CORP® Competition, and they include everything from a plan for developing
innovative beverage equipment to a plan for a company that provides utility companies with elec-
tronic billing and bill payment. Plans are grouped into “Best of the Best”, “Internet Services”,
“Services”, and “Products.”
Example 7.6 - Intrapreneurship: A good example of intrapreneurship in action is Mobile

World, a product that was created by David Goldie while working at Carphone Warehouse. Mo-
bile World is a mobile-phone service targeted at people living in Britain who come from other
countries and need to phone friends and relatives overseas. Goldie discussed the idea with a
small team of colleagues and then worked with them to bring it to market. Goldie, now Chief
Operating Officer of Telecoms at Carphone Warehouse and a champion of intrapreneurship said
Carphone Warehouse is an organization that encourages this sort of thing.7
SUPPLEMENTAL FEATURES
Please see the following additional materials in Connect. Note: The expanded PPT can be found
on the Online Learning Center (OLC) or website at www.mhhe.com/bateman11e or in Connect.
CHAPTER VIDEO
• Pillow Pets
Pillow Pets finder, Jennifer Telfer comes from a long line of entrepreneurs. She came up with the
concept to combine a plush animal with a pillow. Entrepreneurs such as Telfer often feel the ben-
efits far outweigh the risks. This requires being self-directed, self-nurturing, action oriented, high-
ly energetic, and tolerant of uncertainty. Telfer and her husband have years of experience in mar-
keting, which they attribute to their company’s success.
What was the impetus for Jennifer Telfer to start Pillow Pets?
Telfer observed her son flattening his favorite stuffed animal into a pillow and started the compa-
ny in 2003, which has ultimately led to a multi-million dollar business.
How did she expand the business?
Before starting Pillow Pets, Telfer and her husband participated in trade shows and other venues
to better understand customer demand. Telfer notes that one of her most important ideas was to
put the internet website on the tags of the Pillow Pets. Expanding into different markets allowed
Pillow Pets to hire more people. They began manufacturing in China but now include six differ-
ent markets. Quality and marketing are cornerstones of Pillow Pets’ success. Telfer notes she
made mistakes in trying to grow the business too quickly and relying on the wrong manufacturer
in the past. Pillow Pets’ business plan has changed over time as the company grows. What started
as a toddler market has grown into products for teens and other demographics as well.
7
Bridge, Rachel. “Harness the innovators in your midst.” Sunday Times (London). January 29, 2006. Business, pg. 13.
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Education.
MANAGER’S HOT SEAT (MHS)
There is no Hot Seat segment that applies to this chapter.
SELF-ASSESSMENT
• Assessing Your Flexibility
TEST YOUR KNOWLEDGE
• Characteristics of Successful Entrepreneurs
EXPANDED POWERPOINT SLIDE SHOW

Expanded PowerPoint Slides include most Basic PowerPoint slides, along with additional material that
can be used to expand the lecture.
EXPANDED POWERPOINT EXPANDED POWERPOINT EXPANDED POWERPOINT

SLIDE 1 SLIDE 2 SLIDE 3
Chapter Title Learning Objectives: LO 1 – Entrepreneurship: defn.
LO 6

Small Business Entrepreneurial venture Myths About Entrepreneurship:
1-6
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Education.

Some Myths About Entrep. Entrepreneurs and Table 7.2: Mega-Entrepreneurs
Intrapreneurs

Who is the Entrepreneur The Idea What business should you start?

Franchising Question The Internet
EXPANDED EXPANDED POWERPOINT EXPANDED POWERPOINT

POWERPOINT SLIDE 16 SLIDE 17 SLIDE 18
Internet Models: Intermedi- What does it take personally? Figure 7.2: Examples of Social
ary & Affiliate Entrepreneurship Companies
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Education.

What does it take, personal- Figure 7.2: Entrepreneurial Success and Failure
ly? Strategy Matrix

Biggest Start-Up Mistake Question Business Incubators
EXPANDED POWERPOINT EXPANDED EXPANDED POWERPOINT

SLIDE 25 POWERPOINT SLIDE 26 SLIDE 27
Common Management Chal- Initial Public Offering Opportunity Analysis
lenges

Table 7.4: Opportunity Anal- Business Plan Outline of a Business Plan
ysis
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Education.

Outline of a Business Plan, Five Key Factors Legitimacy
Contd.

Social Capital Building Support for Your Skunkworks
Idea
EXPANDED EXPANDED POWERPOINT EXPANDED POWERPOINT

POWERPOINT SLIDE 37 SLIDE 38 SLIDE 39
Bootlegging Entrepreneurial Orientation Characteristics of
Entrepreneurial Orientation
EXPANDED POWERPOINT
SLIDE 40
Video: Pillow Pets
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Education.
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XVI.
Heinäkuun 22 p.
Tänään haudattiin rouva Nurhonen. Olimme Raivan kanssa

osanottajina surusaatossa, ja ajoimme samalla hevosella.
Kaikki sukulaiset olivat haudalla. Me seisoimme loitompana, mutta

ei huomaamattomina. Kun hauta oli umpeen luotu, laskin minäkin
kummulle pienen seppeleen "kahdelta entiseltä palvelijalta". Aijoin
heti tämän jälkeen poistua läheisyydestä, mutta Asplund saapui
luokseni ja puserti kauvan kättäni. Kaikki muutkin, John ja Selim
Nurhosen minulle tuntemattomat rouvatkin, tulivat tervehtimään ja
kiittämään. Kohtaus oli liikuttava, enkä minä voinut kieltääntyä
Asplundin kutsusta saapua illalla suruhuoneelle teelle. Me menimme
sinne molemmat.
Paitsi meitä, olivat ainoastaan omaiset koolla. Vastaanottomme oli

ystävällinen, Asplundin kohdalta suorastaan sydämellinen.
— Meistä kaikista oli kovin hauskaa nähdä teidän vainajalle

osoittavan viimeisen kunnioituksenne, sanoi hän. Anteeksi
antaminen on kaunis teko.
Selitin ettei suinkaan meillä ollut vainajalle mitään anteeksi
annettavaa.
— Niin, vastasi Asplund, me toisethan sitä aikanamme välit

sotkimme, hän oli vaan asiain keskustana. Mutta mekin toivomme
samalla kertaa entisten suhteitten unohdusta.
Tunsin itseni hellämieliseksi, enkä voinut mitään vastata. Aivan

pakostakin muistui mieleeni viimeinen yhdessäoloni Asplundin
kanssa, päivänä jälkeen osakeyhtiön kokouksen. Hän oli silloinkin
samalla lailla sovinnollinen, melkein kuin tunnonvaivoissa oleva.
Minä olin mennyt hänen luoksensa ja loukatun uhkamielisesti

ilmoittanut en enää päivääkään olevani toimessani. Hän koetteli
minua tyynnyttää, ja selitti uuden kokouksen pitämisen olevan
välttämättömän. Mutta minä olin päätöksessäni horjumaton ja toimin
kuin unissani. Tarjosin kaikki osakkeeni heille samallaisilla
maksuehdoilla kuin Helanderin osakkeet olimme ostaneet. Hän
kieltääntyi ja sanoi ettei tarkoituksensa ole ollut tällä tavalla työtäni
liikkeessä palkita. Minä uhkasin, jos he eivät tarjoukseeni suostu,
myödä ne vaikka Koskiselle. Ja perääntymätön kun tällä kertaa olin,
annoinkin ne Helanderin jälkeen kaupunkiin tulleelle asianajajalle
myötäväksi, jolta Nurhoset ne esittämilläni ehdoilla sitten ostivat. Itse
en tämän päivän jälkeen ottanut osaa liikkeen hoitoon. Kaupungissa
viivyin vaan pari viikkoa asiaini järjestelyä varten, pysytellen erilläni
kaikista tuttavistani. Ja minä lähdinkin kuin pakoon pujahtava
pahantekijä, ensin kuitenkin pistäännyttyäni Löfbergilässä ja
Raivassa hyvästillä, mutta heillekään lähtöpäivääni sanomatta. Se
olikin viimeinen kerta kuin täti Löfbergiä tapasin.
Täti ei silloin ollenkaan ollut entinen leikillinen talon emäntä, vaan

valittava ja nuhteleva.
— Täällä väsytään kaikkeen kohottavampaan ja takerrutaan
pikkuasioihin ja tehdään niistä suuria, vieläpä ihmisten
elinkysymyksiä, sanoi hän. Mokomistakin. Niinkuin ei nyt täällä olisi
alaa vaikka kenelle. Mutta pikkukaupunki on pikkukaupunki
itsekkäine luonteineen, ja se turmelee kaikki, jotka sen helmaan
antautuvat.
Hyvästellessä sanoi hän:
— Pysykää te luonteeltanne nuorena, niin kaikki muu käy hyvin.

Minä ainakaan en aijo vanheta, väsyä enkä kyllästyä.
Ja aivan sama tunne, jonka usein olin tässä talossa saanut, valtasi
minut nytkin. Tunsin itsessäni syyllisyyttä asiain menoon. Mutta minä
kiirehdin lähtöäni.
Raivassa sen sijaan oli käyntini vain hätäinen pistäytyminen.

Pelkäsin joutuvani avomieliseksi, ja jätin hyvästini hämmästyneinä
lähtöpäivääni kysyvälle talonväelle. En sanonut sitä tietäväni, sillä
tahdoin luopua entisyydestäni kuin ei sitä olisi ollutkaan.
Mutta jo seuraavana päivänä minä lähdin. Ja kun kaupunki lakkasi

näkymästä, purskahdin äänekkääseen itkuun kuin pikku lapsi. Itkin
kauvan, kyynelten aivan virtanaan vuotaessa.
*****
— Olemme ihmetelleet, sanoi Asplund tänään, ettet ole käynyt

entistä taloasi katsomassa kun paikkakunnalla kerran olet oleksinut.
Jos minä olisin kaupungissa ollut, olisin käynyt sinua tapaamassa.
Selitin monasti käyntiä ajatelleeni, mutta on se juuri hänen

poissaolonsa takia jäänyt tekemättä.
Asplund kertoili kaikista asioista peittelemättömästi ja avonaisesti.
Monta vaikeutta oli heillä ollut voitettavana, vallankin ensi aikoina,
mutta sitten kun lasten kengät kuluivat, on kaikki taas mennyt
säännöllistä menoaan. Hänkin on luovuttanut osan osakkeistaan
Nurhosille, joten veljekset nyt suurimmaksi osaksi omistavat liikkeen
kokonaan.
— Rouva vainajan toiveet ovat siis toteutuneet, sanoin.
— Ovat kyllä. Ei hänellä paljoa ajettavia asioita maailmassa

ollutkaan, siksi kai hänen pyyteensä toteutuivatkin. Kun siinä ei vaan
olisi tapahtunut vääryyttä muita kohtaan.
— Hm, vastasin. Eiköhän kaikki ihmiset maailmassa lopullisesti

toimi enemmän tai vähemmän itsekkäästi, niin ettei jonkun pienempi
onnistuminen ollenkaan tarvitse tuottaa omantunnon vaivoja toisille.
Hän ei vastannut siitä asiasta, vaan jatkoi hetken perästä.
— Kovin minua kuitenkin ovat vaivanneet ne vanhat asiat,

vallankin se Nurhosen poikamainen äänestys silloin
kokouksessamme. Vaikka erimielisyyttä olikin, olisin sentään eronkin
toivonut tapahtuvan sovinnossa ja ilman katkeruutta. Ilman sinua ja
Helanderia emme aikanaan kuitenkaan olisi minnekään päässeet.
Olen monasti ajatellut teidän kenties olleen niinä erimielisyyksien
aikana oikeassakin.
Pyysin ettemme niistä enää puhuisi ja niin siirtyi keskustelumme

kaupungin muihin asioihin. Asplund on luopunut myöskin
sanomalehden toimittajan tehtävistä. Kolmatta lehteä ei ole
perustettu, eikä entinen persoonallinen puoluejako enää
sellaisenaan olemassa.
— Uudet yleisemmät puoluesuunnat ovat täälläkin muodostuneet,
sanoi hän. Se vanha juomakauppakysymys on jo monta vuotta ollut
ratkaistuna. Paria vuotta myöhemmin olivat kaikki yksimielisiä
siirtämään oikeudet yhtiölle.
Kysyin eikö ollut ikävää jättää vaikutustaan sanomalehtimiehenä?
— Ei ollenkaan, vastasi hän. Minulle on tullut uusi vaikutuspiiri,

kiitollisempi ja vastaanottavampi. Tarkoitan näitä, sanoi hän, sivellen
vieressään seisovan poikansa hiuksia. Pienet voimani uhraan minä
nyt etupäässä näitten kasvatukseen. Uudessa polvessa ovat
suurimmat toiveet ihanteittansa onnistumiselle.
Illalla kävimme kauppaakin katsomassa. Kaikki ulkonainen oli

pääasiassa entisellään. Pulpetti, jonka ääressä monena vuotena olin
istunut, oli entisellä paikallaan konttorissa. Siinä istui nyt vaan toinen
mies, John Nurhonen.
Kaikkia näitä vanhoja tuttuja esineitä katsellessani, en pysynyt

tyynenä, vaan muutuin alakuloiseksi. Tunsin taas uudestaan saman
raskaan tunteen, joka aina valtaa minut kun huomaan kuinka
toimeton ja tarpeeton ihminen minä maailmassa olen.
Aivan kuin aatokseni aavistaen, sanoi Asplund:
— Muuta sinäkin takaisin vanhaan asuinkaupunkiisi. Koskisen liike

olisi luullakseni ostettavissa.
Minä aivan kuin heräsin mietteistäni.
— Toivoisitko sinä sitä? kysyin.
— Toivoisin, ainakin minä tekisin sen, vastasi hän.

Ja nyt täällä kotona istuissani ja pikku Ainon pöydälleni jättämiä
metsän kukkia katsellessani, huomaan todellakin mieliväni näin
tehdä.
XVII.
Heinäkuun 30 p.
Kun selailen näitä päiväkirjamuistelmiani, joita aikani kuluksi olen

paperille kirjoitellut, huomaan tulleeni siihen aikaan, josta elämäni
viimeinen kymmenvuotinen, yksitoikkoisen tasanen taival alkaa.
Minun on siis aika lopettaa muistelmat.
Ja minä teenkin niin. Minä alan taas elää.
Olen ostanut Koskisen kaupan ja mennyt kihloihin Hilma Raivan

kanssa.
Minulle alkaa uusi elämä. Tunnen sen verissäni ja jäsenissäni.

Mieleni on kevyt ja toivehikas kuin nuorukaisella. Jäseniäni ei kolota,
eikä tauteja tunnu ruumiissani. Olen kuin uusi ihminen.
Elämäni siirtyi keväästä suoraan syksyyn. Nyt alkaa minun kesäni.

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Management Leading and Collaborating in a Competitive

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Management Leading and Collaborating in a Competitive

Management Leading and Collaborating in a Competitive

Management Leading and Collaborating in a Competitive

Management Leading and Collaborating in the Competitive

M Management 3rd Edition Bateman Solutions Manual

Key Student Questions 2

Key Terms Presented in This Chapter 9

Bottom Line 179

Discussion Questions 183

Experiential Exercises 187

Concluding Case 188

Part Supporting Case 190

Supplemental Features 193

Chapter Video 193

Manager’s Hot Seat 193

Test Your Knowledge 193

Expanded PowerPoint Slide Show 193

1 Describe why people become entrepreneurs and what it takes,

3 Identify common causes of success and failure.

4 Discuss common management challenges.

5 Explain how to increase your chances of successes, including

6 Describe how managers of large companies can foster entrepre-

KEY STUDENT QUESTIONS

 1. “What does it take to be successful as an entrepreneur?”

• U.S. Small Business Administration (www.sba.gov) In addition to offering a wealth of in-

• U.S. Chamber of Commerce (www.uschamber.com) The U.S. Chamber of Commerce also

• The Business Owner’s Idea Café (www.businessownersideacafe.com) is a little difficult to

1. Entrepreneurship - The pursuit of lucrative oppor-

B. The Excitement of Entrepreneurship E.G.

A. Why Become an Entrepreneur? LO 2: Summarize how to as-

B. What Does It Take to Succeed? (Figure 7.1)

1. Varies by creativity and innovation/general man-

C. What Business Should You Start?

F. Common Management Challenges

1. You might not enjoy it

H. Increasing Your Chances of Success LO 5: Explain how to in-

2. Key planning elements

III. CORPORATE ENTREPRENEURSHIP TEXT REFERENCE

KEY TERMS PRESENTED IN THIS CHAPTER

Advertising support model Charging fees to advertise on a site

p. 226: How is entrepreneurship different from inventing a new product?

LECTURETTE 7.1: The Entrepreneur

1. Entrepreneurship can be viewed, as a trait or attribute possessed by the entrepreneur.

1. Entrepreneurship may be seen as a process of change in three basic stages.

LECTURETTE 1.2: Intrapreneurship in Small Business

1. It is difficult to agree on a generally accepted definition of entrepreneurship.

MOTIVATORS AND FACTORS GOVERNING EMERGENCE

1. Simplicity of organizational structures.

MOTIVATORS IDENTIFIED DIVIDED INTO FOUR MAJOR CATEGORIES

SIX POSTULATES SUPPORTING THE NEED TO RECONCILE THE CONCEPTS OF

1. On a scale of 1 to 10, what is your level of personal interest in becoming an independent

Among the questions one might ask are:

➢ What motivated you to start the business?

EXERCISE 7.1 - TAKE AN ENTREPRENEUR TO DINNER

EXERCISE 7.2 - STARTING A NEW BUSINESS

1. To introduce you to the complexities of going into business for yourself.

Rolling Out ScrollCo

Chapter Topics Related to the Case:

• Discuss the personality characteristics associated with entrepreneurship