Expert answer:Answer about entrepreneurial firms in at least 200
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Select a question from the list below. Cite the question number (please refrain
from restating the question, as we already know what it is), then give a good
answer. Explain your reasoning or provide examples. If you answer the same as
a prior respondent, give a unique rationale. Use original wording. Avoid copying
any material from other sources in lieu of a unique answer, as that effort merely
demonstrates that you know how to copy information. (Instead, we need
evidence of thought.)
1. Entrepreneurial firms usually address economic substitutesrather than
competing against large firms directly. Ultimately, to substitute for a product
means to do without it. The entrepreneurial firm solves that problem. How might
your own business idea do this? (See the strategy slides.)
2. A focused firm is a quasi-monopoly. Customers go there because the
alternatives are costly in time, energy, or convenience. In light of this fact, how
does the price elasticity of demand for an entrepreneurial firm normally compare
to that of large firms? (See the strategy slides.)
3. Entrepreneurial firms often sell items that are hard to find (at least locally).
Sales grow slowly when the market has a stubborn learning curve. To help with
cash flow, the firm may supplement the core product with standard items on the
side. How might this idea apply to your business?
4. When small businesses fail, poor cash flow is usually the culprit. The company
needs to keep operating even while waiting for revenues from sales that it has
already completed (i.e., accounts receivable). Why does this cash crunch
worsen, rather than soften, when sales grow?
5. Inflation reduces the values of a fixed amount money over time. Contrarily, the
concept of the time value of money expresses the opposite effect—money
increases in value over time. Both of these propositions are true. How do you
reconcile them?
…
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