MGT482 Small Business Management_v1

Chapter 1 – The Entrepreneurial Life
This chapter reviews the entrepreneurial life of a small business owner. Discussion of small businesses competing with large businesses is reviewed. Insight into what motivates a person to own a business and what legacy a person may want.

Chapter 2 – Integrity, Ethics, and Social Entrepreneurship
This chapter is important due to the discussion of integrity in business and stakeholders. Social responsibility for small businesses is discussed and examples are studied. Government regulations are reviewed with the challenges and benefits.

Chapter 3 – Starting a Small Business
A review and discussion of starting a business is covered in this chapter. Developing ideas into feasible businesses through steps. Understanding common sources where ideas come from and using innovative thinking to identify business ideas. Discussion of new ways to deliver a product as a new idea or the potential of emerging possibilities from existing businesses. Strategies are reviewed for increasing business competition through a competitive advantage.

Case 1 – Page 650 – The Lip Bar: Pursuing an Opportunity Around You and Being Adaptable
This is an interesting story of an entrepreneur whose idea came to be after many changes, much research, and eventually appearing on Shark Tank.

Case 2 – Page 651– Hydraloop Recycling Water to Serve the Greater Good
This is an interesting view into the development of a company that recycles water for homes, businesses, and commercial buildings. The focus is on areas where water is a concern.

Case 3 – Page 652 – Dollar Shave Club – Selecting Strategies that Capture Opportunities
This is an overview of a company that was designed to sell a product directly to the consumer. This company idea caught the eye of a large company that ultimately bought this fast-growing enterprise.

Case 4 – Page 654– Two Men and a Truck® International Inc. Exceeding Customers’ Expectations
This is an interesting review of the circumstances that developed when the entrepreneurs had an idea for the company and how the company grew into an international business.