Exam (elaborations)
Canadian Entrepreneurship And Small Business Management 12ce Instructor Solution Manual
- Course
- Institution
Canadian Entrepreneurship And Small Business Management 12ce Instructor Solution Manual
[Show more]
Content preview
Copyright © 2023, McGraw-Hill Ryerson Ltd.Instructor Manual For
Canadian Entrepreneurship And Small Business
Management 12ce By Wesley Balderson, Peter
Mombourquette, Dr. Penny Farley
Chapter 1-14
PART ONE: The Decision to Start
a Small Business
CHAPTER 1: The Role of
Entrepreneurship & Small
Business in Canada
CHAPTER LEARNING OBJECTIVES
LO1. Discuss the level of interest and activity in the small business sector.
LO2. Evaluate common methods of defining small business and explain why a definition is important.
LO3. Summarize the current extent of entrepreneurship and small business in Canada.
LO4. Describe the benefits a healthy small business sector can offer to society.
LO5. Explain the probable future environment for entrepreneurship and the small business
community.
Balderson, Canadian Entrepreneurship & Small Business Management, 12th Edition
Prepared by Peter Mombourquette and Penny Farley
, Copyright © 2023, McGraw-Hill Ryerson Ltd.
ANSWERS TO SMALL BUSINESS IN ACTION & SMALL BUSINESS BEGINNINGS
QUESTIONS
SMALL BUSINESS IN ACTION 1-1: CROWDFUNDING HELPS BROTHERS BUILD A BETTER WATER
BOTTLE
1. Do you think the Pressa Bottle will continue to be a successful product? Why or why not?
Answer: Student Choice
2. What do you think are some of the advantages and disadvantages of crowdfunding?
Answer: Student Choice – however students should mention from the entrepreneur’s perspective
that it allows them to test market product ideas, provides additional sources of capital and can assist
in pre-selling products. From a disadvantage side, entrepreneurs have additional work to
communicate with many people, it is fairly unregulated and some entrepreneurs and/or investors
could act unethically.
3. Visit the Kickstarter website and report back to the class on some of the best ideas that are
being pitched. What are the terms associated with the ideas? Would you personally donate or
invest money using crowdfunding?
Answer: Answer will vary on student work.
SMALL BUSINESS IN ACTION 1-2: YOUNG CANADIAN SOCIAL ENTREPRENEURS
1. Kasandy has found a way to support artisans across the world and make a profit in her own
neighbourhood. Can you think of a business idea to do the same?
Answer: Student Choice: answers will vary
2. Name one entrepreneur who started small and made it big. How did they do it? How are they
giving back to the community? Trace the small steps and turning points that led them to greater
success.
Answer: Student Choice: answers will vary
Balderson, Canadian Entrepreneurship & Small Business Management, 12th Edition
Prepared by Peter Mombourquette and Penny Farley
, Copyright © 2023, McGraw-Hill Ryerson Ltd.
3. Find three social enterprises on either the Social Enterprise Council of Canada or the Canadian
Social Enterprise Foundation. With 1–2 classmates, create your own social enterprise business
and compare it with another group from the class.
Answer: Student Choice: answers will vary – this may also be used as the answer to one of the
experiential questions at the end of the chapter
Additional questions – not in text
4. How would you define social entrepreneurship? Do you think there is a difference between social
entrepreneurs and regular entrepreneurs? Why, or why not?
Answer: Student Choice
5. Can an entrepreneur consider themselves social entrepreneurs if they retain all the profits from
their business?
Answer: Student Choice – however students may mention that businesses can provide society
benefits and still make profits. Donating profits is not essential to being a social entrepreneur.
6. Either in groups or individually, list some ideas for a social enterprise. If time permits, discuss the
marketing mix for the social enterprises, including the product or service you will sell, how you will
promote the business, the price you will charge, and where the business will be located.
Answer: Answer will vary on student work.
SMALL BUSINESS IN ACTION 1-3: Kailey Gilchrist – Sauce Boss
1. What are some of the advantages and disadvantages of being a young entrepreneur?
Answer: Students may mention pros such as having an early head start in using business models,
learning from small mistakes early on leading to avoidance of mistakes when the business grows, and
being willing to take risks because they don’t feel afraid of just jumping in. Speaking specifically to the
business, students may discuss the high start-up costs, the need to find strong advisors, and the
difficulty in raising capital.
2. Do you think NONA Vegan Foods will be a long-term success? Why or why not?
Answer: Student Choice
3. One of the main challenges Gilchrist faced was getting good start-up funding. What are possible
sources of start-up funding for youth in Canada? Where else would you look for funding?
Balderson, Canadian Entrepreneurship & Small Business Management, 12th Edition
Prepared by Peter Mombourquette and Penny Farley
, Copyright © 2023, McGraw-Hill Ryerson Ltd.
Answer: Student Choice – however students should mention from the entrepreneurs perspective
that it allows them to test market product ideas, provides additional sources of capital and can assist
in pre-selling products. From a disadvantage side entrepreneurs have additional work to
communicate with many people, it is fairly unregulated and some entrepreneurs and/or investors
could act unethically. - BDC and Futurpreneur; DAIR and checking the Youth Entrepreneurship guide.
4. Following advice is an important skill, but so is following your intuition. When you do you think
you should listen to other instead of following your own instinct? Answer: Student Choice –
Students should mention the importance of good advisors and the possible places to find advice for
young entrepreneurs.
SMALL BUSINESS BEGINNINGS 1-2: PEACE BY CHOCOLATE
1. The Hadhad family has been quite successful in public relations (PR). The business has been
featured in numerous articles and on television. What are some of the advantages of this type of
marketing? Do you think the business will be able to maintain this positive PR long term? Why or
why not?
Answer: Students may discuss that PR is free and it comes with credibility with readers/consumers.
Students may offer different opinions on the company’s ability to maintain as much PR coverage in
the long run. Some students may offer that the media may move on to more current stories while
other students may note that the Hadhad’s appear interested in using PR for their business and if they
maintain a good strategy and promote new topics/concepts that it may continue.
2. What do you think would be some of the advantages and disadvantages associated with starting
a business in rural Nova Scotia, specifically Antigonish, which has a population of approximately
4300 people.
Answer: Advantages: Caring community, community support, people who moved away may be
willing to move back for work, lower wages, lower rent, assist in generating PR, less taxes.
Disadvantages: Inability to attract workers, far away from urban centres may increase shipping costs,
taxes and costs could be higher
3. Do you think Peace by Chocolate should be considered a social enterprise? Why or why not?
Answer: Answer will vary on student work.
SMALL BUSINESS IN ACTION 1-4: INNOVATION IN NEW BUSINESS - A SOCIAL MEDIA SUCCESS
STORY
Balderson, Canadian Entrepreneurship & Small Business Management, 12th Edition
Prepared by Peter Mombourquette and Penny Farley
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Succeed. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $27.39. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now