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Business / Case 1: Nineteen-year-old Related Courses
Kiersten Berger

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Case 1:
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Nineteen-year-old Kiersten Berger, now in her second year at a local community college, has begun to
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think about starting her own business. She has taken piano lessons since she was seven years old 24/7. Answers in as fast as 15 minutes.
and is regarded as a very good pianist. The thought has occurred to her that she could establish a
piano studio and o er lessons to children, young people, and even adults. The prospect sounds more
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attractive than looking for a salaried job when she graduates in a few months.
Answer the following questions based on the study notes below.

If Kiersten Berger opens a piano studio, will she be an entrepreneur? Explain.

(5 marks) Ask a question

Which type of reward(s) will be greatest in this venture? (5 marks)

Even though she is an artisan, she will need to make decisions of a business nature. What decisions
or evaluations may be especially di cult for her? (5 marks)

In your opinion, discuss any TWO (2) challenges faced by women entrepreneurs.
(5 marks)

In your opinion, explain how customer focus and innovation can be special strengths of small
businesses. (10 marks)

Case 2:

Todd Finkle, a college professor at a major university in the mid western United States, is passionate
about y- shing, which he learned as a child from his father. So his interest was piqued when he
heard that his favourite y- shing rod manufacturer, Thomas and Thomas, was for sale. Founded in
1969 and well known among y- shing a cionados, Thomas and Thomas has a solid reputation, good
products, and a loyal customer base.

Answer the following questions based on the study notes below.

What bene ts could Finkle expect if he bought Thomas and Thomas rather than starting his own y-
shing business? (4 marks)

What sources of information about Thomas and Thomas should he use in evaluating the company for
possible purchase? (6 marks)

Considering what you have learned about acquisition, discuss the advantages and limitations of
buying an existing business. (20 marks)
Finkle has decided to expand his business by franchising and Adam who wants to become an
entrepreneur is interested in being a franchisee of Thomas and Thomas. Advise Adam on the pros
and limitations of franchising system. (20 marks)

Discuss the signi cance of Thomas and Thomas providing extraordinary customer service to be
successful in the long run. (10 marks)

Describe the techniques for creating a customer pro le for Thomas and Thomas.
(10 marks)

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Answer & Explanation Solved by veri ed expert 숨

(Always see Explanation portion for further explanations)

For Case 1:
1. If Kiersten Berger opens a piano studio, will she be an entrepreneur? Explain.
It is de ned that an entrepreneur is someone who takes risk in venturing in a new business. Thus,
should Kiersten Berger decides to open a piano studio, then she will be an entrepreneur.

2. Which type of reward(s) will be greatest in this venture?

The type of reward that will be greatest in this venture is The Rewards of Personal Freedom and The
Rewards of Ownership

3. Even though she is an artisan, she will need to make decisions of a business nature. What
decisions or evaluations may be especially di cult for her?
Decisions or evaluations such as choosing the location of the studio and considering the expenses
such as bills and markeing would be something that she might have di culty with.

4. In your opinion, discuss any TWO (2) challenges faced by women entrepreneurs.
Two challenges that women entrepreneurs face are gender inequality and fear of failure. The former
is one of the major challenges that women could face since unfavorable business environment still
exist and the later, since most women have this mindset of fear that venturing to a new business
might fail.

5. In your opinion, explain how customer focus and innovation can be special strengths of small
businesses.
Having customer focus and innovation could be the vital strength of starting a new business. For small
and medium enterprises, this might be the only capital that they really invested that help founded their
business.

Case 2:
1. What bene ts could Finkle expect if he bought Thomas and Thomas rather than starting his
own y- shing business?
Finkle would have a lot of advantages such as established system, good reputation and existing
customers.

2. What sources of information about Thomas and Thomas should he use in evaluating the
company for possible purchase?
Finkle should consider looking up to the trend of sales of the Thomas and Thomas product, and their
products itself. Also, the possible expenses that might rise up after purchasing such as existing debts
or backlogs in production, etc.

3. Considering what you have learned about acquisition, discuss the advantages and limitations
of buying an existing business.
Advantages:
-Less risky
-Established basic system/ procedures
-Existing legal rights/ patent
-Existing customers/ suppliers/ personnel
-Financial history might be helpful

Disadvantages:
-Sometimes much costly than starting from scratch
-Poor existing location
-Underperforming business
-Increased competition

4. Finkle has decided to expand his business by franchising and Adam who wants to become an
entrepreneur is interested in being a franchisee of Thomas and Thomas. Advise Adam on the pros
and limitations of franchising system.
Advantages:
-Existing system
-Independence while having a support of the mother company
-Established reputation

Disadvantages:
-Restrictions
-Shared pro t
-Negative commentaries from other branches could a ect yours

5. Discuss the signi cance of Thomas and Thomas providing extraordinary customer service to
be successful in the long run.
Providing extraordinary customer service will lead to success in the long run because that establishes
the reputation of the company. With a good reputation being established, there is a tendency that
good trend of the business will be constant.

6. Describe the techniques for creating a customer pro le for Thomas and Thomas.
-Identify the problem at hand
-Use demographics and psychographics
-Collect customer feedbacks
-Understand the business
-Identify the representation and persona
-Analyze

Step-by-step explanation

For Case 1:
1. If Kiersten Berger opens a piano studio, will she be an entrepreneur? Explain.

The moment that Kiersten Bergen opens a piano studio, she already took the risk of opening a
new business. With the de nition of an entrepreneur, she is already considered as one. Despite
being an undergraduate, yet she decided to open her own studio with the risks of not having a
stable job, though it was stated that the prospect sounded more attractive to her than a job
with salary.

2. Which type of reward(s) will be greatest in this venture?

Since she chose this venture and given that she is an artisan that is really good in playing the
piano, the greatest reward in pursuing this venture is The Rewards of Personal Freedom and
The Rewards of Ownership. She already has the personal freedom since it is something that
she also wants and she really knows and of course the ownership of the studio that she will
have.

3. Even though she is an artisan, she will need to make decisions of a business nature.
What decisions or evaluations may be especially di cult for her?
Since she is an artisan, she might not have a good background in terms or particularly when it
comes to details that might be entailed in entrepreneurship. That includes considering the
location of the studio and of course, the expenses that comes with it, monthly rental of the
area and other expenses such as utilities. She might also have trouble of marketing her studio
since she probably doesn't have an expertise about it.

4. In your opinion, discuss any TWO (2) challenges faced by women entrepreneurs.
Though laws governing gender equality in entrepreneurship, there are still areas that is not fully
implemented. While there are areas that strive to overcome this issue, it is still inevitable that
religion might come as a hindrance. There are religions or beliefs saying that women are not
ought to own her own business. Moreover, there are also women that fear failing their
business. The action itself is really a risk-taking step. There is no clear sign of success yet and
the fear of the unknown is something that most women fear.

5. In your opinion, explain how customer focus and innovation can be special strengths of
small businesses.
Small businesses establish their business from minute amount of money that's why they are
called small. Nevertheless, this didn't stop them from venturing in business. Sometimes, it only
takes customer focus and innovation for them to have the strength and willpower to pursue
business. If they only focus on the customer needs and requirements, that might be enough
already for their business to prosper. A simple word or suggestion to others might help improve
and widen their prospect customers. Of course, innovation and proactive planning can greatly
in uence improvement in a business.

Case 2:
1. What bene ts could Finkle expect if he bought Thomas and Thomas rather than starting
his own y- shing business?
First and foremost, Thomas and Thomas is already renowned for its y- shing business. So, if
Finkle bought it, there would be a lot of advantages. He wouldn't have to worry so much about
establishing the country and start from scratch given that it is already established. Moreover, it
already has a good reputation which he wouldn't have to bother building up.

2. What sources of information about Thomas and Thomas should he use in evaluating the
company for possible purchase?
Think about this question. If you were Finkle, would it be a good risk to purchase an existing
company?

3. Considering what you have learned about acquisition, discuss the advantages and
limitations of buying an existing business
The above mentioned are just some of the advantages and disadvantages entailed in
purchasing an existing business. With the advantages, you wouldn't have to worry much on
how to start up the company, maybe in terms of the infrastructure itself or the process ow. On
the other hand, existing location might be a problem if is placed in a bad spot. Additionally,
additional expenses might be a problem if you want further improvements or total renovations.

4. Finkle has decided to expand his business by franchising and Adam who wants to become
an entrepreneur is interested in being a franchisee of Thomas and Thomas. Advise Adam on
the pros and limitations of franchising system.
The are also pros and cons in availing a franchise. Existing a system, process, suppliers and
materials wouldn't be a problem for a franchise. A franchise also has an independence, a
freedom to choose which products to display but despite that, they still have the support of
their needs from the mother company. Also, the reputation is also existing which wouldn't give
a problem in terms of marketing and customers. On the other hand, franchises doesn't have
the freedom of creativity since they have to abide to the regulations given by the mother
company. In addition, they have to give a percentage of their pro t to the mother company.
Also, should other branches underperform or have negative comments, that could also a ect
yours.

5. Discuss the signi cance of Thomas and Thomas providing extraordinary customer service
to be successful in the long run.
Always aim for customer satisfaction. A word of mouth can always be a good marketing
reliance. That could even lead to success in the long run.

6. Describe the techniques for creating a customer pro le for Thomas and Thomas.
Knowing the problem is important. It helps you know your target and keep on track.
Demographics and psychographics are also vital. It is important that you know the digits and
the people evolving the business. Incorporate customer feedbacks, focus more on how to
address the negative ones. Understanding the business help you know what it is all about, what
does it need, why would people need it. Conclude the persona that is identi ed and analyze
and iterate on customer persona.

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