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Entrepreneurship for Professionals


Question 1

The drinking straw containing a valve function was invented by Lee and Kyou Sang by placing a tube inside a bellows part to selectively close and open a passage. The two were the first inventors because there were no drinking straws before their invention was patented and used. Tambornino and Curt first invented a hitch in 2005 by forging a hitch tongue, engagement and connecting bridge into one monolithic, integral metal structure
(Shewchuk 2013). The first programmable computer was originally invented by Konrad Zuse between 1936 and 1938 (Computer Hope 2013).

Question 2

The failure rate of all entrepreneurs is 30 to 50 percent, while the failure rate of the entrepreneurs who become franchisees is 5 percent (BizFilings 2012). Accordingly, it can be inferred that franchise ventures have a high success rate compared to other types of enterprises.

Question 3

Detailing the strategy of a firm in its business plan is crucial even when things are expected to be different since it helps in identifying the strategy’s weakness in order to take the corrective action. Submitting the management team’s resume only is not enough because all employees have a role to play in implementing the business plan. As a venture capitalist, I would require the business plan to direct the execution of my venture activities. Management team’s quality would be assessed based on the effectiveness of the business plan in meeting firm’s objectives.

Question 4

My patented technology is a social network. The creative uses of this technology include messaging, live chats, sharing photos and videos, marketing one’s profile to potential employers, job alerts and advertisement of products and services for businesses. The social network also allows the formation of groups of people with common interests, event notifications, discussions on certain topics and meeting new friends.

Question 5

The best web site was target.com.au. This is because; its buying procedure was easy and did not have many requirements. After selecting the product I wanted, I only needed to feed in my credit card and delivery details and delivery to all locations was possible (Target.com 2013). The worst website was eBay.com since in order to purchase a product; I had to sign up an account, which is a cumbersome process (eBay.com 2013). If I was to create a website it would have detailed description of products, username and password requirement, and a comment area for visitors to the website on products and services.

Reference List

BizFilings 2012, May 24, Should You Buy a Small Business Franchise? Retrieved August 20, 2013, from http://www.bizfilings.com/toolkit/sbg/startup/buying/should-you-buy-a-small-business-franchise.aspx

Computer Hope 2013, When was the first computer invented? Retrieved August 20, 2013, from http://www.computerhope.com/issues/ch000984.htm

eBay.com 2013, August 20, New to eBay? Retrieved August 20, 2013, from https://signin.ebay.com/ws/eBayISAPI.dll?SignIn&ru=http%3A%2F%2Foffer.ebay.com%3A80%2Fws%2FeBayISAPI.dll%3FBinConfirmV4%26item%3D300948593739%26rev%3D0%26pt%3DUS_Tablets%26fromPage%3D2047675%26BinConfirm%3D%26quantity%3D1%26fb%3D1%26BidBinInfo%3D%253CbidI

Shewchuk 2013, Patent Example, Retrieved August 20, 2013, from http://www.shewchukip.com/patent%20examples.htm

Target.com 2013, August 20, Zero Dark Thirty — DVD, Retrieved August 20, 2013, from http://shop.target.com.au/p/zero-dark-thirty-dvd/P54323452?addSuccess=true#added