MANA3335 MindTap Case Activity: Chapter 05: Entrepreneurship and New Venture Management

Peter Bissell says that one of his big concerns is "How do we stay on the cutting edge, how do we stay innovative and for us the biggest thing is maintaining our flexibility and maintaining our independence." Fast innovation is important to help companies gain which of the following?

*A first-mover advantage {Innovation is key in helping a company maintain a first-mover advantage. When a company can exploit an opportunity before other companies do, it gains a competitive advantage by placing a unique product on the market. Innovation doesn't necessarily lead to a solid business plan, financial independence, or a market niche, but it can certainly help a company to get ahead}

Bissell Brothers Brewing Company can be said to be in which of the following two types of industries? Check all that apply.

*Manufacturing *Wholesaling {Bissell Brothers Brewing Company combines manufacturing (making their beer) with wholesaling (selling their beer to restaurants.)}

Peter points out that one of the things he learned about planning the business is

*it doesn't happen linearly {Peter says that he was surprised by the fact that the planning for the business didn't happen linearly. As he says, "You look toward these milestones. First we closed our investment round, and then we finalized the bank loan, but those things don't happen linearly."}

Which of the following characteristics would classify Bissell Brothers Brewing Company as a small business? Check all that apply.

*privately owned *revenues and assets don't influence its environment {Small businesses are privately owned and they have revenues and assets which are small enough not to influence their environments. Both small and large businesses can operate online — consider the difference between a small social media marketing company, for example, and a giant like Amazon. And companies of all sizes can have social missions}

Noah says that the thing that makes his company different is:

*the fact that he and Peter have full control of the company {Noah says that the thing that makes his company different is that he and Peter control everything about the company, from the brewing process to the delivery process. As Noah points out, "Who's going to sell our beer better than ourselves?"}

Peter started his business because he

*wanted to work for himself {Peter wanted to work for himself. But that desire wasn't enough. Peter had to rely on his brother's personal skills in beer brewing that he had developed after years of experience}