Week 1 Discussion – Small Business

  

Please respond to the following:

Describe the opportunities small businesses provide the owner, the local community, and the economy.
Be sure to respond to at least one of your classmates’ posts.

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Small Business:
Varieties and
Impacts

C H A P T E R

1

Robin Rath of Pixel Press with
kids drawing games to go into
Pixel Press. How did he use his
passion for video gaming to help
him find his business idea?
Pixel Press

kat60542_ch01_001-025.indd 2 3/3/20 8:43 PM

LO

When Robin Rath was a kid, he was an avid player of video games like Metroid and Super Mario
Brothers, and when he wasnt playing he was designing new levels of his favorite games in his head
and on paper. But he realized that video gaming was part art and part programming, and that
helped him set his course. Following an undergraduate degree from Saint Louis University (SLU)
bridging communications technology with fine and studio arts, he was positioned to realize
hisdream.

But game producers were thin on the ground in St. Louis, so Robins strategy was to find jobs
to hone his programming skills during the day and create his own firm, Roundthird, to develop
games as his side gig on nights and weekends. His main work included stints at increasingly re-
sponsible and demanding positions at six different companies in the programming and marketing
industries in St. Louis. Meanwhile, he and his Roundthird partner, Jon Gettys, released Radial 50 for
IOS, a circular takeoff on the classic Breakout brick-breaking video game. Robins day and side gigs
helped him develop the in-depth knowledge of programming, project planning, marketing, and
networking which convinced him that given the right idea, he would be ready to go full time as an
entrepreneur.

The idea that led to full-time entrepreneurship was Pixel Press, a piece of software for iPhones
and iPads that would let regular people with no programming skills create playable games reminis-
cent of Super Mario on their Apple devices. While the idea was ambitious, it was possible, and as he
got word out, Pixel Press got favorable press from NBC News, CNET, Fast Company, and others.
Building on this, Robin created a Kickstarter campaign to crowdfund his dream. You can see the
campaign and watch the original pitch at www.kickstarter.com/projects/robinrath/pixel-press-
draw-your-own-video-game. The campaign was successful, topping $100,000. With that money
and with what he had saved, Pixel Press made it to market. Within two years, Pixel Press announced
a partnership with Cartoon Network (CN) resulting in the Adventure Time Game Wizard, which
would let players create games with CN characters. From the success of that partnership, Pixel
Press went on to release its next product that represented its first foray into toys and gaming, form-
ing partnerships with Mattel and Disney to bring products to store shelves in the United States and
internationally.

Focus on Small Business: Robin Rath, Pixel Press1

LE
A

R
N

IN
G

O
B

JE
C

TI
V

ES

After you complete this chapter, you will be able to:

LO 1-1 Understand the scope of small business in the United States.

LO 1-2 Differentiate between small businesses and high-growth ventures.

LO 1-3 Dispel key myths about small businesses.

LO 1-4 Identify actions key to becoming a small business owner.

LO 1-5 Recognize how small businesses are important to our economy and your community.

LO 1-6 Recognize the seven key strategies of the entrepreneurial way.

kat60542_ch01_001-025.indd 3 2/26/20 1:52 PM

4 PART 1 EntrEprEnEurs and IdEas: thE BasIs of small BusInEss

In speaking with Robin, he credits a constant presence of an entrepreneurial spirit around him
from a young age and throughout his education: Both of my parents were entrepreneurs and encour-
aged me early on in things like baseball card shops not just in our basement but online as well, when
making a website was still very hard. At SLU, I spent all four years as an intern in the Entrepreneurial
Studies department and helped coordinate one of the countrys first entrepreneurial awards hosted by
SLUthe Global Student Entrepreneur Awards (GSEA). Seeing college students win $10,000 to help
their business start was inspiring. Robin adds, This also has motivated me to stay active with the
Entrepreneurship Club at SLU, including all the work they do over the summer with high school students.
Ultimately we are learning every day, and staying engaged at all levels helps me stay fresh and
grounded.

DISCUSSION QUESTIONS
1. Do you think Robin was originally thinking about starting a business when he was working in pro-

gramming and marketing positions in other peoples companies?

2. What drove Robin to start a business of his own?

3. How important were contacts and connections to the growth of Robins business?

4. Do you think Robin would credit his step-by-step approach with the success of his business? What
is your opinion?

Starting an Entrepreneurial Small
Business: Four Key Ideas
Robins story makes a simple pointyou can start a small business, and there are ways to help
you be a success at it. Consider the four key things that Robin did right:

1. Believe that you can do this:Robins belief in himself and what needed to be done to make
Pixel Presss app powered his efforts. That belief in yourself is called self-efficacy, and
learning how to start a business in this class and from this book will help you build it for
yourself.2 Those who believe in themselves and in the passion of their beliefs are more likely
to keep at it until they succeed.

2. Planning + Action = Success:A plan without action is futile. Actions without plans are
usually wasted. Success comes from having the right sort of plan to get you to the right
actions as quickly as possible. Like Robin, those who plan and act are the ones who most
often succeed.3

3. Help helps:Successful entrepreneurs learnfrom other entrepreneurs, from experts in their
chosen field, from potential customers, or even from their professors!4 Skill Module 1.1 will
help you find some of the best sources of help on the web. Remember, those who get help
succeed bigger and more often.

4. Do well. Do good:In the long run, you will depend on partners, investors, employees, cus-
tomers, and neighbors. If you always remember, as Robin has, to do good for others as you
try to do well in your business, youll feel better about your business and life, and those
around you will too.5

Entrepreneurial Small Business believes in the power of those four ideas, and well help you un-
derstand each of them and how to use them to make your entrepreneurial dreams come true.
There are literally millions of those entrepreneurial dreams out there because there are so many
ways to become an entrepreneur. Almost every year, while more than 400,000 new firms with
employees are created, there can be 10 to 15 times that many new owneronly firms, so it is safe
to say that there are 6 million new firms a year, and yours can be one of them.6

small business
Involves 150 people and has its
owner managing the business on
a day-to-day basis.

self-efficacy
A persons belief in his or her
ability to achieve a goal.

entrepreneur
A person who owns or starts an
organization, such as a business.

LO
1-1 Understand the
scope of small business in
the United States.

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small BusInEss: VarIEtIEs and Impacts CHAPTER 1 5

The vast majority of new firms go through similar start-up processes. The firms most likely to be
successful follow a four-step process, shown in Figure 1.1.

Feel: This is where the entrepreneur has a feelingabout maybe starting a business or
maybe creating a particular product or service. This is what starts the founding process.
Well talk about entrepreneurs and the feelings leading to their business in Chapter 2.

Check: Smart entrepreneurs check the likelihood for success of their idea through feasibil-
ity analyses (see Chapter 4) or customer development processes (see Chapter 9), repeating
these until they have a winning and saleable idea.

Plan: Getting from the idea to the business can be done by small-scale, part-time start-ups
(see Chapter 5), lean business practices approaches (see Chapter 9), pilot testing (see
Chapter 4), business modeling, or business plan creation (see Chapter 8).

Do: Regardless of the type of planning approach you choose to implement your business
activity, you will find that you need to refine your approach until you have a successful
firm, including additional rounds of refinement and revising.

Entrepreneurs Are Everywhere
In addition to Robin Rath of Pixel Press, the United States had 15.5 million other full-time en-
trepreneurs working in 2015, according to the U.S. Census Bureau.7 If we include people pursu-
ing their entrepreneurial dreams on a part-time basis, we need to add another 50 million
people.8 What were they doing? Just about everything! Entrepreneurs could be found in almost
every type of work there is, literally in hundreds of occupations. In fact, there are occupations

occupation
The type of activity a person does
regularly for pay.

SKILL MODULE
1.1

The Small Business Online Scavenger Hunt

It can be mind-boggling to discover how much material is on the web ready to help aspiring entrepre-
neurs. To help you get a feel for what is out there, we have put together a web scavenger hunt focusing on
key information. In a few cases you may have to register, but all registrations for websites listed here are
free. Along the way you will get to peruse some of the best of the best entrepreneurship information on
the web.

1. If you wanted to find stories about business in Albuquerque (or run the name of a business from
thereto see what it has done), which site would give you the biggest selection of local stories?
www.bizjournals.com, www.usatoday.com/money/business, www.wsj.com.

2. Which of the following sites offers you a free online business plan maker? www.usa.gov/business,
www.sba.gov, www.entrepreneur.com.

3. Which site can connect you to free local help for starting and growing your business? www.nfib.com,
www.sba.gov, www.inc.com.

4. You can search for patents for free at www.google.com/patents or www.uspto.gov. Which will also
let you search for trademarks?

5. If you want to find out what the profit margins are for businesses in the restaurant industry, which site
would give you the answer? www.sba.gov, www.entrepreneur.com, www.bizstats.com.

By the time you have checked out these sites, you will be up to speed on some of the largest and most cred-
ible sets of free, high-quality small business information available today.

Feel Check Plan Do FIGURE 1.1

The Entrepreneurial
Process

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6 PART 1 EntrEprEnEurs and IdEas: thE BasIs of small BusInEss

composed mostly of entrepreneurs. Table 1.1 shows the 10 occupations with the largest num-
bers of entrepreneurs as well as the 10 occupations with the highest percentages of entrepre-
neurs. Note that owner-managers are an occupation in their own right, but can appear in any
other industry.

Notice that while there are entrepreneur-rich occupations that require college and even gradu-
ate school, there are also occupations popular with entrepreneurs with very basic entry require-
ments. What is most important here is finding something you want to do. When you decide on
what your business is going to be, you are choosing your occupation. As the entrepreneur, you
may be the owner of the business, but your occupation will depend on what type of goods or
services you and your firm are producing. So the owner of an online store is a retailer, while the
owner of a construction firm will be a construction manager. Robin Rath is an app maker be-
cause Pixel Press makes apps that he sells online. Whatever you want to do, there is probably a
way to do it as an entrepreneur.

Truly entrepreneurial businesses are characterized by novelty in their products, services,
or business models. Small businesses, on the other hand, are imitative in nature, with most
small firms doing what other firms do, with only slight variations. But when we think about
the people who start firms, the situations they face are situations of novelty. So whether he or
she starts the successor to Amazon.com or the pizzeria on the corner, the person who starts
a business is living the life of the entrepreneur. We recognize this distinction and address
the challenges facing entrepreneurs, while focusing on the small businesses they plan to cre-
ate or enter.

In Entrepreneurial Small Business we use the popular broad definition of entrepreneur10
anyone who owns a business is an entrepreneur. This, of course, means anyone who is a small
business owner is an entrepreneur.11 It also means that the self-employed, anyone who works
for himself or herself instead of for others, is also an entrepreneur. As noted above, according
to the Census Bureau, there were about 15.5 million full-time self-employed people in 2015. In-
cluding entrepreneurs who worked part time in 2015 added over another 50 million people to
the number. Within the population of entrepreneurs, it is sometimes useful to split out certain
groups. One of these is founders, the people who start a business, whether it is one of their
own devising or a franchise, which is a prepackaged business you buy or lease from a franchi-
sor. Other groups consist of buyers, those who purchase an existing business, or of heirs, those
who inherit or are given a stake in the family business. These roles deal with the entry stage of

The Top 10 Occupations for Entrepreneurs9TABLE 1.1

Top 10 Occupations with the
Highest Number of Entrepreneurs

Top 10 Occupations with the Highest
Percentage of Entrepreneurs

Owner-managers 1,694,434 Farmers and Ranchers 86.4%

Construction 1,043,176 Medical Practitioners 75.2

Farmers 1,019,727 Movie Projectionists 72.6

Retailers 683,623 Artists 70.2

Drivers 450,709 Entertainers and Athletes 66.8

Child Care Workers 402,267 Salespeople 56.9

Real Estate Agents 376,834 Landscape Managers 56.3

Wholesalers 373,099 Photographers 56.2

Maintenance Workers 342,689 Service Managers 53.6

Lawyers 310,390 Furniture Finishers 52.9

Source: U.S. Census Bureau, Current Population Survey, March 2015, custom computation using DataFerrett by Jerome Katz.

goods or services
The tangible things (goods) or
intangible commodities (services)
created for sale.

firm
An organization that sells to or
trades with others.

novelty
Characterized by being different
or new.

imitative
Characterized by being like or
copying something that already
exists.

self-employed
Working for yourself.

founders
People who create or start new
businesses.

franchise
A prepackaged business bought,
rented, or leased from a company
called a franchisor.

buyers
People who purchase an existing
business.

heir
A person who becomes an owner
through inheriting or being given
a stake in a family business.

kat60542_ch01_001-025.indd 6 2/26/20 1:52 PM

small BusInEss: VarIEtIEs and Impacts CHAPTER 1 7

Entrepreneurs can be found in nearly every line
of work there is. Into what occupation would your
business put you?

ColorBlind Images/Blend Images LLC
Hero Images/Getty Images
Hero Images/Getty Images
Andersen Ross/Blend Images LLC

the business from the perspective of the entrepreneur. After entry, another role emerges, that
of the owner-manager, the role in which most entrepreneurs spend their working lives. Through-
out this text the terms small business owner, entrepreneur, and self-employed are used interchange-
ably. When founders or buyers or post-entry owner-managers are discussed, we specify which
one is the focus.

CSI: Entrepreneurship
Notice that our definition of entrepreneur doesnt specify if the business is for-profit or non-
profit. The fact is that starting either type of organization involves the entrepreneurial process
of founding. Self-employed founders of firms are involved in what we call independent
entrepreneurship.

Founders of nonprofit organizations or for-profit social ventures are pursuing social
entrepreneurship. These efforts involve creating new charitable and civic organizations that
are financially self-sufficient like Bangladeshs Grameen Bank (which won the 2006 Nobel
Peace Prize for making banking services designed to help the poor manage their money bet-
ter), or for-profit companies that use much of their profit to fund charities such as Toms
Shoes with its One for One philosophy where for every pair of shoes you buy it donates a
pair to children in need. Many people also include the founders of charities. When the social
entrepreneurs focus is more specifically on the planet and ecological issues, we call it
sustainable entrepreneurship or green entrepreneurship.

independent
entrepreneurship
The form of entrepreneurship in
which a person or group owns a
for-profit business.

social ventures
Businesses that are organized as
for-profit entities but are also
solving or supporting solutions to
social problems.

social entrepreneurship
The form of entrepreneurship
involving the creation of self-
sustaining charitable and civic
organizations, for-profit organiza-
tions that invest significant profits
in charitable activities, or the
creators of nonprofit charitable
or service organizations.

sustainable
entrepreneurship
An approach to operating a firm
or a line of business that identi-
fies, creates, and exploits oppor-
tunities to make a profit in a way
that can minimize the depletion
of natural resources, maximize
the use of a recycled material,
or improve the environment.

green entrepreneurship
Another term for sustainable en-
trepreneurship taken from the
popular belief that green is the
color of a healthy environment,
as in forests or fields.

kat60542_ch01_001-025.indd 7 2/26/20 1:52 PM

SHOW MORE…

Chapter 6, Case 1

Chapter 6, Case 1
Trisha is a 28-year-old, unemployed white female. She is no stranger to therapy, having seen counselors for most of her teen and adult years. Her friends would describe her as a wild woman who takes no crap from anyone. She has held various part-time jobs for the last few years because she usually gets angry at her boss or coworkers and quits. While she has had a string of boyfriends over the years, she has been seeing one man for the last year or so. He too is unemployed and has both an alcohol and methamphetamine problem. She describes the relationship as addictive and dysfunctional, yet exciting and hot. Trisha is back in treatment at the urging of her parents, who describe her behavior as erratic and unpredictable. They also claim that she has periods where she sleeps little and parties lots. There were also several occasions in the last five years when she was so depressed she didnt eat or want to leave the house. Her father also admits to periods of depression, and Trishas grandfather was diagnosed with manic depression, resulting in numerous hospitalizations in the 1950s and 1960s. Trishas only brother died in a car accident several years ago. He was drunk at the time, but she claims he had a long history of depression. Recently Trisha was arrested for disorderly conduct at a friends party. She had not slept for nearly 24 hours and was drunk and combative. When she was first approached by police, she solicited them for sex. They report that she was rather hyperverbal and hyperactive. They later had to investigate a complaint from local storeowners for bad checks she wrote in excess of $7,000.
Questions:Remember to answer these questions from your textbooks and clinical guidelines to create your evidence-based treatment plan. At all times, explain your answers.

Summarize the clinical case.
What is the DSM5 diagnosis? Identify the rationale for your diagnosis using the DSM5 diagnostic criteria.
According to the clinical guidelines, which one pharmacological treatment is most appropriate to prescribe? Include the medication name, dose, frequency and rationale for this treatment.
According to the clinical guidelines, which one non-pharmacological treatment would you prescribe? (exclude psychotherapy modalities) Include the risk and benefits of the chosen rationale for this treatment.
Include an assessment of medication’s appropriateness, cost, effectiveness, safety, and potential for patient adherence.
Use a local pharmacy to research the cost of the medication. Use great detail when answering questions 3-5.

Submission Instructions:
at least 500 words ( 2 complete pages of content) formatted and cited in current APA style 7 ed with support from at least 3 academic sources which need to be journal articles or books from 2018 up to now. NO WEBSITES allowed for reference entry. Include doi, page numbers, etc. Plagiarism must be less than 10%.

  

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