Chapter Application Questions

Chapter 1: Application Question

1-22: Entrepreneurship in the past was majorly for people struggling to find jobs, the majority of which were uneducated lots since most educated people were able to secure white-collar jobs. There was no experience or knowledge required to be an entrepreneur. A classic example from the textbook is Zach Scheu, who established Pure Fix Cycles, a successful bicycle company based in California without any business or entrepreneurship experience (Barringer 2008). However, society and technology is changing rapidly, and what was successful in the past may not succeed today. Knowledge is considered as a tool to bring people to the present. Therefore, learning entrepreneurship is necessary to equip people with skills and knowledge to do business in the diverse business and economic environment, where almost everyone is educated (Al-Atabi & DeBoer, 2014). As such, I believe that entrepreneurship is a course worth teaching in schools, even starting at an early age.

Discussion Questions:

1-31: Julie Rice and Elizabeth Cutler exhibited tenacity despite failure, a characteristic that requires successful entrepreneurs to persevere despite failures and setbacks (Barringer 2008). For instance, after signing the lease agreement, the two entrepreneurs established that they could not pin a sign in front of the building for advertisement.  However, that did not stop the duo from moving forward with the plan and opted to make and distribute swag bags to the neighborhood to spread the message about Soul-Cycles. They also exhibited a passion for the business, believing that businesses should solve people’s problems (Barringer 2008). The idea of Soul-Cycles was to create a spinning studio class, bringing people together for interaction purposes and exercising. A passion for business automatically generates customer focused.

1-32: Soul-Cycles studio is more of a classic fitness center, but also a place where customers interact and socialize with each other. Customers meet a new friend who can potentially turn into a long-term friendship outside the center. 

1-33: SoulCycle on Execution Intelligence

Product/service (10): SoulCycle is not just a fitness class, but an experience where clients can socialize and make new friends. The idea came from Julie Rice not finding a studio that satisfy her need, and from that, she teamed up with Elizabeth Cutler to solve her problem and the problem of many clients.

Marketing (10): Soul-Cycle’s marketing model was just on another level. After realizing that they could not put a sign on the building for advertisement, the two entrepreneurs decided to make and distribute swag bags to the neighborhood, which rapidly spread the message about the business.

The customer experience (10): Soul-Cycles is a customer-focused business that not only concentrates on the core business (fitness) but the customers’ overall experience, socializing, and making friends. 

On-line reservation model (10): This was a perfect idea that ensured that customers could be assured of space, and the business can plan for the number of customers. It was also an approach to increase sales.

Product/service pricing (10): The prices for Soul-Cycles services are favorable and proportional to the offers, attracting frequent customer comeback. 

1-34: SoulCycle can counter the threats of competition from Peleton by launching adverts that educate the customers on the benefits of group fitness exercise instead of a solo exercise. Such include moral from colleagues that encourages commitment to the lesson.

Chapter 2: Application Questions

2-22: One of the current trends in the restaurant and eatery market is the shift towards meat-free diets, with the United States consumers from millennial to boomers shifting to meat alternatives. The trend is triggered by the psychological reaction towards healthy diets (Kurz 2018); therefore, Marshall should consider vegan options in its menu. The company can also consider natural beverages such as smoothies, coffee, and tea, which seems to delight many hotel guests. This can be offered alongside small bites and snacks, which seems to attract the majority of millennials.

2-27: Library and internet research could have offered Jamie and Ben Heywood significant insight into diseases such as amyotrophic lateral sclerosis (ALS), treatment options and cost, and the coping mechanism. Information is vital for any venture’s success, and library and internet research has proven to be a source of almost every information about business practices. 

References

Al-Atabi, M., & DeBoer, J. (2014). Teaching entrepreneurship using massive open online course (MOOC). Technovation, 34(4), 261-264.

Barringer, B. R. (2008). Entrepreneurship: Successfully launching new ventures. Pearson Education, India.

Kurz, V. (2018). Nudging to reduce meat consumption: Immediate and persistent effects of an intervention at a university restaurant. Journal of Environmental Economics and Management, 90, 317-341.