Read the attachment and A small Business Mindset Article to answer the question.
Case Study: A Small Business Mindset
Andy Ross completed his bachelor’s and master’s degrees at prestigious schools which led him to high profile positions in well-known firms, but after a few years his discontent grew. Although the pay was good and the benefits among the best offered, Andy felt something was missing. Newly married and in a nice home that put them at the edge of their financial capabilities, Andy’s desire to own his own business was all consuming. It was difficult to describe to his wife exactly why this was so important, yet it compelled him to search for a business concept that he and his wife could start and operate together. Then, when invited to a friend’s birthday party for their young child, it came to him; A themed birthday party business. Here is how they planned to advertise their business:
We do it all…from set-up to clean-up! Andy’s Parties offers full-service, themed children’s parties and enrichment classes. Our great theme parties include everything for a great party:
- Great Games and Activities
- Themed Craft Project
- Themed Party Favors
- Themed Paper Products
- Piñatas and Invitations Included With Most Theme Parties
- All food, drinks, and supplies
- Set-up, clean-up, and more – all led by our fun and energetic staff!
Andy’s Parties offers approximately 30 theme parties, the most popular of which include Girlie Spa, Rockin’ Dance, Princess, Pirate/Treasure Hunt, Murder Mystery and Safari. Andy’s Parties’ packages are all inclusive and we subcontract non-core services such as bounce house rentals, professional entertainers (magicians, balloon-twisters, etc), and high-end adult catering.
Reasons to have an Andy’s Party:
- We do everything so you don’t have to!
- Our prices are very competitive with other party services and venues.
- We have a party at your home – that alleviates any concerns about the chaos and safety hazards posed by larger venues with many strangers.
- We have great experience with kids’ party services and also larger event planning.
- We love our jobs and will ensure a fun party for your children and their friends!
Andy and his wife launched their business in 2004 by leasing a small space in a local retail center where they could offer daytime classes, host themed birthday parties for parents that didn’t want them in their home, and as a base for operations. They hired high school students to run the parties and provided them with extensive training. Over the past several years the business has flourished with over 1,000 parties a year with average revenues of $400 per party.
Assignment #1: Changing Mindset Case Study Analysis (16%)
An entrepreneur is someone who thinks and does something that they have not done previously.Entrepreneurship is about having a mindset that focuses on assessing a situation, designing alternatives and selecting a new way of doing something.
This assignment provides students an opportunity to look at a business situation and use an entrepreneurial mindset to answer questions about a case study presented in week 2.
This assignment has two parts.
In part 1, students will be provided a scenario that highlights several critical issues related to a corporate mindset versus that of a small business.
In part 2, students will read an article and provide a synopsis of the article as it relates to a learning organization.
- demonstrate an understanding of the small business environment and how to manage in a global marketplace
- develop critical managerial skills and processes to assess and analyze key elements of emerging enterprise organizations
Step 1: Review “How to Analyze a Case Study” under Week 2 Content.
Step 2: Create a Word or Rich Text Format (RTF) document that is double-spaced, 12-point font. The final product will be between 4-6 pages in length excluding the title page and reference page.
Step 3: Review the grading rubric for the assignment.
Step 4: Follow this format:
- Title page with title, your name, the course, the instructor’s name;
- Body, in paragraph form using headings:
- Summary paragraph
- Part 1
- Use headings for the questions provided but do not include the questions in the paper
- Part 2
Step 5: In writing a case study, the writing is in the third person. What this means is that there are no words such as “I, me, my, we, or us” (first person writing), nor is there use of “you or your” (second person writing). If uncertain how to write in the third person, view this link: http://www.quickanddirtytips.com/education/grammar/first-second-and-third-person
Step 6: In writing this assignment, students are asked to support the reasoning using in-text citations and a reference list. A reference within a reference list cannot exist without an associated in-text citation and vice versa. View the sample APA paper under Week 1 content.
Step 7: In writing this type of assignment, students are expected to paraphrase and not use direct quotes. Learn to paraphrase by reviewing this link: https://writing.wisc.edu/Handbook/QPA_paraphrase2.html.
Step 8: Read critically and analyze the scenario provided under Week 2 Content.
Step 9: Document key facts from the scenario. Consider making an outline to capture key points in the paper.
Step 10: Part 1:Answer the following questions after reading the case study:
a.)Using at least two references explain why an individual would choose to leave a good career to start a small business with no prior experience, no existing model to follow and without significant capital?
b.)Discuss at least three reasons why Andy’s Parties achieved success so quickly and has been able to sustain the business over the past 8 years when statistically most small businesses fail within the first few years?
c.)Discuss what Andy and his wife’s plans might be for their business going forward?
Step 11: Part 2:
a.)Read “Why aren’t we all working for learning organisations?e-Organisations and People by J. Seddon and B. O’Donovan located under week 2 content
b.)Provide a synopsis (400-600 words) of the findings related to the article.
Step 12:Create the introductory paragraph. The introductory paragraph is the first paragraph of the paper but is typically written after writing the body of the paper (Questions students responded to above). View this website to learn how to write an introductory paragraph: http://www.writing.ucsb.edu/faculty/donelan/intro.html
Step 13: Write a summary paragraph. A summary paragraph restates the main idea(s) of the essay. Make sure to leave a reader with a sense that the essay is complete. The summary paragraph is the last paragraph of a paper.
Step 14: Using the grading rubric as a comparison, read through the paper to ensure all required elements are presented.This step is probably the most critical and can result in many lost points if instructions are not followed.