Economics
Mr. McGee
Report: Entrepreneurship in America
Purpose: To introduce students to the rewards, challenges, and importance of American entrepreneurs today. Each student will interview the owner of a business in the community, visit that business, and develop a report based on that interview. Subjects interviewed must have either a sole proprietorship, partnership, or franchise (and have employees).
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Format CoverClear (not colored) plastic front cover
Center the following information:
Entrepreneurship in America
Your name
Period #
Decorate the cover page with artwork depicting the business.
Parts I-III 1" margins on all sides
Typed, double-spaced, 12 pt. Times New Roman font
Order Cover sheet, Part I, Part II, Part III , Part IV
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Part 1 (Interview)
This section of the paper will be presented as a dialogue between the student and the owner. Each question will be numbered and set up in the following fashion:
1.Q -What is the name of your business?
A -The Spaghetti House Restaurant
**Students may wish to tape or record the interview and transcribe it at another time rather than attempting to take notes during the interview. Make sure you ask permission from the owner if you wish to do this. If your subject's answers are vague or incomplete, ask as many questions as necessary to find the information you need. You may interview with a partner or a small group (no more than 4 students), but each person must do their own report.
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Part 2 (Reaction/Analysis)
The second part of the paper will present your reaction to the interview and your visit to the business. What did you learn, how have your perceptions of the business changed, etc.? What changes would you make if the business were yours? This section of the paper should be in essay form.
Part 3 (Entrepreneur Data)
On this page include only your subject's name, business address, phone number, and signature. Instruct the owner that I may be calling to verify the accuracy of the information included in your report. (Hint: Have this page completed before asking for their signature!)
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Part 4 (Photograph)
Print a photo taken with any camera (cellphones O.K.) of yourself with the owner.
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Due dateWednesday March 9 (Extra Credit if
Turned in before March 9th)
Deadline for Entrepreneur selection Thurs Feb 18 2nd per.; Fri Feb 19 5th per.
Points 100
No late reports will be accepted.
If you are absent on March 9th, see to it that I receive your report by the beginning of class.
Grading criteria
1.Thoroughness of answers (Parts 1 and II)
2.Organization/depth of your observations/insights (Part II)
3.Following Directions
4.Grammar/syntax/spelling
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Interview Questions
1.What is the name of your business?
Sample follow-up questions:
Why was this name chosen?
Would sales/profits increase if the name changed?
Is the process of changing a business name expensive?
2.How long has your business been operating?
Sample follow-up question:
Are you the original owner?
3.Describe the nature of the business.
(What are the products or services provided by your company?)
Sample follow-up question:
How is your company different from others who provide this product/service?
4.How did you get involved in this (as opposed to another) type of business?
(Why did they choose this product or service?)
5.Why did you decide to go into business for yourself (instead of working for others)?
Sample follow-up question:
Does it take a certain personality type to be an owner instead of an employee?
6.How long did it take for your business to show a profit or when do you expect to do so?
Sample follow-up question:
If it took several years before you made a profit, how did you survive financially during
that time?
7.What is the organization of your business? (sole proprietor, partnership, franchise)
See your textbook for explanations of these definitions.
Sample follow-up questions:
How much did the original franchise fee cost?
Are there any other franchises of the same company in your area?
How do the business partners split company profits?
8.What are the characteristics of your customers or market? (age, sex, income, area, etc.) Sample follow-up questions:
Have you done any market research or surveys to confirm this?
How does market research help you to improve your business?
9.How many hours per day did you put into the business during its initial operation?
- How many hours per day do you spend in the business now?
Sample follow-up questions:
Which type of owner are you, the “hands-on” micromanager or the laid-back owner who delegates and trusts his managers/employees?
- Have you expanded your business (number of locations/employees/office space)?
a.Did this happen before you expected?
b.Do you plan to expand your business in the future?
12.What are the major problems you have experienced in your business?
13.How many employees do you have now?
Sample follow-up questions:
How do you advertise for employees?
What advice would you give to someone interviewing for a job?
How do you decide which employees get raises or bonuses?
Do your employees get medical or dental benefits?
Does the Immigration Service ever verify the citizenship status of your employees?
a.What is the biggest problem you have with your employees?
Sample follow-up question:
What happens if employees are constantly sick or late?
b.Have you ever had to fire an employee? Why?
Sample follow-up question:
Has anyone ever sued you for wrongful termination?
c.What are the most important qualities you look for in an employee?
Sample follow-up questions:
Do your employees need to speak more than one language?
Does your company have a dress code (for example, no tattoos, must wear a suit/tie)?
14.How much money did it take to start your business?
Sample follow-up question:
How did you arrive at this $ number?
Did someone help you with the start-up process?
Do you have a business mentor, someone you ask for advice?
15.From whom did you acquire the financial capital ($) to start your business?
Sample follow-up questions:
Did you try getting a government SBA loan to start your business?
Does borrowing money from relatives/friends to begin your business create
any special problems?
16.Were your financial estimates to start the business accurate?
(Was your capitalization enough, too little or too much? Why?)
17.If you could change anything about your business, what would it be and why?
Sample follow-up question:
How does the location of your business affect its success?
18.What type of education is necessary to undertake this type of business?
Sample follow-up question:
Is a degree in business or accounting necessary to be an entrepreneur?
- How have governmental regulations affected your business? (national, state, local)
Be specific (Cal OSHA, AQMD, health inspectors, licenses, permits, etc.)
Sample follow-up questions:
Do you have to apply for a business license—from whom—how often?
Do any inspectors (health and safety, immigration) ever visit your business?
20.Which company is your biggest competitor?
21.Give examples of how you keep up with your competition (prices, services offered, etc.).
Sample follow-up question:
What makes your product or service better/different/unique compared with that offered
by your competitors?
22.What methods do you use to advertise for customers?
Sample follow-up questions:
Which methods are the most effective? (telephone book/internet/newspaper coupons)
Which methods have you learned are a waste of money?
23.How much money do you spend on advertising your business?
24.How often do you take inventory of parts or equipment?
Is excess inventory a problem?
25.Why do you think so many new small businesses fail within their first several years?
26.What advice would you give someone who is considering going into business for the first time?
27.How has globalization influenced your business?
Sample follow-up question:
Do you purchase supplies and equipment from local or international sources?
Are your customers local or global?
28.How has the information technology revolution (internet, Twitter, Facebook) influenced your business?
Sample follow-up question:
Do customers rate your business on-line (and are the ratings fair)?
Do you have a Facebookpage?
Miscellaneous sample follow-up questions:
Do you think the government should try to rescue businesses that fail or just let them go bankrupt?
What do you think of the expression, “The customer is always right”?
How has the current recession affected your business?
Is your business seasonal?
I’ve heard that, since the banking crisis of 2008, many banks have made it difficult for customers to get loans. Has the banking “credit crunch” had any impact on your business?
In addition to these questions, ask at least three additional insightful questions of this entrepreneur. Place an asterisk (*) next to these additional or follow-up questions.