Part II - After reading the case about Professor Becomes Restaurateur at the beginning and end of your E-Text, answer the questions below making sure to JUSTIFY YOUR ASWER WITH MORE THAN FOUR SENTENCES. "Professor Becomes Restaurateur" and its related Challenge Case Summary were written to help you understand the management concepts contained in this chapter. Answer the following discussion questions about the introductory case to explore how fundamental management concepts can be applied to a company such as Austin’s Casual Eatery.
1. 2-4Discuss the opportunities that Steven Austin Stovall observed in the local restaurant market. How did he evaluate and exploit those opportunities?
2. 2-5How risky was Stovall’s move to change the entire concept of the restaurant just one week after opening? What could have gone wrong?
3. 2-6Describe Stovall’s entrepreneurial alertness. How did it help or hurt his business?
4. 2-7Which management employability skill or skills did Stovall demonstrate in this case?
Challenge Case Summary
The Challenge Case describes how Steven Austin Stovall developed a restaurant called Austin’s Casual Eatery. The story of Stovall’s restaurant provides an example of how entrepreneurs can fine-tune their business or even change it in drastic ways after responding to market demands. Stovall noticed that a tapas restaurant in a small Ohio town was not a viable form for the business, so he changed the direction of the company immediately to ensure the viability of his entrepreneurial venture. Being able to identify an opportunity and respond to it properly is very important for a successful entrepreneur. According to Schumpeter’s classic formulation of opportunities, Austin’s Casual Eatery has done well because it seized the opportunity of creating new products in a market where similar offerings did not exist. The company’s reputation for excellent quality and superb customer service has driven demand for the restaurant’s menu items and has created nearly $1 million in revenue. In starting Austin’s Casual Eatery, Stovall proceeded through the three steps of the entrepreneurial process. He identified an opportunity when he realized that the local restaurant market was primarily serving overly processed and frozen foods rather than made-from-scratch menu items. Next, he evaluated the opportunity after he understood what was required to open a restaurant. A full evaluation likely included figuring out if the restaurant was practical, gathering specific information on what others in the industry were doing, and deciding whether his restaurant could compete with restaurants already established in the local area. Finally, he exploited the opportunity by renovating an old building, training staff, ordering food, and opening the doors to the public. As Stovall proceeded through these undertakings, he needed to understand the entrepreneurial risk associated with opening a tapas restaurant in a small midwestern town. If customers didn’t fully embrace the tapas concept of sharing dishes and Stovall continued to operate in this manner, he likely would have been unsuccessful. Therefore, after just one week in business, he completely changed his concept from that of a tapas restaurant to one that served more traditional dishes. However, to ensure diversification from his competitors, he created a system where the menu would change every three months, keeping only those 10 items that sold the best during the prior quarter. When Stovall met with this team to discuss the original failure of the tapas concept, he engaged in collaboration, which is one of the six management employability skills. Collaboration is the ability to work actively with others in accomplishing a task. The task was to determine what concept could replace the tapas idea. Once the direction of the restaurant was determined as a traditional restaurant with a seasonal menu, Stovall collaborated with the general manager and anyone else on the team who had ideas for a menu offering as the seasons change. An entrepreneur must be able to adapt and change according to market pressures. As Stovall discovered the challenges of managing a large restaurant, he made those changes that ensured the company’s survival. Obviously, he also took on significant risk by starting a restaurant in the first place. It is expensive, and it is an industry replete with failures. He also risked the business by changing the concept so quickly after opening from a tapas restaurant to one that offers appetizers and entrées. Overall, though, it appears that those risks were exactly the ones that needed to be taken to keep the restaurant prosperous.

To convert 2 hours to minutes, we multiply by 60 (since there are 60 minutes in 1 hour):

2 hours * 60 minutes/hour = 120 minutes

Since each of them takes 2.0 hours (or 120 minutes) to walk from their house to their school, we can calculate the distance using the formula:

Distance = Rate * Time

Given that their rate is 1.0 m/s and the time is 120 minutes (or 2.0 hours), we have:

Distance = 1.0 m/s * 120 minutes = 120 meters

Therefore, their school is approximately 120 meters away from their house.

Learn more about distance here

brainly.com/question/26550516

#SPJ11

It is no longer enough to provide customers with high-quality products; they also expect outstanding customer service. To meet these expectations, businesses should take the following steps:

1. Develop a customer-centric culture: Make customer satisfaction a priority and ensure that all employees understand the importance of providing excellent service.

2. Train employees: Provide comprehensive training on customer service skills, including communication, problem-solving, and empathy.

3. Implement efficient processes: Streamline processes to make it easy for customers to access information, make purchases, and receive support.

4. Use technology: Utilize technology to enhance the customer experience, such as through personalized marketing, efficient customer support systems, and online self-service options.

5. Listen and respond to feedback: Regularly collect customer feedback and act on it to improve your products, services, and overall customer experience.

6. Go the extra mile: Delight customers by exceeding their expectations and providing personalized service.

By focusing on outstanding customer service in addition to high-quality products, businesses can build strong customer relationships, improve customer retention, and increase their competitive advantage.

Learn more about Customer here:

https://brainly.com/question/13472502

#SPJ11

Individuals can be convicted when members of a hospital council governing body solicit for special treatment it is kickback.

kickback are illegal payment made for compensation as to be administered treatment specially.

They do not receive improper services.

Therefore, when members of a hospital council governing body solicit for special treatment it is kickback.

Learn more on convicted here,

https://brainly.com/question/7571095

Answer:

Explanation:

As a chartered accountant, I want to pursue a career in accounting and finance. From the lesson I learned about, I believe I need to take the following four assessments to further my career:

Aptitude test: This assessment will evaluate my cognitive abilities and problem-solving skills, which are important for success in the field of accounting and finance.

Personality test: This assessment will help determine my personal strengths, values, and communication style, which are important qualities for a chartered accountant to possess.

Interest inventory: This assessment will help me understand my interests and passions, which can guide my career path as a chartered accountant.

Work style assessment: This assessment will help me understand my work habits and preferences, which can inform my approach to tasks and projects as a chartered accountant.

Answer:

I want to teach English literature and therefore I want to become a professor at a reputed university. I will have to take the SAT exam in order to get admission in a good college.

Explanation:

Answer:

a

Explanation:

availability of individual to work for the business does not affect it

Your answer is Treasury Bill!

Hopefully, this helps! :D

Please give branliest!

The difference in the employment levels of high school graduates between 2007 and 2016 (2016 - 2007 ) = -2960 thousand people.

a) Between 2005 and 2014, by how much did a. The labor force change?

The way to answer this question is to consider the labour force in 2014 and then compare it to the labour force in 2005

Labour force in 2014 = 155,922,000

Labour force in 2005  =149,320,000

It means the change in labour force = 155,922,000 - 149,320,000 =

6,602,000 or apporximately 6602.0 million

b) Change in Unemployment

The Unemployment figure for 2014 is 9,617,000

The figure for 2005 = 7,591,000

= 9,617,000-7,591,000 = 2,026,000 or 2,026.0 million

C) Change in Employment

To calculate this figure, we use the folliwng formula

Employed in 2014 = The labour of 2014 - the unemployed in 2014

Employed in 2005 = The labour of 2005 - the unemployed in 2005

Empoyed in 2014 = 155,922,000- 9,617,000 = 146,305,000‬

Employed in 2005  = 149,320,000- 7,591,000 = 141,729,000

= 146,305,000 - 141,729, 000 = 4,576,000 or 4,576.0 million

To learn more on employment, visit:

https://brainly.com/question/14942886

#SPJ4

A cost that has been incurred, or will occur, whether a project is accepted or rejected is a sunk cost.

A sunk cost is a cost that has already been incurred and cannot be recovered in economics and corporate decision-making. Sunk costs and prospective costs future expenses that could be avoided if action is taken are contrasted.

Cash spending that has already been made and cannot be recovered, whether a project is approved or denied, is known as a sunk cost.

An investment that has already been made but cannot be recouped is referred to as a sunk cost, also known as a retrospective cost. Sunk costs in the company include things like marketing, research, installing new software or equipment, paying for workers and benefits, or paying for facilities.

To learn more about sunk cost refer to:

https://brainly.com/question/27962151

#SPJ4

Answer:

1) financing, taxation,risk tolerance, continuity and transferability,entrepreneurial ability

Explanation:

,

Answer:

I believe this statement is true.

False. The $2,000 should be recorded as unearned revenue on the balance sheet, as the spaghetti has not yet been manufactured or delivered, and should not be credited to sales revenue until it is delivered in January 2014.

In this scenario, Pastina should not have credited sales revenue for the $2,000 received from the customer in December for the 1,500 pounds of spaghetti to be delivered in January 2014.

The revenue is unearned or deferred, as the spaghetti has not yet been manufactured or delivered, and should be recorded as a liability on the balance sheet.

When the spaghetti is delivered in January 2014, the revenue can then be recognized and credited to sales revenue.

Learn more about revenue

brainly.com/question/8645356

#SPJ11

An outlet or brand whose performance confirms a low-performance expectation generally will result in non satisfaction.

Consumer behavior is the study of how people make decisions about their daily need and wants.

It is the study with respect to the consumers & the process at the time of choosing and sale of the goods & services that involved the responses of the consumers in terms of emotional & behavioral.

Hence, an outlet or brand whose performance confirms a low-performance expectation generally will result in non satisfaction.

Learn more about consumer behaviour here : https://brainly.com/question/24438632

Answer:

hangry is when you feel hungry and angry at the same time

Explanation:

basically, your angry because of the fact that your hungry

The another term for free enterprise is a free market.

To learn more about free enterprise system refer to:

https://brainly.com/question/20782413

#SPJ4

If you are borrowing money from your local bank with an annual percentage rate (APR) of 5.75%, and the loan is to be repaid in one lump sum payment of $6,000 one year from now, then the amount of money you are borrowing today is approximately $5,666.67.

To calculate the present value of the lump sum payment due one year from now, we can use the formula: PV = FV / (1 + r)^n

Where PV is the present value, FV is the future value, r is the interest rate per period, and n is the number of periods.

Plugging in the values given in the problem, we get:

PV = $6,000 / (1 + 0.0575)^1

PV = $6,000 / 1.0575

PV = $5,666.67

Rounding to the nearest cent, the amount of money you are borrowing today is approximately $5,666.67. This means that after one year, you will owe the bank $6,000, which includes the principal amount borrowed and the interest accrued at an APR of 5.75%.

To know more about annual percentage rate, refer here:

https://brainly.com/question/12571149#

#SPJ11

Answer:

credit

Explanation:

Answer:

There are 93 millions in 93,601,008.

Answer:

93 million in 93,601,008

Explanation:

Hope this helps have a wonderful day! <3

Based on the amount that had already been purchased with the card, the amount owed by Amara would be B. $50.

Federal law states that if your card is stolen and you report it immediately, you aren't liable for any charges to the account.

If you report it within two days however instead of immediately, you would be liable for $50 which is the case with Amara.

In conclusion, option B is correct.

Find out more on stolen item procedure at https://brainly.com/question/9195967.

Your own open source license. Open source software provides several benefits.

Including:

Rapid Collaborative Development: By publishing software under the GPL (General Public License) or other open source licenses, developers from around the world can contribute to its development. This collaborative effort can lead to faster innovation and improvements in new areas.

Regular Feedback: Open source software encourages a community of users and developers who provide feedback, bug reports, and suggestions for improvement. This feedback loop helps in identifying issues and implementing timely updates and fixes.

Greater Usage and Adoption: By making software open source, it becomes accessible to a larger audience, increasing its potential usage and adoption. This can lead to wider recognition, support, and potential contributions from the community.

Low Chance of Obsolescence: Open source software tends to have a longer lifespan compared to proprietary software. As long as there is a community of users and developers interested in maintaining and improving the software, it is less likely to become obsolete.

Furthermore, companies can benefit from open source by leveraging the free development efforts of other open source developers. They can also reduce the cost of creating software packages by contributing their resources and personnel to open source projects aligned with their corporate interests.

To release software as open source, it is important to understand the Open Source Definition and choose an appropriate license, such as the GPL or create a custom open source license that aligns with the desired goals and principles.

To learn more about  software

https://brainly.com/question/28224061

#SPJ11

Answer:

through allowing agribusiness companies to create oligopolies

Explanation:

Answer:

through programs that provide direct payments

Explanation:

The United States government gives free money to farmers and ranchers through a government subsidiary.

Answer:

A career as a photographer can be an exciting avenue for creative expression, as photographers have the opportunity to work in many settings and meet diverse people. Yet it is also a technically demanding profession, so those interested in becoming photographers must consider the training they will need before committing to this career path. It is also important to know how photographers compare to similar careers in terms of education requirements, average salaries and projected job growth rates. This guide provides in-depth information that can help readers decide if a photography degree can put them on the right career path.

Explanation:

:-). ✓✓✓✓✓✓✓√√√√√√√√√√√

Answer:

potential for advancement

Explanation:

Answer:

Potential for advancement

Explanation:

the other three are important for all jobs, but specifically for conglomerates you are going to want to advance and eventually get better positions.

When you work for a conglomerate, each magazine will get its own editors as well as content to publish. But the workers still have to make sure what they put out there regards the policies, sales, and other factors of the company. A downside to conglomerates is that there are a lot of strict procedures and policies to follow to, and sometimes the general environment of one can be difficult. Working for a conglomerate means you should able to work with others, and help people come up with creative plans. You work with other people who are in the same field, and doing the work takes a lot of time and effort. You have to be flexible and creative, be able to communicate, as well as research a lot of things. There are benefits though in terms of being able to move up in your career, and advance through magazines getting good positions. There is also the pay that you get as well.  

'Rather than looking for problems, appreciative inquiry seeks to identify the unique qualities and special strengths of an organization, which can then be built upon to improve performance.

The gratitude quest is a model aimed at engaging stakeholders in self-determined change. According to his Gervase Bushe, Professor of Leadership and Organizational Development at Beedie School

Appreciative Inquiry (AI) is about understanding what's working, analyzing why it's working, and then doing it. A change management approach that focuses on A fundamental premise of AI is that organizations grow in the direction that people in them pay attention to.

Appreciative Inquiry discovers untapped positive potential in organizations. For example, a model may focus on the functions, benefits, spirit, and value of a system. Discovering Possibilities harnesses the energy needed to enable change based on breakthroughs, discoveries and innovations.

Learn more about appreciative inquiry  https://brainly.com/question/28900399

#SPJ4

Answer:

.,.

Explanation:

I hope you have a great day!

Muffin ^^

Answer:

;-;

Explanation:

I hope you have an amazing day!

bren~

The opportunity cost of producing one unit of pottery in Germany is 0.5 units of tulips.

Opportunity cost is calculated as the ratio of the two items. We will get the answer by comparing the amount of output of one commodity that must be foregone to increase the production of the other commodity by one unit.This is expressed as:

Opportunity Cost of Pottery = (Units of Tulips Produced) / (Units of Pottery Produced)

Therefore, the opportunity cost of producing one unit of pottery in Germany is 0.5 units of tulips.

You can learn more about opportunity cost at

https://brainly.com/question/1549591

#SPJ11

Answer:

A trade association

Explanation:

A trade association is an organization or a group founded by businesses in the same industry. A trade association is created to assist in coordinating activities that improve the welfare of its members.  By uniting in an association, firms can lobby for a better business environment from the government.

A trade association allows members to bond and network. It presents an opportunity for members to strategize and exchange important business information.

Answer:

I messaged you the asnwer.

Explanation:

The monthly payment schedule includes a nominal yearly interest rate of 14.4%.

E is equal to P*r* (1 + r)/(1 + r)(n - 1).

where:

E stands for equated monthly installment (EMI).

The Principal is p.

The nominal rate is r.

n represents number of periods.

$137.41 = $4,000*r* (1 + r)36/(1 + r)^36 -1)

Hence, r = 14.4% P.A

Consequently, the monthly payment plan's nominal annual interest rate is 14.4% p.a.

The interest rate prior to accounting for inflation is referred to as the nominal interest rate. The term "nominal" can also apply to the advertised or quoted interest rate on a transaction, which excludes any fees or interest compounding.

To read more about interest refer:

https://brainly.com/question/28000527

#SPJ1

The correct answer is d. Nested For...Next loops.

To iterate through each element of a two-dimensional array, we need to use nested loops.

The outer loop iterates through the rows of the array, and the inner loop iterates through the columns of the array.

We can use either a For...Next loop or a Do...Loop structure to implement the nested loops.

Here's an example of nested For...Next loops that iterate through a two-dimensional array:

Dim arr(3, 4) As Integer

For i = 0 To 3

   For j = 0 To 4

       arr(i, j) = i * j

       Debug.Print arr(i, j)

   Next j

Next i

In this example, we define a two-dimensional array arr with 4 rows and 5 columns.

The outer loop iterates through the rows of the array from 0 to 3, and the inner loop iterates through the columns of the array from 0 to 4.

For each element of the array, we calculate its value as i * j and print it to the Debug window.

Learn more about computer programming and arrays

brainly.com/question/29242771

#SPJ11

Answer:

open fridge!!!

Explanation:

STEP 1: open fridge

STEP 2: find the egg then grab with hand!!!!!!!!

(Its really hard!!)