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188

Advances in Business Research

 !"#$%"#&'#(!"#)"*#+,(-".-","/-0# !"#123"#4(/56#$..-&27!#(&#8#9-:,7:.;"3#'&-#<&&3(:,%#

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Rosalie Lober, Nova Southeastern University

Thomas Tworoger, Nova Southeastern University

J. Preston Jones, Nova Southeastern University

 !"#$%!&'())*+'!,$'-'./0123 '.45%65)*$&7'!,$'.45845!5$&9/02':$65&58%';(!45<'(%#'!,$'="&5%$&&'/$(*5!+'>,(%?$';8#$*'

to three business cases with various capital structures. These principles and tools guide entrepreneurs to transform 

!,$54'@"&5%$&&'!8'!,$'%$<!'*$A$*'8B'&"66$&&'(%#')48C!(@5*5!+'@+'$<)*85!5%?')4(6!56(*'&8*"!58%&'(#8)!$#'@+'184!"%$'DEE'

companies. Instructors introduce students to the principles and tools and then assign teams of students to work on 

!,$'6(&$&F' !"#$%!&')*(+'!,$'48*$'8B'!,$'68G)(%+H&'$%!4$)4$%$"4'5%'G(I5%?'*8%?'!$4G')48C!(@*$'#$65&58%&'(%#'!8'(A85#'

&$*BJ#$B$(!5%?')(!!$4%&F'

 !!"#$%&'( )"( )*+(,-.-(/"0+#&1+&)(.1233(456%&+66(789!+("8( $0"!2!:;( )*+#+(2#+(2<<#"=%12)+3:(>?-@(1%33%"&(
small business enterprises in the United States with approximately 10.6 million enterprises owned by women, 37 
million baby boomers, former corporate employees, small manufacturers, service providers and future Generation 
A(2&$(B(+&)#+<#+&+5#6-(C&(>DD>;()*+#+(E+#+(>>-F(1%33%"&(61233(G56%&+66+6(<#"0%$%&'(H?(<+#!+&)("8(&+E(I"G6(%&()*+(
economy. Small business entrepreneurial endeavors represent 99.7 percent of all employers and 97 percent of all US 
+=<"#)+#6(J.1233(456%&+66( $1%&%6)#2)%"&;(>DDKL-
M+12&$6("&(+&)#+<#+&+5#6(2<<+2#()"(G+('#+2)+#(&"E()*2&(2)(")*+#()%1+6(%&()*+(*%6)"#:("8(G56%&+66-(N56)"1+#6(

!2&(G+( %&!#+26%&'3:($+12&$%&'(2&$(9!O3+( %&( )*+%#(!*2&'%&'($+6%#+6;(G+))+#(+$5!2)+$(2&$(1"#+(6"<*%6)%!2)+$( )*2&(
previously. Global competition, decreasing product life cycles, new and innovative technology and creative strategic 
233%2&!+6()*#+2)+&(+0+&()*+(1"6)(+6)2G3%6*+$(G56%&+66+6-(.5<+#6)"#+6(E%)*("&+P6)"<(6*"<<%&'(65<<32&)(Q523%):(2&$(
!56)"1+#(6+#0%!+(8"#()*+(*2##%+$(!"&651+#-(N"&Q5+#%&'()*+(!*233+&'+6("8(3+2$+#6*%<;(6)#5!)5#%&'(2&$(5&$+#6)2&$%&'(
the capital and commodity markets and dealing with ambiguity separate the winners and losers. There is a new 
+1<*26%6(8"#(+&)#+<#+&+5#6()"(G+(!*2&'+(3+2$+#6(E*"(!2&(%&R5+&!+(2&$(1"G%3%S+(6)2O+*"3$+#6;(G")*(%&(2&$("5)("8(
)*+%#(G56%&+66-(T*+:(2$2<)()"(!*2&'%&'(6)#2)+'%+6(G26+$("&($+12&$6(8"#(R+=%G%3%):;(#+Q5%#+1+&)6(8"#(%&&"02)%"&(2&$(
<#"0%6%"&6(8"#(6)#2)+'%!(<2#)&+#%&'-(T*+(9))+6)(+&)#+<#+&+5#6(E*"(2#+(E%33%&'()"(%&&"02)+(2&$()2O+(#%6O6(E%33(G+()*+(
survivors.  

Today, it appears that entrepreneurs must balance the day-to-day tactical operations with the larger strategic 
issues of vision and building customer relationships. Delegating responsibilities, building a leadership base and 
8"!56%&'("&(+1<3":++(2!!"5&)2G%3%):;(233(0+#:(Q5%!O3:;(#+653)(%&()"$2:U6(+&)#+<#+&+5#%23(<#+665#+6-
.)5$+&)6(2<<3:()*+(H(VW7XCT.(V#%&!%<3+6;(V#%"#%)%+6YW7C(M+!%6%"&(Z2)#%=(2&$()*+(456%&+66(W+23%):(N*2&'+(Z"$+3(

J["G+#;(>DDFL()"()*+(!26+(6)5$%+6-(T*+6+(<#%&!%<3+6(<#"0%$+6(+&)#+<#+&+5#6(E%)*(2(6:6)+12)%!(2<<#"2!*()"(12O%&'(
solid decisions that incorporate strategy, tactics and key conclusions, ensuring the most promising opportunities 
2&$()5#&%&'()*+1(%&)"(<#"9)2G3+(0+&)5#+6-(.)5$+&)6(!2&(2<<3:()*+(<#%&!%<3+6;(12)#%=(2&$(1"$+3(N\76("8(](V#"$5!)6(
C&!-;( '5#5( C12'+6( 2&$(^>Z( )"( %3356)#2)+( +88+!)%0+(56+("8( )*+(1"$+3-(\2!*(N\7( 82!+$($%88+#+&)( !*233+&'+6( 2&$(
opportunities.

F"6#$33/G.(:&,3#9-&H:5"#1&,("E(#'&-#(!"#9-:&-:(:"3B=>@#C"7:3:&,#D2(-:E#2,5#</3:,"33#="2;:(6#1!2,%"#D&5";#

I<=1DJ

T*+(25)*"#6(65''+6)()*+(8"33"E%&'(O+:(26651<)%"&6(8"#(+88+!)%0+3:(56%&'(G")*($+!%6%"&P12O%&'(1"$+36_

`( Balance stability and change to avoid unnecessary chaos.

`(  !!+<)()*2)(:"5#(<+"<3+(12:(*20+($%89!53):(1"0%&'(G+:"&$(2&(%&)+#&23(8"!56-

`( People overestimate the capabilities of their own company.

`( N*233+&'+6(2&$('"236(2#+(3%O+($:&21%!;(3%0%&'("#'2&%616-

`( Learning is continuous.

2010, Vol. 1, No. 1, 188-197

Lober, Tworoger and Jones



189

Advances in Business Research

T*+( 456%&+66( W+23%):( N*2&'+(Z"$+3( %6( 2&( %)+#2)%0+( <#"!+66-( T*+( 4WNZ( %6( 2( <#"!+66( )*2)( %6( &"&P3%&+2#( 2&$(
#+Q5%#+6(!"&)%&5"56(2$I56)1+&)(G26+$("&(&+E(%&8"#12)%"&(G+!"1%&'(202%32G3+-( 6(&+E(%&8"#12)%"&(%6($%6!"0+#+$;(
the information is incorporated into the already existing framework. Many times, this information will challenge 
*:<")*+6+6(2&$($%#+!)%"&(8"#(6"30%&'()*+(<#"G3+1("#(2<<#"2!*%&'(2&("<<"#)5&%):-(4:(9#6)(56%&'()*+(W7CYV#%"#%)%+6(
M+!%6%"&(Z2)#%=;()*+(+&)#+<#+&+5#(12:(9#6)(<3")(6"1+("8()*+(a)"<("8(1%&$U("<)%"&6(2&$(9&+()5&+()*+%#(!*"%!+6(56%&'(
)*+(456%&+66(W+23%):(N*2&'+(Z"$+3-(
N32#%):(2&$(8"!56;()*+(*23312#O("8(G")*()*+('#2<*(2&$()*+(1"$+3(E%33(+&2G3+()*+(&+E(+&)#+<#+&+5#()"(12O+(E%6+#;(

)2#'+)+$(2&$(826)+#($+!%6%"&6(E%)*(2&(+1<*26%6("&('#"E)*(2&$(<#"9)2G%3%):(%&()*+%#(12#O+)6-(T*%6(12)#%=(*+3<6("&+(
1"0+(G+:"&$()*+(9#6)(%&6)%&!)6(2&$('5%$+6()"()*+(1"6)(<#+66%&'(<#"G3+1("#('#+2)+6)("<<"#)5&%):-((
b")(233(<#"G3+16(#+Q5%#+( )*+(621+(%&0+6)1+&)("8( )%1+(2&$(1"&+:-(X"#(+=21<3+;(2(<#"$5!)( 3%&+(12:(G+( 3"6%&'(

12#O+)(6*2#+-(.*"53$(:"5(%&0+6)(1"#+(1"&+:(%&()*%6(<#"$5!)("#(3+20+(%)(a26(%6U;("#(+0+&(3%Q5%$2)+()*+(<#"$5!)()"(56+()*+(
1"&+:(+36+E*+#+c(T*+(2&6E+#($+<+&$6("&(E*2)(+36+(%6(*2<<+&%&'(%&()*+(G56%&+66-( &")*+#(<#"$5!)(12:(G+(6+33%&'(
well, generating high margins and projecting a continuous high revenue stream for the next few years. Further 
investment in the successful product may be a better alternative than adding money to a declining product.

=>@B9-:&-:(:"3#C"7:3:&,#D2(-:E

T*+(W7CYV#%"#%)%+6(M+!%6%"&(Z2)#%=(O++<6()*+(8"!56_(C&0+6)(%&()#2&68"#1%&'(!*2&'+6()"()*+(G56%&+66()*2)(2#+(G")*(
*%'*(<#%"#%):(2&$(<#"0%$+(2(*%'*(#+)5#&("&(%&0+6)1+&)6-( 6(2(#+653)("8()*+(W7CYV#%"#%)%+6(M+!%6%"&(Z2)#%=;()*+(&+E(
+&)#+<#+&+5#;( 6)#%0%&'( )"(G""6)(G56%&+66( )"( %)6(12=%151(<#"9)(<")+&)%23(E%33(G+!"1+( 8"!56+$("&( )*+( %&)+#6+!)%"&(
"8(E*2)( %6(1"6)( <#"9)2G3+( 8"#( )*+( !56)"1+#( 2&$(E*2)( %6(1"6)( <#"9)2G3+( 8"#( )*+%#( G56%&+66-( T*+( $+!%6%"&(12)#%=(
6:6)+12)%!233:(%$+&)%9+6(6)#2)+'%!("<<"#)5&%)%+6(8"#()2O%&'(2!)%"&-
."1+("8()*+6+("<<"#)5&%)%+6(2#+_(M"(&")*%&'(2&$(O++<(26(%6;(*%#+(2(!"&653)%&'(!"1<2&:()"($"()*+(E"#O;(*%#+(1"#+(

6)288;(2$$(1%66%&'(!2<2G%3%):( JG5:("#($+0+3"<( %)L;("G)2%&(9&2&!%&';(1+#'+(E%)*(2&")*+#(!"1<2&:;(2!Q5%#+(2&")*+#(
company, outsource the function needed, sell the company and form strategic alliances with other companies.  

There is less risk for a business when it has systematically evaluated its priorities and the probable returns on 
%&0+6)1+&)(E%)*()*+(W7CYV#%"#%)%+6(M+!%6%"&(Z2)#%=-(T*+(2=+6("8()*+(12)#%=(2#+(V#%"#%)%+6(2&$(W+)5#&("&(C&0+6)1+&)-

Priorities

V#%"#%)%+6("<)%"&6(J%&0+6)1+&)("<)%"&6L(156)(3+2$()"(!#+2)%"&("8(!56)"1+#(0235+-(T*+(Q5+6)%"&6()"(26O(E*+&(<3"))%&'(
)*+(<#%"#%)%+6(2=%6(2#+_

`( d"E(E%33()*%6(!*2&'+(G+&+9)()*+(!56)"1+#c
`( d"E($"+6()*+(+&)#+<#+&+5#(O&"E()*%6c

The priorities selected may result in a strategic change in direction or operational actions resulting in more 
+89!%+&)(<#"!+66+6()*2)(<#"$5!+('#+2)+#(12#'%&6(2&$Y"#(<#%!%&'(2$I56)1+&)6-((

Return on Investment

T*+(<#"I+!)(2!)%"&6(<3"))+$("&()*%6(2=%6(12:(#+653)( %&(9&2&!%23;(<+"<3+;( )%1+(2&$(")*+#(#+)5#&("&(%&0+6)1+&)6-(
T*+(8"5#(Q52$#2&)6("8()*+(12)#%=(#+<#+6+&)("<)%"&6(8"#(2!)%"&6()"()2O+(#%'*)(&"E-(V#%"#()"()2O%&'(2!)%"&;()*+(4WNZ(%6(
#+!"11+&$+$(J6++(G+3"EL-(T*+(Q52$#2&)6("8()*+(12)#%=(<#"0%$+(%&8"#12)%"&(8"#(#+)5#&("&(%&0+6)1+&)(J*%'*("#(3"EL(
2&$(<#%"#%):(J*%'*("#(3"EL(8"#(+2!*(<"66%G3+("<)%"&(2&$(65G6+Q5+&)(2!)%"&6-(T*+(8"5#(Q52$#2&)6(2#+_

High

Low
Low High

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Transform,($"-".'

PROFITS
Opportunity

2010, Vol. 1, No. 1, 188-197

Lober, Tworoger and Jones



190

Advances in Business Research

K# Keep As Is. A business is running well with no pressing problems may choose to remain at the current level of 

<#"9)2G%3%):(2&$(&")(12O+(!*2&'+6()"('#"E()*+(G56%&+66-(C8(266%'&+$()"()*%6(Q52$#2&);(%)(12:(G+(E%6+()"(!*233+&'+(
%8( )*+(G56%&+66( %6( G+!"1%&'( !"1<32!+&)-( #+("<<"#)5&%)%+6(1%66+$( )"( !#+2)+('#+2)+#( !56)"1+#(0235+c(T*+(O+:(
learning is not to drift into the “Keep As Is” mode of operating.

K# >.(:G:L"-(e*+&(<#"9)2G%3%):(%6()*+(#+653)("8(+89!%+&)(2&$(+88+!)%0+("<+#2)%"&6;()*+&(#+)5#&("&(%&0+6)1+&)(%6(*%'*(
2&$()*+#+(%6(3"E(<#%"#%):()"(!*2&'+(2)()*%6()%1+-(T*+(1+662'+("8()*%6(Q52$#2&)(%6()"(aO++<(:"5#(+:+("&()*+(G233U(2&$(
12&2'+()*+(!5##+&)(6%)52)%"&(E+33-(7<)%1%S+(2!)%"&6(G:(+&65#%&'(!"&)%&5"56(+89!%+&!:(2&$(%1<#"0+1+&)-(^++<(
abreast of market trends and changes to avoid complacency and have a clear frame of reference and time frame.

K# Act Quickly-(e%)*%&()*%6(Q52$#2&);(2(G56%&+66(82!+6(%11+$%2)+()*#+2)(8#"1(E%)*%&("#(8#"1("5)6%$+(12#O+)(8"#!+6-(
C8(2(G56%&+66(1%66+6()*+("<<"#)5&%):()"(2!)(Q5%!O3:;(%)(12:(&+0+#(#+!"5<(#+0+&5+("#(12#O+)(6*2#+(3"6)()"()*+()*#+2)-(
Threats can be new entrants or competitors that emerge in the market with a superior solution or unanticipated 

expenses that may reduce the funds available to address the threat. Threats may include a key employee may 

leave, sales may fall, misreading the market or unexpected customer market changes may occur. There may also 

G+(!*2&'+6(%&('"0+#&1+&)(#+'532)%"&6()"(2$$#+66-(T*"5'*()*+(#+)5#&("&(%&0+6)1+&)(8"#(!*2&'+6(#+Q5%#+$()"(1++)(
any of these threats may be low, failure to change may result in a big loss. It is important to stay aware.

K# Transform-( (6"35)%"&(%&()*%6(Q52$#2&)(#+Q5%#+6(2($#212)%!(6)#2)+'%!(6*%8)-(W+)5#&("&(%&0+6)1+&)(%6(*%'*(E*+&()*+(
solution is effective. Action is a high priority because to remain a key player in the marketplace, there must be 

change. Balancing risks is essential. A business must have the core capabilities for changing right now. If not, the 

)#2&68"#12)%"&(12:(G+()""($%6#5<)%0+(8"#(+1<3":++6-(T*+#+(12:(&")(G+(6589!%+&)(85&$%&'(!"11%)1+&)6(+%)*+#-(
However, with this matrix, the entrepreneur knows that a dramatic shift is important for the company’s future. 

T*%6(12)#%=(G+!"1+6()*+(#"2$12<(8"#(2(!"1<2&:()"()2O+()*+(2!)%"&6(#+Q5%#+$()"(a'+)(<#+<2#+$U(2&$(<"6%)%"&()*+(
!"1<2&:(8"#()*+()#2&68"#12)%"&(26(Q5%!O3:(26(<"66%G3+-

N%#!516)2&!+6(!2&(!*2&'+(Q5%!O3:-(X"!56%&'("&("&+(Q52$#2&)(!2&(288+!)(2&")*+#(Q52$#2&)(2&$()*+(12#O+)<32!+(
!2&(6*%8)(%&(2(12))+#("8(E++O6("#(1"&)*6-(T*+($+!%6%"&P12)#%=(+=+#!%6+(%6(G+6)(5)%3%S+$(+0+#:()*#++(1"&)*6-(N#%)+#%2(
for business priorities and return on investment may also change over time.  

Business Reality Change Model

T*+( 456%&+66( N*2&'+( W+23%):(Z"$+3( !"&6%6)6( "8( )*#++( +66+&)%23( <*26+6( )*2)( 5&$+#6!"#+( )*+( !#%)%!23( )*%&O%&'(
#+Q5%#+$(8"#(+=!+33%&'(2)(<#"G3+1(6"30%&'(2&$($+!%6%"&P12O%&'-(T*"5'*()*+#+(2#+(6%1%32#%)%+6()"(")*+#(1"$+36;()*+(
456%&+66(N*2&'+(W+23%):(Z"$+3(%6(5&%Q5+(%&(%)6(+1<*26%6("&(3%&O2'+;(23%'&1+&)(2&$(%&)+'#2)%"&("8(+0+#:(<*26+-(T*+(
<*26+6(2#+()*+(8"33"E%&'_ 

VW7XCT.(V#%&!%<3+6( &23:6%6(f(e*2)( %6(*2<<+&%&'(2&$(E*:c(e*2)( 2#+( )*+(!"&!356%"&6("8( )*+(2&23:6%6c(T*+(
2&23:6%6(#+Q5%#+6(2)(3+26)("&+(O+:("GI+!)%0+;(E*%!*(2$$#+66+6()*+(Q5+6)%"&;(E*2)(2#+()*+(+=<+!)+$("5)!"1+6c( 6(E%)*(
most well designed plans, at least one strategy is developed. How should the objective be met and what approach is 
)2O+&c(\0+#:('""$(6)#2)+':(!2336(8"#(2(<32&-(e*2)(2#+()*+($+)2%36(8"#()*+(<32&c

T*+(&+=)(<*26+(%6(+=+!5)%&'()*+(<32&-(e*2)(2!)%"&6(12O+(%)(*2<<+&c(Z"&%)"#%&'(<#"'#+66(2&$(!#%)%!23(1+265#+6(
266+66(2&$(+02352)+(65!!+66-(e*2)(1%3+6)"&+6(2#+(%1<"#)2&)(26()*+(2&23:6%6(2&$(<#"I+!)(1"0+(8"#E2#$c(e*2)(6+3+!)%"&(
"8(1+265#+1+&)(!#%)+#%2(3+2$()"(65!!+66853(#+653)6c

M@ +=$ N=+#=+O@+P

Though businesses continuously evolve, the current demand for entrepreneurs to radically adapt occurred 
when the dot-com bubble burst. With new precedence, the ability to speedily synthesize surplus information and to 
arrive at mission critical decisions intelligently became criteria for success or failure. Global connectivity became 
2(!"11"$%):-(T*+()%<<%&'(<"%&)(J/32$E+33;(>DD>L(8"#()*%6(E"#3$PE%$+(!"&&+!)%0%):(2##%0+$(E%)*()*+(65<+#2G5&$2&!+(
"8( '3"G23( 9G+#( "<)%!( !2G3+( &+)E"#O6-( ( !"1<5)+#( 2&$( !2<2G%3%):( )"( !"&&+!)( )"( )*+( %&)+#&+)( '20+( +Q523( 2!!+66( )"(
%&8"#12)%"&(Q5%!O3:(2&$(+26%3:(8"#(233(2!#"66()*+('3"G+-
 $$%)%"&233:;()*+(a8#++(2'+&)('+&+#2)%"&U(!"%&+$(%&()*+(32)+(gFFDU6(JV%&O;(gFF@L(!*#"&%!3+6(2(153)%)5$+("8(<+"<3+;(

2010, Vol. 1, No. 1, 188-197

Lober, Tworoger and Jones



191

Advances in Business Research

12&:( <#+0%"563:( +1<3":+$( %&( )#2$%)%"&23( E"#O( 6+))%&'6( E*"( &"E( 3""O( 8"#( E"#O( )*2)( %6( <#"9)2G3+;( 8+26%G3+( 2&$(
structured with variety and alternative work arrangements. Today, opportunities abound for those who want to 
expand businesses into the emerging markets, for those with mental and physical challenges that public workplaces 
may view as a liability and for those who start businesses with extremely limited resources. Businesses can outsource 
just about anything. Big companies can act small and small companies can act big.  

However, there is a downside to so many choices. “We have to sort out what to keep, what to discard, what 
)"( 2$2<);(E*2)( )"(2$"<);(E*+#+( )"( #+$"5G3+("5#(+88"#)6( 2&$(E*+#+( )"( %&)+&6%8:("5#( 8"!56h( JX#%+$12&;(>DDKL-(T*+(
implication is that unless we do this well and fast, we will fall behind. With more options coupled with the need 
8"#(826)($+!%6%"&(12O%&';(%)(%6($%89!53)()"(!2)!*(5<("&!+(:"5(8233(G+*%&$-(Z"6)(G56%&+66+6(2#+(1"0%&'(26(826)(26()*+:(
can to merely keep up and for many, there may be trouble ahead. The ability to take bold action with urgency, while 
12%&)2%&%&'(6)#2)+'%!(R+=%G%3%):(E%)*%&(2(#+23%6)%!(!"&)+=)(*26(&+0+#(G++&(1"#+(%1<"#)2&)-

Results of studies emphasize that entrepreneurs are motivated by independence and intrinsic factors. These 
include creating a job for themselves, increasing their income opportunities, being one’s own boss, controlling one’s 
"E&($+6)%&:;('#"E%&'(2&$(2!*%+0%&'(J4"E+&;(>DDFL(23"&'(E%)*($+9&%&'(2&$(3%0%&'(2(!"11%)1+&)()"(2(*%'*(6)2&$2#$(
"8(+=!+33+&!+(JX2*+$P.#+%*;(>DDFL-
T*+( <#"!+66( "8( +&)#+<#+&+5#6*%<( )"$2:( *26( G++&( $+9&+$( 26( 12&2'+#%23( G+*20%"#( )*2)( !"&6%6)+&)3:( +=<3"%)6(

opportunities to deliver results that seem to be beyond one’s own capabilities. Today’s entrepreneur is a change leader 
spearheading progressive strategies to capitalize on competitive advantages fueled by innovation, technology and the 
+1+#'+&!+("8()*+('3"G23(12#O+)<32!+(JN*2#2&;(>DD@L-

There are several studies on business failures that provide lessons for entrepreneurs to learn about opportunities 
1%66+$("8(3+66(8"#)5&2)+(!"33+2'5+6-(."1+("8()*+(<%)82336(!%)+$(2#+($+&:%&'(#+23%):(2&$(&")(#+!+66%"&(<#""9&'()*+%#(
G56%&+66( J4+#6"&;( >DDFL-( \&)#+<#+&+5#6( )+&$( )"( G+( "<)%1%6)%!( 2&$( 2!)%"&( "#%+&)+$;(12&:( )%1+6( $+&:%&'(E2#&%&'(
signals. Entrepreneurs are individuals that sometimes are overly optimistic with unrealistic “desired expectations” 
JN2#32&$;(gFFKi(Z2662(j(T+6)2;(>DDHL-(T*+:(65''+6)( )*+(<#+12)5#+(56+("8( I"%&)(233%2&!+6;( 2!Q5%6%)%"&6(2&$(")*+#(
0+&)5#+6()"(12%&)2%&(!"1<+)%)%0+(2$02&)2'+()"(#+6<"&$()"(#2<%$3:(!*2&'%&'(+&0%#"&1+&)6(E%)*"5)(2$+Q52)+(2G%3%):()"(
manage the people and design issues that ensure success.  

‘Hunkering down’ and going into survival mode may not be appealing to action oriented entrepreneurs. However, 
)2O%&'()*+()%1+()"(#+P+&'%&++#(<#"!+66+6(Jd211+#(j(N*21<:;(gFFkL;(6*"#%&'(5<(:"5#(G56%&+66(9&2&!+6(2&$("<+#2)%"&6(
by re-evaluating every part of the business plan including contracts, suppliers and customers (Fried, 2009; Berson, 
>DDFL(*+3<6(+&)#+<#+&+5#6($+23(E%)*(!*2&'+6(%&(202%32G%3%):("8(!2<%)23(2&$(!*2&'+6(%&(32E6(2&$(#+'532)%"&6()*2)(!2&(
!*2&'+()*+(&+)(E"#)*("8(2(!"1<2&:-(Z2&:()%1+6()*+(+&)#+<#+&+5#($"+6(&")(#+3%&Q5%6*(25)*"#%):("0+#(85&!)%"&6()*2)(
!2&(G+($+3+'2)+$()"(")*+#6(JZ!/2#0+:;(gFF@L(G+!256+()*+:(*20+()*+%#("E&(0%6%"&(8"#(*"E()*+(E"#O(6*"53$(G+($"&+-(
However, this takes time and energy from developing strategy and future positioning of the company. It is not always 
easy for entrepreneurs to work on teams.
N35)+(2&$(/2#12&(JgF@DL(+=21%&+$(#+26"&6(9#16(82%3-(T*+:(6)5$%+$()*+(+88+!)6("8(8+$+#23(<"3%!:("&(G56%&+66+6(

including variations in the money supply, the volume of bank loans and changes in interest rates. They concluded 
)*2)( )E"( "8( )*+( 02#%2G3+6( J1"&+:( 65<<3:( 2&$( G2&O( 3"2&6L( *20+( 2&( %&0+#6+;( 32''+$( #+32)%"&6*%<(E%)*( )*+( G56%&+66(
82%35#+( #2)+-( C)( %6( +66+&)%23( )*2)( +&)#+<#+&+5#6( 12O+( %&8"#1+$( 9&2&!%23( $+!%6%"&6-( e*+&( +&)#+<#+&+5#6( <+#!+%0+(
themselves as marketing and sales or product and engineering specialists, many times they believe they can delegate  
9&2&!%23($+!%6%"&6-
Z"$%8:%&'(12#O+)%&'(6)#2)+':(!2&(12%&)2%&("#(%1<#"0+(623+6;(12#O+)(6*2#+(2&$(<#"9)2G%3%):(J^lO623(j(mS'n3;(

>DDHL-(  ( 32!O( "8( 2))+&)%"&( )"( a12#O+)( "#%+&)2)%"&U;( 65!*( 26( %$+&)%8:%&'( !56)"1+#( &++$6;( E2&)6;( 26<%#2)%"&6( 2&$(
$+3%0+#%&'("88+#%&'6()*2)(2#+(!"1<+)%)%0+3:(G+))+#()*2&(#%023(9#16(J432&O6"&;(Z")E2&%(j([+0+&G5#';(>DDKL(%6(2&")*+#(
shortcoming that leads to failure. Avoiding failure means balancing external and internal focus with the correct 
emphasis on strategy and tactics. The balance between tactics and strategy is a major issue for many entrepreneurs. 
«Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat”, (Sun Tzu, 
N*%&+6+(/+&+#23;(?DD(4-N-L-(e*+&("&+(%6()2!)%!23;(%)(2<<+2#6()*2)(E"#O(%6()2O%&'(<32!+-(T*%6(<#"<"6+6(2(Q5+6)%"&_(e*2)(
%6(<#"$5!)%0+("#(1+#+3:(a#2)(%&()*+(12S+U(2!)%0%):c((
.)5$%+6( %&!35$%&'( T*+( .)%)!*( d"56+_(  ( N26+( "8( \&)#+<#+&+5#%23( X2%35#+( J^21<6!*#"+$+#;( [5$E%';( Z5##2:;(

V2$12&2G*2&;(>DD@L(2&$([""O%&'(4+8"#+([+2<%&'(J[+2<)#"));(Z!M"&23$;(>DD@L(*%'*3%'*)(!*2#2!)+#%6)%!6("8(<""#(
decision-making on business success and failure. How can today’s entrepreneur enhance the decision making skills 
8"#("<)%123(65!!+66c
4+3"E(2#+()*+($+)2%36(8"#(+2!*(<*26+("8()*+(456%&+66(W+23%):(N*2&'+(Z"$+3;(8"33"E+$(G:()*#++(!26+(6)5$%+6-(e+(

2<<3:()*+(456%&+66(N*2&'+(W+23%):(1"$+3()"()*+(8"33"E%&'()*#++($%88+#+&)(!2<%)23(6)#5!)5#+$(G56%&+66(1"$+36_
 

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`( ](V#"$5!)6(C&!-_(ok(1%33%"&(!"&$%1+&)6(!"1<2&:(J<#%02)+(%&0+6)1+&)(85&$%&'L-

`(  '5#5(C12'+6_(o?(1%33%"&(!"1<2&:("88+#%&'(#+23%6)%!(#+<#+6+&)2)%"&6("8(*512&(82!%23(!*2#2!)+#%6)%!6(8"#(0%6523(
+88+!)6(%&()*+(931;('21%&';(!"1<5)+#(2&$(%&$56)#%23(12#O+)6(J<#%02)+(+Q5%):;()+!*&"3"':()#2&68+#;(5&%0+#6%):(85&$6L-

`( ^Z>(."35)%"&6_(o>D(1%33%"&(!"1<2&:(<#"0%$%&'(!56)"1+#(6+#0%!+;(!"33+!)%"&6(2&$(!233(!+&)+#("<+#2)%"&6(J"E&+#(
"E&+$L-

 (<#"G3+1Y"<<"#)5&%):(Q5+6)%"&(2$$#+66+6(2(!#%)%!23(G56%&+66(%665+-(T*+(Q5+6)%"&(%&%)%2)+6(2&(%&)+&6%0+(2&23:6%6(
"8()*+(12#O+);(!56)"1+#6(2&$(!"1<2&:-(C8(%)(%6(21G%'5"56("#(%&!"##+!)3:(8"!56+$;()*%6(<#"G3+1Y"<<"#)5&%):(Q5+6)%"&(
E%33(&")(G+(#+3+02&)(2&$Y"#(2!)%"&2G3+-
\=21<3+6("8(<#"G3+1Y"<<"#)5&%):(Q5+6)%"&6(2#+_(*"E(!2&(E+(%&!#+26+(12#O+)(6*2#+(%&()*+(A(<#"$5!)(3%&+(%&(A(

)%1+8#21+(2&$(*"E(!2&(E+(+&)+#()*+(A(12#O+)(E%)*%&(A(1"&)*6c
T*+(8#21+("8(#+8+#+&!+(%6("&+("8()*+(1"6)(%1<"#)2&)(8+2)5#+6("8(2(<#"G3+1(6)2)+1+&)-(C)(%6("0+#3""O+$(8#+Q5+&)3:-(

The frame of reference is essential to provide boundaries for the analysis. The frame of reference of a particular 
market, industry, location or product and includes a time frame.

9=>?@ 4#9-:,7:.;"3#$,2;63:3

VW7XCT.(V#%&!%<3+6( &23:6%6(%6()*+(*+2#)("8()*+(<#"!+66-(T*+(9#6)(6)+<("8()*+(2&23:6%6(%6()"('2)*+#(G")*(+=)+#&23(
and internal vital information. This process is iterative, and information is tested and revised often to make sure it 
links to the problem statement and frame of reference. Linkage is critical. 
\=)+#&23( &23:6%6(%&!35$+6(6%'&%9!2&)(%&8"#12)%"&(G+:"&$($%#+!)(!"&)#"3;(65!*(26()*+(+&0%#"&1+&)(8"#()*+(%&$56)#:(

2&$(G56%&+66;()*+(!"1<+)%)%"&;(!56)"1+#6;(2&$(+&$P56+#6(J)*+(!56)"1+#U6(!56)"1+#6L-(C)(12:(%&!35$+(6%S+("8(12#O+);(
)2#'+)+$(6+'1+&)6;(!5##+&)(2&$(85)5#+()#+&$6;('#"E)*;(#+3+02&)(*%6)"#%!23(%&R5+&!+6("&(<#+6+&)(!%#!516)2&!+6(2&$(
3+'23(2&$('"0+#&1+&)(!"&6%$+#2)%"&6-(C)(12:(236"(%&!35$+($+1"'#2<*%!(!*2&'+6(2&$()#+&$6(%&(9&2&!%23(12#O+)6(23"&'(
E%)*( '3"G23;( %&$56)#:;( !:!3%!23( 2&$( <#"9)2G%3%):( !"&6%$+#2)%"&6-( ( 65112#:( 6)2)+1+&)( "8( )*+(1"6)( %1<"#)2&)( O+:(
conclusions from this analysis is written to address the problem statement.
 $$%)%"&23(%&8"#12)%"&(6*"53$(G+(%&0+6)%'2)+$-(e*2)($"(:"5(O&"E(2G"5)()*+(!"1<+)%)%"&c(e*"(%6()*+(!"1<+)%)%"&c(

e*+#+($"()*+:(!"1<+)+c( #+()*+#+(#+!+&)(+&)#2&)6()"()*+(%&$56)#:c(e*2)(2#+(!"1<+)%)"#6U(6)#+&')*6(2&$(E+2O&+66+6c(
d"E($"(!"1<+)%)"#6(#+6<"&$()"(!*2&'+c(d"E($"()*+:($"($%88+#(8#"1(")*+#(!"1<+)%)"#6c(M"()*+:(<#"0%$+()*+(621+(
6+#0%!+6(8"#(:"5#(!56)"1+#6(26(:"5($"c
e*"(2#+(:"5#(!56)"1+#6c(e*:($"()*+:(&++$(:"5#(<#"$5!)("#(6+#0%!+c(e*2)(+36+($"()*+:(G5:c((e*2)(%6(%1<"#)2&)(

%&()*+%#(3%0+6(2&$(*"E($"+6(%)(288+!)()*+%#(#+32)%"&6*%<(E%)*(:"5#(!"1<2&:c(T*%&O(2G"5)(")*+#(!56)"1+#6(%&()*+(!*2%&;(
+6<+!%233:()*"6+(E*"(12:(G5:(8#"1(:"5#(!56)"1+#6-(d"E(E+33($"(:"5(5&$+#6)2&$(E*2)(1")%02)+6()*+1c(e*2)($"(
)#+&$6(%&$%!2)+(2G"5)(<")+&)%23(&+E(!56)"1+#6c

Internal Analysis is the review of internal processes and systems that include operations, human resources 
J<"3%!%+6;(!"1<+&62)%"&;()#2%&%&';($+0+3"<1+&);(#+!#5%)1+&);(6+3+!)%"&;(65!!+66%"&(<32&&%&'L;(3"'%6)%!6;(J$%6)#%G5)%"&(
2&$( )#2&6<"#)2)%"&( 6:6)+16L;( <#"$5!)( $+0+3"<1+&);( 9&2&!%23( 6:6)+16;( <#"$5!)( G5%3$%&';( 12#O+)%&'( J<#"1")%"&6;(
2$0+#)%6%&'L(2&$(623+6-((
e*2)( 2#+( )*+( 6:6)+16U( 6)#+&')*6( 2&$( E+2O&+66+6c( d"E( +88+!)%0+( 2#+( )*+( <#"!+66+6( 2&$( 6:6)+16( %&( *+3<%&'(

!"1<3+)+()26O6("&()%1+(2&$(E%)*%&(G5$'+)c(M"()*+:(*+3<(2!!"1<3%6*(6<+!%9!('"236c(M"+6()*+(!"1<2&:(*20+(202%32G3+(
9&2&!%23(3%Q5%$%):(2&$(E"#O%&'(!2<%)23c(e*2)(2#+()*+(!"&6)#2%&)6c(e*2)(%6()*+($+G)P)"P+Q5%):(#2)%"c(d"E($"(9&2&!%23(
#2)%"6(%&)+##+32)+c(e*2)($"+6(%)(!"6)()"(<#"$5!+(+2!*(<#"$5!)c(d"E($"(12)+#%23(2&$(32G"#(!"6)6(288+!)()*+(0235+(!*2%&c(
What are the opportunity costs of various projects, including breakeven analysis, payback period and net present 
0235+c(d"E($"()*+6+()*%&'6(288+!)(:"5#(<#"9)2G%3%):("0+#()*+($5#2)%"&("8(:"5#(8#21+("8(#+8+#+&!+c(e*2)(!"1G%&2)%"&6(
"8(9&2&!%23(1+265#+6(J65!*(26(<+#8"#12&!+(2'2%&6)('"236()"(%&!#+26+(12#'%&6;(%&0+&)"#:()5#&("#(!26*(G:(3"E+#%&'(
"<+#2)%"&23(!"6)6L(288+!)(<#"9)6c((
d"E($"("<+#2)%"&6;(623+6;(12#O+)%&';(*512&(#+6"5#!+6;()+!*&"3"':;(#+6+2#!*(2&$($+0+3"<1+&)(%&)+#2!)c(N"&6%$+#(

plant locations, machinery, distribution, production capacity, warehousing, materials, purchasing, logistics, 
packaging, and other relevant value chain components.

Marketing analysis includes demographics, segmentation, brand management, pricing, advertising and public 
relations, media, promotions, market research.

Technology may include engineering, database and computer software, and the capacity to innovate.
Human resources are accountable for organizational structure and culture including how people work together 

individually and in teams. This consists of assessments of capability and talent, employee census and company 
policies.

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Sales analysis includes information about the sales organization, including size of the sales force, strength of 
customer relationships, expectations of the sales force, sales training, forecasting and selling patterns across your 
frame of reference.

4/GG2-:L:,%#(!"#$,2;63:3##

N*2#)(%&)+#&23(.)#+&')*6(2&$(e+2O&+66+6(2&$(+=)+#&23(7<<"#)5&%)%+6(2&$(T*#+2)6(J.e7T(2&23:6%6L-(C)(%6(!#%)%!23(
to take SWOT information directly from the external and internal analysis and that all the data link directly to 
)*+( <#"G3+1( 6)2)+1+&)-( T*+( 456%&+66( W+23%):( N*2&'+(Z"$+3( $+#%0+6( %)6( <"E+#( 8#"1( )*+( !"&&+!)%"&6( 21"&'( %)6(
components. It is also useful to do a SWOT analysis for each of the key competitors. This competitor analysis will 
*%'*3%'*)(!#%)%!23(053&+#2G%3%)%+6-(.5112#%S+()*+(.e7T(2&23:6%6-(T*+(!"1<"&+&)6("8()*+(6511+#:(2#+()*+(8"33"E%&'_

`( Limitations resulting from threats and weaknesses must be addressed. Strategies and plans are designed to remedy 

them.

`( Horsepower includes those strengths and opportunities that help build the business.  These address how to 

maximize the opportunity.

`( .56)2%&2G3+(N"1<+)%)%0+( $02&)2'+(%6(5&%Q5+()"()*+(!"1<2&:(2&$(%6()*+(G26%6(8"#(3"&'P)+#1(<#"9)2G%3%):-((C)(6*"53$(
be the primary focus for your next steps.  

1$4+#4 NC@+4

Q#9-&5/7(3A#R&,2(!2,#4&2-"3A#1+>

Q Products was founded in 2005 when Jonathan Soares decided to market his mother’s homemade Original Honey 
44](.25!+(#+!%<+(2&$($+0+3"<+$()*+(d%!O"#:(T+#%:2O%(2&$(.<%!:(N2I5&(R20"#6-(C&(Z2:("8(>DD?(E*+&(p"&2)*2&(E26(
20 years old, he invested all of his $10,000 in savings and started Q Products which marketed Jonathan’s Q™ All 
Natural BBQ Sauces.
p"&2)*2&(2&$(](V#"$5!)6(#+<#+6+&)()*+(&+E(+&)#+<#+&+5#-(e%)*(*%6(<266%"&(2&$(21G%)%"&;(p"&2)*2&(+=+1<3%9+6(

new independent thinking. He designed a fully outsourced business model, built upon relationships and social media. 
At the same time, Jonathan blends these attributes with a conservative style of operating his business. The company 
%6(9&2&!%233:(%&$+<+&$+&)(2&$(#+)5#&6(233(<#"9)6(G2!O(%&)"()*+(G56%&+66-((
e*+&(N\7(p"&2)*2&(."2#+6(<3"))+$("<<"#)5&%)%+6("&()*+(V#%"#%)%+6YW7C(M+!%6%"&(Z2)#%=;(*+(8"5&$()*+("<<"#)5&%):(

8"#('#"E)*(%&()*+(."5)*+26)(#+'%"&("8()*+(,&%)+$(.)2)+6;(%&()*+( !)(]5%!O3:(Q52$#2&)-
,6%&'()*+(456%&+66(W+23%):(N*2&'+(Z"$+3;(p"&2)*2&(8"5&$()*+(8"33"E%&'(O+:(!"&!356%"&6()*2)(3%&O()"(2&$(65<<"#)(

his problem statement, frame of reference, external and internal analyses. 
d%6("<<"#)5&%):(6)2)+1+&)(G+!21+_(](V#"$5!)6_(d"E(!2&(E+('#"E(%&()*+(."5)*+26)(#+'%"&(E%)*%&()*+(&+=)()*#++(

1"&)*6c(p"&2)*2&(E2&)+$()"('#"E(](V#"$5!)U6(G"))"1(3%&+(8"#(#+0+&5+6(2&$()"<(3%&+('#"E)*(8"#(6)2G%3%):;(G26+$("&(
!"&6%6)+&)(<#%!%&';(+=!+33+&)(!56)"1+#(6+#0%!+(2&$((Q523%):(<#"$5!)6-(( )()*2)()%1+;()*+(!"1<2&:(+&I":+$(#+0+&5+6(
of $2 million and increased placement penetration three-fold, transitioning from 1500 - 4500 stores primarily as a 
result of Q Products’ new manufacturing partner. Q Products increases opportunities through promotion and public 
#+32)%"&6-( (T*+(!"&$%1+&)Y44](625!+(!2)+'"#:( %6('#"E%&'(k(P(?q(<+#(:+2#(26(<+"<3+(2#+(<5#!*26%&'(1"#+(2)( )*+(
grocery store and going out to eat less often.
T*+( +=)+#&23( 2&23:6%6( 65<<"#)6( )*+( 8"33"E%&'( O+:( !"&!356%"&6_(](V#"$5!)6( 2&)%!%<2)+6( '#"E%&'( )*+( ."5)*+26)(

region with the potential for penetrating 1500 new stores with revenues between $500,000 and $750,000 within three 
1"&)*6(J%&(2(ok?g(1%33%"&(12#O+);(E%)*(KFq(12%&6)#+21(44](625!+(<#"$5!)6(JgD(G#2&$6L;(gDq(<#%02)+(32G+3(2&$(
>gq(<#+1%51(G#2&$6L-( 6('#"!+#%+6(2#+(3"6%&'(12#'%&;(](V#"$5!)6U(<#%&!%<3+(6)#2)+':(%6()"(G5%3$(#+32)%"&6*%<6(E%)*(
!56)"1+#6(2&$(!"&651+#6(56%&'(6"!%23(1+$%2(J+-'-;(B"5T5G+;(X2!+G""O;(TE%))+#L-
^+:(9&$%&'6( G26+$( "&( )*+( %&)+#&23( 2&23:6%6( $+1"&6)#2)+( 6)#"&'( !2<%)23( %&8#26)#5!)5#+( G26+$( "&( ogD;DDD( 6++$(

money with no external funding has provided stability within the company including validation of a fully outsourced 
G56%&+66(1"$+3;(!"6)(+89!%+&!%+6(2&$(%&$+<+&$+&!+(E%)*(>Dq(<#"9)2G%3%):-(p"&2)*2&(%6(3""O%&'(8"#(&+E(12&582!)5#%&'(
<2#)&+#6()"(%&!#+26+(+89!%+&!%+6(G:(5)%3%S%&'($%6)#%G5)%"&;(E2#+*"56%&'(2&$(3"'%6)%!6("8()*+(&+E(<2#)&+#6-( $$%)%"&233:;(
he plans to decrease pricing by 10% or greater, particularly in the Southeast in the short term. The outsourcing model 
works well with additional support from an advisory board and an outside sales force.
T*+(2G"0+(2&23:6+6(<#"0%$+()*+(%&8"#12)%"&(8"#()*+(.e7T( &23:6%6-(](V#"$5!)6U(6)#+&')*6(2#+_(!26*("&(*2&$;(

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the knowledge and experience of the holding company advisory board and the new volume-centric model with a 
new manufacturing partner. Weaknesses include Jonathan being ‘spread too thin’ by coordinating all the outsourced 
85&!)%"&6(2&$($%88+#+&)(!"1<2&:(!53)5#+6(E%)*"5)(623+6( 3":23):(6<+!%9!233:( )"(](V#"$5!)6-(V#"1")%"&6(2&$(6"!%23(
&+)E"#O%&'(2#+(+66+&)%23(12#O+)%&'("<<"#)5&%)%+6(2&$()*+(12%&()*#+2)()"(623+6(J%&()*+(."5)*+26)L(%6(!56)"1+#(3":23):()"(
12%&6)#+21(G#2&$6-(](V#"$5!)6(236"(32!O6(6"1+("8()*+(12&582!)5#%&'(+89!%+&!%+6("8(!"1<+)%)"#6-(d"E+0+#;(p"&2)*2&(
is rectifying this as he seeks a new manufacturing partner with greater capacity than Q Products currently has.
T"(E%&;(](V#"$5!)6(156)(*20+(2(3"!23(8"33"E%&'(2&$(<#+6+&!+(%&()*+(."5)*+26)(J+Q523()"(3"!23(#+6)25#2&)6(2&$(

")*+#(#+'%"&23(<32:+#6L(2&$('+&+#2)+(0"351+;(E*%3+(236"(!"1<+)%&'(%&(6+3+!)+$(12%&6)#+21(0+&5+6(JE2#+*"56+(!35G6;(
65<+#12#O+)6L-(](V#"$5!)6(#+Q5%#+6(2(6)#"&'+#(656)2%&2G3+(!"1<+)%)%0+(2$02&)2'+-(T*+(!"1<+33%&'(#+26"&()"(G+(%&(
G56%&+66(2&$()"(2$$#+66_(e*:(156)(!"&651+#6(G5:(](V#"$5!)6(44](625!+c(
T*+(&+=)(6)+<6(8"#(](V#"$5!)6(%&!35$+(2$$#+66%&'()*+("GI+!)%0+-(e*2)(E%33(65!!+66(3""O(3%O+c
How will Jonathan generate volume in 4500 stores within the next 60 - 90 days in the Southeast, with revenues of 

oH?D;DDD(G26+$("&(12&582!)5#%&'(+89!%+&!:(2&$()*#"5'*(%&)+&6+(2$0+#)%6%&';(<#"1")%"&(2&$(<5G3%!(#+32)%"&6c
Notice how this strategy links back to the problem statement and frame of reference and the key external and 

internal conclusions. Next, we review the strategies. Q Products must increase volume, build share, increase funding 
for marketing activities within 60 - 90 days.
](V#"$5!)6(#+Q5%#+6(<32&6(8"#(+2!*(6)#2)+':-(T*+6+(2#+()*+(8"33"E%&'(Q5+6)%"&6_(e*2)(&++$6()"(G+($"&+c(e*"(%6(

#+6<"&6%G3+c(e*+&Y)%1%&'(%6(%)(+=<+!)+$()"(G+(!"1<3+)+$c(e*2)(2#+()*+(!"6)6(2&$(#+6"5#!+6(#+Q5%#+$c(T*+(<32&6(236"(
&++$()"(3%&O(G2!O()"(+=)+#&23Y%&)+#&23(2&23:6%6(2&$(#+!"&9#1()*+("GI+!)%0+(2&$(6)#2)+'%!($%#+!)%"&-

$%/-/#@G2%"3A#42/;#>-S27!A#1>>

N77( .253( 7#G2!*( $+6!#%G+6( *%16+38( 26( 2( <#"G3+1( 6"30+#( E%)*( %&&2)+( 2&23:)%!( 2G%3%):;( %&+=*256)%G3+( $#%0+;(
<+#6%6)+&!+;( *%'*3:( !"1<+)%)%0+( 2&$( 6+38P!"&9$+&)-( .253( E"#O+$( $%3%'+&)3:( E*+&( )*+( +!"&"1%!( $"E&)5#&( E26(
imminent to decrease Aguru Images debt. He sought other investors for funding and other companies with which to 
<2#)&+#(2&$Y"#(!#+2)+(6)#2)+'%!(233%2&!+6-(
 '5#5(C12'+6("88+#6()*+(9#6)(2&$("&3:(!"1<3+)+(6"35)%"&()"(!2<)5#+(2&$(<#"!+66(233(<"66%G3+(3%'*)%&'(!"&$%)%"&6(

of real world textured surfaces for use in 3D computer generated imagery. The technology was discovered at New 
B"#O(,&%0+#6%):(2&$()*+(,&%0+#6%):("8(."5)*+#&(N23%8"#&%2(2&$(32)+#()#2&68+##+$(E%)*(2&(%&%)%23(85&$%&'(G:( b/[\(
T+!*&"3"':(r+&)5#+6(8"#(!"11+#!%23%S2)%"&-( <<3%!2)%"&6(8"#()*+()+!*&"3"':(%&!35$+(0%6523(+88+!)6(8"#(931;(!"1<5)+#(
and video games and industrial materials. At one time, this privately held company had revenues of approximately 
$4 million.
 6(*+(3""O+$(2)()*+(<"66%G%3%)%+6("&()*+(V#%"#%)%+6YW7C(M+!%6%"&(Z2)#%=;(<2#)%!532#3:(8"#()*+(&+=)()*#++((1"&)*6;(

.253(2&$(*%6(G"2#$($+!%$+$()"(8"!56(1"#+(6)#2)+'%!233:(2&$(2!)(Q5%!O3:()"(9&$(")*+#(!"1<2&%+6(E%)*(!"1<3+1+&)2#:(
applications and ‘roll them up’ to form one company, a one-stop shop for their customers in the fragmented visual 
effects industry. Based on the downward economy and a promising investor that did not close an expected deal, 
consolidation appeared to offer the best potential opportunity within the next few months.
,6%&'()*+(456%&+66(W+23%):(N*2&'+(Z"$+3;(.253(65112#%S+$()*+(8"33"E%&'(!"&!356%"&6()*2)(3%&O()"(2&$(65<<"#)(

his opportunity statement, frame of reference, external and internal analyses.
T*+("<<"#)5&%):(6)2)+1+&)(G+!21+_( '5#5(C12'+6_(d"E(!2&(E+(9&$(!"1<3+1+&)2#:(!"1<2&%+6()"(!"&6"3%$2)+(

E%)*(E%)*%&()*+(&+=)()*#++(1"&)*6c(M5#%&'()*+(<#"!+66("8($%6!"0+#%&'("<<"#)5&%)%+6;(2&")*+#(!"1<2&:(<#+6+&)+$()*+(
"<)%"&("8(2!Q5%#%&'( '5#5-(T*+(!"1<2&:()*2)(E2&)+$()"(2!Q5%#+()*+1(E26(&")(%&)+#+6)+$(%&()*+(%&$56)#%23(<#"$5!)6(%&(
Aguru’s business model. Though this was not one of Aguru’s initial considerations, Saul and the Board of Directors 
assessed the options again. Thus, the opportunity statement changed, as it should, since problem-solving is an 
iterative process. New information offers other possibilities and opportunities.

The external analysis offered important information. Aguru was in a recessionary economy and there were 
$%89!53)%+6(%&()*+(1"0%+(E"#3$(J%-+-;(2(<#"3"&'+$(E#%)+#U6(5&%"&(6)#%O+(2&$(2(6%1%32#(6)#%O+()*#+2)+&+$(G:()*+(2!)"#6U(
'5%3$L-(X5#)*+#1"#+;( )*+(0%6523( +88+!)6(12#O+)(*2$(&"(9&2&!%23( 2&23:6)6( )"($+)+#1%&+( )*+( 6%S+("8( )*+(12#O+)( 2&$(
investment money was scarce. On the upside, there were no competitors and Aguru’s management team had good 
knowledge of Hollywood’s customers.

The conclusions noted as a result of the internal analysis include top in-house talent with a Board of Directors 
#+<#+6+&)+$(G:(12&2'+1+&)(8#"1(V%=2#;(M#+21E"#O6;(Z%!#"6"8);( $"G+;(bB,;(,&%0+#6%):("8(."5)*+#&(N23%8"#&%2(
2&$(")*+#(%&$56)#:(&")2G3+6-(d"E+0+#;(1%66%&'(E26(2(N\7(E%)*(%&$56)#:(+=<+#%+&!+(E*"(!"53$(6<5#(623+6(2&$(6*2<+(
the industry. With two synergistic but different industries, a bifurcated sale seemed imminent with two buyers and 
double work. Acting as their own investment bankers, Aguru could minimize sales related expenses.

The SWOT analysis, must utilize the conclusions of the external and internal assessment. Thus Aguru’s strengths 

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%&!35$+$(2(6)#"&'(12&2'+1+&)()+21(2&$(4"2#$("8(M%#+!)"#6;(2&(%&)+#+6)+$(G5:+#(8"#()*+(0%6523(+88+!)6(931(2&$('21%&'(
business, the ability to be its own investment banker and no threatening competition. Weaknesses highlighted a poor 
investment environment with no analysts paying attention to the visual effects market, capital structure relying 
*+20%3:("&($+G)(2&$( 3+66("&(<#"9)2G%3%):( %&( )*+(*%'*+#( #+0+&5+($%0%6%"&-(T*+('#+2)+6)("<<"#)5&%):(E26( )"( 6+33( )*+(
G56%&+66(26(Q5%!O3:(26(<"66%G3+-
T"(E%&;( '5#5(C12'+6(&++$+$()"(9&$(2(G5:+#(E%)*(6589!%+&)(!2<%)23()"(#+$5!+( '5#5($+G)(2&$(%&!#+26+(<#%!%&'(

)*2)(E"53$(%&()5#&(%&!#+26+(<#"9)2G%3%):(E%)*"5)($+!#+26%&'(#+0+&5+6-
 '5#5(C12'+6(656)2%&2G3+(!"1<+)%)%0+(2$02&)2'+(E26(%)6(6)2)+P"8P)*+P2#)(0%6523(+88+!)6(E*%!*(%6(5&%Q5+(%&(G")*(

the entertainment and industrial arenas.
For Aguru Images to become more attractive to other buyers, they must have a more directed strategy in place 

for sales and marketing. Up until now, both these areas occurred organically, rather than by plan. If possible, Aguru 
6*"53$(*%#+(2&( %&)+#%1(N\7(E%)*(2( #+!+&)(G2!O'#"5&$( %&( )*+(+&)+#)2%&1+&)( 6%$+("8( )*+(G56%&+66( )"(*+3<( %&!#+26+(
<#"9)2G%3%):(%11+$%2)+3:(2&$(E*"(!2&(6+#0+(26(2(9#6)(2$"<)+#(%&($+0+3"<%&'(6)#2)+'%+6()*2)(!3+2#3:($+9&+(2&$(6*2<+(
%)6(%&$56)#:(E%)*(6<+!%9!(1+)#%!6(2&$(1%3+6)"&+6-

FDT#U#C2H:5#F-":33A#1+>

 ()#5+(+&)#+<#+&+5#;(M20%$(^#+%66(G+!21+($%6%3356%"&+$(E*+&(E"#O%&'(E%)*(<#%02)+(+Q5%):('#"5<6()"(6)#5!)5#+(
$+236(E%)*(61233(!"1<2&%+6(8"#(N%)%G2&O(2&$( 1+#%!2&(\=<#+66-(M20%$U6(+=<+#%+&!+(3+$(*%1()"(G+3%+0+()*2)(<#%02)+(
+Q5%):('#"5<6(E%)*()*+%#("E&(9&2&!%23(1"$+36(#2#+3:(I"%&+$(6)#2)+'%!(8"#!+6(65!!+668533:(E%)*()*+(12&2'+1+&)()+216(
)*+:(85&$+$-(M20%$("G6+#0+$(15!*(<")+&)%23(<#"9)2G%3%):(3+8)(G+*%&$-(T2O%&'(2&("<<"#)5&%):()"(!"&653)(E%)*( 7[(
and then becoming their outsourced vendor for collections and customer care, David realized his entrepreneurial 
!"1<+)+&!%+6(26(*+(G5%3)(*%6("E&(!"1<2&:-(T"$2:;(M20%$U6(8533:(6+38P85&$+$(!"1<2&:;(^Z>;(G26+$(%&()*+(N2#%GG+2&;(
with projected revenue of $20 million in 2010, serves the world’s largest companies in customer care (previously 
O&"E&(26(!233(!+&)+#6L(2&$(G%33%&'(!"33+!)%"&6-
M20%$(^#+%66(5)%3%S+6()*+(V#%"#%)%+6YW7C(M+!%6%"&(Z2)#%=(2&$()*+(456%&+66(N*2&'+(W+23%):(Z"$+3-(d%6(65!!+66(

appears to be directly related to his ability to incorporate the comprehensive perspective for his business. Earlier it 
was stated that the new entrepreneur blends the characteristics of a new way of thinking that incorporates alternative 
2&$(!#+2)%0+(G56%&+66(1"$+36;(6<++$(2&$(R+=%G%3%):-( (65!!+66853(a&+EU(+&)#+<#+&+5#(1+3$6()*%6(&+E(E2:("8()*%&O%&'(
E%)*(G56%&+66(1"$+36(8#"1()*+(<26)-(M20%$U6(+=<+#%+&!+(2)(X"#)5&+(gDD(!"1<2&%+6;(N%)%G2&O(2&$( 1+#%!2&(\=<#+66;(
helped him learn the importance of continuously testing and revising his strategies.  

The KM2 opportunity statement has always been the same, to grow a self-funded business by focusing on 
continuously improving error-free processes and excellent execution of deliverables. 

For each frame of reference, the opportunity varies, yet the underlying opportunity statement is always consistent. 
 6(*+( 3""O+$( 2)( )*+( <"66%G%3%)%+6( "&( )*+(V#%"#%)%+6YW7C(M+!%6%"&(Z2)#%=;( 8"#( )*+( &+=)( 6%=(1"&)*6;(M20%$( 8"!56+$(
6)#2)+'%!233:(2&$("G6+#0+$()*2)()*+(^Z>(!5##+&)(6%)52)%"&(9)(G+6)(%&)"()*+(Q52$#2&);( !)(]5%!O3:-(T";( !)(]5%!O3:;(
KM2 will continue their current methods and standards of operation, yet on a greater scale. Using the Business 
W+23%):( N*2&'+(Z"$+3;( M20%$( 65112#%S+$( )*+( 8"33"E%&'( O+:( !"&!356%"&6( )*2)( 3%&O( )"( 2&$( 65<<"#)( *%6( <#"G3+1(
6)2)+1+&);(8#21+("8(#+8+#+&!+;(2&$(+=)+#&23(2&$(%&)+#&23(2&23:6+6-(T*+(!5##+&)("<<"#)5&%):(6)2)+1+&)(%6_(/#"E(^Z>(
)"(65<<"#)()*+(&+E(!3%+&)(J!"&9$+&)%23L(E%)*(KDD(&+E(^Z>("<+#2)"#6(E%)*%&(6%=(1"&)*6-(
T*+(+=)+#&23(2&23:6%6(!"&!356%"&6(2#+()*+(8"33"E%&'_(^Z>(%6(&"E()*+(<#+1%+#(!56)"1+#(!2#+(!233(!+&)+#(G56%&+66(

%&()*+(E"#3$-(426+$(%&()*+(N2#%GG+2&;(%)(*26(12&:(2$02&)2'+6("0+#(6%1%32#(G56%&+66+6(%&(C&$%2(2&$()*+(V*%3%<<%&+6-(
Their stable workforce has less than a 15% turnover. As compared with India and the Philippines where workers are 
+$5!2)+$(2&$(6++O(G+))+#("<<"#)5&%)%+6(Q5%!O3:;()*"6+(%&()*+(N2#%GG+2&(2<<+2#(*2<<:()"(*20+(I"G6;()2O+(<#%$+(%&()*+%#(
work and rarely leave the island. KM2 builds relationships with local governments and is incentivized for providing 
local employment opportunities. 
Z2&:(E"#O+#6(%&(C&$%2(2&$(V*%3%<<%&+6(*20+($%89!53):(E%)*()*+(\&'3%6*(32&'52'+;(2#+(8#+Q5+&)3:(1%65&$+#6)""$(

G:(!56)"1+#6(%&()*+(,-.-(2&$(2#+(&")(821%3%2#(E%)*()*+(,-.-(!53)5#+-((T#2%&%&'(%&()*+6+(2#+26(%6("8)+&(%&2$+Q52)+-(C&(
!"&)#26);(<+"<3+(%&()*+(N2#%GG+2&;(<#%12#%3:(%&()*+(6+#0%!+(2&$(*"6<%)23%):(%&$56)#:(2&$(!2)+#%&'()"(\&'3%6*(6<+2O%&'(
Americans, can speak English beautifully. They are almost always well received by U.S. customers. KM2 brings 
%&(,-.-(E"#O+#6()"()#2%&(2&$(E"#O(23"&'6%$+()*+%#(N2#%GG+2&(!"5&)+#<2#)6(2&$()"(%&)+'#2)+()*+1(%&)"()*+(!"1<2&:(
culture and norms. KM2 feeds their inbound calls to other island facilities through a sophisticated infrastructure 
that is much advanced compared to competitors. This infrastructure includes T-1 lines, which move data at a high 
rate of speed at low cost. Internal analysis conclusions include excellent operational processes that are modeled 
28)+#(X"#)5&+(gDD(!"1<2&%+6-(^Z>(#+Q5%#+6( %)6(12&2'+#6( )"(E"#O(%&( )*+(N2#%GG+2&(2&$()#2%&( 3"!23(+1<3":++6-( C)(
participates in government and local community building which strengthen relationships and provide incentives 

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to the KM2 business because it is perceived as a socially responsible company. KM2 has the capability to transfer 
6589!%+&)(,-.-(E"#O+#6()"()#2%&(2<<#"=%12)+3:(KDD(%632&$(E"#O+#6(E%)*%&()*+(&+=)(6%=(1"&)*6-

The SWOT analysis utilizes analyses and conclusions of the external and internal assessment. Thus KM2’s 
6)#+&')*6(%&!35$+(2(6)#"&'(12&2'+1+&)()+21(E%)*(2(3"!23(<#+6+&!+;(,-.-(!3%+&)(!"1<2&:(2!!+<)2&!+("8()*+(N2#%GG+2&(
workers in the customer care and call centers, KM2 strong government relationships and self-funding. Weaknesses 
2#+(1%&%123-(T*+#+(2#+(8+E()*#+2)6-(T*"5'*(G2##%+#6("8(+&)#:(2#+(3"E;(26()*+(9#6)(2$"<)+#;(^Z>(%6(82#(2*+2$("8(2&:(
!"1<2&:()*2)(12:($+!%$+()"(!"&$5!)(G56%&+66(%&()*+(N2#%GG+2&;(G")*(%&()+#16("8(3"!23(<#+6+&!+(2&$(6"<*%6)%!2)%"&(
of processes.

To win, KM2 must maintain its current level of operational business and people excellence in its work execution. 
KM2 must be able to do this as they scale up within the next six months and bring approximately 600 new workers 
on board.

1>)1MN4@>)4

Today’s entrepreneur incorporates new business models with outsourced and strategic alliances, technological 
savvy using the Internet and extensive databases and unprecedented speed in decision making. They must learn from 
mistakes of the past and build strong customer and stakeholder relationships.
T*+(H(VW7XCT.(V#%&!%<3+6;()*+(V#%"#%)%+6YW7C(M+!%6%"&(Z2)#%=(2&$()*+(456%&+66(N*2&'+(W+23%):(Z"$+3("88+#6(

the entrepreneur an integrated, systematic and comprehensive critical thinking tool for making realistic choices for 
both problems and opportunities. The key message is to have a well-integrated business where all company functions 
3%&O%&'(+89!%+&)3:(2&$(+88+!)%0+3:(%&(<#"9)2G3+(+!"&"1%!()%1+6(2&$($"E&)5#&6-

Though focused integration is vital for all companies, it especially has critical implications for companies that 
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When something appears lacking integration, whether it is technology, people or marketing strategy, investors will 
$+!3%&+()*+("<<"#)5&%):-(C&()*+(2#)%!3+;(N2<%)23%61()"()*+(W+6!5+(P(/#++&(T+!*(W%6%&'(Jb+E(B"#O(T%1+6_(7!)"G+#(?;(
>DD@L;(2&(%&)+#0%+E(E%)*(0+&)5#+(!2<%)23%6)6(12O+6(%)(+=)#+1+3:(!3+2#-(T*+(E+33P%&)+'#2)+$(!"1<2&:(G")*(I56)%9+6(%)6(
actions and demonstrates the ability to focus, organize and execute the business vision.

This paper gives students an opportunity to apply the principles to the case studies where they can practice the 
#"3+("8()*+(+&)#+<#+&+5#()"(12O+(3"&'()+#1(<#"9)2G3+($+!%6%"&6

                                        

Future Research

Future research could result in a longitudinal study of the three cases presented. How successful were the 
$+!%6%"&6(26(0%+E+$()E"(:+2#6(8#"1(&"E-(e+#+()*+(!"1<2&%+6(R+=%G3+(%&()*+(+0+#(!*2&'%&'(+&0%#"&1+&)c(d20+()*+(
2!*%+0+$(3"&'(#5&(<#"9)2G3+(656)2%&2G%3%):c(

=+?+=+)1+4

Berson, S. (2009. Recession-proof your Practice. ABA Journal;(p2&52#:_(g-

432&O6"&;(N-;(Z")E2&%;(p-;(j([+0+&G5#';(b-(>DDK-(,&$+#6)2&$%&'()*+(<2))+#&6("8(12#O+)("#%+&)2)%"&(21"&'(61233(
businesses. D2-V"(:,%#@,(";;:%",7"#W#9;2,,:,%;(>s_(?H>P?FD-

Bowen, M. 2009. X"2-(# ",(-".-","/-30#$,# 233"33G",(# &'# (!":-# (-2:,:,%A#G&(:H2(:&,3# 2,5# .-&S;"G3. Global 
Entrepreneurship Monitor - Global Report.

N2#32&$;(p-;(N2#32&$;(p-;(j(.)+E2#);(e-(gFFK-(.++%&'(E*2)U6(&")()*+#+_(T*+(+&%'12("8(+&)#+<#+&+5#6*%<-(Journal of 

Small Business Strategy;(H_(gP>D-

N*2#2&;(W-;(j([2R+:;( -(>DD@-( !"#%2G"Y7!2,%"-0#X&*#6&/#72,#5-:H"#-"H",/"#2,5#.-&Z(#%-&*(!#*:(!#:,,&H2(:&,. 
N#"E&(456%&+66-(

N35)+;(W-;(j(/2#12&;(/-(gF@D-(T*+(+88+!)("8(,-.-(+!"&"1%!(<"3%!%+6("&()*+(#2)+("8(G56%&+66(82%35#+-(American Journal 

of Small  Business;(?_(KPg>-

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Advances in Business Research

Fahed-Sreih, J. 2009. M"25"-3!:.#:,#3G2;;#S/3:,"330# !"#:G.&-(2,7"#&'#(!"#,""5#'&-#27!:"H"G",(#23#2#G&(:H"#:,#
.-"5:7(:,%# 3/77"33#&'#&*,"-YG2,2%"-3#&'# 3G2;;#S/3:,"33"3. Lebanese American University, Allied Academies 
C&)+#&2)%"&23(N"&8+#+&!+-

X#%+$;(N-(>DDF-(T*+(E"53$PG+(+&)#+<#+&+5#U6(*2&$G""O-(Money;(k@_(Fg-

Friedman, T. 2006.  !"#*&-;5#:3#[2(-(b+E(B"#O_(X2##2#;(.)#256(j(/%#"5=-

Gladwell, M. 2002.  !"#(:..:,%#.&:,(0#X&*#;:((;"#(!:,%3#72,#G2V"#2#S:%#5:''"-",7"-(4"6)"&_(42!O(42:(4""O6-

d211+#;(Z-;(j(N*21<:;(p-(gFFk-(="",%:,""-:,%#(!"#7&-.&-2(:&,0#$#G2,:'"3(&#'&-#S/3:,"33#-"H&;/(:&,-(b+E(B"#O_(
Harper Business Books.

^21<6!*#"+$+#;(^-;([5$E%';(b-;(Z5##2:;(Z-;(V2$12&2G*2&;(V-( >DD@-(T*+( 6)%)!*(*"56+_( (!26+("8( +&)#+<#+&+5#%23(
failure. Journal of the International Academy for Case Studies;( <#%3_(g-

^lO623;(Z-;(j(mS'n3;(\-(>DDH-(T*+(#+32)%"&6*%<(G+)E++&(12#O+)%&'(6)#2)+'%+6(2&$(<+#8"#12&!+(%&(2&(+!"&"1%!(!#%6%6-(
D2-V"(:,%#@,(";;:%",7"#W#9;2,,:,%;(>?_(k>KP 342.

[+2<)#"));( p-;(j(Z!M"&23$;( p-( >DD@-([""O%&'(G+8"#+( 3+2<%&'_(T*+( +88+!)( "8( "E&+#($+!%6%0+&+66("&( 61233( G56%&+66(
performance. $725"G6#&'#+,(-".-","/-3!:.#R&/-,2;;(gs_(gPg>-

Lober R. 2009. =/,#6&/-#S/3:,"33#;:V"#2#'&-(/,"#\]]0#8#.-:,7:.;"3#'&-#S&&3(:,%#9=>?@ 4-(b+E(B"#O_(p"*&(e%3+:(
& Sons.

Z2662;(.-;(j(T+6)2;(.-(>DD@-(C&&"02)%"&(2&$(.Z\6_(Z%623%'&+$(<+#6<+!)%0+6(2&$('"236(21"&'(+&)#+<#+&+5#6;(2!2$+1%!6(
and policy makers. Technovation;(>@_(kFkPsDH-

Z!/2#0+:;(W-(gFF@-(W+2$:;(6+)($+3+'2)+t_(d2&$%&'("5#()26O6(%6()*+(O+:()"('#"E%&'(:"5#(G56%&+66-(+,(-".-","/-;(>K_(
77-79.

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Small Business Administration-(>DDK-(,-.-(/"0+#&1+&)(.1233(456%&+66(789!+("8( $0"!2!:-

Stangler, D. 2009. The coming entrepreneurship boom. Kaufman Foundation Study. 

Sun T. 1983. The art of war;(\$%)+$(G:(p21+6(N320+33;(W+<#%&)(+$%)%"&-(b+E(B"#O_(M+32!"#)+(V#+66-

=&32;:"#M&S"-(%6(2&(266"!%2)+(<#"8+66"#("8($"!)"#23(<6:!*"3"':(2)(N2#3"6( 3G%S5(,&%0+#6%):(2&$(2$I5&!)(<#"8+66"#(
at Nova Southeastern University. She received her Ph.D. in applied Psychology, specializing in human resource 
management and organizational development at New York University. She has published Run Your Business Like a 
X"#)5&+(gDD_(H(V#%&!%<3+6(8"#(4""6)%&'(VW7XCT.(Jp"*&(e%3+:(j(."&6;(>DDFL-(d+#(8"#)*!"1%&'(G""O(%6_(M+3%0+#2&!+_(
From the Valley of Death to Sustainable PROFITS in Bioenergy.

Thomas Tworoger is an associate professor and chair of the entrepreneurship department at Nova Southeastern 
University. He received his DBA at Nova Southeastern University. His current research interests include 
+&)#+<#+&+5#6*%<;(1%!#"9&2&!+;(2&$(3+2$+#6*%<-(d+(*26(<5G3%6*+$(%&(p"5#&23("8([+2$+#6*%<(j(7#'2&%S2)%"&23(.)5$%+6;(
Journal of Business and Leadership, Academy of Information Management Sciences Journal, and the Academy of 
Information and Sciences Journal.

R^# 9-"3(&,# R&,"3 is an assistant professor of business administration and the executive associate dean at Nova 
Southeastern University. His current research interests include business turnaround strategies, leadership, and 
organizational culture. He has published in the Journal of Applied Management and Entrepreneurship, Accounting 
Net, and Journal of Small Business Management.

2010, Vol. 1, No. 1, 188-197

Lober, Tworoger and Jones


