Jim Boothe

Topics: Entrepreneurship, Management, Entrepreneurial mindset Pages: 2 (277 words) Published: January 24, 2013
Case 2- Jim boothe

Jim Boothe
Statement of the Problem
Incomplete business plan and requirements
Entrepreneurial mindset of Jim

Present an impressive business plan to the banker to ensure the fund will be approve needed for the business venture. Areas of consideration
Jim is an inventor
Member of the cycling club for 2 years
Not an Entrepreneurial type
Lack of experience in business
Incomplete Business Plan and Requirements
Objections and concerns of his wife Nora
First to invent the automatic derailleur for a 15-speed bike Events like the Armstrong’s Tour de France success
Rapid increase of members of the cycling club
alternative course of action 1
Jim should find a friend that is entrepreneur to assist him in his business plan who is a mutual friend of Jim and his wife to help him convince Nora to let him pursue the business venture Pros: Less Expensive

Cons: Informal and less accurate outcome of the business plan

alternative courses of action 2
Hire a professional Business Consultant
Pros: precise and accurate outcome
Cons: expensive

alternative courses of action 3
Reschedule the meeting and improve the business plan
Pros: Less expensive, better business plan outcome which can lead to favorable results. Cons: time consuming and increase opportunity costs.
We encourage Jim to reschedule the meeting and hire a business consultant to give him enough time to research and improve the shortcomings of his previous business plan. Though the consequences of this action would be time consuming and expensive, the results would be greater than the consequences. Thus Jim will confidently impress the banker and will lead to the approval of his loan.
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