Chapter 4&5 Entrepreneurship

Vision statements always refer to _______

• the methods by which the organization choose to achieve its stated objectives.

• the aspired performance or quality goal in providing products or services within a targeted geographical area of operation and may include the long-term company's aspirations.

• the organization a significant challenge, providing a focal point for effort, having a clear finish line or strategic destination, and engaging members of the organization.

• provide meaning or answer to "why you do, what you are doing and where you are headed''.

Organizational Mission is an attempt to _______

• the methods by which the organization choose to achieve its stated objectives.

• the aspired performance or quality goal in providing products or services within a targeted geographical area of operation and may include the long-term company's aspirations.

• the organization a significant challenge, providing a focal point for effort, having a clear finish line or strategic destination, and engaging members of the organization.

• provide meaning or answer to "why you do, what you are doing and where you are headed''.

The company business strategy refer to _______

• the methods by which the organization choose to achieve its stated objectives.

• the aspired performance or quality goal in providing products or services within a targeted geographical area of operation and may include the long-term company's aspirations.

• the organization a significant challenge, providing a focal point for effort, having a clear finish line or strategic destination, and engaging members of the organization.

• provide meaning or answer to "why you do, what you are doing and where you are headed''.

In developing an effective strategic planning, an entrepreneur has to deal with business planning issues as follows :-

• Where are you now

• Where do you want to go

• How can you get there

• What is your choice

For a business entity, there are five choice needed to develop a strategy. which one of the following are the choice for entrepreneur?

• Where do you want to go?

• What is the economic/business/profit model?

• What capabilities to have?

• How do we organize to provide value for these customers?

• What is your choice?

An entrepreneur may have to do a basic internal and external analysis that called as _____ analysis

Entrepreneur can exploit or capitalize ________ that refer to "what are we good at?"

• strenghts

• weaknesess

• opportunities

• threats

Entrepreneur need favorable factor from ________ that refer to "which one to choose?"

• strenghts

• weaknesess

• opportunities

• threats

Entrepreneur can eliminate or strategize ________ that refer to "what are we bad at?"

• strenghts

• weaknesess

• opportunities

• threats

Entrepreneur must avoid or counter _______ in present and possible future.

• strenghts

• weaknesess

• opportunities

• threats