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Ch.11 Entrepreneurs Essay

622 words - 3 pages

Chapter 11
• Entrepreneurs think and act ingeniously when it comes to resources. What does this mean and why is it so important? (Question #1)
Entrepreneurial use resources that includes the management team, the board of directors, consultants, financial resources, assets such as the plant and lastly the business plan. According to Howard H. Stevenson, entrepreneurs strive for using the least amount of all types of resources as possible, rather than own the resources they need. This is done to reduce risk that would include staged capital commitments, less capital, more flexibility, low sunk cost and lower costs.
• Describe at least two creative bootstrapping resources. (Question #2)
Ventures find the use of other people’s resources to accomplish a little more with a little less in order to pursue the opportunity of becoming successful. Having the use of the resources and being able to regulate or influence the placement of the resource is important. These resources include a ...view middle of the document...

The internet is a great way to build and maintain a network of contacts through email and instant messaging services.
• In selecting outside advisors, a board, consultants, and the like, what are the most important criteria, and why? (Question #4)
When choosing your board of directors, it is extremely important to pick people that are trustworthy. They can provide expertise is all areas that are unfamiliar to the business owner.
When choosing a lawyer it is best to hire someone that will be able to cater to the needs of the business. Their reputation and the chemistry between the business owner and the lawyer or firm is very important also.
When picking a banker or lender if possible you should pick an excellent banker that will help serve as an advocate for your company, and will actively work to build your business.
• Discuss the importance of diversity and multicultural perspectives when making business decisions for your business venture, with particular emphasis on team formation/hr planning and marketing plan.
When talking about diversity and multiculturalism, people automatically think that someone’s gender, skin color, or social class shouldn’t matter. Diversity can help us with policies to prevent discrimination, while multiculturalism can help us gain a deeper understanding of the differences between people. Diversity enhances creativity. It encourages the search for fresh information and perspectives, leading to better decision making and problem solving. When building a team or organization capable of innovating it is important to have diversity for the following reasons:
• It is the law.
• Customers will be better served by offering a broader range of services, such as being able to speak a variety of languages and understanding other cultures.
• Communicating with one another and customers can be better it can save time and money.
• With a multicultural perspective, better ideas and solutions can be created.
With any luck, over time, instead of looking at diversity as accomplishing numerical goals or complying with the law, if we can combine the concepts this will result in creating a better workplace. Although many books discuss laws relating to diversity, not many actually describe why diversity is necessary in the workplace. Here are a few main reasons:

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