Chapter 02

Question 1

What three roles must everyone who goes into business play?

Answer 1

Entrepreneur, Manager, Technician

Each role has distinct responsibilities: the Entrepreneur thinks ahead, the Manager establishes order, and the Technician performs the technical work.

Question 2

What common issue do technician-turned-business-owners face?

Answer 2

They suppress their inner Entrepreneurs and Managers

This suppression can lead to a lack of purpose and vision in their work.

Question 3

What happens when there is no Manager or Entrepreneur in a business?

Answer 3

Disorder and lack of direction occur

Without a Manager to create systems and an Entrepreneur to provide vision, the business may struggle.

Question 4

What is one of the key questions to ask about your business vision?

Answer 4

Do I have a vision of where I want my business to be in the next 5 years?

This question helps assess the Entrepreneurial aspect of the business owner’s mindset.

Question 5

What should you do if you answer ‘No’ to the business vision question?

Answer 5

Nurture your Entrepreneurial spirit by setting goals

Setting goals helps in developing a clear vision for the business’s future.

Question 6

What is necessary for creating an orderly system in business?

Answer 6

Documenting methods of operation

A systematic approach helps in maintaining order and efficiency without constant oversight.

Question 7

Fill in the blank: ‘I wonder’ is the true work of the _______.

Answer 7

Entrepreneurial personality

This reflects the innovative and forward-thinking nature of Entrepreneurs.

Question 8

What should a business owner consider to improve work processes?

Answer 8

How the work should be done and how it can be improved

Continuous improvement is essential for operational success.

Question 9

What is the consequence of lacking a systematic way of operating a business?

Answer 9

Increased chaos and inefficiency

Without a structured system, day-to-day operations can become problematic.