Emergent Ans Planned Approaches

Question 1

Main points regarding planned approach to setting up business

Answer 1

Opportunity is assumed to already exist
Entrepreneur already knows his objectives or aims
Entrepreneur then work backwards
Normally summarised in the business plan

Question 2

What is meant by an emergent approach to business

Answer 2

Business idea starts with what resources are available or easily to acquire

Question 3

What is bootstrapping

Answer 3

Starting a business with very few financial resources then re-investing the money

Question 4

What is effectuation

Answer 4

Emergent approach

Effectuation focuses on the creative expectation of resources available

Question 5

What is bricolage

Answer 5

And emergent approach

Focus on creatively acquiring resources