Moving from entrepreneur to leader- business choices Flashcards
1
Q
What are difficulties in moving from entrepreneur to leader?
A
- adapting the mindset
- stress
- trust
- sharing ownership
2
Q
How can an entrepreneur over come difficulties?
A
- earn respect
- reduce stress
- delegation
- education
3
Q
What is opportunity cost?
A
Measured as the cost of the foregoing the next best alternative
4
Q
What is a trade off?
A
It arises where having more of one thing potentially results in having less of another
EG:
CHOICE- less market research (lower costs)
TRADE OFF- less successful product launch (less sales)
5
Q
What is an entrepreneur?
A
A person who sets up a business and takes risks in hope of profit
