MGT602 assignment 1 solution spring 2018

MGt602 assignment Solution
I Provide u two Solutions both are Correct but choose for best one in which you clear your concepts thank you
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Solution 1
You want to make point in this paragraph it depend on u
An Entrepreneur needs to understand all aspects of the environment. Part of this ability is reflected in individual’s level of creativity. Creativity tends to decrease with age and education. The individual must be creative and have a broad understanding of the internal and external environments of the corporation. The entrepreneurial person must be a visionary leader-a person who dreams great dreams. Leadership is the ability to dream great things and communicate them in a way that people say yes to being a part of the dream. To establish a successful new venture, the entrepreneurial leader must have a dream and overcome all obstacles to achieve it. The third necessary characteristic is that the entrepreneur must be flexible and create management options. An entrepreneur is open to and encourages change. By challenging the beliefs and assumptions of the corporation, an entrepreneur can create something new in the organization structure. He or she must possess the ability to encourage teamwork and use a multi-disciplined approach. Every new company formation requires a broad range of business skills. The entrepreneur must be a good diplomat to minimize disruption. Open discussion must be encouraged to develop a good team for creating something new. Many corporate managers have forgotten that frank, open discussion is part of the learning process. A successful venture can be formed only when the team feels the freedom to disagree and to critique an idea. The degree of openness among the team depends on the degree of openness of the entrepreneur. Openness leads to a strong coalition of supporters and encouragers. The entrepreneur must encourage each team member, particularly during hard times. A good entrepreneur makes everyone a hero. Only through persistence will a new venture be created and successful commercialization result.

Solution 2.
1. Interpenure needs foresight about the possibilities new technologies and other developments create.
2. Interpenure needs judgment and leadership skills to found a company and guide its growth.
3. Interpenure needs communication skills to enthuse financiers to back her vision.
4. The number of active entrepreneurs therefore depends on how many individuals possess these skills. But skills are not endowments. Individuals decide to develop those skills that advance their well being and to forego developing those that do not.
5. The prospects of a career as an entrepreneur depend on the economic environment, which can be facilitative or detrimental.
6. A multitude of factors determine this environment: rules and regulations, the quality of government, the availability of education, and the ambient culture.
7. Many of these factors fall under the heading of institutions, by which we mean the constraints on behavior imposed by the state or societal norms that shape economic interactions.

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