ENTREPRENEURIAL OPPORTUNITIES

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a) How important is it to have a great Management Team for a new business to thrive? Explain. b) Why sometimes the power of the founder of a business can be a real problem for the business. Describe. c) Describe why the term " executive groupthink" could be a problem when managing a new business? (Look up what groupthink means). d) Describe why the confrontation of different ideas is important when making a difficult business decision? Why advisory boards are so important?

Sample Answer

A strong management team is particularly significant if you want the business as a whole to grow and develop. As a businessgrowsa managementteam isalso important inspreading leadership responsibility. It is crucial if: your business operates in more than one location. Sometimes, the founder of business establishment may wield unfettered powers that may be so detrimental to the organization like making crucial decisions and executing them without consulting the management, in certain instances, these decisions may not be the right ones.

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