Devin HarrisENPWA2

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Thomas Edison State College *

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ENP-732

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Management

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Apr 3, 2024

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docx

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Uploaded by AmbassadorMantis4132

Devin Harris Written Assignment 2 ENP-7320-MB900 March 18, 2024 1. Entrepreneurs think and act ingeniously when it comes to resources. What does this mean and why is it so important? a. By controlling and managing resources, entrepreneurs are able to exercise more flexibility since they do not own them, rather they manage them. 2. Describe at least two creative bootstrapping resources. a. Entrepreneurs can leverage bootstrapping techniques to maximize resources, often leveraging the expertise of others. Finance is a common bootstrapped resource; you can raise capital by selling your receivables to a finance company. Factoring is a common way to raise capital by bootstrapping. Equipment is another bootstrapped resource. You can finance equipment by paying installments, rather than buying it outright and tying up all your capital. You will receive the equipment that you need this way and be able to extend the time to pay it off over time. 3. Why will the Internet become an increasingly important gateway to controlling resources? a. With the rise of online ventures, businesses are now able to easily connect with potential investors and access a wealth of resources through the internet. This has greatly improved the efficiency of exchanging financial and trade documents, making it an invaluable tool for companies. By facilitating financial and trade documents exchange through the internet, this process has already become more efficient. As the internet market grows, this process will only become more efficient. 4. In selecting outside advisors, a board, consultants, and the like, what are the most important criteria, and why? a. A new venture faces many difficulties and requires careful consideration when choosing outside advisors, consultants, or board members. A company's decision

should be based on whether someone will provide experience, knowledge, or contacts that will add value to it. Choosing the right advisors, board, or consultant is only one of the many important decisions you will have to make. There are many indicators to look at when determining whether someone will help or hinder the venture, such as regular attendance at meetings, equity involvement, skills, age, respect, and trust. A performance evaluation is also important to determine whether these roles meet organizational goals. Consideration should be given to these things, as they can have a profound impact on the venture's fate. 5. After reviewing the material covered in the following links, discuss the importance of diversity and multicultural perspectives when making business decisions for your business venture, with particular emphasis on team formation/hr planning and marketing plan. a. Diverse cultures enable people from all backgrounds and cultures to feel inclusive. As a result, cultural diversity will attract talented people to the organization. Being in a multicultural environment improves interpersonal skills and helps you learn about different cultures. Employees connect better among themselves through the bridge between cultural differences and personal connections forged through the program. The ability to work together and cooperate with each other is boosted by higher levels of interpersonal connections.

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