EBK UNDERSTANDING BUSINESS
11th Edition
ISBN: 8220102809673
Author: Nickels
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Question
Chapter 6, Problem 1CT
Summary Introduction
To think critically about: The reason due to which someone have the entrepreneurial spirit and views about it.
Introduction:
The person, who risks time and money to begin and manage a business is known as an entrepreneur.
Expert Solution & Answer
Explanation of Solution
Following are the traits due to which a person has the entrepreneurial spirit:
Self-directed: One must be self-disciplined and thoroughly comfortable being own boss. None will be responsible for success or failure except that person.
Self-nurturing: If someone believe in his or her idea even when no one else does, and be able to replenish business by their own makes them a true entrepreneur having that spirit.
Action oriented: The commitment towards their desires to fulfill and actualize their dreams into reality.
Highly energetic: The one who is having entrepreneurial spirit is emotionally, mentally, and physically able to work long and hard, take no vacations and feels that its better working for long hours than working for someone less.
Tolerant of uncertainty: Such individual take calculated and rational risks but are not afraid to fail and are prepared for uncertainties.
Conclusion
Attributes like self-directed, self-nurturing, action oriented, tolerant to uncertainty and highly energetic makes someone having an entrepreneurial spirit.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Our firm has been the auditor of Caribild Products, a listed company, for a number of years. The
engagement partner has asked you to describe the matters you would consider when planning the audit for
the year ended 31 January 2022.
During your recent visit to the company, you obtained the following information:
(a) The management accounts for the 10 months to 30 November 2021 show a revenue of $260 million and
profit before tax of $8 million. Assume sales and profits accrue evenly throughout the year. In the year
ended 31 January 2021, Caribild Products had sales of $220 million and profit before tax of $16 million.
(b) The company installed a new computerised inventory control system, which has operated from 1 June
2021. As the inventory control system records inventory movements and current inventory quantities, the
company is proposing:
(i) To use the inventory quantities on the computer to value the inventory at the year-end
(ii) Not to carry out an inventory count at the year-end…
How Lean management in manufacturing is applied through focusing on waste discount, continuous improvement, and performance to Circuit City?
Six Sigma is a statistics-driven business strategy focused on reducing defects, enhancing best, and optimizing procedures, how does it apply to Circuit City?
Are benefits of Lean Six-Sigma methodology can apply to Circuit city?
How to Makes Consulting Recommendations Effective and Sustainable for this company?
What do we know right now about the Himachal Fertilizer Corporation and the situation? What are the potential scenarios at play at this point in time (e.g., what could have caused the current issue)?
Chapter 6 Solutions
EBK UNDERSTANDING BUSINESS
Ch. 6.1 - Prob. 6.1AQCh. 6.1 - Prob. 6.1BQCh. 6.1 - Prob. 6.1CQCh. 6.1 - Prob. 6.1DQCh. 6.1 - Prob. 6.1EQCh. 6.1 - Prob. 1TPCh. 6.1 - Prob. 2TPCh. 6.1 - Prob. 3TPCh. 6.1 - Prob. 4TPCh. 6.2 - Prob. 6.2AQ
Ch. 6.3 - Prob. 1MEDCh. 6.4 - Prob. 6.4AQCh. 6.4 - Prob. 6.4BQCh. 6.4 - Prob. 5TPCh. 6.5 - Prob. 6TPCh. 6.5 - Prob. 7TPCh. 6 - Prob. 1CTCh. 6 - Prob. 2CTCh. 6 - Prob. 3CTCh. 6 - Prob. 1DWSCh. 6 - Prob. 2DWSCh. 6 - Prob. 3DWSCh. 6 - Prob. 4DWSCh. 6 - Prob. 5DWSCh. 6 - Prob. 1TITCh. 6 - Prob. 2TITCh. 6 - Prob. 1VCCh. 6 - Prob. 2VCCh. 6 - Prob. 3VC
Knowledge Booster
Similar questions
- With your experience and research, discuss;(a) what type of “Leadership Style” is used in communications services?(b) whether the style used is successful or not and why. Justify your position with relevant citation and references ( Rubic is attached to guide the essay ) NOTE: NO AI RESPONSES PLEASEarrow_forwardPlease no chatgpt or artifical intelligence The evaluation stage of a firm’s actions are built around what three key questions? When an organization chooses an innovative strategy the organization must then plan, implement, evaluate, and control activities. Describe each of these steps. Discuss the critical decisions that must be made during implementation to ensure the firm does not get mired in an innovation strategy that leads to disaster. The three broad types of measure that should be considered in the innovation strategy evaluation and control effort are? Please cite in text references and add weblinks If there are gaps found in goals and performance the common adjustments that can be made include what?arrow_forwardCan you guys help me with this? Here is the list of Project Life Cycle Phase with Work Package in there Here is the PERT Calculation: Please calculate all the time that list in the PERT calculation for each of the work packagearrow_forward
- In regards to the Belize Road Safety Project 2012: Critically assess whether or not the project was successful using the project’s triple constraints and value/benefit realization as the evaluative criteria. Explain how ‘Quality Assurance’ was accomplished throughout the duration of the project.arrow_forwardWhat are the three most important interpersonal skills a leader needs to develop a successful team to high performance in a diverse and changing cross-cultural work environment and expalin why each is necessary?arrow_forwardAssignment Scenario: You are a consultant for a local company in your country considering expanding its operations internationally. Your task is to prepare a proposal on how the company can successfully enter international markets. You can choose one of the following industries to create an international expansion plan for: 1. Tourism and Hospitality or 2. Agriculture and Food Processing.arrow_forward
- What do we know right now about the Himachal Fertilizer Corporation and the situation? What are the potential scenarios at play at this point in time (e.g., what could have caused the current issue)?arrow_forwardWhat steps will the union organizers have to take in order to advance the process to an election ? what role will the national labor relations board play in the election process ? during the organizing campaign what specific things are the employer prohibited from doing ? during the organizing campaign what methods can the employer use to persuade employees not to vote in favor of the union ?arrow_forwardPlease original work Reflect on your most important learning and new understanding gained regarding balanced scorecards. what you might do differently in your current company or a previous company. Alternatively, reflect on how you would use a balanced scorecard if you were the CEO of an organization. Include the likelihood that you would use a balanced scorecard based on what you’ve learned in the course. Please cite in text references and add weblinksarrow_forward
- Matrix 15.1Use this data in this matrix to answer the following questions.Class505560657077.58592.5100< 500 lb34.336.9439.5941.9444.6448.151.955.8960.27Matrix of Weight Breaks and Freight Class (S/cwT)500 lb 1,000 lb 2,000 lb 5,000 lb 10,000 lb28.3224.2523.04 17.5815.7430.526.1224.8218.9317.4132.6927.9926.6 20.2919.0834.6429.6628.1821.4920.2736.8631.5629.9922.8821.9439.7234.0132.3224.6523.8542.8636.734.8726.626.2446.1539.5237.5628.6428.3849.7742.6140.530.8930.7720,000 lb10.4711.5812.6913.4814.5915.8617.4518.8720.46Refer to Matrix 15.1. What is the cost to ship a 5,000 pound item in freight class 65?O $1,074.500 $21.49O $107,4500 $5,000arrow_forwardyou are asked to reflect on the experience of preparing the data collection instrument. You are to follow Gibb’s Reflective Cycle as your guide in laying out your reflection.arrow_forwardIn regards to the Belize Road Safety Project 2012:List and describe three (3) three project constraints encountered by the project management or implementation unit, and the overarching strategies used to effectively manage these constraints. Hint: (Triple Constraints of Project Management).Describe the project governance framework and the oversight function used to help administer and control the right course for the project. Comment on the suitability and effectiveness of this framework.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Management, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College Pub
Foundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...MarketingISBN:9781285193946Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...
Marketing
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning