
Concept explainers
Introduction:
Idea champions are training /consulting firms that help other businesses in innovation and new process consulting. The advantage of using one of them is they will give information and guide on how to initiate the change step by step, they will guide the firm on the best way to initiate the change. They are more specialized so for a new business this is a better option as they have more skilled consultants who will take the responsibility of initiating change.
To determine:
If they could be important for implementation.
Introduction:
We saw the importance of an idea champion in initiating change, however will they be important in implementing them as well?
Implementing is to put the initiating into practice.

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Chapter 8 Solutions
Understanding Management (11th Edition), Standalone Book
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- Case Study: Savannah Organics In the fast-developing economy of Botswana, a young entrepreneur, Thato Dlamini, decided to venture into organic agriculture. Inspired by the growing global demand for organic produce, Thato founded Savannah Organics in 2019, aiming to supply pesticide-free fruits and vegetables to urban markets. The company started with a modest 5-hectare plot on the outskirts of Gaborone. Despite its potential, Savannah Organics faced significant challenges linked to the entrepreneurial environment. Access to funding was one of the primary obstacles. Thato struggled to secure a bank loan, as the financial institutions required collateral far beyond her means. Her attempt to raise funds through grants was equally difficult, with bureaucracy and lack of clear guidance delaying her applications. Another challenge was the lack of supportive infrastructure. Irrigation systems and farm equipment were either unavailable locally or prohibitively expensive, forcing Thato to…arrow_forward4. The entrepreneurial environment is the combination of factors that affect entrepreneurs and their businesses. Thus entrepreneurial environment includes different types of entrepreneuship because have different aspirations and visions for the kind of businesses they want to create. a. Explain what an entrepreneurial ecosystem is. (2 marks)arrow_forward3. Securing needed financing is one of the most important functions related to starting a business. Therefore, it is important to understand what sources of financing exist at various stages of venture development. It is also important to determine what kind of financing provides the most value for the entrepreneur and the new venture. Equity financing is one way entrepreneurs use to access funding. a. What is equity financing? (3 marks) b. State and expain two (2) examples of equity funding. c. State three advantages of equity financing? (4 marks) (3 marks)arrow_forward
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