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Ch.11 Entrepreneurs

In: Business and Management

Submitted By nakiahsmith
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Chapter 11
• Entrepreneurs think and act ingeniously when it comes to resources. What does this mean and why is it so important? (Question #1)
Entrepreneurial use resources that includes the management team, the board of directors, consultants, financial resources, assets such as the plant and lastly the business plan. According to Howard H. Stevenson, entrepreneurs strive for using the least amount of all types of resources as possible, rather than own the resources they need. This is done to reduce risk that would include staged capital commitments, less capital, more flexibility, low sunk cost and lower costs.
• Describe at least two creative bootstrapping resources. (Question #2)
Ventures find the use of other people’s resources to accomplish a little more with a little less in order to pursue the opportunity of becoming successful. Having the use of the resources and being able to regulate or influence the placement of the resource is important. These resources include a number of things, such as money invested or borrowed. Other resources include, people, equipment, office location, or any other items that may be given at a low cost or maybe free by customers or suppliers. Other creative bootstrapping resource includes using outside people resources. Hiring professional expertise on a project basis and lease rather than own is a creative bootstrapping resource that is used to minimize the resources owned.
• Why will the Internet become an increasingly important gateway to controlling resources? (Question #3)

The internet is a very important resource that entrepreneurs use to get fast and up-to-date information. The internet is a great way to build and maintain a network of contacts through email and instant messaging services.
• In selecting outside advisors, a board, consultants, and the like, what are the most important criteria, and why?…...

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