Skills of an Entrepreneur Multiple choice

Questions and Answers

To identify strengths, weaknesses, opportunities, and threats (correct)

To make quick and clear decisions

To delegate tasks to subordinates

To develop excellent human relations

Carrying out tasks as quickly as possible

Delegating tasks to maximize time efficiency

Prioritising tasks in order of importance

Micro-managing everything (correct)

To develop excellent human relations

To gather as much information as possible about uncertain situations (correct)

To take out insurance policies

To make quick and clear decisions

To provide guidance and support to stakeholders Signup and view all the answers

To maximize time efficiency Signup and view all the answers

To resolve different problems that may arise Signup and view all the answers

To be able to analyze information and situations Signup and view all the answers

To achieve their objectives and draw up plans Signup and view all the answers

To maximize time efficiency Signup and view all the answers

To eliminate risks Signup and view all the answers

Study Notes

Entrepreneurs set both short-term and long-term goals to establish clear objectives.
Plans are formulated to help achieve these objectives effectively.
SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) is commonly conducted during the planning phase.

Effective time management is essential for entrepreneurs to maximize productivity.
Prioritization of tasks based on importance ensures efficient use of available time.
Delegating tasks helps avoid micromanagement and optimizes overall time efficiency.

A strategic approach involves gathering comprehensive information about uncertainties.
Identifying and managing risks is crucial in minimizing potential negative impacts.
Examples include taking out insurance, such as fire insurance, to mitigate specific risks.

Strong communication and interaction skills are vital for entrepreneurs.
Networking and persuasive abilities enhance relationships with stakeholders.
Building a diverse network of contacts can lead to guidance, support, and business opportunities.

Entrepreneurs must be decisive, capable of analyzing data and situations efficiently.
Logical thinking facilitates the evaluation of alternatives and outcomes for decisions.
Commitment to a chosen course of action is important, along with the ability to adjust as necessary.

Delegation involves assigning responsibilities to subordinates while granting them decision-making authority.
This approach reduces the burden on entrepreneurs, allowing them to focus on strategic aspects.
Avoiding micromanagement enhances team performance and empowers employees.

Problem-solving capabilities are essential for addressing various challenges that may arise.
Entrepreneurs need to quickly assess situations and devise effective resolutions.