Doing Business by the Good Book Ch 40

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Questions and Answers

What role did enthusiasm and passion play in the success of the vision for telcobuy.com?

They were essential in making the vision come alive. (correct)

They made the business plan easier to understand.

They encouraged investors to take risks.

They helped define the operational processes.

What was one of the key features of the service offered by the telecommunications department before the launch of telcobuy.com?

Automated equipment delivery.

Monthly billing updates for customers.

Real-time visibility of product status. (correct)

Customer service hotline support.

Why was involvement from all employees crucial during the development of telcobuy.com?

To align with the company's long-term vision.

To facilitate changes in external partnerships.

To ensure compliance with regulations.

To adapt to new processes effectively. (correct)

What major decision was made regarding the telecommunications department in 1998?

To create a subsidiary called telcobuy.com. Signup and view all the answers

How did the principle of shared vision impact the implementation of telcobuy.com?

It created a sense of ownership among employees. Signup and view all the answers

What action was taken to celebrate the successful launch of telcobuy.com?

A huge party was held for the entire organization. Signup and view all the answers

What assurance does faith represent in the context of presenting a vision?

The confidence in a successful outcome of the project. Signup and view all the answers

What does the scripture about the ox primarily illustrate regarding support?

People will support what they help create. Signup and view all the answers

Why is early participation important in new ventures?

It reduces the likelihood of resistance to change. Signup and view all the answers

What can result from recklessly inviting people to participate in a new project?

Losing a competitive advantage due to leaks. Signup and view all the answers

What is a significant advantage of including people in the conceptual stage of a project?

They feel privileged and gain ownership. Signup and view all the answers

According to the passage, what is essential for a leader to effectively share their vision?

Clearly present their conviction of success. Signup and view all the answers

What emotion do people often have towards change that they cannot control?

Resistance and opposition. Signup and view all the answers

How should a leader approach selecting individuals for participation in new projects?

Select only those with proven track records. Signup and view all the answers

What does the term 'ground floor' refer to in the context of project participation?

Being involved in the initial stages of the project. Signup and view all the answers

Study Notes

Supporting New Ventures

Gaining support for new ventures is crucial for success
Early participation from stakeholders significantly increases support
Resistance to change is common, as people prefer the status quo and feel less in control of change.

Importance of Early Involvement

Successful leaders understand the value of early stakeholder involvement
Inviting people early provides them a voice in shaping the venture
Early participation fosters a sense of ownership and investment from everyone involved

Selecting Participants

Confidentiality surrounding new projects demands careful selection of participants
Choosing trusted individuals with proven track records is essential to avoid leaks
Prudence prevents losing competitive advantage due to breaches of confidentiality

Fostering Enthusiasm and Shared Vision

Leaders must clearly convey their vision for the project
Passion and conviction regarding the project are critical to generating buy-in
Including input for the creation of the vision makes it their vision as well
Sharing the dream, vision and blueprint allows for inclusion and involvement by all
People like being involved and having their ideas included - its human nature

Case Study: telcobuy.com

A department focused on telecommunication supply chain management
Created new technology to smooth the supply chain
Developed a web-based application for real-time visibility in logistics
Telcobuy.com was spun off to capitalize on the dot-com era and provided B2B e-commerce services.

Motivating Participation

Key to success in launching telcobuy.com was the buy-in from everyone
Invited participation in every step, from naming to logo design
Involved the entire organization to address all aspects of the business
Regular communication and recognition of progress created excitement and enthusiasm
Celebrating achievement as a team brought everyone together

Benefits of Full Involvement

High success rates stemmed from the shared passion and involvement
Transparent communication regarding telcobuy.com’s progress
Celebrating as a team fostered a sense of unity and pride throughout the organization
Encouragement of people to generate ideas and implement initiatives resulted in significant ownership.
Success benefits the company, clients and vendors

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Description

Test your knowledge on the importance of early stakeholder involvement and support for new ventures. Understand the roles of participant selection and fostering enthusiasm among stakeholders for successful project outcomes. This quiz will enhance your insights into effective leadership strategies.