Why must managers have an entrepreneurial mind-set?
What will be an ideal response?
Answer: An entrepreneurial mind-set allows managers to search for new opportunities in the current marketplace or identify ideas that could create new markets, to be committed to continuous learning, as well as to identify new opportunities and to exploiting them.
Entrepreneurial activity is not limited to new, small firms, however. Managers in large firms also must be entrepreneurial and strive to create new businesses. Developing new businesses requires that the lead person, and perhaps others, take entrepreneurial actions. Given the amount of change and innovation encountered in most industries and countries, businesses cannot survive without being entrepreneurial.
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Indicate whether the statement is true or false
Bargaining power refers to ________
A) the process of choosing to sell new products in completely new markets B) the firm's ability to create new products and sell these to the existing customers C) the ability of the firm to differentiate its products from competitors' products D) the degree of influence that a producer or consumer has in influencing what the selling price will be E) the resources and capabilities that allow a firm to grow in the future by making new products or selling to new customers