Entrepreneurial Journey — Important Questions

Authoritarians

Authoritarians are specifically described as the 'backbone of society' in the text. They are loyal workers who make the world function and may not be the best founders but excel as distributors, franchisees, or owners of existing businesses. Motivators focus on people and consensus building. Diplomats are restless and work under pressure. Trailblazers are competitive and aggressive entrepreneurs who prefer starting their own companies.

A group discussion to generate multiple ideas

Brainstorming is defined as a group of persons sitting together and generating numerous business ideas by innovating alternative ways of meeting needs and solving problems. It's usually an unstructured discussion where one idea leads to another, making it very productive for generating as many ideas as possible. It's not individual research, copying models, or analyzing reports - it's specifically a collaborative group activity.

Poor execution

The chapter clearly states that 'Strategies most often fail because they are not executed well' and 'The failure to execute the plan, not the plan itself, is most often cited as the reason a strategic plan has underperformed.' While wrong strategy might seem logical, the text specifically emphasizes that companies with focused strategic plans usually understand their markets well, so execution becomes the key issue. Lack of funding and market competition are challenges but not the primary reason for plan failure.

Technical Feasibility

Technical Feasibility deals with details on how to deliver a product or service, including materials, labor, transportation, business location, and technology needed. Market Feasibility focuses on industry description and market potential. Financial Feasibility projects start-up capital and returns. Organizational Feasibility defines legal and corporate structure. Only Technical Feasibility specifically addresses the 'how' of product/service delivery.