Business choices & moving from entrepreneur to leader
- Created by: Izzie
- Created on: 13-03-18 19:29
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- Business choices & moving from entrepreneur to leader
- No matter how big or small a business has to make choices between competing alternaives
- Opportunity cost- giving something up in order to buy/ purchase something else
- Doesn't always apply to finance, could be between other courses of action
- Managers may face a choice between spending time with potential customers or meeting accountants to draw up a budget
- Trade offs & opportunity costs are linked closely
- Attributes potential leaders need
- Listen to others & consider their point of views
- Reflect on what's going on around them
- Reflect on how to improve communication
- Set high standards for themselves & others
- Encourage others in the business to develop & improve
- May businesses think that due to having good ideas they can start a business. Reality is they have no training or business to deal well with their own business.
- As they grow they require more skills & attributes. To become a leader they have to have a shift in attitude & mind set
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