Business choices & moving from entrepreneur to leader

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  • 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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