Which four of the following are entrepreneurial strategies? A. Investing money for a safe and secure…
The entrepreneurial strategies are B, C, D and E. Being 'fastest with the mostest' (aiming at leadership of a new market from the start) and occupying a specialised…
Choose your answer
Which four of the following are entrepreneurial strategies?
A. Investing money for a safe and secure return
B. 'Being fastest with the mostest'
C. Reform, rather than revolutionise
D. Finding and occupying a specialised 'ecological niche'
E. Validate and adapt your business model
Answer and explanation
Correct answer D
The entrepreneurial strategies are B, C, D and E. Being 'fastest with the mostest' (aiming at leadership of a new market from the start) and occupying a specialised ecological niche are classic entrepreneurial strategies, reforming an existing product or market rather than trying to revolutionise it is a lower-risk entrepreneurial approach, and validating and adapting the business model through customer feedback is the core of lean entrepreneurship. Investing money for a safe and secure return is the opposite of entrepreneurship, which accepts risk and uncertainty in pursuit of opportunity, so every choice that includes A is wrong.
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Common Management Admission Test (CMAT)