Question

Good to great by Jim Collins chapter 3 Summarize the major themes addressed and Identify the characteristics of a successful entrepreneur and the characteristics of a successful business idea

Answer 1

Major themes:

1. Be a Doer: Most of the entrepreneurs dreamt to fulfill their wishes but they do not follow for any reason. The entrepreneurs who are established today have followed their dreams from the day one they have planned to start their business.

2. Not afraid of mistakes: Mistakes are the implementation steps that are required to be correctly analyzed to grow constantly to adopt new things.

3. Never listen to negativity: In the field of competition the negativity and wrong aspect of influencing from others will lead to making an entrepreneur lack of confidence in self-growth and will make unstable to take any correct decision. Self-belief and following own convictions are the most helpful aspects for an entrepreneur to stabilize the business.

Characteristics:

1. The motivation and passion are the key characteristics to make an entrepreneur successful and lead their business to the utmost high standard

2. Market knowledge: The knowledge to target the market with a specific trend in the product is highly beneficial to make the controlling process of business in the market. The business always requires the extended knowledge of the market demand and the specific population that can lead a new business standard in the organization, an entrepreneur should gather all factors before landing up to a new business.

3. Effective planning and money management: The entrepreneur is likely required to plan accordingly about the areas of business that it wants to make. All factors like decision-making process, targeting potential buyers and correcting placing of products with the deeper sense of marketing are correctly required to be analyzed. As adopting marketing channels or taking part in the major promotions it requires the expense of huge money, it is required undertaking a clear budgeting before landing on the market.

Business idea:

1. Identify the market needs and gaps: For an entrepreneur to be successful it is required to identify the trend and then come up with new ideas and plans to make the new business successful also to fulfill the demand of the customers

2. Sustainable: The approach of sustainability is required to be undertaken properly, the business will only sustain if the correct approaches are made towards all the sectors by formulating the effective strategic approach

3. Controlling and monitoring: The both are the important aspects of constructing the business idea, to make each process conducted at a height it is required to monitor on the business meetings and the needs of the organization. The controlling part keeps the organization dealings static at a high respect to quality control and money control so that the utilization of the correct resources can be formulated with the revert of obtaining maximum profit from the organization and to sustain for a prolonged time.