Question

1. Explain and evaluate the roles and responsibilities entrepreneurs have including financial obligations and employee well-being. Write answer in 200 words. [20]

Answer 1

1. Responsibilities an entrepreneur has when trying to triumphantly operate their business is developing the attributes and qualities of a good leader, traits that incite confidence and anchor from not only employees, but clients as well, and the belief they have that you know what you are doing and trust that you will do what you say you will do, in addition to other attributes any great leader must cultivate and use before anyone readily follows them.
2. To be a prosperous leader the entrepreneur must develop a precise and succinct vision needed to inspire people by giving them purpose and objective, and you will get the best results out of your team, since it is only logical for people to want to be part of a success story, and it is the task of an entrepreneur as a leader to show them how you can lead them there.
3. Developing a well reasoned out plan is significant to accomplish your vision, and the plan does not have to be expansive and elaborate, but you need to clearly define the path which you are going to lead the team on from one point to another, in simple, concise steps and be finally, sure to specified timelines with deadlines to each of them, and entrepreneur needs to make sure that everyone on board with the plan and clearly understands not only their roles but the role of the team as well, to ensure the success of your team.
4. If you do not have the instinct, then you must develop the leadership attribute of decision making since no one wants to follow someone who cannot make up their mind, particularly when it comes to what is, regarded as small decisions, and this does not mean make acknowledgeable decisions, but first get as much rational input and counsel as you can, and then make an educated decision you can live with and always be ready to make new decisions based on additional information.
5. A successful entrepreneur can accommodate and make adjustments in the constantly changing world of the marketplace, adaptation to new trends, products, technology, and marketing strategies, always working with the plan in mind, and brainstorming with the team ways you can best adapt to changes, execute the necessary changes with the thought perpetually in mind that the plan is a virtual living medium, not static dogmas that would be worthless if one could not adapt them to the real-world marketplace.
6. As an entrepreneur and leader, you must keep your word, if you tell someone working for you that you are going to do something, then do it, and it is important to remember that it takes time to develop the integrity of one's word, and only a moment to undo all the work, as nothing destroys trust and confidence like breaking your word.
7. Genuine recognition should be given whenever it is asserted, as it is important to keep high spirits for continued high performance and avoid even the slightest fascination to give false praise unless you want to lessen and abate the work that is already been done.