Author Question: Each quarter, Craig Anderson, who owns a chain of auto repair shops, does a detailed analysis of his ... (Read 89 times)

mynx · **on:** Jul 6, 2018

Each quarter, Craig Anderson, who owns a chain of auto repair shops, does a detailed analysis of his firm's competitors. This analysis is called ________ analysis.

A) competitor
B) challenger
C) strategic
D) participant
E) industry

Question 2

Describe the four main characteristics of successful entrepreneurs.

What will be an ideal response?

Anonymous · **Reply #1 on:** Jul 6, 2018

Answer to Question 1

A

Answer to Question 2

The four main characteristics of successful entrepreneurs are: passion for the business, product/customer focus, tenacity despite failure, and execution intelligence. The number one characteristic shared by successful entrepreneurs is passion for their business, whether it is in the context of a new firm or an existing business. This passion typically stems from the entrepreneur's belief that the business will positively influence people's lives. A second defining characteristic of successful entrepreneurs is a product/customer focus. This characteristic underscores two of the most important elements in any business-products and customers. The third characteristic of successful entrepreneurs is tenacity despite failure. Because entrepreneurs are typically trying something new, the failure rate associated with their efforts is naturally high. The litmus test for entrepreneurs is their ability to persevere through setbacks and failures. The fourth characteristic of successful entrepreneurs is execution intelligence. The ability to effectively execute a business idea means developing a business model, putting together a new venture team, raising money, establishing partnerships, managing finances, leading and motivating employees, and so on.