Description
Directions: Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Your response should be four (4) pages in length; refer to the "Assignment Format" page for specific format requirements. 1. What are the four (4) primary day-to-day challenges involved with growing a firm? Briefly describe each challenge. 2. Describe the term "liability of newness" and suggest several ways that a new venture can overcome this handicap. 3. What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms? 4. Identify and briefly describe the three types of patents. Include an example of each. | |
Explanation & Answer
Hello, I'm done, all areas are well explained as per your instructions.
Running Head: ENTREPRENEURSHIP
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Entrepreneurship
Institution
Name
Date
ENTREPRENEURSHIP
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Four primary day – to – day challenges involved in growing a firm.
Growing up a firm encounters a wide range of challenges, both internal and external. In
the process of growing, different situations which may require different solutions rise up therefore
rendering ineffective an approach that might have worked excellent sometimes back. If the
manager is not flexible or aware of the emerging market trends, the firm will eventually collapse.
However, recognizing and overcoming the most obvious mistakes related to growth of a company
is of paramount importance if the firm is to succeed (Boulton & Turner, 2005). The following are
the challenges facing growth of a firm:
Insufficient Cash flow and financial management: - For any company to grow and thrive,
sufficient cash flow is very crucial. If the firm is straining financially, automatically this becomes
the biggest limiting factor to its growth thus risking a sustainable future. On the hand as there will
always be limited resources and unlimited wants within the firm, a good financial management is
required. The growth and the future of the firm will depend on how wisely the finances are utilized.
Therefore, effective cash management and strict control of overdue debts should be observed
(Boulton & Turner, 2005).
Failure to keep up with the market: - Market trends are dynamic, that is they keep on
changing and therefore, market research should be a continuous process rather than one-off event.
Always ensure that you are updated on the new market conditions so that u may not make decisions
grounded on outdated information. As we are living in a free market world, business competitors
are too many and always curious to shine ove...
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