Principles-of-Management Exam Dumps : Principles of Management at Western Governors University(IAC1)

A characteristic of a person with an entrepreneurial personality is the motivation to excel.

Motivation to Excel(Answer A): Entrepreneurs are typically driven by a strong desire to achieve and excel. They are competitive, have a high need for achievement, and are constantly seeking ways to improve and succeed in their ventures​​.

Opportunity Tolerance(Answer B): While entrepreneurs need to tolerate risks and seize opportunities, the term "opportunity tolerance" is not specifically highlighted as a key characteristic of an entrepreneurial personality.

Laissez-faire(Answer C) andEmployee Empowerment(Answer D): These are management styles or strategies rather than personal characteristics of entrepreneurs.

A company might choose to adopt an organic structure instead of a mechanistic structure because it is less rigid and emphasizes flexibility. Organic structures are characterized by low levels of formalization and standardization, decentralized decision-making, and a greater degree of employee empowerment. This flexibility allows the organization to adapt quickly to changes in the environment, fostering creativity and innovation​​.

Entrepreneurs who want to start a new business need to assess levels of risk and innovation involved in establishing a new venture. The tool commonly used to assess these dimensions is the Entrepreneurial Strategy Matrix.

Entrepreneurial Strategy Matrix(Answer D): This matrix helps entrepreneurs evaluate their business ideas by plotting the level of innovation (low to high) against the level of risk (low to high). This analysis aids in understanding the feasibility and potential success of the new venture by identifying which strategies are likely to succeed given the level of risk and innovation involved​​.

Collaboration Tracking Matrix(Answer A) andInnovation Creation Diagram(Answer B): These are not standard tools used to assess risk and innovation in entrepreneurship as described in the textbook.

Entrepreneurial Loss Function Diagram(Answer C): This is not a recognized tool for assessing risk and innovation in entrepreneurial ventures as per the principles of management.