Discussion Questions on Successful Entrepreneurs
Question
Please review the following video:
https://youtu.be/XG38IsxMiiA
Answer the following Discussion Questions in your own words.
Successful entrepreneurs understand their business must remain strong or everyone in the organization will be out of a job. They need to recruit and retain strong team members and develop delegation skills. Essentially, you will never catch an entrepreneur saying that's not MY job!
Discuss Internal Stakeholders and provide specific examples:
Who are the major stakeholders who work within (internal) the business?
Discuss several retention strategies aimed at keeping these key players on the team.
Discuss External Stakeholders and provide specific examples:
How do suppliers and vendors support the business' competitive strategies?
Does a deep dependency of external stakeholders put businesses in a vulnerable position? What can they do to avoid being under the 'control' of external suppliers/vendors?


Solution
Discussion
Questions on Successful Entrepreneurs
Internal
stakeholders are individuals who are directly involved in the management of a business.
They always have a vested interest in business; hence any failure or success
experienced can affect them directly. The vital example of internal
stakeholders includes company owners, employees and board members. Employees
are the biggest internal investors who always work for business welfare (Tutor, 2015).
The border members must ensure that the organization has successful progression
in the market by making decisions that are well focused on organization
success. Also, the business has an owner who has responsibility for
establishing budget and sales forecasts.
In order to keep
internal stakeholders as a team, there is a number of retentions strategies the
organization needs to implement. For instance, management should ensure that
the stakeholders are paid on a fair basis and their performance is measured
without fail. They should also be motivated through promotion and incentives to
remain focused on organization welfare (Tutor, 2015). It is also important
to ensure that they are satisfied with the organization’s culture to achieve
the set goals of the business.
External
stakeholders exist outside the business, but they are still important parts of the
business. They are external stakeholders because they do not take part in the
internal decision of the business but rather help an organization deal with
external factors that can hinder a business from thriving in the environment.
Some of the external stakeholders in business include suppliers, customers and
society. The consumers are individuals who buy the organization’s goods, thus
helping them to raise revenue.
The suppliers and
vendors play a significant role that helps an organization remain competitive
in the market. For example, suppliers ensure that the business is provided with
the right raw materials on time. With enough raw materials on stock, businesses
will have enough products for consumers and on time (Jefferies, 2017). From this view, it can be argued
that both suppliers and vendors have a big hand in ensuring that business
remains competitive advantage in the market.
Deep dependency of
external stakeholders can put businesses in an awkward position at some point
because it will need every solution they make to be the stakeholders’
convenience. It can be important to rely on external stakeholders to some
extent for help, but not fully because that will help make business decisions
in the future easier and more effective.
References
Tutor, S. (2015). Business Studies Basics: Who are
Stakeholders? - Detailed description [Video]. https://www.youtube.com/watch?v=XG38IsxMiiA
Jefferies.
D
(2017, October 11). Suppliers: A proven competitive advantage you may be
overlooking. Retrieved March 29, 2022, from https://www.hicx.com/blog/suppliers-proven-competitive-weapon-may-overlooking/




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