Asked by Jawwad Siddiqui on Jun 11, 2024
Verified
Which of the following best describes lack of strategy and strategic leadership?
A) not taking the time to craft a vision and mission, nor to formulate and properly implement a plan
B) not having enough funding to maintain operations while still building the business and gaining access to customers and markets
C) not having sufficient know-how to run a business in the chosen market or geographical area
D) falling prey to the temptations of fraud, deception, and embezzlement
E) not having expertise in the essentials of business operations, including finance, purchasing, selling, and production
Lack of Strategy
A situation where there is an absence of a clear plan or direction, often leading to ineffective decision-making and organizational performance.
Strategic Leadership
Involves making decisions that ensure an organization's long-term growth, focus, and success, considering the broad and future implications.
Vision and Mission
Fundamental organizational statements where the vision articulates the desired future state and the mission describes the organization's purpose.
- Pinpoint the main causes of failure in startup ventures and solutions to minimize these risks.
Verified Answer
ND
NIyati DesaiJun 16, 2024
Final Answer :
A
Explanation :
Lack of strategy and strategic leadership refers to not taking the time to craft a vision and mission and not formulating and properly implementing a plan. This can lead to a lack of direction and clarity in decision-making, which can harm the business in the long run.
Learning Objectives
- Pinpoint the main causes of failure in startup ventures and solutions to minimize these risks.