Mr. Sokka Zuko created a business plan for his entrepreneurial idea called ice boomerangs (boomerangs made of ice). However, when everything was set for the business, he abruptly decided to let his good friend, Ms. Katara Aang, manage the entire enterprise. Which entrepreneurial phase and salient feature of entrepreneurship were disregarded in this scenario? Group of answer choicesPhase 2 and Wealth-creating VenturePhase 1 and Risk-taking VenturePhase 3 and Art of Correct PracticesPhase 4 and Managing Self-Owned EnterpriseNone of the choices
Question
Mr. Sokka Zuko created a business plan for his entrepreneurial idea called ice boomerangs (boomerangs made of ice). However, when everything was set for the business, he abruptly decided to let his good friend, Ms. Katara Aang, manage the entire enterprise. Which entrepreneurial phase and salient feature of entrepreneurship were disregarded in this scenario? Group of answer choicesPhase 2 and Wealth-creating VenturePhase 1 and Risk-taking VenturePhase 3 and Art of Correct PracticesPhase 4 and Managing Self-Owned EnterpriseNone of the choices
Solution
The entrepreneurial phase that was disregarded in this scenario is Phase 4: Managing Self-Owned Enterprise. This phase involves the entrepreneur themselves managing the business they have set up. In this case, Mr. Sokka Zuko decided to let his friend, Ms. Katara Aang, manage the enterprise instead of doing it himself.
The salient feature of entrepreneurship that was disregarded is also related to this phase. It is the feature of being a self-owned enterprise. In entrepreneurship, the entrepreneur is expected to take on the risk and responsibility of running the business. By handing over the management to someone else, Mr. Sokka Zuko is not fully embracing this feature.
So, the answer is "Phase 4 and Managing Self-Owned Enterprise".
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