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What is a key benefit of applying management principles in entrepreneurship?

Practice Questions

Q1
What is a key benefit of applying management principles in entrepreneurship?
  1. Increased competition
  2. Enhanced decision-making
  3. Higher operational costs
  4. Reduced market share

Questions & Step-by-Step Solutions

What is a key benefit of applying management principles in entrepreneurship?
  • Step 1: Understand what management principles are. They are guidelines that help in organizing and running a business effectively.
  • Step 2: Recognize that entrepreneurship involves starting and managing a new business.
  • Step 3: Realize that good decision-making is crucial for a business to succeed.
  • Step 4: Learn that applying management principles helps entrepreneurs make better decisions by providing a structured approach.
  • Step 5: Conclude that better decision-making leads to improved chances of success for the business.
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