Question

The idea and actions that explain how an entrepreneur will make his/her venture profitable and impactful is commonly referred to as

• A. Mission
• B. Goal
• C. Strategy
• D. Objective

Answer 1

The Correct Option is C

To answer this question, we need to understand the key concepts and distinctions between the given options: Mission, Goal, Strategy, and Objective.

1. Mission: A mission refers to the fundamental purpose and values of an organization. It typically defines the reason an organization exists and what it intends to achieve in broader terms. It is more about the 'why' aspect.
2. Goal: Goals are broad, primary outcomes an organization is trying to achieve. They are usually long-term and provide direction. However, they do not necessarily explain how those outcomes will be achieved.
3. Strategy: Strategy can be defined as a high-level plan or set of actions to achieve one or more goals under conditions of uncertainty. It involves making deliberate choices about how to allocate resources effectively to achieve the desired objectives. In the context of entrepreneurship, strategy explains how an entrepreneur plans to make their venture profitable and impactful.
4. Objective: Objectives are specific, measurable actions that are designed to achieve goals. They are typically short-term and detailed compared to goals.

Analyzing these definitions, the concept that best fits "how an entrepreneur will make his/her venture profitable and impactful" is Strategy. This is because strategy involves crafting a plan and set of actions to achieve profitability and impact, guiding the entrepreneur on what to focus on to make the venture successful.

Thus, the correct answer is Strategy.