ECONOMICS
INCENTIVES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Jack, a manager, said to his staff, “I know that many of you think that this is a risky course of action. But, I’ve decided that we should proceed. If this is successful, it could greatly benefit the company. If it fails, I’ll accept the consequences and work to find a new solution.” What is Jack doing?
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Requesting that his staff support his decision
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Indicating that he doesn’t think he’s made a good decision
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Asking his staff to share the blame, if the action fails
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Accepting responsibility for his decision
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Explanation:
Detailed explanation-1: -Working as an entrepreneur is an opportunity to take an innovative idea and transform it into a lucrative business venture. For example, they identify a commercial need in their community, craft a business idea and take the lead to start their business.
Detailed explanation-2: -What is often a positive result of accepting responsibility for a poor decision? You reinforce skeptical attitudes.
Detailed explanation-3: -Conducting a competitive analysis helps you focus your idea and identify your unique selling proposition and competitive advantage.
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