What potential problems might an entrepreneur encounter when entering a new country?
What will be an ideal response?
Success in one country or market does not automatically mean success in other countries. An entrepreneur needs to be aware of the market conditions in that country, whether there is a need for their product or service, whether there is a distribution network that can efficiently get that good to the customer, and a sales network to deliver it. Fluctuations in currency exchange rates can have a drastic impact on businesses as sales one day could be worth much less than sales the next depending on movements in rates. This makes planning and pricing difficult. Local competition can be problematic if the entrepreneur does not know the new market well as a local player could be completely dominant and the local market will not shift to a foreign entrant. Communication problems and cultural differences could lead to misunderstandings or disagreements between the entrepreneur and their customers, limiting potential business opportunities and growth. And legal problems could arise if there is no protection of trade rights, intellectual property, or contract enforcement. And in some instances foreign governments have been known to take over foreign businesses or push them out of the market with little notice.
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Answer the following statement true (T) or false (F)
Explain the role and responsibility of the CEO in the strategy-making, strategy-executing process. Name several CEOs and their companies that exemplify this role.
What will be an ideal response?
Describe the difference between the law and ethics
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Indicate whether the statement is true or false