Definition

Management Prowess

A proposed business should evaluate the prowess, or ability, of its initial management team, whether it is a sole entrepreneur or a larger group. This task requires the individuals starting the firm to be honest and candid in their self assessments. Two of the most important factors in this area are the passion that the solo entrepreneur or the management team has for the business idea and extent to which the management team or solo entrepreneur understands the markets in which the firm will participate. There are no practical substitutes for strengths in these areas.

Share it:  Cite

More from this Section

  • Salary-substitute Firms
    Salary-substitute firms are small firms that yield a level of income for their owner or ...
  • Founding team
    Founding team is referred as a team of individuals chosen to start a new venture; has ...
  • Board of Advisers
    A board of advisers/Advisory board is a panel of experts asked by a firm’s management ...
  • Small business
    Small business is the independent business with fewer than 500 employees, not dominant ...
  • General partnership
    A general partnership is a form of business organization where two or more people pool ...