The-definition.com

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

  • Nonprofit corporations
    Nonprofit corporations are organizations formed to further the interests and objectives ...
  • Customer interface
    Customer interface is a component of a business model that refers to the way in which ...
  • Founding team
    Founding team is referred as a team of individuals chosen to start a new venture; has ...
  • Lease
    Lease is a written agreement in which the owner of a piece of property allows an individual ...
  • Why Conduct an Intellectual Property Audit?
    There are two primary reasons for conducting an intellectual property audit. First, it ...