Strategies for Entrepreneurs

These are two separate discussion posts, both need to be completed. Any references used should be in APA style.

Strategies for Entrepreneurs

Please watch the Forbes video entitled Top Five Startup Tips from Spanx Billionaire Sara Blakely (2010). Sara Blakely is the youngest self-made female billionaire. She is creator of the ubiquitous women’s shape ware brand, “Spanx.” In this video she shares useful tips for new business owners who are strategizing how to successfully grow their business. Based on the content presented in the video, please answer the following:

• Sara outlines five tips for entrepreneurs. Please list these five tips.
• Sara weighs in on the importance of “visualizing where you are headed” as well as “embracing what you don’t know.” Please discuss:

What she means by these concepts, and whether these ideas are inherently conflicting. In other words, please discuss whether it is realistic for an entrepreneur to both understand where his or her business is trying to go, yet simultaneously learn and respond to new “things you don’t know” along the way? Is she arguing one must be both steadfast and adaptable?

Reference:

Forbes. (2012, March 7). Top five startup tips from Spanx billionaire Sara Blakely [Video file]. Retrieved from https://www.youtube.com/watch?v=Knjx4KsqBG4

Expansion

Identify an entrepreneurial venture and in a 250-300 word response, answer the following questions: What circumstances might encourage the entrepreneur to enter into a new business area by acquisition? What different circumstances would encourage the same entrepreneur to merge with another company?