Solved by Expert Tutors
Solved by Expert Tutors
Question

Paul Medwick runs an all-purpose business incubator in the Sutherland

Shire of New South Wales, Australia. In the past month, he has received tenancy applications from three entrepreneurs. All three have fledgling businesses with seemingly strong potential; however, Paul has only one suitable office space available at this time. Paul believes it is important to look at more than just the business itself; the individual also needs close scrutiny. The three entrepreneurs are: (1) Robyn Wood, the principal partner in a small management consultancy specialising in the water resource sector; (2) Richard Wilson, developer of a language 'app' to assist new immigrants; and (3) Phil Booker, owner of a self-publishing advisory service with a number of self-help tools in development. Paul has had the incubator's outside consultant, Professor Diane Jackson, interview each of the three entrepreneurs. Diane has done a lot of work with entrepreneurs and after a couple of hours of discussion can usually evaluate a person's entrepreneurial qualities. In the past, Diane has recommended 37 people for tenancy agreements, and only two of these ventures have failed to integrate, grow and graduate to full commercial tenancies elsewhere in the district. This success rate is much higher than that for other business incubators running similar business models. Following is Diane's evaluation of the three people she interviewed. CHARACTERISTIC ROBYN WOOD RICHARD WILSON PHIL BOOKER Perseverance H M M Drive to achieve M H M Initiative M H M Persistent problem solving M M H Tolerance for ambiguity L M H Integrity and reliability H M H Tolerance for failure H H H Creativity and innovativeness M H M Team building and teamwork L H M Self-confidence H H H Independence H H H H ¼ High; M ¼ Medium; L ¼ Low. QUESTIONS 1 Which of the three applicants do you think has the weakest entrepreneurial psychological profile? Explain your reasoning and why you think this profile could be unsuitable for Paul's business incubator. 2 To which applicant would you recommend that Paul make the tenancy offer? Defend your answer. 3 Given the profile of your recommended applicant, what other support might you suggest that the applicant would benefit from to strengthen their capabilities and likelihood of success?

Step-by-step answer

The student who asked this found it Helpful

trices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fu


Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultri


congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing

Subscribe to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Let our 24/7 Entrepreneurship tutors help you get unstuck! Ask your first question.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes