I think that the items in Part 4, particularly the experience of the entrepreneur and networking of the founder are important factors, contributing to the ability to execute the business. These factors are also interconnected as without experience, there will be no network.
An experienced entrepreneur is the one who had mistakes during his professional journey, thus making him accurate in his decisions. Such founders know how to act in certain cases and what to do during an emergency. Moreover, having experience may provide great insights into the operational side of the business, allowing people around the entrepreneur to learn from them. In addition, the organization will know what and whom it needs by having an experienced leader. Their previous work will suggest to him some signals that can be recognized to determine the needs of the business structure.
The established and well-developed network of an entrepreneur is one of the essential aspects of executing the business. This is because the network will determine what kind of people will work in the business structure, its partners, and investors. By having great connections, the business may rely on the founder’s network when entering the market as they will support them for the sake of collaboration. Moreover, if the entrepreneur has strong networking, it means that they also have a good reputation and image among similar businessmen, thus attracting more partners and investors.
In combination with experience, networking may increase the relevance and popularity of the business structure. Through this, the company may have a valuable promotion, increasing awareness about the business.