The success of an entrepreneurial venture is often jeopardized by the death of its founder. Which of the following is an important measure to minimize this problem?

Question

Quizplus · Accepted Answer

Succession planning is the process of identifying and developing new leaders who can take over the business in case of the founder’s death or retirement. This helps to ensure the continued success and growth of the venture, as well as preserve the founder’s legacy. Conservative use of funds, record keeping, decreased delegation, and going public may all be important measures for a successful entrepreneurial venture, but they do not directly address the problem of the founder’s death.

The Success of an Entrepreneurial Venture Is Often Jeopardized by the Death