The idea and actions that explain how an entrepreneur will make his/her venture profitable and impactful is commonly referred to as

The idea and actions that explain how an entrepreneur will make his/her venture profitable and impactful is commonly referred to as Correct Answer Strategy

The correct answer is Strategy.

Key Points

• The strategy entails specifying the organization‘s mission, vision, and objectives; developing policies and plans to execute the vision; and allocating resources to implement those policies and plans.
  • Strategy is largely about using internal assets to create a value-added proposition.
  • This helps to capture opportunities in the competitive environment while avoiding threats.

Additional Information 

• In the context of management, a mission is a quest, a journey to a destination in which the whole organization is engaged.
  • The mission statement tells what the goal of the company is and where is it going.
• Goals are outcome statements that define what an organization is trying to accomplish, both programmatically and organizationally.
• Objectives are the goals, aims, or purposes that organizations wish to achieve over varying periods of time