ENTR 2P51 Lecture Notes - Lecture 1: Brainstorming, Social Forces, Logbook

• School: Brock University
• Department: Entrepreneurship
• Course: ENTR 2P51
• Professor: Lisa Barrow

Document Summary

01/08/2014 (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) Proactive - take a more wait and see . Great idea, work with your interests, live a different live, financial rewards. Passion, motivated, focus on goals, confidence (cid:1) (cid:1) (cid:1) Three primary reasons that people become entrepreneurs and start their own firms: desire to be their own boss, desire to pursue their own ideas, financial rewards. Four primary characteristics: passion for the business, product/customer focus, tenacity despite failure, execution intelligence. Common myths about entrepreneurs: born not made, are gamblers, are motivated primarily by money, should be young and energetic. Salary-substitute firms: firms that basically provide their owner a similar level of income to what they would be able to earn in a conventional job. Lifestyle firms: provide owner opportunity to pursue a particular lifestyle. Favourable set of circumstances which creates a need for a new product, service, or business. (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) (cid:1)