ACCT 170 Lecture Notes - Lecture 5: Financial Plan, Business Opportunity, Business Communication

• School: Yale University
• Department: Accounting
• Course: ACCT 170
• Professor: April Ruiz

Document Summary

Charpter 1 quize solutions: entrepreneurship is the process of coming up with new processes or ways of achieving some set objectives. it is the process of devising a new process that will make production more efficient. External - these are factors beyond the control of the entrepreneur. Examples include: fluctuating interest rates, labor regulations against the business, supply interruptions internal - these are personal to the entrepreneur and within his control. Examples include: psychological fatigue - stress, lack of skills and competence in the field, mismanagement, employment opportunities, revenue to the government, social responsibility, formation of cartels. Advantages: requires a lower initial fee than a franchise, a proven system of operation or product, intensive training programs. Disadvantages: poor site selection, lack of ongoing support, exclusivity clauses. Informal networks these exist where the entrepreneur makes use of his range of friends, acquaintances, and business associates to obtain resources and opportunities for his firm.