MGMT 1 Chapter Notes - Chapter 6: Jumpstart Our Business Startups Act, Venture Capital, Arthur Fry
Document Summary
Chapter 6: entrepreneurship and starting a small business. Entrepreneurship : accepting risk of starting & running a business. The job-creating power of entrepreneurs in the united states. Opportunity: might not have the skills, but have initiative & drive to work long hours. Personality traits: harder to learn than academic skills. Highly energetic: emotionally, mentally, physically able to work long & hard. Tolerant of uncertainty: take only calculated risks, some risks. Many are inspired by passions, but many see business opportunities where others only see problems. May have business idea that is a good opportunity if. Have skills & resources to start a business. Can sell product/ service at price customers willing & able to pay - and still make profit. Can get your product/ service to customers before your window of opportunity closes (competitors) Entrepreneurial team: group of experienced people from different areas of business who join to form managerial team with skills to develop, make, market a new product.
