MGMT 1P93 Lecture Notes - Lecture 14: Small Business, Startup Company
16 Jan 2019
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Document Summary
Forbes annual list of the 400 richest businesspeople is dominated b entrepreneurs. Financial success higher when people are working for themselves. You are responsible for your success or failure. Correlation between hours worked and dollars earned. Develop products that we didn"t even know we needed till we had them. New business owners need to do everything themselves. Internal locus of control: deep-seated sense that the individual is personally responsible for what happens in his or her life. External locus of control: deep-seated sense that forces other than the individual are responsible for what happens in his or her life: rely less on their own efforts. 61 percent of small business owners report working six or more days per week. 57 percent of small business owners say they always or most of the time work on holidays. Owners find the amount of work. worth it. Have confidence in their own ability to achieve, and to act boldly.
