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Lecture 4

BUSI 1800 Week 4.docx

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BUSI 1800
Richard Clayman

BUSI 1800 Week 4 Chapter 4 – Entrepreneurship, Small Business and New Venture Creation Baby Boom - In order for us to be able to sustain ourselves, we need ot grow and grow younger - Immigration as a substitute for less babies? - C.D Howe estimates that we will soon need 2.6 million immigrants per year to have an impact which would double out population in 15 years - Highly unlikely - There will not be enough people of working age to pay the taxes to support those who will need expensive services - There will not be enough workers to provide for services required - Lots of money will be tied with long term; same people need liquid capital Entrepreneurship - Process of identifying and opportunity in the marketplace and capitalizing it - Entrepreneur (mompreneurs): person who recognizes and seizes opportunities between a new and existing entity - Intrapreneur: a person who innovates within an already existing organization Role of small and new businesses - Main source of job creation - Leaders in innovation and new tech o Service sector o High knowledge industries: high and bio tech - More than 877 000 women entrepreneurs and growing Entrepreneurial process Identifying Opportunities Idea generation - Seeing what others do not see - Sources: work experience (45-85%); interest/hobby (16%); chance happening (11%) Screening - Check to see if the idea: o Creates or adds value o Provides a sustainable competitive advantage o Is marketable and financially viable o Has low exit costs Developing the opportunity - Entry strategies o New product or service o Existing product or service with a new twist o Franchise - Research and planning; making a business plan Accessing Resources - Bootstrapping – doing more with less; preferably with another persons resources - Financial resources; debt and equity financing o Debt: financial institutions and suppliers (trade credit) o Equity: personal savings, love money (friends and fam), private/angel investors, venture capitalists - Other resources o Team members with complementary skills o Business Development Bank of Canada o Incubators  Business incubators provide new business (newborns) with support to help nurture them into a successful future o The internet  A wealth of small business information Assessing the Fit Between Elements in the Entrepreneurial Process
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