Class Notes (838,375)
Canada (510,867)
Business (634)
BUSI 1800 (25)
Lecture 4

BUSI 1800 Week 4.docx

5 Pages
54 Views
Unlock Document

Department
Business
Course
BUSI 1800
Professor
Richard Clayman
Semester
Fall

Description
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
More Less

Related notes for BUSI 1800

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit