MGMT 100 Lecture Notes - Lecture 7: Crowdfunding, Indiegogo, New Idea

• School: UBC Okanagan, UBC OK
• Department: Management
• Course: MGMT 100
• Professor: Zhu

Document Summary

Chapter 7: entrepreneurship & starting a small business. Entrepreneur: a person who risks time and money to start and manage a business. Entrepreneurship: accepting the challenge of starting and running a business. The word entrepreneur originates from the french word, entreprendre, which means to undertake. In a business context, it means to start a business. Entrepreneurship is not always small, and small business is not always entrepreneurial. While most businesses start small, it"s the intent to stay small that separates small business from entrepreneurship. Entrepreneurial ventures differ from small businesses in four ways: amount of wealth creation, speed of wealth creation, risk, innovation. New idea, process, or product: some entrepreneurs are driven by a firm belief, perhaps even an obsession, that they can produce a better product, or a current product at a lower cost, than anybody else. Independence: many entrepreneurs simply do not enjoy working for someone else. Challenge: many people thrive on overcoming challenges.