ENT 526 Lecture Notes - Lecture 2: Income Statement, Labatt Brewing Company, Cash Flow

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Entrepreneur: -someone who perceives an opportunity and builds an organization to pursue that opportunity. Social and cultural pressures for or against risk taking. Other entrepreneurship paradigms: high adversity quotient, internal locus of control, creative destruction. Before committing, entrepreneurs must: asses their own financial reality. What external financial commitments are there: identify key contacts in their networks. Take an inventory of the resources in one"s network: reach out to sources of free advice and feedback. **3 crucial components of success** ( the timmons model) (exam) **tenets of the timmons model** (exam: the opportunity. Combine these factors with the execution of the business plan to make an idea an opportunity: the lead entrepreneur and management team. Investors prefer to see a track record of driving growth and profits. An a" team with a b" idea is almost always better than the opposite: the resources. Capital, technology, equipment, and most importantly- people. Low overhead, high productivity, and controlling, but not owning resources.

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