BUS 201 Lecture Notes - Lecture 4: Sole Proprietorship, Professional Wrestling Throws, Franchising

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 201
• Professor: Peter Tingling

Document Summary

Week 4: small business, owner-managed business with fewer than 100 employees. The three key elements in the entrepreneurial process. Abandoning traditional assumptions about how things and how they ought to be and seeing what others do not. If the prospective new (or improved) product, process, or service can be profitably produced and is attractive relative to other potential venture ideas, it might present an opportunity. Idea adds or creates value: a product or service that creates or add value for the customer is one that solves a significant problem or meets a significant need in new or different ways. Idea provides a competitive advantage that can be sustained: a competitive advantage exists when potential customers see the product or service as better than that of competitors. Business plan: document in which the entrepreneur summarizes her or his business strategy for the proposed new venture and how that strategy will be implemented, accessing resources.