AFM131 Lecture Notes - Lecture 3: Affiliate Marketing, Small Business, New Idea

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Chapter 7: entrepreneurship and starting a small business. Entrepreneurship: accepting the challenge of starting and running a business. Why willing to take the task of starting a business. Tolerant of uncertainty- not afraid to fail. Bounded to make errors and learn from failure. Have skills and resources to start a business. Can sell the product or service at a price customers are willing and pay to pay- make profit. Get product or service to customers before window of opportunity closes. Returning to workforce- return to job after raising family, but skills outdated. Part time occupation- develop skills (writing, designing, etc) to see how far it goes. Entrepreneurial teams: group of experienced people from different areas of business join together to form a. Lack of promotion opportunities managerial team with thes kills needed to develop, make, and market a new product. Combined skills may be better than single entrepreneurs. Micro-enterprises: small business defined as having fewer than five employees.