AFM131 Lecture Notes - Lecture 8: Small Business, Lifestyle Home, Sobeys

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Stephen Smith

Document Summary

Entrepreneurship - is accepting the challenge of starting and running a business/ stare your own business: innovative, risk, criticism, self driven, independent. This innovation gives the venture the competitive advantage that results in wealth creation. Innovation may be in new products, new production methods, new markets and new forms of organizations. Tuesday, september 25, 2018: canadian tire, sobey"s, mccain, jean coutu. Leave corporate life after downsizing or by choice. Sudden inheritance that allows them to try something different. A change in health that forces a career path adjustment. Disliking of a supervisor so much that you rather be self employed. Challenge - closely related to the previous factors are the excitement and the challenge of doing something are or dif cult. Family patterns - previous family members were entrepreneurs. Immigrants - dif cult to nd corporate jobs thus resort to entrepreneurship. What does it take to be an entrepreneur. Self- directed - self discipline and must be your own boss.