MGM101H5 Lecture Notes - Lecture 1: Business Matters, Negotiation, Craft Unionism

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

*chapter 7: entrepreneurship and starting a small business* Entrepreneurship and small business: entrepreneurship is accepting the challenge of starting and running a business. A person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population. Anyone who wants to work for himself or herself: entrepreneurial ventures differ from small businesses in the following four ways, amount of wealth creation. Rather than simply generating an income stream that replaces traditional employment, a successful entrepreneurial venture creates substantial wealth, typically in excess of several million dollars of profit: speed of wealth creation. While a successful small business can generate several million dollars of profit over a lifetime, entrepreneurial wealth creation often is rapid. For example, this may occur within five years: risk. The risk of an entrepreneurial venture must be high. Other wise, with the incentive of sure profits, many people would pursue the idea of entrepreneurship, making business ventures impossibly competitive: innovation.