MGTA01H3 Lecture 7: Chapter 7 - Business (Textbook + Lecture notes)
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MGTA01H3 Full Course Notes
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Plan lays out all facts, assumptions, tasks, resources needed, timelines, etc. Entrepreneurs are not risk seeking, they are risk tolerant. (cid:862)(cid:271)etter to fail o(cid:374) paper, tha(cid:374) fail i(cid:374) real life(cid:863) Benefits other people who help you succeed (eg. lawyers, suppliers, customers, etc) As business grows, it will need capital, advice, and guidance. A business plan shows that the entrepreneur is serious. The purpose of a business plan is a road map recording and verifying assumptions through researches, planning, and the entrepreneur willingness to work. A business plan consists of the following in order for the business to be successful: People: information of the entrepreneur and their enterprise. Market: who is the business and products intended for. Resources: how much money is needed (eg. business cards, property, printer, and other capitals) In canada, they are several ways to organize and form a business: sole proprietorship, partnership, limited partnership, corporation, cooperative, sole proprietorship: A business directly owned by 1 person who:
