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Ch 2 Notes.docx

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Valerie Irie

Chapter 2 EntrepreneurshipNew Venturerecently formed commercial organization that sells goodsservicesEntrepreneurshipidentifying an opportunity and accessing resources to capitalize on ita process where you need to come up with an idea identify it and pull together the resources and capitalize on itSmall businessownermanaged not dominant in market 100 employees978 of all businesses in Canada are smallContribute 26 annually to GDPProvide more jobs than large businessesNew ventures lead in new products and servicesmanaged by the owners there leading the business making all the business decisionsnot a dominant player in their market or industry not the market leadertheir economic output is much different smaller than that of large corporations but still employ the most employeesEntrepreneur Influenced by PEST can be either very negative or positive for entrepeneurunemployment can be positive for entrepeneurship when people let go and need work have opportunity to start new venture either due to desire to or in desperate need for work Successful only when entrepreneur opportunity and resources match need transferable skills and certain background knowledge to make it work has to be right time and market conditions to work resources and availability of them with regards to costs need to be viable Begins with entrepreneur identifying an opportunity then accessing resourcesable to understand the conditions and acting on them accordingly
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