BU111 Lecture Notes - Lecture 2: Crowdfunding, Small Business, Retained Earnings
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New venture recently formed business (5 years or less) Entrepreneurship acting on an opportunity to capitalize on it. Small business owner-managed, not dominant in market, <100 employees. Possible for a new venture to be a small business small business can be a new venture small businesses pay less taxes due to the size of the business. 98. 1% of all businesses in canada are small. They can provide more jobs than larger businesses. Retained earnings hire new employees as a small business. Begins with the entrepreneur identifying opportunity, then taking action. Originate in events relating to work/daily life/hobbies/chance. Weeding out bad idea, saves time & 5127 Ensures you have viable idea with competitive advantage. A: creates/adds value for customer: solves a problem, meets a need, customer willing to pay for it. B: provides competitive advantage that can be sustained: product unique in a valuable way.
