MGT 358 Lecture Notes - Lecture 1: Eye Shadow, Cost Leadership, Floodgate Fund
Document Summary
Economics: what will you produce, who will make it, who will sell it, free market allows for sales; if no sales, not marketable, off the shelves: something is going right; profit = things going well. Small business: defined by the government as less than 500 people running it, 27 million u. s. small businesses (almost half the workforce) An intersection between inspiration and activations: have idea, act upon idea to fulfill product. Vi: creating something out of nothing, crossroads. Benefits and costs of being an entrepreneur: passion, work for yourself, personally satisfying, etc: benefits: Independence: satisfaction, financial reward, self-esteem, contribution to society, costs, business failure, obstacles, loneliness, financial insecurity, long hours/hard work, strain on personal relationships. Video: balancing team, idea market ron conway and mike maples, angel investors lp and maples investments: low burn rates = bigger profitability, try a lot of different things. Viii: decide if it is time to give up or keep going.
