EEE 370 Lecture Notes - Lecture 1: Richard Cantillon, Joseph Schumpeter, Creative Destruction
11 Sep 2017
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Gem studies: 12% of adults in 54 countries are involved in entrepreneurship: 8. 3% in usa increases during global crises increases during prosperous economic times. Global competition: manufacturing happening in china, india, bangladesh, etc. Technology is constantly changing, people"s interest in lowering price=cutting corners shorter life span. Changing consumer preferences: us as consumers change our minds based on styles, trends, etc. New threats & substitutes: seeing substitute products replacing what we traditionally use. Innovation and entrepreneurship key to competitive advantage: come up with new ways to make things, more efficient methods of creation, healthier foods, new dishes, etc. Keywords that come up with thinking of entrepreneurship (organized by class): risk adventure innovation. Keywords that come up with thinking of small business management (organized by class): cost. **takeaways from above activity: entrepreneurship is often considered small business management, but they aren"t the same. Most start-ups start as small business but they don"t always stay as small businesses.
