BU111 Lecture : Ch 2 Notes.docx
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BU111 Full Course Notes
Verified Note
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Document Summary
Chapter 2: entrepreneurship: new venture recently formed commercial organization that sells goods/services. Entrepreneurship identifying an opportunity and accessing resources to capitalize on it. A process where you need to come up with an idea, identify it, and pull together the resources and capitalize on it. Small business owner-managed, not dominant in market, <100 employees. 97. 8% of all businesses in canada are small. New ventures lead in new products and services. Managed by the owner(s), there leading the business, making all the business decisions. Not a dominant player in their market or industry (not the market leader) their economic output is much different (smaller) than that of large corporations, but still employ the most employees. Can be either very negative or positive for entrepeneur. Unemployment 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.
