RSM100Y1 Chapter 1: A summary of chapter 1
Document Summary
1. small business: an owner-managed business with fewer than 100 employees. 2. the new venture/firm: a recently formed commercial organization that provides goods and/or services for sale. 3. entrepreneurship: the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on that opportunity. Entrepreneur: a business man who accepts both risks and opportunities involved in creating and operating a new business venture. The entrepreneurial process seeing what others do abandoning traditional assumptions about how things work and ought. 3 key elements the entrepreneur, the opportunity, and resources. After start-up, the next phase of venture will result in : growth, stability(staying the same), decline, or demise(ceasing to exist) Screening those ideas so that one with best opportunity then. Most new ventures is not from search for viable business ideas but from events related to works and everyday life. Half from insight or skills acquired from previous job. (2)screening key part of entrepreneurial process.
