COMM 320 Chapter Notes - Chapter 1-10: Joint Venture, Product Differentiation, Trade Association
28 Apr 2017
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Desire to be own boss desire to pursue their own ideas financial rewards. Passion for business - product/customer focus - execution intelligence - tenacity despite failure. However, there are common traits (risk taking, networker, creative, visionary, self-confident, persuasive, energetic, achievement motivated, strong work ethic, lengthy attention span, alert to opportunities, tenacious, optimistic, self-starter, etc) 3: motivated by money: young and energetic, love the spotlight. Types of start-up firms: salary substitute firms: small firms, yield a level an income that an owner would earn if they worked for an employer. Non-innovative businesses (dry cleaners, restaurants, etc. : lifestyle firms: owner does something they are passionate about for a living (ski instructor, tour guides, etc. , entrepreneurial firms: innovative create and seize opportunities regardless of their resources. Innovation create something new; outdo larger counterparts in obtaining patents. Job creation creators of most new jobs in the us, employ half of all private-sector employees.
