MGTA01H3 Chapter Notes - Chapter 3: Franchising, Small Business, Business Plan
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MGTA01H3 Full Course Notes
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Small business: an owner managed business with less than 100 employees. New venture/firm: a recently formed commercial organization that provides goods and/or services for sale. Entrepreneurship: the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it. Entrepreneurs: people who recognize and seize opportunities: small businesses are usually independently owned and influenced by unpredictable market forces. As a result, the provide an environment to use personal attributes: people who show entrepreneurial characteristics and make something new within an existing large firm are called. Private sector: the part of the economy that is made up of companies and organizations that are not owned or controlled by the govt. Abandoning traditional assumptions about how things work and how they ought to be, and seeing what others do not. The next most frequent sources of venture ideas are a personal interest/hobby (16%) and a chance happening (11%: screening.
