MGM102H5 Chapter Notes - Chapter 8: Flashlight, Small Business, Micro-Enterprise
Document Summary
Entrepreneurship is accepting the challenge of starting and running a business. An entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics that a very small fraction of the population has. Anyone that wants to work for themselves is an entrepreneur. Amount of wealth creation: they"ll basically make a lot of money for themselves. Speed of wealth creation: they make money really quickly. If it didn"t have a high risk, entrepreneurship would be impossibly competitive. Innovation: will give the entrepreneur a competitive advantage. Reasons why people want to be an entrepreneur: Challenges - motivated and driven people like a challenge. Immigrants - cause they find it hard to find employment. Important entrepreneurial characteristics: self directed, determined, action-oriented, highly energetic, tolerant of uncertainty, able to learn quickly. They don"t just think and talk about an idea, they act on it. The source of innovation is more like a flashlight.
