COMM 320 Study Guide - Midterm Guide: Cash Flow, Market Power, North American Industry Classification System
28 Apr 2017
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Advantages: independence and flexibility (balance, financial rewards (unlimited earnings potential, enjoyment, challenge. Disadvantages: risk (majority fail in first three years, stress (on self and family, working hours (long unscheduled hours, lack of skills (different aspects, financial rewards (paid less) Administrative domain: the way managers make decisions (managerial style) Growing popularity 50% of employment canada: lifestyle firm: Created from r&d foundation for new business area. Rarely go public private investors only: high-potential venture: Entrepreneurs and small business role in economic development: Employ more people, create more jobs, generate more innovation. Small business and entrepreneur are directly linked. Entrepreneurs bridge gap between innovation & job creation. Entrepreneurs continuously innovate (new opportunity + growth) Childhood: need achievement, focus of control, risk taking, gender identity. Employment: higher probability of success if in field of work experience. Adulthood: impacts women more (start later stages in life) Work situation: sacrifice almost everything, source of self-esteem. Financial resources, business skill innovation, marketing & distribution.
