ENT 500 Study Guide - Midterm Guide: Loss Leader, Business Acumen, Bet Her
9 Dec 2015
School
Department
Course
Professor
Document Summary
Entrepreneurial opportunity = timely and economically attractive opportunity that creates value. True opportunity exists only for those who have: interest, resources, capabilities needed to succeed. Senior-preneurs (55+) one of the fastest growing small biz segments. Most self employed (60%) have post-secondary education. Profit = freedom from limits of standardized pay & work. Satisfaction = freedom from routine, boring, unchallenging jobs. Independence = freedom from supervision & rules of bureaucratic organizations. Some drawbacks of entrepreneurship (challenges) finding new customers/markets dealing with finances gov regulations & paperwork etc. Chances of success some small biz fail part of life. 80%+ of small biz survive their first year. Average company life = 6 years, 30% make it to 10. Business plan & research help beat odds. Causes of business failure inadequate research & development lack of competitive advantage uncontrolled costs poor marketing strategies and timing competitor activity.
