ENT 500 Study Guide - Midterm Guide: Market Segmentation, Cash Flow, Marketing Mix

• School: Ryerson University
• Department: Entrepreneurship and Strategy
• Course: ENT 500
• Professor: Steven Tissenbaum

Document Summary

Entrepreneurial opportunity economically attractive and timely opportunity that creates value. Entrepreneur must have interest, resources and capabilities to make it happen. Small business financed by one person or small group, localized business operations (except marketing), small relative to large competitors, fewer than 100 employees. Rewards of entrepreneurship: profit freedom from limits of standardized pay for standardized work, independence freedom from supervision and rules of bureaucratic organizations, satisfying way of life freedom from routine, boring, and unchallenging jobs. Drawbacks of entrepreneurship finding new markets/customers, dealing with finances, govt regulation and paperwork, keeping up with competition, employment issues, tax obligations, developing products/services. Causes of business failure inadequate r&d, lacked competitive advantage, uncontrolled costs, poorly developed marketing strategies, poor market timing, succumbed to competitor activities. Types of entrepreneurship: founder pure entrepreneur brings new firm into existence, gm second stage entrepreneur directs continuing operations of established firms, franchisee power is limited by contractual relationship with franchising operation.