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Chapter 7

COMMERCE 1B03 Chapter 7: Chapter 7-1


Department
Commerce
Course Code
COMMERCE 1B03
Professor
Rita Cossa
Chapter
7

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Chapter 7
Entrepreneurship and Starting a Small Business
The Age of Entrepreneur
While many people use the term entrepreneurship and small business interchangeably,
there are significant differences
Amount of wealth creation
Speed of wealth creation
Risk
Innovation
Entrepreneurship is not always small and small business is not always entrepreneurial
While most businesses start small, its whether the intent is to stay small that
separates them from entrepreneurship
What People Take the Entrepreneurial Challenge
New idea, process, or product: some are driven by a firm belief that they can produce an
even better product
Independence: don’t like working for others
Challenge: excitement and challenge of doing something new
Family Patterns: grown in an atmosphere where family members have started
businesses
Profit: monetary benefits from their ideas and dedication
Immigrants: some who come to Canada have trouble finding jobs, so with whatever
capital they can obtain start their own business
What does it take to be an Entrepreneur
Traits include
Action oriented
Tolerant of uncertainty
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