COMMERCE 1E03 Chapter 7: Entrepreneurship and Starting a Small Business
8 Feb 2017
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Document Summary
Chapter 7 : entrepreneurship and starting a small business. Amount of wealth creation - unlike small businesses where they create an income stream that replaces traditional employment, entrepreneurship creates substantial wealth. Speed of wealth creation - is much faster, can be within 5 years. Innovation - much more than a small business, to give the venture a competitive advantage in new products, new production methods, new markets, and new forms of organizations. Irving oil, roots, leons, canadian tire corporation, sobeys, mccain, jean coutu. New idea, process, product - discovering an improvement that reduces costs and has market potential. Self-directed, self disciplined, comfortable being your own boss. Self-nurturing - you must believe in your own idea even when no one else does, and replenish your own enthusiasm. Action-oriented - must have a desire to realize, actualize dream into reality. Highly energetic - emotionally, mentally, physically able to work long and hard. Tolerant of uncertainty - successful entrepreneurs usually take calculated risks.
