COMMERCE 1E03 Chapter 7: Chapter 7 - 1E03 Slides

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While many people use the terms 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, it"s whether the intent is to stay small that separates them from entrepreneurship. A small business owner will generally take on more risk than a franchisee. When compared to entrepreneurial ventures, franchisee"s tend to experience less risk. Traits include action-oriented highly energetic tolerant of uncertainty able to learn quickly making errors is inevitable; what is important is what you learn from them. For interest: appendix b - entrepreneur readiness questionnaire. What is a small business? (sb) is independently owned and operated is not dominant in its field meets certain standards of size in terms of employees or annual revenues.

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