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Chapter 7

Chapter 7 – Entrepreneurship and Starting a Small Business.docx

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McMaster University
Rita Cossa

Chapter 7Entrepreneurship and Starting a Small BusinessEntrepreneurship accepting the challenge o starting and running a business Originates from the French word entreprendremeaning to undertakeEntrepreneurship differs from small businesses 1 Amount of wealth creationA successful entrepreneurial venture creates substantial wealth compared to just generating an income 2 Speed of wealth creationentrepreneurial wealth creation often is rapid 3 Riskentrepreneurial risk is high 4 Innovationentrepreneurship involves substantial innovationWhy people take the entrepreneurial challenge Some reasons may include unexpected structural unemployment a sudden inheritance that allows them to try something different a change in health that forces a career path adjustment a change in family responsibility or even disliking a supervisorOther reasonsNew idea process or productsome are driven by a firm belief that they can produce a better product or produce at a lower rate than someoneIndependence Challenge Family patternProfit Immigrantssome immigrants lack education and other factors make it hard for them to find employmentThough they often have the drive and desire to succeedWhat does it take to be an entrepreneur Important entrepreneurial attributesSelfdirected DeterminedActionorientedHighly energeticTolerant of uncertaintyentrepreneurship is not for anyone squeamish or bent on securityAble to learn quicklyCourage is required Entrepreneurs dont get their ideas from a flash of inspiration the source of innovation is more like a flashlightNecessity isnt always the mother of inventionEntrepreneurs dont always look for what customers need they look for what they dont need as wellWomen entrepreneurs Small and mediumsized enterprises SMEs refers to all businesses with fewer than 500 employees
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