ENT 526 Chapter Notes - Chapter 2: Financial Literacy, Takers
22 Sep 2017
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Document Summary
Entrepreneur - someone who perceives an opportunity and creates an organization to pursue it. Entrepreneurial process - includes all the functions, activities, and actions that are part of perceiving opportunities and creating organizations to pursue them. Higher internal locus of control - have a stronger desire to be in control of their own fate. The 10 ds - the most important characteristics of a successful entrepreneur. 1 in 10 businesses will ever reach its 10th birthday. Five-year survival rate for new ventures in canada is, on average, less than 50%; in 10 years only 10% of startup ventures successfully remain in business. A new startup has a 77% chance of surviving its first year in. Canada, but only 36% chance of surviving the first five years. Lack of success can be due to unfavorable conditions for market entry, lack of financial literacy and financial management skills, and inadequate business acumen.
