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BUS 201 (122)
Chapter 4

Business Chapter 4 Study Guide.docx

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Department
Business Administration
Course
BUS 201
Professor
Peter Tingling
Semester
Fall

Description
Nascent Entrepreneurs • People who are trying to start a business from scratch Small Business • An independently owned and managed business that does not dominate its market New venture • A recently formed commercial organization that provides goods and/or services for sale Entrepreneurship • The process of identifying and opportunity in the marketplace and accessing the resources needed to capitalize on it. Intrapreneurs • People who create something new within an existing large firm or organization. Private sector • The part of the economy that is made up of companies and organizations that are not owned or controlled by the government. Identifying opportunities • Idea generation • Screening o The idea creates or adds value for the customer o The idea provides a competitive advantage that can be sustained o The idea is marketable and financially viable o The idea has low exit costs • Developing the opportunity o Franchise is an arrangement in which a buyer purchases the right to sell the product or service of the seller. o A business plan is a document that describes the entrepreneur proposed business venture; explains why it is an opportunity; and outlines its marketing plan, its operational and financial details, and its managers’ skills and abilities. Accessing resources • Financial resources o Collateral is the items owned by the business or by the individual that the borrower uses to secure a loan or other credit.  Equity Financing • Personal savings • Love money • Private investors • Venture capitalists  Debt Financing • Financial institutions • Suppliers (trade credit) • Other resources o Business development bank of Canada  Help develops Canadian businesses, focuses on small and medium. Provides financing, venture capital, and consulting businesses.
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