AFM131 Chapter Notes - Chapter 7: Small Business, Affiliate Marketing, Ageism

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Chapter 7: entrepreneurship & starting a small business. Entrepreneurship accepting the challenge of starting & running a business. Entrepreneurship is not always small and small business is not always entrepreneurial. Generates an income stream that replaces traditional employment. Can generate several million dollars of profit over a lifetime. Creates substantial wealth, typically in excess of several million dollars of profit. Can general several million dollars within five years. Involves substantial innovation beyond what a small business might exhibit. Independence: many entrepreneurs hate working for someone else. They like doing things their own way without someone there, and they get a great deal of satisfaction out of what they achieve. Challenge: many thrive on overcoming challenges, they welcome the opportunity to start their own business. Family pattern: some people grow up in a family with businesses allows youngsters to think about entrepreneurship. Profit: even after making fortunes, many still enjoy the challenges of overcoming endless business problems.