AFM131 Chapter Notes - Chapter 7: New Idea, First Business, Smart People

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Mohsin Bashir

Document Summary

Explain why people are willing to become entrepreneurs, and describe the attributes of successful entrepreneurs. Discuss the importance of small business to the canadian economy. Summarize the major causes of small-business failure. Analyze what it takes to start and run a small business. Outline the advantages and disadvantages that small businesses have in entering global markets. List ways to learn how small businesses operate. Entrepreneurship: accepting the challenge of starting and running a business. This innovation gives the venture the competitive advantage that results in wealth creation. *while most businesses start small, it is the intent to stay small that separates it from entrepreneurship. Driven by a firm belief that they can produce a better product or a current product at a lower cost, than anybody else. Do not like the idea of working for someone else and gets a great deal of satisfaction out of what they achieve.