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

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

Document Summary

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. Loves the excitement and the challenge of doing something new or difficult, they thrive on overcoming challenges. Family background in business that influences them, or sometimes they take on a family business. Natural for people to benefit monetarily from their ideas and dedication and to be rewarded for the money they risk and their hard work when they run a business.