BUS 100 Chapter Notes - Chapter 4: Labour Force Survey, Private Equity, Small Business

• School: UFV
• Department: Business Administration
• Course: BUS 100
• Professor: Kim Milnes

Document Summary

Chapter 4 entrepreneurship, small business, and new venture creation. One impt. difference is that these don t worry about having resources. The entrepreneurial process: three key elements: the entrepreneur, the opportunity, the process, entrepreneur: needs to take initiative, be independent, good problem solver. However, what someone does > what someone is. 1) identify opportunity 2) access resources 3) new venture 4) growth, stability, decline, demise: identifying opportunities, idea generation. Think outside the box no blocking of ideas. Most come from events relating to work/regular life (also from hobbies,, or chance: screening. The idea creates/adds value for the customer (1) ex. Foxfibre (naturally grown in many colours no dyeing) The idea provides a competitive advantage that can be sustained (1) all other things equal, more able to sustain advantage while markets are in flux. Idea has low exit costs (1) if profits take long time, high exit cost . vice versa: developing the opportunity.