BUSI 1600U Chapter 6: BUSI 1600-Chapter 6 Notes

• School: Ryerson University
• Department: Business
• Course: BUSI 1600U
• Professor: Malcolm Mac Taggart

Document Summary

Entrepreneur-a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business. Classic entrepreneurs-a person who sees a business opportunity and sets aside resources to gain access to that market. Serial entrepreneurs-a person who starts one business, runs it, and then starts and runs more businesses, one after another. Social entrepreneurs-a person who sees societal problems and uses business principles to develop new solutions. Four factors support and expand opportunities for entrepreneurs: globalization, education, demographic and economic trends. These 8 traits are extremely important for entrepreneurs to succeed: vision, high energy level, need to achieve, self-confidence and optimism, tolerance to failure, creativity, tolerance for ambiguity. Two most important things: find something you love to do and are good at doing, find an idea that meets a need in the marketplace. Seed capital-the initial funding needed to launch a new venture. Equity financing-funds invested in new ventures in exchange for part ownership.