MGM102H5 Chapter Notes - Chapter 3: Small Business, Ageism, New Idea
Document Summary
Chapter 3 entrepreneurship and starting a small business. Entrepreneurship: accepting the challenge of starting and running a business. Many people use the terms entrepreneurship and small business interchangeably but there are significant differences: amount of wealth creation. Entrepreneurial venture creates substantial wealth, typically in excess of several million dollars of profit: speed of wealth creation. Entrepreneurial wealth creation is rapid, may occur within 5 years: risk. High risk in entrepreneurial venture: innovation. Entrepreneurship often involves substantial innovation beyond what a small business might exhibit. New products, new production methods, new markets, new forms of organizations. New idea, process or product: driven by a firm belief that they can produce a better product or a current product at a lower cost than anybody else. Independence: many entrepreneurs just do not enjoy working for someone else, they like doing things their own way, freedom to pursue your passion. Challenge: excitement and challenge of doing something new or difficult.
