MGM102H5 Chapter Notes - Chapter 3: Web Design, Crowdfunding, Market Impact
Document Summary
Mgm102h5s - management in changing environment (winter 2017) Chapter 3: entrepreneurship and starting a small business. Entrepreneur - accepting the challenge of starting and running a business. Entrepreneurial ventures differ from small businesses in the following ways: amount of wealth creation. Successful entrepreneurial venture creates substantial wealth: speed of wealth creation. Small business can general several million dollars of profit over a lifetime. Entrepreneurial wealth creation is often rapid (ie. within a few years: risk. Very high risk to be an entrepreneur. Often involves substantial innovation beyond what a small business might exhibit. Gives the venture the competitive advantage that results in wealth creation. Innovation may be in new products, production methods, new markets etc. Starting off: began selling clothing from a suitcase door to door. Now: one of canada"s largest retailers, selling furniture and appliances. Canadian tires (john w and alfred j billes) Starting off: purchased tire and garage ltd. with combined savings of .
