MGM102H5 Chapter Notes - Chapter 7: Small Business, Angel Investor, Business Plan
Document Summary
Entrepreneurship: accepting the challenges of starting and running a business. A lot of young people are not deciding to go down this path and either starting their own business or joining a small one, they feel like they have more control over their destiny. This is some of the reasons why people start their own business: A new idea, process, or product: some entrepreneurs and driven by the thought that they can produce a better product or a current new product at a lower price. Independence: many entrepreneurs don"t like working for someone else, they want to do things their way without having someone standing over their shoulder. Challenge: many entrepreneurs want to do something exciting and difficult. Family: someone who grows up in a family in which family members have started their own business will be likely to follow. Profit: entrepreneurs like the profit return they get by risking opening a new business.
