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MGM102H5 (178)
Chapter 7

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University of Toronto Mississauga
Ayesha Khan

Chapter 7: 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.  Immigrant: many immigrants cants get a Canadian job due to lack of education or not enough Canadian experience, so if they can obtain the capital they can open their own business. What are the skills needed to be an entrepreneur?  Self-directed: you need to be a self-starter and have a lot of confidence in yourself, and you need to be able to step up in any situation and when needed take risks.  Determined: you need to believe in yourself and your idea even when no one else does. In short you have to keep going when others give up.  Action-oriented: a great business idea isn’t enough. The most important thing is burning desire to realize, actualize, and build your dream.  Highly energetic: it’s your business you must be emotionally, mentally, and physically ready to work long hours.  Tolerant of uncertainty: you must take calculated risk, on a day-to-day basis; you must make decisions that involve varying degrees or risk.  Able to learn quickly: making errors in inevitable. What’s important is that you learn from them. Flashlight method: is when you ask around for a good idea, it means that you keep asking “what if” and great ideas aren’t what people necessarily need a lot of times it’s just the convince it give them. Why women emerged as entrepreneurs:  Financial need: the previous decade saw the average unemployment rate has gone up, so women were forced to start their own business to support their family.  Lack of promotion opportunity : women can only get so far in a company.  Women returning to the workforce: many women returning to the job market after they raise their family find that their skills are out-dated so they seek self-employment.  Public awareness of women in business: when there where successful women entrepreneurs it gave others confidence.  Part-time occupations: when a women with skill starts working part-time after sometimes they take their skills to the next level and start a business.  Higher rate of success in women: women entrepreneurs are more successful than men, because they don’t feel the need to achieve results as fast as men do. Entrepreneurs team: a group of experienced people from different areas of business who join to form a managerial team with the skills needed to develop, make, and market and make a new product. Micropreneurs: entrepreneurs willing to accept the risks of starting and managing the type of business that remains small, let them do the kind of work they want to do, and offer them a balanced lifestyle. These business have fewer than five employees, and majority work in service sectors. Reasons why people want to be a home based micropreneurs:  Computer technology: computer technology has helped home based company to look as big as big corporation.  Corporate downsize: downsizing has lead workers to believe that there is no such thing as job security, leading them to venture on their own.  Change in social attitude: home based entrepreneurs used to be ask “ when are you going to get a real job” no they are asked for advice. Challenged of working at home:  Gett
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