mgta01 ch3.docx

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Department
Biological Sciences
Course
BIOB10H3
Professor
Rene Harrison
Semester
Fall

Description
Ch3UnderstandingEntrepreneurshipSmallBusinessandNewVentureCreationSmall business owner managed business with less than 100 employees oMost businesses in Canada are small businesses same in US o Private sector portion of economy made up of organizations not ownedcontrolled by government New Venturefirm recently formed commercial organization providing goodsservices for sale within prev 12 months and adopted one for 4 main organizational forms oIn considering stats on new ventures they exclude businesses without employees Jobs 98 percent of employer business are small Canada but 49 percent of private sector workforce works for small businesses oStartups account for the most growth Entrepreneurship process of recognizing opportunity in the marketplace and mobilizing the resources to capitalize on it o Entrepreneur personal who recognizes and seizes opportunities o What person does more important than who person is Intrapreneurs within an existing organization people who create something new Eg Swiffer from Proctor and Gamble The Entrepreneurship process Idea Creation most ideas come from work experienceScreening weeding out deadend ventures Idea adds value for customers solves a significant problem Idea provides competitive advantage better than competitors Idea Marketability and Financial Viability whether sales will lead to profits Sales forecast estimate of how much will be purchased over specific period of time
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