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MGTA01H3 (583)
Chapter 3

Chapter 3

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
Chapter 3 Understanding Entrepreneurship Small Business and New Venture CreationThe Links among Small Businesses New Venture Creation and Entrepreneurship Termssmall business an owner managed business with less than 100 employees Small business are usually independently owned and influenced by unpredictable market forcesnew venturefirm a recently formed commercial organization that provides goods andor services for saleEntrepreneurship the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on itentrepreneurs are people who recognize and seize opportunitiesa required characteristic of an entrepreneur is the ability to use personal attributes such as creativity to adjust to unpredictable market environmentsentrepreneurship occurs in a wide variety of contexts in firms that are new or old large or small firms with rapid or slow growth in nonprofit organizations and in the public sectorintrapreneurs are people who exhibit entrepreneurial characteristics and create something new within an existing large firm or organizationkey difference between intrapreneurs and entrepreneurs is that intraprenuers do not need to worry about obtaining resources as they are already provided by their employerscharacteristics of an entrepreneur commitment determination perseverance drive to achieve opportunity orientation initiative and responsibility persistent problem solving internal focus of control tolerance for ambiguity calculated risk taking integrity and reliability tolerance for failure high energy level creativity and innovativeness vision self confidence and optimism independence team building resourcefulness flexibility positive response to challenges dynamism perceptiveness positive attitude ability to get along with people responsiveness to suggestions and criticism profit orientation motivation to excel courage capacity to inspire intelligence health energy and emotional stability values adaptability The Role of Small and New Businesses in the Canadian Economy Termsprivate sector the part of the economy that is made up of companies and organizations that are not owned or controlled by the governmentThe Entrepreneurial Process Idea Generation the typical generation of ideas involves abandoning traditional assumptions about how ideas work and how they ought to be and trying to see what others do notmost new ventures do not emerge from a deliberate search for viable business ideasthe majority originated from events related to work and everyday lifein fact work experience is the most common source of source of ideas accounting for 4585 of those generatedas an employee the prospective entrepreneur is familiar with the product or service and the customers suppliers and competitors
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