Chapter 3 notes (What I used to study for final)

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15 Dec 2010
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Chapter 3
Small business: an owner-managed business with less than 100 employees
you are self-employed if you run your own business, work for yourself (musician) or work
without pay in a family business
New venture/firm: a recently formed commercial organization that provides goods and/or
services for sale (must have been formed within the last 12 months, follow one of the main
organizational methods, and sells a good/service)
Entrepreneurship: the process of identifying an opportunity in the marketplace and accessing the
resources needed to capitalize on it
Entrepreneurs: people who recognize and seize opportunities
Intrapreneurs: people who exhibit entrepreneurial characteristics and create something new in an
existing organization (dont have to worry about resources, because they are already provided)
Private sector: part of the economy that is made up of organizations that are not owned or
controlled by the government
New ventures:
responsible for the vast majority of new products and services
between 1991 and 2003, th number of businesses grew on average 9300/year
Identifying opportunities:
1) generating ideas for new (or improved) products, processes or services
2) screening so that the one that presents the best opportunity can be developed
3) developing the opp
Idea generation:
abandoning conventional assumptions
if is profitable opportunity
come from everyday life
personal interests/hobbies or chance happenings
Screening: the fasted you can weed out dead end opportunities, the more time you can devote to
ones that remain
Factors of idea:
www.notesolution.com
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Document Summary

Small business: an owner-managed business with less than 100 employees you are self-employed if you run your own business, work for yourself (musician) or work without pay in a family business. New venture/firm: a recently formed commercial organization that provides goods and/or services for sale (must have been formed within the last 12 months, follow one of the main organizational methods, and sells a good/service) Entrepreneurship: the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it. Intrapreneurs: people who exhibit entrepreneurial characteristics and create something new in an existing organization (don"t have to worry about resources, because they are already provided) Private sector: part of the economy that is made up of organizations that are not owned or controlled by the government. New ventures: responsible for the vast majority of new products and services between 1991 and 2003, th number of businesses grew on average 9300/year.

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