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Chapter 6

RSM100Y1 Chapter Notes - Chapter 6: Social Entrepreneurship, Job Security, Intrapreneurship

Rotman Commerce
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Chapter 6 – The Entrepreneurship Alternative
6.1 What is an Entrepreneur?
-Entrepreneur: person who seeks profitable opportunity and takes the necessary risks to set up and
operate a business
- Main responsibility = using resources to accomplish their goals (major goals = expansion and growth)
6.2 Categories of Entrepreneurs
-Classic entrepreneur: person who sees a business opportunity and sets aside resources to gain
access to that market
-Serial entrepreneur: person who starts one business, runs it, and then starts and runs more
businesses, one after another
-Social entrepreneur: person who sees societal problems and uses business principles to develop new
6.3 Reasons for Entrepreneurship as a Career Path
- Being your own boss
- Financial success
- Job security
- Quality of Life
-> Lifestyle entrepreneur: person who starts a business to reduce work hours and create a more
relaxed lifestyle
6.4 Environment for Entrepreneurs
-> Entrepreneurship roles growing around the world
-> More educational opportunities offered to would-be entrepreneurs today
-Information Technology
-> Low cost technology helps small businesses compete with large companies
-> Increased the number of homepreneurs (entrepreneurs who run home-based businesses)
-> Social networking helps reach more customers and grow faster
-Demographic and Economic Trends
-> Immigrants and people between the age of 55 and 64 are most likely to start their own businesses
-> Demographic trends lead to new markets for products and services
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