BU111 Chapter Notes - Chapter 2: Social Entrepreneurship, Social Business

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Role of small and new businesses in the economy. 98. 1% of all businesses in canada are small. New ventures lead in new products and services. Successful only when entrepreneur, opportunity, and resources fit. Begins with entrepreneur identifying an opportunity then accessing resources. Originate in events relating to work or daily life, hobbies, chance happening. Ensures you have a viable idea with a competitive advantage. Three-component screening process: for viability & competitive advantage. You know you have a good idea when: Idea provides a competitive advantage that can be sustained. Product unique in a valuable way/better than others. Longer time to profitability or greater up-front investment needed = riskier ventur. Once business concept finalized, move to business plan. Concept will be tweaked as business plan evolves. Make do with as few resources as possible. Sources savings, love money, private investors, venture capitalists. Entrepreneurs seek innovative solutions to the world"s toughest problems ms. Entrepreneurs seek innovative solutions to the world"s toughest problems.

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