ADMS 1000 Chapter Notes - Chapter ebook: Cost Leadership, Intrapreneurship, Franchising

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Paulette Burgher

Document Summary

Economic contribution of small businesses job creation information technology employment innovation and competitiveness. High degree of risk; financial risk and lifestyle risk (dedicate most of your time to business) Schumpeter(creative destruction) believes entrepreneurs serve as a destabilizing force in any economy since their innovations can contribute to the destruction for old industries and the creation for new ones. Entrepreneurs distinguish between entrepreneurial skills and managerial traits (artisans and promotes) Suggested that these two should team up for the best rate of success. Escape from dead end or short term employment. Timmons model of the entrepreneurial process (refer to notes) Industry structure as an impact on the business venture world operates. Operation plan (where you will operate, production of goods) Financial plan (finances needed to start your venture + projection of profits) No funding provided if you don"t have a business plan. It define the nature of an opportunity & how it can be exploited.