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Chapter ebook

ADMS 1000 Chapter ebook: Small Businesses

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Administrative Studies
ADMS 1000
Paulette Burgher

Small Businesses - has 1 – 99 people employed Economic contribution of small businesses - job creation - information technology - employment - innovation and competitiveness Entrepreneurship - 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 Great Person school of thought - Portrays entrepreneurs as charismatic leaders - Confident, organized, positive, problem solvers Psychological school of thought - Focuses on personality goals, such as:  Need for achievement  Propensity for risk  Tolerance for ambiguity  Internal locus of control - Entrepreneurs distinguish between entrepreneurial skills and managerial traits (artisans and promotes) - Suggested that these two should team up for the best rate of success Making Entrepreneurship Choices - Windows of entrepreneurial opportunities Push factors (negative, forced) - Escape from dead end or short term employment - Alternative to limited job prospects Pull Factors (positive; free will) - Opportunity to unleash creativity - Opportunity to pursue an independent lifestyle - Opportunity to realize personal goals Timmons model of the entrepreneurial process (refer to notes) ENTREPRENEURSHIP • Screening business ideas - Ideas must be anchored, attractive (profitable), durable and time (sustainability, and when to bring your item in the market) • Opportunity Identification explored (idea of a new business) • Industry structure as an impact on the business venture • Paradigm shift is referred to our sets of beliefs or mental framework for understanding how the world operates The business plan explored - Marketing Plan (customers) - Operation Plan (where you will operate, production of goods) - Financial Plan (finances needed to start your venture + projection of profits) Purpose of a business plan - No funding provided if you don’t have a business plan - It define the nature of an opportunity
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