MANAGMNT 301 Chapter Notes - Chapter 7: Social Entrepreneurship, Small Business, Social Capital
1 Nov 2020
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Document Summary
Entrepreneurs are people who create new social entities. To be an entrepreneur is to initiate and build an organization rather than being only a passive part of one. Entrepreneurial process involves discovering, evaluating, and capitalizing on opportunities to create new and future goods and services. Entrepreneurship: occurs when an enterprising individual pursues a lucrative opportunity. Entrepreneurship is inherently about innovation - creating a new venture where one didn"t exist before. Small business: having fewer than 500 employees, being independently owned and operated, not dominant in its field, and not characterized by many innovative practices. Entrepreneurial venture: growth and high profitability as primary objectives. Entrepreneurs manage aggressively and develop innovative strategies, practices, and products. Seek rapid growth, immediate and high profits, and sometimes a quick sellout with large capital gains. Aids growth especially in higher-income countries, and the amount of growth depends on the nature of the entrepreneurial activities. Productive entrepreneurial activities drive country wealth and growth.
