BSM 100 Lecture Notes - Lecture 1: Free Trade, Consumer Debt, Capitalism
29 Dec 2016
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Bsm 100 change is always constant (part 2) Capital: funds and equipment required to make something. Entrepreneur: brings all of the above together, kick-start an economy by harnessing the other factors of production. Free enterprise and fair competition flourish in canada. Government plays an active role to support businesses. Values & attitudes shared by groups of people. Anything happening in the world will affect you. Companies that welcome change succeed: competitive. Companies have to focus on loyal customers. Easier to keep than to find new ones. Bleeding-edge firms - launch products that fail because they are ahead of the market. Leading-edge firms - offer products just as the market is ready. Can be both depending if you offer one product or more. If you are not the first who comes to the market with an idea, you have to catch up. Avoid your competitors" strengths and exploit their weaknesses. Don"t try to beat them at their game.
