BU111 Lecture Notes - Lecture 3: Social Venture, Ob River, Social Business
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New venture: recently formed commercial organization that sells goods/services. One that has existed less than 5 years. Entrepreneurship: identifying an opportunity and accessing resources to capitalize on it. Not just coming up with an idea, but pulling through with it. Small business: owner-managed, not dominant in market, less than 100 employees. Small businesses and new ventures are not the same thing. 98. 1% of all businesses in canada are small. New ventures lead in new products and services. Brings innovation and makes it visible to the market: therefore gov"t support: They do this b/c they want the businesses to grow=more employment=more income tax anyways. Paperwork it takes to start a new business can be done by anyone. Influenced by pest (identify opportunity, access resources=entrepreneur) Organization, resources, and managerial preferences from diamond-e. Successful only when entrepreneur, and resources fit opportunity, Often paradigm shifts (different ways to do things) Ex: apple took the computer and improved it.
