MGMT 1 Lecture Notes - Lecture 7: Small Business Administration, Cover Letter, Elevator Pitch
18 Apr 2016
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Take tremendous amounts of risks to start a business with no guarantee of success ; passion, perseverance and luck. Mostly fail within irst 5 years, but succeed with entrepreneurial spirits however, Not for everyone i. ii. iii. i. ii. iii. iv. a. b. a. b. c. d. Business idea must address some need and make proit to survive. Entrepreneurial teams consist of people with complementary talents and skills to moivate and nurture each other. Micropreneurs - strive for a comfortable lifestyle (not necessarily growth and money) a. b. c. a. a. b. c. d. e. It and online tools (e. g. ailiate markeing) have leveled the playing ield and "democraized" opportuniies. Drawbacks: how to get customers, separaing personal life from business, zoning laws and other regulaions. To stay on top and coninue to innovate is a major challenge for big, established companies. Self-employment assistance (sea) program (collect unemployment while staring new business)
