MGMT 1 Lecture Notes - Lecture 7: Arthur Fry, Business Plan, Small Business
Document Summary
Takes tremendous amounts of risk to start a business with no guarantee of success. Actually most startups fail within the first five years. But we need the entrepreneurial spirit there would be no businesses. One must fully understand sacrifices and risks one must take to undertake an entrepreneurship venture. It"s about their ideas and goals with passion. To be successful, the business idea must address some need. To survive, the business needs to make a profit. We hear a lot about success but rarely about failures. Entrepreneurial teams consist of people with complementary talents and skill. They can also motivate and nurture each other (apple, microsoft, google) To stay on top and continue to innovate is a major challenge for big established companies. Self-employment assistance program (collect unemployment while starting new business) A detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and owner"s qualifications.
