BSM 100 Study Guide - Midterm Guide: Bleeding Edge Technology, Competitive Advantage, Focus Group

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

Technology - competition (new), lack of productivity. Workforce - employees can induce change; they want voice and creativity; new people (entrepreneurs) can bring new ideas; cross-industry. They help people in need, focus on social justice, trying to do good . They are basically a business just without profit goal: have paid employees, attract/keep talent with money, focus on consumer/cause, cost efficient, articulate, mission statement, socially aware, innovative, network (sponsors) Entrepreneurship - helps local then eventually overall economy (innovation); take risks; resilience. Born with entrepreneurial qualities (ambition, innovation , courage) Teach kids to be innovative, provide resources and space to do so. No shame in failing, there is shame in not trying. Growing = expansion of product, marketplace, employees, production line, buying other similar companies/competition. Can attract critique (good or bad) and attention. Exploits itself, tries to expand but fails, jumps the shark. Customer loyalty: cheaper to keep customers then to get new ones.