COMM101 Study Guide - Danone, Grameen Bank, Muhammad Yunus
5 Dec 2013
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Identifying an opportunity and accessing resources to capitalize on it. Small business owner-managed, not dominant in market, <100 employees: 97. 8% of all businesses in canada are small, contribute >26% annually to gdp, provide more jobs than large businesses, new ventures lead in new products and services. Influenced by pest: successful only when entrepreneur, opportunity and resources match, begins with entrepreneur identifying an opportunity then accessing resources. Screening: weeding out bad ideas, save times, money. Three-step of screening process (ps: screening for viability & competitive advantage. ) (1) idea creates or adds value for customer. Solving a problem, meeting a need. the problem is significant enough, don"t create ideas that is already exist. Customers are willing to pay for it. (2) idea provides a competitive advantage that can be sustained. Is it something that existing firms can easily do or may want to imitate.
