BUSI 1800 Chapter Notes - Chapter 7: Small Business, New Idea, Business Incubator
2 May 2018
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Department
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BUSI 1800
Chapter 7: Entrepreneurship and Starting a Small Business
Entrepreneurship: accepting the challenge of starting and running a business
Why People Take the entrepreneurial Challenge:
• New idea, process or produce
• Independence: many entrepreneurs simply do not enjoy working for someone else
• Challenge: many people thrive on overcoming challenges
• Family patter
• Profit
• Immigrants: some immigrants who come to Canada have no Canadian job experience or
weak langue skills, making it difficult to find employment
What Does It Take To Be an Entrepreneur?
• Self-directed: self-disciplined
• Self-nurturing: you must believe in your ideas even when no one else does
• Action-oriented: desire to realize, actualize and build your dream into reality
• Highly energetic: ready to work long and hard
• Tolerant of uncertainty: successful entrepreneurs take only calculated risks, still they
must be able to take some risks
• Able to learn quickly
Turning Your Passions and Problems into Opportunities:
• Many etrepreeur’s business ideas are inspired by their passions, many see business
opportunities in their problems
• A business idea is a good business opportunity if:
o It fills custoers’ needs
o You have the skills and resources to start a business
o You can sell the product or service at a price customers are willing and able to
pay-and still make a profit
o You can get your product or service to customers before your window of
opportunity closes or before competitors with similar solutions beat you to the
marketplace
o You can keep the business going
Female Entrepreneurs:
• A greater concentration of woman-run small and medium-sized enterprises(SMEs):
businesses with fewer than 500 employees
• When a woman does decide to start a business, she tends to stay in business longer
• Reasons why females become entrepreneurs:
o Financial need
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Chapter 7: entrepreneurship and starting a small business. Entrepreneurship: accepting the challenge of starting and running a business. Independence: many entrepreneurs simply do not enjoy working for someone else: new idea, process or produce, challenge: many people thrive on overcoming challenges, family patter, profit. Immigrants: some immigrants who come to canada have no canadian job experience or weak langue skills, making it difficult to find employment. Turning your passions and problems into opportunities: many e(cid:374)trepre(cid:374)eur"s business ideas are inspired by their passions, many see business opportunities in their problems, a business idea is a good business opportunity if: Entrepreneurship within firms: entrapreneurs: creative people who work as entrepreneurs within corporations, the idea is to use the co(cid:373)pa(cid:374)(cid:455)"s e(cid:454)isti(cid:374)g resources-human, financial, and physical to launch new products and generate new profits. There are several ways to get into your first business venture: learn from others, get some experience, buy an existing business, buy a franchise, inherit/ take over a family business.
