BUSI 1800 Chapter Notes - Chapter 7: New Idea, Crowdfunding, Market Impact
13 Sep 2018
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Chapter 7: entrepreneurship and starting a small business. Entrepreneurship: accepting the challenge of starting and running a business. Differences between entrepreneurial ventures and small businesses: amount of wealth creation. Successful entrepreneurial venture creates substantial wealth: speed of wealth creation. While a successful small business can generate several million dollars of profit over lifetime, entrepreneurial wealth creation often is rapid. For example, this may occur within 5 years: risk. The risk of an entrepreneurial venture must be high: innovation. Entrepreneurship often involves substantial innovation beyond what a small business might exhibit. Why people take the entrepreneurial challenge: new idea, process, or product. Driven by a firm belief, perhaps even an obsession, that they can produce a better product, or a current product at a lower cost, than anybody else: independence. Many entrepreneurs simply do not enjoy working for someone else. They like doing things their own way without someone standing over them: challenge. The challenge of doing something new or difficult.
