ENT 500 Chapter 2: Longnecker Textbook-Chapter 2

• School: Ryerson University
• Department: Entrepreneurship and Strategy
• Course: ENT 500
• Professor: Tissenbaum

Document Summary

Four types of small business ownership opportunities: start-ups, buyouts, franchises, family business. To qualify as a good investment opportunity, a product or service must meet a real market need and convince consumers of its bene ts. Market factors: meet a clearly de ned market need, and the timing must be right. Competitive advantage: when a rm offers a product or service that customers perceive to be superior to those of its competitors. Saturday, september 13, 2014 appropriate skills and the experience to operate the venture. Management capability: good t between the entrepreneur and the opportunity; Fatal aws: there must be no fatal aws in the venture. Type a ideas: providing customers with an existing product not available in their. Type b ideas: involving new technology; providing customers with a new product. The largest number of all start-ups are type c ideas:providing customers with an market (new market) improved product.