MGMT 1281 Chapter Notes - Chapter 4: Franchising, Sole Proprietorship, Initial Public Offering
15 Jun 2018
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Chapter 4 Reading Notes
Entrepreneurship
Nascent Entrepreneurs: People who are trying to start a business from scratch.
Small Business: An independently owned and managed business that does not dominate its
markets.
New Venture: A recently formed commercial organization that provides goods and/or services
for sale.
Entrepreneurship: The process of identifying an opportunity in the market place and accessing
the resources needed to capitalize on it.
Entrepreneur: A business person who accepts both the risks and the opportunities involved in
creating and operating a new business venture.
Entrepreneurs: People who create something new within an existing large firm or organization.
Role of Small and New Businesses in the Canadian Economy
Private Sector - The part of the economy that is made up of companies and organizations that
are not owned or controlled by the government.
The Entrepreneurial Process
Sales Forecast: An estimate of how much of a product or service will be purchased by
prospective customers over a specific period.
Franchise: An arrangement that gives franchisees (buyers) the right to sell the product of the
franchiser (the seller).
Business Plan: Document in which the entrepreneur summarizes her or his business strategy
for the proposed new venture and how that strategy will be implemented.
Bootstrapping: Doing more with less.
Collateral: Assets that a borrower uses to secure a loan or other credit, and that are subject to
seizure by the lender if the loan isn’t repaid according to the specific repayment terms.
Incubators: Facilities that support small business during their early growth phase by providing
basic services, office space, legal advice, and more.
Start-up and Beyond
Franchising Agreement: Stipulates the duties and responsibilities of the franchisee and the
franchiser.
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Nascent entrepreneurs: people who are trying to start a business from scratch. Small business: an independently owned and managed business that does not dominate its markets. New venture: a recently formed commercial organization that provides goods and/or services for sale. Entrepreneurship: the process of identifying an opportunity in the market place and accessing the resources needed to capitalize on it. Entrepreneur: a business person who accepts both the risks and the opportunities involved in creating and operating a new business venture. Entrepreneurs: people who create something new within an existing large rm or organization. Role of small and new businesses in the canadian economy. Private sector - the part of the economy that is made up of companies and organizations that are not owned or controlled by the government. Sales forecast: an estimate of how much of a product or service will be purchased by prospective customers over a speci c period.
