BUSI 1600U Chapter Notes - Chapter 4: Startup Company, Business Incubator, Limited Liability
Document Summary
Opportunity niche - a need in the marketplace that is not being adequately fulfilled. Lifestyle entrepreneurs: micropreneurs, growth entrepreneurs, entrepreneurs - Small businesses foster innovation through: introducing new products or procedures that many large businesses do not have the flexibility, time, resource, or inclination to offer. Better poised to take risks, more flexible to explore innovative techniques, and better equipped to push through inventions than larger firms. Best known in the computer, information science and communications industries. Reasons of becoming an entrepreneur: own boss, fits with lifestyle, make better use of skills, financial freedom, had a great idea, unemployment. Financial risk - risk of loss or bankruptcy could lead to business failure. Owners must consider takes and insurance costs as well. Social risk - amount of time devoted can lead to lost of friend and/or family: career risk - difficulty in resuming a career, psychological risk - can lead to eustress or distress.
