MGM102H5 Chapter Notes - Chapter 3: Web Design, Ageism, Affiliate Marketing
Document Summary
Chapter 3: entrepreneurship and starting a small business: entrepreneurship: accepting the challenge of starting and running a business. Differences between an entrepreneurship and a small business: amount of wealth creation. Small business generates an income stream that replaces traditional employment. Successful entrepreneurship creates substantial wealth, typically in excess of several million dollars of profit: speed of wealth creation. Successful small business can generate millions of dollars of profit over a lifetime. Entrepreneurial wealth creation is often rapid: risk. Entrepreneurial venture risk is high: innovation. Entrepreneurship often involves substantial innovation versus that of a small business. Innovation gives the venture a competitive advantage that results in wealth creation. Well-known canadian e(cid:374)trepre(cid:374)eurships: roots, leo(cid:374)"s, ca(cid:374)adia(cid:374) tire, o(cid:271)e(cid:455)"s, m(cid:272)cai(cid:374) Why people take the entrepreneurial challenge: new idea, process or product. Believe they can produce a better product, or current product at a lower cost. Conceived an improvement they are convinced has a large potential market. Gets satisfaction out of what they achieve.
