MGM102H5 Chapter Notes -K. C. Irving, Jim Pattison, Irving Oil
Document Summary
Entrepreneurship is accepting the challenge of starting and running a business. The word entrepreneur originates from the french word, entreprendre, which means to undertake. In a business context, it means to start a business. An entrepreneur is a person of very high aptitude (ability) who pioneers change, possessing characteristics found in only a very small fraction of the population. On the other extreme of definitions, anyone who wants to work for himself or herself is considered an entrepreneur. Entrepreneurial ventures differ from small businesses in the following four ways: amount of wealth creation. Rather than simply generating an income stream that replaces traditional employment, a successful entrepreneurial venture creates substantial wealth, typically in excess of several million dollars of profit: speed of wealth creation. While a successful small business can generate several million dollars of profit over a lifetime, entrepreneurial wealth creation often is rapid. For example, this may occur within five years: risk.
