MGM102H5 Chapter Notes - Chapter 7: Business Plan, Micro-Enterprise, Ageism
Document Summary
Why people take the entrepreneurial challenge: new idea, process, or product: the belief that you can produce a better product or a current product at a lower cost. Independence: not having to work for someone else: challenge: you feel the excitement and want to accept the challenge of doing something new and difficult. Family pattern: past generations have also owned their own businesses, or ownership gets passed down. Profit: want to be rewarded for taking a risk and lots of money can be made. Immigrants: immigrants often lack education and canadian job experience, but if they want to succeed and have enough financial means, they start their own businesses. Entrepreneurial teams: entrepreneurial team: group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product, better than a single entrepreneur. Web-based business: buying and selling online is become increasingly popular.
