BUSN 201 Chapter Notes - Chapter 2: Small Business Administration, Financial Risk, Financial Plan
Document Summary
Individual who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it. The nature of entrepreneurship: innovation, running a business, risk taking. Government agency that helps prospective owners set up small businesses, obtain financing and manage ongoing operations: be your own boss, accommodate a desired lifestyle, achieve financial independence, enjoy creative freedom, use our skills and knowledge. Reservations (fears: money, security, competition, lack of ideas. Though most entrepreneurial ventures being as small business, not all small business owners are entrepreneurs. Entrepreneurs are innovators who start companies to create new or improved products. In contrast, many people start business for the purpose of providing themselves and their families. This type of business is sometimes called a lifestyle business . 2. 3 the importance of small business to the us economy. According to the sba, a business is independently owned and operated, is organized for profit and is not dominant in the field.
