BU111 Lecture Notes - Lecture 7: Market Power, Airbnb
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New venture: recently formed commercial organization that sells goods and services (anything under 5 years old) Entrepreneurship: identifying an opportunity and cessing resources to capitalize on it: think of it as an action, and because of entrepreneurship, new ventures arise. Small business: any owner managed business, not dominant in market and with less than 100 employees: not in any position to influence the market. *is it possible for a company to be a new venture but not a small business: yes: tesla. *is it possible to be a small business but not a new venture: yes; ex. Joe"s java, family run businesses: sometimes they choose to stay small. Entrepreneurial process: influenced by pest, successful when entrepreneur, opportunity and resources fit, begins with the entrepreneur identifying the opportunity then accessing financial, human resources. Must have desire, interest and motivation: this model overlaps with the diamond - e.
