BU111 Lecture Notes - Lecture 5: Gofundme, Dry Cleaning, Social Business
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New venture: recently formed (last 5 years) commercial organization that sells goods/services. Entrepreneurship: identifying an opportunity and accessing resources to capitalize on it. Small business: owned managed, not dominant in market, <100 employees. New venture that was a large business when starting (>100 employees: tesla. Small business that is not a new venture: family run businesses, corner store, dry cleaning. 98. 1% of all businesses in canada are small. Therefore, these small businesses help our economy a lot, make a very big impact, large economic force. Govn"t offers resources: advice and sometimes funding. Ease of establishment (low barriers to entry) Successful only when entrepreneur, opportunity, and resources fit (willing and able to pursue this line of business), desire, motivation. Begins with entrepreneur identifying an opportunity then accessing resources. People walk in then turn around and face the front of an elevator why?) Originate in events relating to work or daily life, hobbies, chance happening.
