BU111 Lecture 7: Lecture 7 2016-10-03
19
BU111 Full Course Notes
Verified Note
19 documents
Document Summary
New venture recently formed (less than 5 years old) commercial organization that sells goods/services. Entrepreneurship identifying an opportunity and accessing resources to capitalize on it. Small business owner-managed, not dominant in market, <100 employees. Importance: 98. 1% of all businesses in canada are small, contribute 30% annually to gdp, provide more jobs than large businesses, new venture lead in new products and services. Therefore government support: lower tax rate than larger corporations. Aids small businesses in growing, encouraging small businesses: resources advice and sometimes funding, ease of establish. Successful only when entrepreneur, opportunity, and resources fit. Begins with entrepreneur identifying an opportunity then accessing resources. Related to diamond-e: entrepreneur is the managerial preferences and organization, opportunity is the environment, access resources is the resources. Idea generation: often paradigm shifts, originate in events relating to work or daily life, hobbies, change happening. Screening: weeding out bad ideas, saves time, money, ensures you have a viable idea with a competitive advantage.
