BU111 Lecture Notes - Lecture 4: Grameen Bank, Switching Barriers, Small Business
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Definitions: new venture: recently (less than 5 years) formed commercial organization that sells goods/services. It is possible for businesses to be large businesses while also a new venture: entrepreneurship: identifying an opportunity and accessing resources to capitalize on it, small business: owner-managed, not dominant in market, less than 100 employees. It is possible for business to be a small business while at the same time not a new venture. Diamond e, am i going to come into this industry as a small business or a large business. This is determined by resources and management preferences. New ventures lead in new products and services: therefore, governments support: Influenced by pest: successful only when entrepreneur opportunity and resources fit, begins with entrepreneur identifying an opportunity then accessing resources, simplified version of the diamond e model. Entrepreneur has to have the willingness to start the business (managerial preferences) Resources, do you have the resources to start the business (resources box)
