ENT 500 Study Guide - Midterm Guide: Promotional Mix, Unit Price, Product Differentiation

• School: Ryerson University
• Department: Entrepreneurship and Strategy
• Course: ENT 500
• Professor: Steven Tissenbaum

Document Summary

5 common characteristics of successful entrepreneurs: commitment and determination, leadership, creativity, self reliance, and adaptability, tolerance of risk, ambiguity, and uncertainty, motivation to excel. Entrepreneurial opportunity: an economically attractive and timely opportunity that creates for buyers. Entrepreneur: a person who launches, builds, and/or operates a new or an existing business, to create value while assuming both the risk and the reward for his or her efforts. Small business: a business with growth potential that is small compared to large companies in an industry, is financed by only a few individuals, and has a small management team. The number and growth rate of entrepreneurs launching new ventures is a key indicator of economic vitality within a country and an important driver of job creation and innovation. 32% because of inadequate research and development. 13% due to poorly developed marketing strategies. Founder (or nascent entrepreneur): an entrepreneur who brings a new firm into existence.