MGMT 100 Study Guide - Final Guide: Home Insurance, Angel Investor, Crowdfunding
Document Summary
Entrepreneurship is accepting the challenge of starting and running a business. Difference between entrepreneurial ventures and small businesses: amount of wealth creation, speed of wealth creation, risk, innovation. Lo1 explain why people become entrepreneurs, and describe the attributes of successful entrepreneurs. New idea, process, or product: belief they can better the already existing product, or produce it for a lower cost. Independence: many entrepreneurs don"t like working for someone else, and like working for themselves. Challenge: challenge of something new, or difficult. Family pattern: people may be predisposed to entrepreneurship by their parents, or family members, experiences. Profit: heightened level of profit, as more risk tends to equal more money. Immigrants: tend to be able to obtain capital, and start businesses thus contributing to the economy. Self-directed: self-disciplined and comforts being your own boss. Self-nurturing: you must believe in your own product, even when other don"t. Action-orientated: desire to realize, actualize, and build your dreams into reality.
