SOCSCI 2EN3 Chapter Notes - Chapter 1: Micro-Enterprise, Small Business
22 Oct 2016
School
Department
Course
Professor
Document Summary
Exist for those who can create, develop, and produce enough. Entrepreneurship and small business: (active business owner) existing business. Create value while assuming both the risk + reward. Provide an impetus for change + innovation. Small business are a vital component of our economy. Number + growth rate of entrepreneurs launching new ventures is key indicator of economic vitality within a country. 3 basic categories: independence (no supervision, no rules, profit (no standard pay, personal satisfaction (not boring, no routines) Demanding hard work, long hours and emotional energy. 59% trying to find new customers and markets. Entrepreneurship is marked by diversity (great variety of people) Founder entrepreneurs vs. other business owners + franchisees. Founders (or nascent entrepreneurs): bring out new or improved products to the market, bringing small businesses into existence, complete independence. Franchisees: considered as (cid:498)limited entrepreneurs(cid:499, given guidance and constraints. High-potential ventures (or gazelles): small firm that has great prospects for growth.
