MGTA05H3 Chapter Notes - Chapter Section C: Financial Institution, Income Statement, Business Plan
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MGTA05H3 Full Course Notes
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C1: the links among small business, new venture creation, and entrepreneurship. Small in number of employees, less than 100. Accessing the resources needed to capitalize on that opportunity. Entrepreneurial characteristics: behavioral (e. g. high energy level), personality traits (e. g. independence), skills (e. g. traits (e. g. independence), skills (e. g. problem solving) Small and new business are playing a big role in the canadian economy. Small business are usually independently owned and influenced by unpredictable market forces. Involves abandoning traditional assumptions about how things work and how they ought to be. Opportunity: the prospective new (improved) product, process, or service can be profitably produced, and is attractive relative to other potential venture ideas. The idea creates or adds value for the customer. The idea provides a competitive advantage that can be sustained: all other things are equal, the longer markets are in a state of flux, the greater the likelihood of being able to sustain a competitive advantage.
