Business Chapter 4 Notes PDF

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Professor Diana Serafini...

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CHAPTER 4 - Entrepreneurship, Small Business and New Venture Creation Entrepreneurs Entrepreneur: People who assume the risk of creating, organizing and operating a business. They most often start a business to satisfy an . opportunity niche :Traits of Successful entrepreneurs Innovative: Introduce new ideas to solve a problem Risk takers

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Motivated to succeed: to succeed and provide for family

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Flexible and self-directed: react quickly and wear many hats People skills/ good leadership skills System thinkers: develop a solid plan

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:Types of Entrepreneurs Lifestyle: Seek freedom from bureaucracy and/or opportunity to work at home Micropreneur: Start own business and satisfied with keeping it small Growth: Look for expansion

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Intrepreneur: Employees that work in an entrepreneurial manner with a company Entrepreneurial team: Group of qualified individuals with varied experiences and skills that form a new venture ( ex: Google or Yahoo )

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Small Business and the Economy SME: A small or medium sized business Independently owned and operated • Not dominated force in its field • Has fever than 500 employee • A small business: Fewer than 100 employees Employs 48% of the total labour force in the private sector • : Fosters Innovation ex: Dell creative and flexible offering customized pc

: Helps bigger companies • Supply products and services to larger companies

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ex: 70% of 15,000 parts that go into a car are provided by independent ( suppliers (bumpers, engine blocks, electronics

:Helps consumers • Supply many specialized goods and services

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ex: Landscapers, hair salons, massage therapist

Impact of Technology on Small Business : Personal computers and internet have Created NEW business opportunities Made STARTING a business easier

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* Over 80% have a home page * * promote their products through e-mail. marketing 33% * 2

Starting your own Business :Most common reasons Be own Boss...