Lesson 9 Flashcards
Classic entrepreneur:
Pursues opportunities others fail to recognize or view as problems or threats
Serial entrepreneur:
Starts and runs businesses and nonprofits over and over again
Assumptions of Entrepreneurs:
- Entrepreneurs are born
- Entrepreneurs are gamblers
- You need a degree in business to be an entrepreneur
- Money is key to entrepreneurial success
Necessity-based entrepreneurship:
Starting a business because of few or no other employment or career options
Social entrepreneurship:
Unique form of ethical entrepreneurship that seeks novel ways to solve pressing social problems
Social Entrepreneurs:
Take risks to help meet needs not being effectively served by government and the private sector, such as poverty, illiteracy, illness, homelessness
Franchise:
One business owner sells to another the right to operate the same business in another location
Some startups _____
use open source software and free web services to contain costs while staying small and keeping operations simple, we call them: micro-setups
Business Incubator:
Offers space, shared administrative services, special equipment and management advice to get small business started
Business Development Program (BDP):
Offers guidance to entrepreneurs and small business owners on how to set up and manage business operations provided by the Government of Canada
New venture creation process
- Birth Stage
- Breakthrough Stage
- Maturity Stage
Business plan:
Describes the details needed to obtain start-up financing and operate a new business (Banks want to see a well-developed business plan before lending money)
Sole Proprietorship:
An individual or married couple pursuing business for a profit. This does not involve incorporation (most common)
Partnership:
Partnership of Two or more people agree to contribute resources to start and operate a business together
Corporation:
- A legal entity that exists separately from its owners
- Incorporated by an Act of provincial or federal government
