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SMALL BUSINESS MANAGEMENT – CHAPTER 1 – ENTREPRENEURS

DISCUSS THE AVAILABILITY OF ENTREPRENEURIAL OPPORTUNITIES:
An entrepreneurial opportunity is a desirable and timely innovation that creates value for interested buyers and end users.
Exciting entrepreneurial opportunities exist for those who recognize them. However a true opportunity exists only for those who have the interest, resources and capabilities required to succeed.
EXPLAIN THE NATURE OF ENTREPRENEURSHIP AND HOW IT IS RELATED TO SMALL BUSINESSES:
Entrepreneurs are individuals who discover market needs and launch new firms to meet those needs.
Owner-managers who buy out founders of existing firms, franchisees, and second-generation operators of family firms may also be consider entrepreneurs.
EXPLAIN THE NATURE OF ENTREPRENEURSHIP AND HOW IT IS RELATED TO SMALL BUSINESSES:
Definitions of small business are arbitrary, but this book focuses on firms of fewer than 100 employees that have mostly localized operations and are financed by a small number of individuals.
Most entrepreneurial firms are small when they begin, but a few grow, some very quickly, into large businesses.
DEFINE SMALL BUSINESS AND IDENTIFY THE IMPORTANCE OF SMALL BUSINESS
Small business definitions are necessarily arbitrary and differ according to purpose.
Canadian standards vary: Canada Revenue Agency uses profits: less than $200,000. Statistics Canada uses number of employees: fewer than 50 small, 51 to 500 medium-sized.
IDENTIFY REWARDS AND DRAWBACKS OF ENTREPRENEURIAL CAREERS
Entrepreneurial motivators or rewards include independence, freedom: escaping from a bad situation, profit, personal satisfaction.
Drawbacks to entrepreneurship include hard work, personal stress, and danger of failure.
DESCRIBE THE VARIOUS TYPES OF ENTREPRENEURS AND ENTREPRENEURIAL VENTURES
Founders of firms are “pure” entrepreneurs, but those acquiring established businesses and franchisees may also be entrepreneurs.
A few entrepreneurs start high-potential ventures or gazelles, others operative attractive small firms and micro businesses.
DESCRIBE THE VARIOUS TYPES OF ENTREPRENEURS AND ENTREPRENEURIAL VENTURES
Based on their backgrounds and management styles, entrepreneurs may be characterized as artisan entrepreneurs or opportunistic entrepreneurs.
Entrepreneurial teams consist of two or more individuals who combine their efforts to function as entrepreneurs.
DISCUSS THE CHANGING FACE OF ENTREPRENEURSHIP IN CANADA
There is no specific age that is best to start a business, in fact opportunities exist for both younger as well as older entrepreneurs.
The increased diversity of Canada’s population is reflected in the increase in the number of immigrant entrepreneurs in Canada.
DISCUSS THE CHANGING FACE OF ENTREPRENEURSHIP IN CANADA
Social entrepreneurs pursue entrepreneurial activity with an embedded social purpose.
Serial entrepreneurs are those who continually go through the process of launching, selling, and then starting up a new business again and again.
DESCRIBE SOME CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
There is no well-defined entrepreneurial profile, but many entrepreneurs have characteristics such as a passion for their business, strong self-confidence, and a willingness to assume moderate risks.
DESCRIBE SOME CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
Successful entrepreneurs are also thought to possess leadership skills, a strong focus on opportunities, creativity, adaptability, and motivation to excel.

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