entruperneur - This module is intended to help you better...

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entrepreneurs , people who risk resources like their time and money to start and operate a business, learn through experience . Experience has sometimes been described as that wonderful teacher that gives you the exam before the lesson! The intent here is to circumvent pain and skip to the learning (to the degree that can be done). While the essential information we’ll be exploring applies to hospitality businesses and examples will be drawn from them, these fundamentals will be relevant to most any type of business. And here’s yet another example of content being valuable from a variety of perspectives: obviously if you’ve dreamed of or are intent upon starting/owning your own business, the ideas/lessons that follow will, sooner and later, be useful. But even if you don’t want to start/own your own business, it’s still probable that you’ll work or otherwise be some sort of stakeholder in someone else’s business. So if you take what’s here to heart (and mind), you’ll better understand what the owner(s) go through. Not only will you be able to pass and even score well on any quizzes or tests you may take covering this subject matter, it will be more evident how you can contribute to solving problems for those who actually own the entities you’ll work for/invest in/frequent as a customer. This can keep you happier, healthier, and may even help you become wealthier! In business, as in other competitive activities such as sports or games, there are no guarantees of success, wealth, or fame. There are too many uncontrollable variables to remove all of the risks involved, but that’s part of the appeal – it’s never really certain who’s gonna win or lose, –and even the losers know there’s almost always a next time! Each new business has the potential to succeed beyond the wildest dreams of its owner – but then again, things don’t always work out as well as the new owner expected. One way or the other, this module should help anyone who’s interested get at least some clue about what they’d really be getting themselves into if they decided to take a shot at entrepreneurship. There’s also more than one way to become a business owner. For example, it’s possible either to buy an existing business from the current owner or to purchase a franchise –– but we’ll look first at what’s involved in a new business start-up because this process best illuminates the fundamentals. We’ll frame our analysis with these questions about entrepreneurs: 1. Who starts their own business and why? 2. Where do they get their ideas – and money? 3. What legal forms do new businesses take and why? 4.
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This note was uploaded on 11/11/2011 for the course HB 100 taught by Professor Donhue during the Spring '08 term at Michigan State University.

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entruperneur - This module is intended to help you better...

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