Have a clear and detailed plan of the activities of

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Unformatted text preview: ons closely Cope with red tape Adjust to growth Seek advice & assistance Remember that: Larger businesses that are more heavily capitalized, organized as corporations, started on a full-time basis by a team of entrepreneurs who have a written business plan and are seeking to provide products to customer missed by others will, on average, be more successful than other new businesses… Such things as emphasizing marketing and financial controls, focusing their activities on a single market, and not competing on price will enhance a new venture performance… Start-ups founded by people who obtain an education and then get experience working in the industry in which they plan to start a business, and who are starting their businesses with the goal of making money, have better financial performance, on average, than other startups… The Illusions of Entrepreneurship, Scott Shane, 2008 Take-aways Take-aways Entrepreneurs combine their own, or others, land, labor, Entrepreneurs capital and knowledge to create businesses. Businesses are organizations oriented towards offering products and services with the objectives of surviving, growing, and serving the public while making a profit. serving Business obtains resources and legitimacy from society, Business and it is therefore responsible to it. This responsibility is discharged through service to stakeholders. stakeholders All businesses run risks, a chance that a business will All risks chance not succeed and, therefore, lose its stakeholders their resources and work. There is a positive correlation between intelligent risk taking and control, and profit. between...
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