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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
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
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
Entrepreneurs combine their own, or others, land, labor,
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.
Business obtains resources and legitimacy from society,
and it is therefore responsible to it. This responsibility is
discharged through service to stakeholders.
All businesses run risks, a chance that a business will
not succeed and, therefore, lose its stakeholders their
resources and work. There is a positive correlation
between intelligent risk taking and control, and profit.
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- Spring '06