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1-27 Entrepreneurship and Forms of Business Ownership

To develop new products buy new equipment or expand

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Unformatted text preview: quipment or expand geographically, an enterprise has to spend money — on marketing research, product design, prototype development, legal expenses associated with patents, lining up contractors and so on… Rather than incur such expenses, companies increasingly prefer to pay their executives exorbitant bonuses, or issue special dividends to shareholders, or engage in purely financial speculation. But this means they also short-circuit a major driver of economic growth. Are Profits Hurting Capitalism? NYT, 7/6/2010 Take-aways Take-aways Entrepreneurship is not easy! It requires excellent Entrepreneurship opportunity recognition skills, education and experience, and a set of specific personal and professional skills. However, it can offer great rewards, all the way from personal satisfaction and growth to large financial wealth; personal Most businesses are small, and require entrepreneurial Most capability; capability; There are many ways to organize a business. In terms of There flexibility and ability to grow, the corporation form is the most successful form of organization in the U.S. economy; most The corporate form of organization creates conflicts of The agency and social allocation of resources. agency...
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