Notes 10-1 and 10-15 - The Role of Marketing and...

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10-01-13 The Role of Marketing and Entrepreneurship Entrepreneurship - the creation of new firms or activities within existing firms - one who resolves to do something and begins to do it Why is it important in the United States? It creates new businesses o 1977-2005 -existing firms were net job destroyers (1 million/year) -7 years when existing firms actually created jobs -new/start-up firms created 3 million/year Economic Stimulus (especially local) o Tend to generate more local spending (bigger multiplier) than large existing firms New products make new demand o Graph in notes Incomes tend to be higher o True at individual level o True at national level Why does the U.S. have more than average % of entrepreneurs? free market and rewards that go with it access to resources ($) specialization social capital (trust that exists in a society)----impact on transaction costs Types of Entrepreneurs Opportunity : sees some gap in market or some new technical application Necessity
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