Ford Motor Begin New Pricing Strategy

In: Business and Management

Submitted By biancajensen
Words 1383
Pages 6
Unit 3 & 4 class notes

The Entrepreneur:

An individual who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it.

Advantages include:

Be your own boss
Pursue a career that fits your lifestyle
Make better use of your skills and knowledge
Achieve financial freedom
Example: Richard Branson

Starting a Small Business:

According to the CFIB, a business that is independently operated and has fewer than 500 employees

The Importance of Small Business:

• Job creation – see graph • Innovation – example • Small businesses help large businesses

Industries with Small Business include:

• Goods-producing sector (manufacturing, construction, agriculture, mining, and forestry) accounts for 34% Canadian SME’s

• Service-producing sector (retail, wholesale, transportation, communications, finance, insurance, real estate, health care, advertising, accounting and personal services)

• accounts for 66% of Canadian SME’s.

Advantages & Disadvantages

Advantages:

Independence
Financial rewards
Lifestyle
Learning opportunities
Creative freedom and personal satisfaction

Disadvantages:

Financial risk
Stress
Time commitment
Undesirable duties

Starting a Small Business:

What type of business is right for you?
Manufacturer, retailer, wholesaler, professional/personal services, home-based?
Do you want to innovate?
What is your business idea?
Start a new business or buy an existing one - or a franchise?
Start it yourself? With others?
What form of business organization?

The Importance of the Business Idea:

What customers want
Creative
Filling an unmet need in the market

Example: CROCS

Ways to Start a Small Business

Ownership options include:
Start from scratch
Buy an existing business
Buy a franchise…...

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