Table 1-3
Major Inventions from Small Business and Student-Started Businesses
Where Innovation Is Used
From Small Businesses
From Student-Started Small Businesses
Medicine
Heart valves
(Demetre Nicoloff)
Video laryngoscope
(Aircraft Medical)
Business Processes
Assembly lines
(Olds)
JIT PC assembly
(Dell)
Computing Hardware
Supercomputers
(Cray)
Home computers
(Apple)
Computer Software
Relational databases
(Oracle)
Social networking
(Facebook)
Everyday Technology
Photocopiers
(Chester Carlson)
Google
Leisure
Outboard engines
(Cameron Waterman)
Snowboards
(Dimitrije Milovich)
Fashion
GORE-TEX
(W. L. Gore)
Extreme custom nail polish
(Dineh Mohajer)
Drinks
Snapple
(Arnold Greenberg)
Kombucha
(GT Dave)
New Opportunities
< >Owners have not only flexibility, but the chance to improve their economic well being.People with unusual schedules and people with problems that might limit their ability to be hired (e.g. immigrants, handicapped) can achieve success by entrepreneurship.Small businesses offer opportunity to the community in a number of ways.New products and services.Provides opportunities to large businesses from the products or supporting services the firm will need to operate.Big business depends on small business as a source of key ideas for new products.Provides tax dollars both from the firm’s income and from that of its employees.
New Markets
< >One type of entrepreneurial opportunity comes from pursuing opportunities in other countries.Buying products or services outside of your home country and selling them at home is called importing.Taking products and services made in your home country and selling them in other countries is called exporting.Originally, small business was a local business, rarely even a national business.Today small business accounts for 33.2% of all exports and represent 97.7% of all exporting firms, most on the basis of personal or family ties.
Major Inventions from Small Business and Student-Started Businesses
Where Innovation Is Used
From Small Businesses
From Student-Started Small Businesses
Medicine
Heart valves
(Demetre Nicoloff)
Video laryngoscope
(Aircraft Medical)
Business Processes
Assembly lines
(Olds)
JIT PC assembly
(Dell)
Computing Hardware
Supercomputers
(Cray)
Home computers
(Apple)
Computer Software
Relational databases
(Oracle)
Social networking
(Facebook)
Everyday Technology
Photocopiers
(Chester Carlson)
Leisure
Outboard engines
(Cameron Waterman)
Snowboards
(Dimitrije Milovich)
Fashion
GORE-TEX
(W. L. Gore)
Extreme custom nail polish
(Dineh Mohajer)
Drinks
Snapple
(Arnold Greenberg)
Kombucha
(GT Dave)
New Opportunities
< >Owners have not only flexibility, but the chance to improve their economic well being.People with unusual schedules and people with problems that might limit their ability to be hired (e.g. immigrants, handicapped) can achieve success by entrepreneurship.Small businesses offer opportunity to the community in a number of ways.New products and services.Provides opportunities to large businesses from the products or supporting services the firm will need to operate.Big business depends on small business as a source of key ideas for new products.Provides tax dollars both from the firm’s income and from that of its employees.
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Teaching Tip: Select a number of products that were or are relatively new to the market and known to students. Examples might include a recently released movie, a new electronic games (e.g., Nintendo), or ride sharing through Uber and Lyft. Divide the students into groups and ask them to generate lists of product variations and/or peripheral products or services that have evolved from this invention. Have them come up with several new ideas – things that haven’t been done, but could be done.
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New Markets
< >One type of entrepreneurial opportunity comes from pursuing opportunities in other countries.Buying products or services outside of your home country and selling them at home is called importing.Taking products and services made in your home country and selling them in other countries is called exporting.Originally, small business was a local business, rarely even a national business.Today small business accounts for 33.2% of all exports and represent 97.7% of all exporting firms, most on the basis of personal or family ties.