Gms Ch 5 Notes

Topics: Corporation, Entrepreneurship, Limited liability partnership Pages: 3 (572 words) Published: March 26, 2013
Chapter 5 – Entrepreneurship
Entrepreneurship – strategic thinking and risk-taking behaviour that results in the creation of new opportunities for individuals and/or organizations Entrepreneurs – risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view problems Study Question 1: Entrepeneurs are…

Franchise Outlet
Small Retail shop (convenience store)
Self-employed service business (hair dresser that cuts hair in basement) Innovate in existing business! “Intrapreneur”
Figure 5.1 Personal traits and characteristics of entrepreneurs Who are the entrepreneurs?
* Internal locus of control
* High energy level
* Self-confidence
* Tolerance for ambiguity
* Self-reliance and desire for independence
* High need for achievement
* Flexibility
* Passion and action orientation
Typical entrepreneurial backgrounds and experiences
* Parents were entrepreneurs or self-employed
* Families encouraged responsibility, initiative, and independence * Have tried more than one business venture
* Have relevant personal or career experience
* Become entrepreneurs between 22 and 45 years of age
* Have strong interests in creative production and enterprise control * Seek independence and sense of mastery
Reasons for women and member of visible minorities becoming entrepreneurs: * Out of necessity (necessity-based entrepreneurship_
* Gain economic independence
* Provide a pathway to career success that may be blocked otherwise *

Common myths about entrepreneurs:
* Entrepreneurs are born, not made
* Entrepreneurs are gamblers
* Money is the key to entrepreneurial success
* You have to be young to be an entrepreneur
* You must have a degree in business to be an entrepreneur Study question 2: What is special about small business?
Small businesses…
* Ones with 100 or fewer...
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