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GMS. chap 5 notes.doc

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OCAD University
Global Management
Ashley Scarlett

Chapter 5: Entrepreneurship and Small Business Management THE NATURE OF ENTREPRENEURSHIP Entrepreneurship: is risk‐taking behaviour that results in new opportunities Who are the Entrepreneurs? Entrepreneur: is willing to pursue opportunities in situations others view as problems or threats • start new ventures that bring to life new products or service ideas Characteristics of Entrepreneurs entrepreneur is as the founder of a new business enterprise that achieves large‐scale success • • individual who is very self‐confident, determined, resilient, adaptable, and driven by excellence. • tend to have unique backgrounds and personal experiences Diversity and Entrepreneurship Necessity‐Based Entrepreneurship: takes place because other employment options don't exist • offers women and members of visible minorities opportunities to strike out on their own and gain economic independ- ence, glass-ceiling effect ENTREPRENEURSHIP AND SMALL BUSINESSES Small business: has fewer than 100 employees, is independently owned and operated, and does not dominate its industry • small business sector is very important in most nations because small businesses offer major economic advantages How to get started? Reasons why entrepreneurs start small businesses: 1. wanting to be your own boss and control your future 2. going to work for a family‐owned business 1 3. seeking to fulfill a dream Franchise: where one business owner sells to another the right to operate the same business in another location Family Business Family Business: is owned and controlled by members of a family • everyone working together, sharing values and a common goal, and knowing that what they do benefits the family Family Business Feud: occurs when family members have major disagreements over how the business should be run • disagreements about work responsibilities, business strategy, operating approaches, finances Succession problem: is the issue of who will run the business when the current head leaves Succession plan: describes how the leadership transition and related financial matters will be handled. • should include at least procedures for choosing or designating the firm's new leadership, legal
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