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Lecture

GMS200 Lecture Notes - Small Business, Visible Minority, Initial Public Offering


Department
Global Management
Course Code
GMS200
Professor
Ashley Scarlett

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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
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