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Week 11 - Entrepreneurship and Small Business Management

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Ryerson University
Global Management Studies
GMS 200
Sui Sui

Monday, March 28, 2011 GMS 200 – WEEK 11 Entrepreneurship and Small Business Management Study Questions 1. What is entrepreneurship? 2. What is special about small businesses? 3. How does one start a new venture? 4. What resources support entrepreneurship and business development? Study Question 1 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 as problems or threats – founders of businesses that become large- scale enterprises o Examples: Google (Larry Page and Sergey Brin), Starbucks (Jerry Baldwin, Zev Siegl, Gordon Bowker), Figure 6.1: Personal Traits and Characteristics of Entrepreneurs Describe yourself in terms of each of the above characteristics of entrepreneurs? Typical entrepreneurial backgrounds and experiences: o Parents were entrepreneurs or self-employed o Families encouraged responsibility, initiative, and independence o Usually not successful the first time learn from their mistakes and try again Women entrepreneurs: o Women own 46% of all privately owned businesses in the U.S. o Famous Examples: Oprah, Martha Stuart, Coco Chanel, JK Rowling, Beyonce What are the reasons for women to become entrepreneurs? o A new idea o Doing for themselves what they were already doing for other employers o Seeking a pathway to opportunity Anita Roddick: Mrs. Body Shop o Roddick (1942 – 2007) open her own shop back in the UK in 1976 o The company was one of the first to prohibit the use of ingredients tested on animals and one of the first to promote fair trade with third world countries o In 2006, The Body Shop agreed to a 652.3 million pounds takeover by L’Oreal True or False? o Entrepreneurs are born, not made True o Money is the key to entrepreneurial success False o You must have a degree in business to be an entrepreneur True and False Study Question 2 Small businesses: annual gross revenues lower than 5 million, ones with 100 or fewer employees, independently owned and operated 50% of the private labour force works in small businesses Entrepreneurship is a powerful force driving innovation, productivity=y, job creation, and economic growth Countries with a high level of entrepreneurial activity tned to be better off economically Entrepreneurship and the Internet: o Internet offers numerous entrepreneurial opportunities o Businesses are limited only by personal creativity o Business-to-business (B2B) ventures International business entrepreneurship: o What opportunities are provided by the globalization for small businesses? o
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