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Lecture 9

GMS 200 Lecture 9: GMS 200 Week 10 Notes

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Ryerson University
Global Management Studies
GMS 200

Introduction to Global Management Week 10 Lecture/Textbook Notes Entrepreneurship and Small Business Management • entrepreneurship - strategic thinking and risk-taking behaviour that results in the creation of new opportunities for individuals and/or organizations • necessity-based entrepreneurship - takes place because other employment options don't exist • entrepreneurs - risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view as problems or threats; internal locus of control, high energy level, high need for achievement, tolerance for ambiguity, self-confidence, passion and action-oriented, self-reliant and desire for independence, flexible • social entrepreneurship - a unique form of ethical entrepreneurship that seeks novel ways to solve pressing social problems • social enterprises - have a social mission to help make lives better for underserved problems • small businesses - ones with 100 or fewer employees, are independently owned and operated, and accounts for 23% of Canada’s GDP; 48% of the private labour force works in small business; are established by starting a new business, buying an existing business, or buying an running a franchise • internet/web-based entrepreneurship - the use of the internet to pursue an entrepreneurial venture; internet offers numerous entrepreneurial opportunities; 85% of small businesses are conducting business over the internet; advertising, brokerage, community, freemium, infomediary, merchant, referral, subscription model • family business - a business that is owned and financially controlled by family members; family business feud - occurs when family members have major disagreements over how the business should be run • small businesses fail because of lack of experience, lack of expertise, lack of strategy and strategic leadership, poor financial control, growing too fast, ethical failure Life Cycle of Entrepreneurial Firms each stage uses different managerial challenges and requires different managerial • competencies • birth stage - establishing the firm, g
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