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Global Management Studies
GMS 200
Helene Moore

GMS- MANAGEMENT Entrepreneurs \  Small Business  Self-Employement Figure5.1  Entrepreneurs background and experience Parent were entrepreneurs or self employed Families encouraged responsibility, initiative and independence e Have tried more then one business venture Have relevant personal or career experience Become entrepreneur between 22-45 Have strong interest in creative production and enterprise control Seek independence and sense of mastery Reasons for women and visible minorities becoming entrepreneurs  Out of necessity  Gain economic independence  Provide a pathway to career success that may be blocked otherwise Small Business  100 or fewer employees  Independently owned and operated  48 percent of the private labour force works in small businesses Internet Entrepreneurship  Internet offers numerous entrepreneurial opportunities  Nearly 85% of small businesses are conducting business over the internet Family Business  Owned and financially controlled by family members.  Largest percentage of businesses worldwide Problems unique to family businesses:  Family business feud  Succession bias Small business failures: o Lack of experience o Lack of commitment o Lack of strategy o Ethical Failure o Lack o
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