GMS 200 Lecture : GMS200 - Chapter 6 Notes

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Jian Guan

Document Summary

Study question #2"s answer: small businesses , ones with 100 or fewer employees, independently owned and operated, 50 percent of the private labour work force works in small businesses, are established by: Buying and running a franchise: entrepreneurship and the internet , the internet offers numerous entrepreneurial opportunities. Dot-com businesses: businesses are limited only by personal creativity, business-to-business (b2b) ventures are possible. International business entrepreneurship : provides strategic opportunities for small businesses, creates exporting and importing opportunities, supported through appropriate governmental and non-governmental organizations. Family businesses : owned and financially controlled by family members, largest percentage of businesses worldwide, can provide an ideal business situation, problems unique to family businesses. Succession problem: reasons for small business failures, lack of experience, lack of expertise, lack of strategy and strategic leadership, poor financial control, growing too fast, insufficient commitment, ethical failure. Forms of legal ownership: sole proprietorship, partnership. Limited liability partnership: corporation, limited liability corporation (llc)