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Chapter #5 - Entrepreneurship.doc

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Global Management Studies
GMS 200
Shavin Malhotra

Chapter 5 Entrepreneurship and Small Business ManagementWhat is entrepreneurshipStrategic thinking and risktaking behaviour that results in the creation of new opportunities for individuals andor organizationsWho are entrepreneursRisktaking individuals who take actions to pursue opportunities and situations others may ail to recognize or may view as problems or threats Entrepreneurs are oFounders of businesses that become largescale enterprisesoPeople who buy local franchise outlet open a small retail shop operate a selfemployed service businessoPeople who introduce a new product or operational change in an existing organization IntrapreneursoKen Kurtargi Inventor of the PlaystationTypical Characteristics of EntrepreneursInternal locus of controloBelieve that they are in control of their own destiny oThey are selfdirecting and like autonomyHigh energy level oInnovativeoRisk takersoPersistent hardworking and willing to exert extraordinary efforts to succeed High need for achievementoExcel in what they are doing driven by exceeding their tasksoAchieve a certain goal and attain certain profitoMotivated to accomplish challenging goalsoThey thrive on performance feedbackTolerance for ambiguityoThey do not give up that fastoThey go through a lot of ups and downsoMust adapt to highly competitive environmentoHigh degrees of uncertaintySelfConfidenceoBelieve that the venture will workoFeel competentoWilling to make decisionsPassion and actionorientedoWilling to work hard and implement the passion into actionoAct ahead of problemsoWant to get things done and not waste valuable timeSelfreliance and desire for independenceoWant independencyoSelfreliantoWant to be their own bosses and not work for others
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