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Lecture

Week 11 - Entrepreneurship and Small Business Management

4 Pages
400 Views

Department
Global Management Studies
Course Code
GMS 200
Professor
Sui Sui

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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
oExamples: 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:
oParents were entrepreneurs or self-employed
oFamilies encouraged responsibility, initiative, and independence
oUsually not successful the first time learn from their mistakes and try again
Women entrepreneurs:
oWomen own 46% of all privately owned businesses in the U.S.
oFamous Examples: Oprah, Martha Stuart, Coco Chanel, JK Rowling, Beyonce
What are the reasons for women to become entrepreneurs?
oA new idea
oDoing for themselves what they were already doing for other employers
oSeeking a pathway to opportunity
Anita Roddick: Mrs. Body Shop
www.notesolution.com

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Description
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 www.notesolution.com 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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