GMS 200 Lecture Notes - Lecture 7: Chinglish, Limited Partnership, Sole Proprietorship

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Ado Abdoulkadre

Document Summary

First-mover advantage: similar to competitive advantage, first firm to do anything: create new product, go into new market, explore new niche. Language, culture, cash money, experience, immigration status, loyal local partner, multiple suppliers, use of lucky numbers 8 is a lucky number, speaking (cid:862)chin-glish(cid:863) Stages in the life cycle of an entrepreneurial firm. Birth stage: establishing the firm, getting customers, finding the money (fighting for existence and survival) Breakthrough stage: working on finances, becoming profitable, growing (coping with growth and takeoff) Maturity stage: refining the strategy, continuing the growth, managing for success (investing wisely and staying flexible) Basic items that should be included in a business plan. Executive summary, industry analysis, company description, company description, product and services description, market description, marketing strategy, operations description, staffing description, financial projection, capital needs, milestones. Forms of legal ownership: sole proprietorship, partnership, general partnership, limited partnership, corporation, limited liability corporation (llc) Financing the new venture: debt financing, equity financing.