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Lecture 3

GMS 200 Lecture Notes - Lecture 3: Starbucks, Visible Minority, Zev Siegl

Global Management Studies
Course Code
GMS 200
Sui Sui

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Chapter 5: Entrepreneurship and Small Management
What is entrepreneurship?
Strategic thinking and risk-taking behavior that results in the creation of new
opportunities for individuals and/or organizations
Risk-taking individuals who take actions to pursue opportunities and situations
others may fail to recognize or may view as problems or threats
oFounders of a new business
oPeople who buy local franchise outlet, open a small retail shop, or go into
a self-employed service business
oPeople who assume responsibility for introducing a new product or a
change in operations in an existing organization
Began in January 1996 as a research project by Larry Page and Sergey Brin when
they were both PhD students at Stanford
First Starbucks was opened in Seattle in 1971 by three partners: English teacher
Jerry Baldwin, history teacher Zev Siegl, and writer Gordon Bowker
In 1984, the original owners of Starbucks sold the chain to entrepreneur Howard
Personal Traits and Characteristics
High energy
Self confidence
High need for achievement
Common Myths About Entrepreneurs
Entrepreneurs are born, not made
Entrepreneurs are gamblers
Money is the key to entrepreneurial success
You have to be young to be an entrepreneur
You must have a degree in business to be an entrepreneur
Reasons for women and member of visible minorities becoming entrepreneurs
oOut of necessity
oGain economic independence
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