gms Lecture 4: Chapter-5

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Wednesday, February 25, 2015
GMS - Lecture 6 -20.02.15
Video: Ashoka – change makers
Entrepreneurship – Risk-taking behaviour that results in the creation of new opportunities for
individual and/or organization.
What is Small Business? – commonly defined as one with 100 or fewer employees, that is
independently owned and operated, and that does not dominate its industry.
Almost 98 percent of Canadian businesses are classified as small.
Do You Perceive the World like an Entrepreneur?
Johari Window (pg. 160 – 162)
Do you shape your own destiny?
Personality Characteristics (8 characteristics)
1. Internal locus of control – entrepreneurs believe that they control their own destiny; they are self-
directing and like autonomy.
2. High energy level – entrepreneurs are persistent, hard working, and willing to exert extraordinary
efforts to succeed.
3. High need for achievement – entrepreneurs are motivated to act individually to accomplish
challenging goals, they thrive on performance feedback.
4. Tolerance for ambiguity – entrepreneur are risk takers; they toletate situation with high degrees of
5. Self-confidence – entrepreneur feel competent, believe in themselves, and are willing to make
6. Passion and action-orientation – entrepreneurs try to act ahead of problems, they want to get
things done and not waste valuable time.
7. Self-reliance and desire for independence – entrepreneurs want independence; they are self-reliant;
they want to be their own boss, not work for others.
8. Flexibility – entrepreneurs are willing to admit problems and errors, and to change a course of action
when plans are not working.
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