GMS 200 Lecture Notes - Lecture 10: Business Incubator, Intrapreneurship, Sole Proprietorship

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

Document Summary

Entrepreneurship: risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view as problems or threats. Money is the key to entrepreneurial success. People who buy local franchise outlets, open a small retail shop, or go into a self- employed service business. People who assume responsibility for introducing a new product or a change in operations in an existing organization. Entrepreneurship is a powerful force driving innovation, productivity, job creation economic growth, and social stability. Social entrepreneurs: recognizes a social problem and uses entrepreneurial principles to solve social problems. Identify a market niche that is being missed by other established firms (first mover advantage) Identify a new market that has not yet been discovered by existing firms. Stages in the life cycle of an entrepreneurial firm. Sources of outside financing: debt financing: a business plan describes the direction for a new business and the financing needed to operate it, equity financing.