GMS 200 Lecture Notes - Lecture 1: Initial Public Offering, Sole Proprietorship

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Chapter 5: Entrepreneurship and Small Business Management
The Nature Of Entrepreneurship
Who are the Entrepreneurs?
Entrepreneurship: Is risk taking behaviour that results in new opportunities
Entrepreneur: Willing to pursue opportunities in situations others view as problems or
threats
Characteristics of Entrepreneurs
Diversity and Entrepreneurship
Necessity-based Entrepreneurship: Takes place because other employment options
don't exist
Social Entrepreneurship
Social Entrepreneurship: A unique form of ethical entrepreneurship that seeks novel
ways to solve pressing social problems
Social Enterprises: Have a social mission to help make lives better for underserved
populations
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