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MGM102 Lecture Chapter 9- Entrepreneurship.docx

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Dave Swanston

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Lecture Notes Chapter 9- Entrepreneurship • Entrepreneurship- Accepting the challenge of starting and running a business • Why people take the entrepreneurial challenge:  New idea, process, or product  Independence  Challenge  Family pattern  Profit  Immigrants • What does it take to be an entrepreneur  Self directed  Determined  Action oriented  Highly energetic  Tolerant of uncertainty  Able to learn quickly • Typical characteristics of entrepreneurs  Internal locus of control  High energy level  High need for achievement  Tolerance for ambiguity  Self confidence  Passion and action orientation  Self reliance and desire for independence  Flexibility • Reasons for Home Based Business  Computer technology  Corporate downsizing  Change in social attitudes  Challenges include: o Getting new customers
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