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Lecture 6

MGTA01 Lecture 6- Oct 21.docx

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Management (MGT)
Chris Bovaird

Lecture 6- Oct 21, 2013 Entrepreneurs Entre: to enter Prendre: to take > Someone who enters into a business or industry and takes a chance; it might be risky but he’ll do it Midterm exam: know degrees of competition and different markets Only tested on ch 1-3, but all 6 lectures There’s about 2.5 billion businesses in this country We believe that the fourth factor of production is the culture, spirit said we need people with enterprise and want people who want to start business. Review: It’s easy to start a small business. It’s easy for a small business to FAIL. Not only does the Canadian culture and society says start a business, but by making it easy to start a business, we get a huge turnover of businesses that fail.  the word fail is not entirely accurate but what we do know for sure is that after 2 or 5 years, a large percentage of businesses that got started up are no longer paying taxes.  Revenue Canada tells us that if you started 100 businesses in October of 2003, by Oct 2005, 39% of those would no longer be sending tax cheques. By 2008 64% of them were no longer reporting taxable income.  Research suggests that people who want to run their own show think the odds of success are worst than they really are.  Every university in this country and in North America, continue to get people who want to start their own businesses. ‘Entrepreneur’ Explained ‘Entrepreneur’ is not a job ‘Entrepreneur’ is a role ‘Entrepreneur’ is a personality type  someone who enters a market  It’s an attitude Personality Types Risk Tolerance High ‘Need for Achievement’ Internal Locus of Control Risk Tolerance Risk defined: uncertainty of outcome People See risk:  From new situations, complexity, or the unknown Wide dispersion -> high uncertainty Threatening or inviting Entrepreneurs: Risk Tolerant  Entrepreneurs start new businesses  Entrepreneurs try new opportunities  Entrepreneurs know: they might fail  Entrepreneurs are risk tolerant : ‘I’ll get a job soon enough, since I studied so much, so I’m not worried’  Prof. gives example of eating haggis as a way to take risk “Locus of Control” A person's belief about what causes good or bad results in his or her life. The extent to which people believe that they can control events that affect them. “Internal” Locus of Control People belief that events result from their own behavior and actions. “internals” try to influence others. “internals” assume their efforts will succeed “External” Locus of Control People who believe that powerful others, fate, or chance determine events. Less likely to be leaders Less likely to take risks Less likely to start their own business Internal: ‘ I control my destiny’ External: They control my destiny Entrepreneurs: o recognize opportunities o assemble and mobilise resources o assume risks to realise rewards o Entrepreneurs are “internals” Norwegians are rich because of smart people, great resources. Need for Achi
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