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MGTA01H3 (348)
Lecture 4

Lecture 4-7

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Management (MGT)
Chris Bovaird

LECTURE: FOUR Small Businesses in Canada Introduction: Canada is a market economy Anyone may start a business o No Fees o No government permission Canadians Work in Small Businesses 10% are self employed, work alone Nearly 25% work in businesses Nearly 50% work in businesses Small Business Failure Rates Its easy to start a small business Its easy for a small business to fail LECTURE FIVE: Entrepreneurs: Personality TraitsThe people likely to become entrepreneurs High Need for Achievement o Psychologist David McClelland (1961) Needs Motivation Theory: 3 Ba. Motivations Need for power (N-Pow) People who are authority. They need to be influential. N-Pow produces a need to lead. These people need personal status and prestige. Profs Brother (like to be powerful, and influential) Need for affiliation (N-Aff) People who need friendly relationships, motivated by interaction with others. N-Aff produces need to be liked, held in high regard. Team Players.(high school teacher brother; hanging out like others) (liked to be liked)Doctors, Nurses, High school Teacher, Priest, Need for Achievement (N-Ach) People, who seek achievement, want to attain challenging goals. N-Ach produces people who need accomplishment.(ex.Professor) set goals for themselves and challenge themselves o Entrepreneurs: seek challenges, set goals, take risks, have a very high Need for Achievement Internal locus of control o Locus of Control A persons belief abourt what cause good or bad results in his or her life The extent to which people believe that they can control events that affect them
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