GMS 200 Chapter Notes - Chapter 5: Sole Proprietorship, Imdb, Angel Investor
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GMS 200 Full Course Notes
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5. 1 define entrepreneurship and list the characteristics of entrepreneurs. Entrepreneurship strategic thinking and risk-taking behavior that results in the creation of new opportunities for individuals and/or organizations. Internal locus of control they believe they are in control of their own destiny; they are self-directing. High energy level persistent, hard working and willing to exert extraordinary efforts to succeed. High need for achievement motivated to accomplish hard goals; thrive on performance feedback. Tolerance for ambiguity risk takers; tolerate situations with high degrees of uncertainty. Self-confidence feel competent, believe in themselves, & are willing to make decisions. Passion & action-oriented try to act ahead of problems; want to get things done & not waste time. Self-reliance & desire for independence want independence; self-reliant; own boos. Flexibility willing to admit problems and errors & willing to change a course of action to solve it.