GMS 200 Chapter Notes - Chapter 5: Small Business, Takers, General Partnership

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Sui Sui

Document Summary

Entrepreneurship: is risk-taking behaviour that results in new opportunities (cid:215) who are the entrepreneurs? problems or threats. Entrepreneur: is willing to pursue opportunities in situations others view as. Necessity-based entrepreneurship they start new ventures b/c they have few or no other employment and career options (cid:215) The number of women who are self-employed rose at a rate of over 8 percent annually. Small business has fewer than 100 employees, independently owned and operated, and doesn"t dominate its industry, spend a lot of money on r&d. Microenterprises: refers to organizations with under 10 employees. Medium-sized enterprises: refers to organizations with 100-500 employees. Reasons for small businesses: wanting to be your own boss and control your future, going to work for a family-owned business, seeking to fulfill a dream. How to get started: buy an existing one, or buy and run a franchise where a business owner sells to another the right to operate the same business in another location.