GMS Chapter 5.docx

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Department
Global Management Studies
Course
GMS 200
Professor
Tsogbadral Galaabaatar
Semester
Winter

Description
GMS Chapter 5 Entrepreneurship and Small Business Management Sole Proprietorship is a form of business where an individual pursues a profitA partnership is a form of business where two or more people agree to contribute resources to start operate a business together Corporation is a legal entity that exists separately from its owners Limited liability corporation is a hybrid business form combining advantages of the sole proprietorship partnership and corporation Debt financing involves borrowing money that must be repaid over time with interest Equity financing involves exchanging ownership shares for outside investment monies Venture capitalists make large investments in new ventures in return for an equity stake in the business Initial public offering or IPO is an initial selling or shares of stock to the public at large Angel Investor is a wealthy individual willing to invest in a new venture in return for equity in a new ventureThe Nature of Entrepreneurship Entrepreneurshipis risktaking behavior that results in new opportunitiesAn Entrepreneur Is willing to pursue opportunities in situations others view as problems or threats Those who take risk of buying a local McDonalds or Harveys hamburger franchise opening a small retail shop or going into a self employed service business are also entrepreneurs Characteristics of Entrepreneurs Internal locus of control Entrepreneurs believe that they are in control of their own destiny they are selfdirecting and like autonomy High energy level Entrepreneurs are persistent hard working and willing to exert extraordinary efforts to succeed High need for achievement Entrepreneurs are motivated to accomplish challenging goals they thrive on performance feedback Tolerance for ambiguity Entrepreneurs are risk takers they tolerate situations with high degrees of uncertainty SelfconfidenceEntrepreneurs feel competent believe in themselves and are willing to make decisions Passion and action oriented Entrepreneurs try to act ahead of problems they want to get things done and not waste time Self reliance and desire for independence Entrepreneurs want independence they are self reliant they want to be their own boss and not work for others
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