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GMS 200 (566)
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Chapter 6

Chapter 6

6 Pages

Global Management Studies
Course Code
GMS 200
Sui Sui

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Chapter 6 – Entrepreneurship and Small Business Key Questions for Chapter 6 1. What is entrepreneurship? 2. What is special about small businesses? 3. How does one start a new venture? 4. What resources support entrepreneurship and business development? Study Question 1: What is entrepreneurship? • Entrepreneurship o Strategic thinking and risk-taking behavior that results in the creation of new opportunities for individuals and/or organizations. • Entrepreneurs o Risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view as problems or threats. • Entrepreneurs are … o Founders of businesses that become large-scale enterprises. o People who: Buy a local franchise outlet Open a small retail shop Operate a self-employed service business o People who introduce a new product or operational change in an existing organization. • Typical characteristics of entrepreneurs: o Internal locus of control o High energy level o High need for achievement o Tolerance for ambiguity o Self-confidence o Passion and action-orientation o Self-reliance and desire for independence o Flexibility Figure 6.1 Personal traits and characteristics of entrepreneurs www.notesolution.com • Typical entrepreneurial backgrounds and experiences: o Parents were entrepreneurs or self-employed. o Families encouraged responsibility, initiative, and independence. o Have tried more than one business venture. o Have relevant personal or career experience. o Become entrepreneurs between 22 and 45 years of age. o Have strong interests in creative production and enterprise control. o Seek independence and sense of mastery. • Reasons for women becoming entrepreneurs: o Being motivated by a new idea. o Doing for themselves what they were already doing for other employers. o Seeking a pathway to opportunity. • Common myths about entrepreneurs: o Entrepreneurs are born, not made. o Entrepreneurs are gamblers. www.notesolution.com o Money is the key to entrepreneurial success. o You have to be young to be an entrepreneur. o You must have a degree in business to be an entrepreneur. Study Question 2: What is special about small businesses? • Small businesses … o Ones with 100 or fewer employees. o Independently owned and operated. o 50 percent of the private labour force works in small businesses. o Are established by: Starting a new business. Buying an existing business. Buying and running a franchise. • Entrepreneurship and the Internet … o The Internet offers numerous entrepreneurial opportunities. Online buying and selling Dot-com businesses o Businesses are limited only by personal creativity. o Business-to-Business (B2B) ventures are possible. • International business entrepreneurship … o Provides strategic opportunities for small businesses. o Creates exporting and importing opportunities. o Supported through appropriate governmental and non-governmental organizations. • Family businesses … o Owned and financially controlled by family membe
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