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GMS 200 (566)
Chapter 5

GMS 200 Chapter 5: GMS 200 - Chapter 5

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Department
Global Management Studies
Course
GMS 200
Professor
Amirmohsen Behjat
Semester
Fall

Description
Chapter 5: Entrepreneur & Small Business Management 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 Entrepreneurs – Risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view as problems or threats ▪ Founders of businesses that become large-scale enterprise ▪ People who: buy a local franchise outlet, open a small retail shop, operate a self- employed service business ▪ People who introduce a new product or operational change in an existing organization Typical characteristics of entrepreneurs: 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 Reasons for women and member of visible minorities becoming entrepreneurs: ▪ out of necessity (necessity-based entrepreneurship: takes place because other employment options don’t exist) ▪ Gain Economic Independence ▪ Provide a pathway to career success that may be blocked otherwise 5.2 Describe various types of small businesses and explain why many small businesses fail Small Business: has fewer than 100 employees, is independently owned and operated, and does not dominate the industry. ▪ 48% of the private labour force works in small businesses ▪ Accounts for 23% of Canada’s GDP Franchise: a form of business where one business owner sells to another the right to operate the same business in another location The internet has opened a whole new array of entrepreneurial possibilities for small businesses Affordable small business Marketing Strategies 1. Post videos online on your website 2. Use your blog to reach out to prospects and customers (share information about the company and the product or services) 3. List your company on Google Maps 4. Share information across social media platforms Family business: owned and controlled by members of a family ▪ Largest percentage of businesses worldwide ▪ Problems unique to family businesses: family business feud, succession problems ▪ Need for a succession plan: describes how the leadership transition and related financial matters will be handl
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