Textbook Notes (369,072)
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GMS 200 (566)
Chapter 5

Chapter 5 - Entrepreneurship And Small Business.docx

4 Pages

Global Management Studies
Course Code
GMS 200
Shavin Malhotra

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Chapter5EntrepreneurshipAndSmallBusinessManagementEntrepreneurship is a risktaking behavior that results in new opportunitiesoAn entrepreneur is willing to pursue opportunities in situations others view as problems or threatsSome key traitsentrepreneurs possess includeoInternal locus of controloHigh energy leveloHigh need for achievementoTolerance for ambiguity uncertaintyoSelfconfidenceoPassion and action orientationoSelfreliance and desire for independenceoFlexibilityWhen economists speak about entrepreneurs they speak about a special group who are driven by absolute need This is called necessity based entrepreneurship they start new ventures because they have few or no other employment and career optionsIn Canada a small business is described as one with 100 or fewer employees and almost 98 of Canadian businesses fall into that categoryOne way to get started is to buy and run a franchiseit is a form of business where one business owner sells to another the right to operate the same business in another location For example Subway you will run the franchise under the original owners business name and guidance In return you will get a share of income or flat feeFamily Businesses on the other hand and ones owned and financially controlled by family members The largest percentage of business operations worldwide are family businessesoA family business feud can occur when family members have major disagreements over how the business should be run
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