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GMS 200 (566)
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Chapter 5

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Global Management Studies
GMS 200
Jian Guan

Chapter Five Entrepreneurship and Small Business Management GMS Notes Entrepreneurshiprisktaking behaviour that results in new opportunities Entrepreneurone who is willing to pursue opportunities in situations others view as problems or threatsthey are born with these traits nature viewsthey learn these traits nurture views Entrepreneurs have several distinguished characteristics They include 1 internal locus of control 2 high energy level 3 high need for achievement 4 tolerance for ambiguity 5 selfconfidence 6 passion and action orientation 7 selfreliance and desire for independence and 8 flexibility Advantages of being self employed Disadvantages of being self employedhave the freedom to set your own priorities andyou may earn irregular income depending on the satisfy your creative drive nature of the business and the state of the economygiven the tax deductibility of certain businessthe business may be time consuming especially expenses you have a definite tax advantage over during startup years people who are not self employedyou risk losing your capital and being exposed toyou enjoy job security as long as your business is bankruptcy costs under circumstances outside your successful cont
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