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Chapter 6

Chapter 6

6 Pages
95 Views

Department
Global Management Studies
Course Code
GMS 200
Professor
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
oStrategic thinking and risk-taking behavior that results in the creation of
new opportunities for individuals and/or organizations.
Entrepreneurs
oRisk-taking individuals who take actions to pursue opportunities and
situations others may fail to recognize or may view as problems or threats.
Entrepreneurs are
oFounders of businesses that become large-scale enterprises.
oPeople who:
Buy a local franchise outlet
Open a small retail shop
Operate a self-employed service business
oPeople who introduce a new product or operational change in an existing
organization.
Typical characteristics of entrepreneurs:
oInternal locus of control
oHigh energy level
oHigh need for achievement
oTolerance for ambiguity
oSelf-confidence
oPassion and action-orientation
oSelf-reliance and desire for independence
oFlexibility
Figure 6.1 Personal traits and characteristics of entrepreneurs
www.notesolution.com
Typical entrepreneurial backgrounds and experiences:
oParents were entrepreneurs or self-employed.
oFamilies encouraged responsibility, initiative, and independence.
oHave tried more than one business venture.
oHave relevant personal or career experience.
oBecome entrepreneurs between 22 and 45 years of age.
oHave strong interests in creative production and enterprise control.
oSeek independence and sense of mastery.
Reasons for women becoming entrepreneurs:
oBeing motivated by a new idea.
oDoing for themselves what they were already doing for other employers.
oSeeking a pathway to opportunity.
Common myths about entrepreneurs:
oEntrepreneurs are born, not made.
oEntrepreneurs are gamblers.
www.notesolution.com

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Description
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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