GMS 200 Chapter Notes - Chapter 6: Force Works, Strategic Thinking, Limited Partnership

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Shavin Malhotra

Document Summary

entrepreneurship: strategic thinking and risk-taking behavior that results in the creation of new opportunities for individuals and/or organizations. ones with 100 or fewer employees and independently owned and operated. 50 percent of the private labour force works in small businesses: starting a new business, buying an existing business, buying and running a franchise. why they fail : lack of experience , lack of expertise, lack of strategy and strategic leadership, poor financial control, growing too fast, insufficient commitment, ethical failure. the internet offers numerous entrepreneurial opportunities: online buying and selling, dot-com businesses. businesses are limited only by personal creativity. supported through appropriate governmental and non-governmental organizations. owned and financially controlled by family members. problems unique to family businesses: family business feud and succession problems. Writing the business plan describes the direction of the new business and the financing needed to operate it.