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Chapter 6

Chapter 6 - Entrepreneurship and Small Business

3 Pages
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Department
Global Management Studies
Course Code
GMS 200
Professor
Shavin Malhotra

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Chapter 6 Entrepreneurship and Small Business
THE NATURE OF ENTREPRENEURSHIP
Entrepreneurship: Strategic thinking and risk-taking behavior that results in the creation of new
opportunities for individuals and/or organizations.
Who are the entrepreneurs?
Entrepreneurs:
oRisk-taking individuals who take actions to pursue opportunities and situations others may
fail to recognize or may view as problems or threats.
oStarts new ventures that bring life to new product and service ideas
oFounders of businesses that become large-scale enterprises.
Characteristics of entrepreneurs:
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
oHigh energy level, high need for achievement, self-confidence, passion, control
ENTREPRENEURSHIP AND SMALL BUSINESSES
Ones with 100 or fewer employees and independently owned and operated.
50 percent of the private labour force works in small businesses.
Are established by:
oStarting a new business.
oBuying an existing business.
oBuying and running a franchise.
Why They Fail
oLack of experience , lack of expertise, lack of strategy and strategic leadership, poor
financial control, growing too fast, insufficient commitment, ethical failure
Entrepreneurship and the Internet
The Internet offers numerous entrepreneurial opportunities.
oOnline buying and selling
oDot-com businesses
Businesses are limited only by personal creativity.
Business-to-Business (B2B) ventures are possible.
International Business Entrepreneurship
Provides strategic opportunities for small businesses.
Creates exporting and importing opportunities.
Supported through appropriate governmental and non-governmental organizations.
Family Businesses
Family businesses
Owned and financially controlled by family members.
Largest percentage of businesses worldwide.
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Description
Chapter 6 – Entrepreneurship and Small Business THE NATURE OF ENTREPRENEURSHIP Entrepreneurship: Strategic thinking and risk-taking behavior that results in the creation of new opportunities for individuals and/or organizations. Who are the entrepreneurs? 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. o Starts new ventures that bring life to new product and service ideas o Founders of businesses that become large-scale enterprises. Characteristics of entrepreneurs: 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 o High energy level, high need for achievement, self-confidence, passion, control ENTREPRENEURSHIP AND SMALL BUSINESSES Ones with 100 or fewer employees and independently owned and operated. 50 percent of the private labour force works in small businesses. Are established by: o Starting a new business. o Buying an existing business. o Buying and running a franchise. Why They Fail… o Lack of experience , lack of expertise, lack of strategy and strategic leadership, poor financial control, growing too fast, insufficient commitment, ethical failure Entrepreneurship and the Internet The Internet offers numerous entrepreneurial opportunities. o Online buying and selling o Dot-com businesses Businesses are limited only by personal creativity. Business-to-Business (B2B) ventures are possible. International Business Entrepreneurship Provides strategic opportunities for small businesses. Creates exporting and importing opportunities. Supported through appropriate governmental and non-governmental organizations. Family Businesses Family businesses … Owned and financially controlled by family members. Largest percentage of businesses worldwide. www.notesolution.com Can provide an ideal business situation. Problems unique to family businesses: family business feud and succession problems NEW VENTURE CREATION The entrepreneur has to ask themselves if their idea is good, if it is a good strategy, if a market niche can be identified, if there is a new market that has not been discovered and if there is a first- mover advantage by exploiting a niche or entering a market before competitors Life Cycle of Entrepreneurial Firms Writing the Business Plan describes the direction of the new business and the financing needed to operate it what to include in a business plan:
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