GMS 200 Chapter Notes - Chapter 5: Intrapreneurship, Limited Liability Partnership, Financial Institution

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GMS 200 Full Course Notes
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GMS 200 Full Course Notes
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Document Summary

Entrepreneurship: strategic thinking and risk-taking behaviour that results in the creation of new opportunities for individuals and/or organizations. Entrepreneurs: risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view as problems or threats. Founders of businesses that become large-scale enterprises: people who: Operate a self-employed service business: people who introduce a new product or operational change in an existing organization. Tolerance for ambiguity: entrepreneurs are risk takers; they tolerate situations with high degrees of uncertainty. Become entrepreneurs between 22 and 45 years of age. Have strong interests in creative production and enterprise control. Reasons for women and member of visible minorities becoming entrepreneurs: out of necessity (necessity-based entrepreneurship, gain economic independence, provide a pathway to career success that may be blocked otherwise. Internet entrepreneurship: the internet offers numerous entrepreneurial opportunities, nearly 85% of small businesses are conducting business over the internet. Family businesses owned and financially controlled by family members.

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