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Chapter 5

GMS 200 Chapter Notes - Chapter 5: Visible Minority, Root Mean Square, Freemium


Department
Global Management Studies
Course Code
GMS 200
Professor
Deborah De Lange
Chapter
5

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Thursday, February 18, 2016
GMS 200
Chapter Five
The Nature of Entrepreneurship 5.1
-Entrepreneurship- is a risk-taking
behaviour that results in the creation
of new opportunities
-an entrepreneur takes risks to
pursue opportunities in situations
that others may view as threats
-entrepreneurs tend to be creative
people who are self-confident,
determined, resilient, adaptable, and
driven to excel; they like to be
masters of their own business
-strong interests in creative
production: enjoying project initiation,
working with the unknown, and finding unconventional solutions. as well as enterprise
control: finding enjoyment from running things. They want to start things and move
things forward.
-when economist speak about entrepreneurs, they differentiate between those who
are driven by the quest for new opportunities and those who are driven by absolute
need
-necessity-based entrepreneurship- takes place because other employment options
don't exist
-entrepreneurship provides a pathway for career success that may be blocked
otherwise
-women and members of visible minorities are well represented among entrepreneurs,
with some being driven by necessity or the lack of alternative career options
-social entrepreneurship- is a unique form of ethical entrepreneurship that seeks
novel ways to solve pressing social problems
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Thursday, February 18, 2016
-social enterprises- social mission to help make lives better for underserved
population
-innovative thinking that can transform lives and change the world
Entrepreneurship and Small Business 5.2
-entrepreneurship results in the founding of many small businesses that offer job
creation and other benefits to economies
-small business- has fewer than 100 employees is independently owned and
operated, and does not dominate its industry
-franchise- is a form of business where one business owner selles to another the right
to operate the same business in another location
-internet entrepreneurship- is the use of the internet to pursue an entrepreneurial
venture, start-up activities
-examples of web-based models: advertising, brokerage, community, freemium,
infomediary, merchant, referral, subscription
-the internet has opened a whole new array of entrepreneurial possibilities for small
businesses
-family business- is owned and controlled by members of a family, represent the
largest percentage of businesses operating worldwide; they sometimes have
succession problems- is the issue of who will run the business when the current
head leaves
-business advisors recommend a succession plan- describes how the leadership
transition and related financial matters will be handled. the plan should be shared and
understood by all those affected by it
-family business feud- occurs when
family members have major
disagreements over how the business
should be run (ie. work responsibilities,
business strategy, operating
approaches, finances..)
-small businesses have a high failure
rate, often a result of poor
management
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