GMS 200 Chapter : Week 11

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

Document Summary

What is entrepreneurship? y strategic thinking and risk-taking behaviour that results in the creation of new opportunities for individuals and/or organizations. Changing conditions lead to entrepreneurial opportunities y opportunity: demographic change (e. g. education, age, immigration, technological change (e. g. feasibility, miniaturization, standards, regulatory change (e. g. laws, rules policies, economic change (e. g. costs, incomes, tariffs, social change (e. g. values, culture, communities) Typical characteristics of entrepreneurs y high energy level y high need for achievement y tolerance for ambiguity y self-confidence y passion and action-orientation. How can they be established? y starting a new business. y buying an existing business. y buying and running a franchise. Largest percentage of businesses worldwide. y owned and financially controlled by family members y y can provide an ideal business situation y problems unique to family businesses: family business feud, success problems. Forms of legal ownership y sole proprietorship y partnership y corporation.