GMS 200 Chapter 5: Chapter Five.docx

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Jian Guan

Document Summary

Entrepreneurship risk-taking behaviour that results in new opportunities. Entrepreneur one who is willing to pursue opportunities in situations others view as problems or threats. They are born with these traits ( nature views) They include (1) internal locus of control, (2) high energy level, (3) high need for achievement, (4) tolerance for ambiguity, (5) self-confidence, (6) passion and action orientation, (7) self-reliance and desire for independence, and (8) flexibility. Have the freedom to set your own priorities and satisfy your creative drive. Given the tax deductibility of certain business expenses, you have a definite tax advantage over people who are not self employed. You enjoy job security as long as your business is successful. You have a flexible work schedule that can accommodate your personal needs. You may earn irregular income depending on the nature of the business and the state of the economy. The business may be time consuming especially during start-up years.