ADM 1300 Chapter Notes - Chapter 5: Decision-Making, Epinions, Franchising

• School: University of Ottawa
• Department: Administration
• Course: ADM 1300
• Professor: Matthew Archibald

Document Summary

Entrepreneurship: risk-taking behaviour that results in new opportunities. Entrepreneur: willing to pursue opportunities in situations others view as problems or threats. Internal locus of control: entrepreneurs believe that they are in control of their own destiny; they are self-directing and like autonomy. High energy level: entrepreneurs are persistent, hard working, and willing to exert extraordinary efforts to succeed. High need for achievement: entrepreneurs are motivated to accomplish challenging goals; they thrive on performance feedback. Tolerance for ambiguity: entrepreneurs are risk takers; they tolerate situations with high degrees of uncertainty. Self-confidence: entrepreneurs feel competent, believe in themselves, and are willing to make decisions. Passion and action orientation: entrepreneurs try to act ahead of problems; they want to get things done and not waste valuable time. Self-reliance and desire for independence: entrepreneurs want independence; they are self-reliant; they want to be their own bosses, not work for others.