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Canada (158,417)
Management (802)
MGM102H5 (178)
Chapter 6

Lect 3 chapter 6.docx

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University of Toronto Mississauga
Ayesha Khan

Lec 2 (from lecture): For an idea to be successful it needs to have four characteristics: 1. Attractive 2. Achievable 3. Durable 4. Value-Creating Vital to keep it all in balance, and do it all well: Understand the customer’s needs Build quality products/ services Hire and retain good staff Manage cash flow Pay attention to details Focus on the “big picture” Distinguish opportunities & “noise” Thrive in life outside the firm Continuously learn (i.e. finding the right “Life Bala”)e Lec 02 chapter 6 Entrepreneurship: is dynamic, risk-taking, creative, growth-oriented behaviour. Entrepreneur: is willing to pursue opportunities in situations others view as problem or threats. Entrepreneur’s characteristics:  Very self-confident  Determined  Resilient  Adaptable Personality traits of entrepreneurs: (p cat clef )  Internal focus of control: entrepreneurs believe that they are in control of their own destiny; they are self-distracting and like autonomy.  High energy lever: entrepreneurs are persistent, hardworking, and willing to exert extraordinary effort 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: entrepreneurs try to act ahead of problems; they want to egt things done and not waste time.  Self-reliance and desire for independence: entrepreneurs want independence, they are self- reliant; they want to be their own boss, not work for others.  Flexibility: entrepreneurs are willing to admit problems and errors, and to change a course of action when plans aren’t working. Besides all of these research shows that : entrepreneurs come from families whose parents were entrepreneurs and families who gave them responsibility as a child. Organizations with under 10 employees are referred as microenterprise. those with fewer than a 100 employees are small and those with 100-500 are medium. Reasons why people want to be an entrepreneurs: 1. Wanting to be your own boss. 2. Going to work for a famil
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