Gms Ch 5 Notes
Chapter 5 – Entrepreneurship
Entrepreneurship – strategic thinking and risk-taking behaviour that results in the creation of new opportunities for individuals and/or organizations
Entrepreneurs – risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view problems
Study Question 1: Entrepeneurs are…
Franchise Outlet
Small Retail shop (convenience store)
Self-employed service business (hair dresser that cuts hair in basement)
Innovate in existing business! “Intrapreneur”
Figure 5.1 Personal traits and characteristics of entrepreneurs
Who are the entrepreneurs? * Internal locus of control * High energy level * Self-confidence * Tolerance for ambiguity * Self-reliance and desire for independence * High need for achievement * Flexibility * Passion and action orientation
Typical entrepreneurial backgrounds and experiences * Parents were entrepreneurs or self-employed * Families encouraged responsibility, initiative, and independence * Have tried more than one business venture * Have relevant personal or career experience * Become entrepreneurs between 22 and 45 years of age * Have strong interests in creative production and enterprise control * Seek independence and sense of mastery
Reasons for women and member of visible minorities becoming entrepreneurs: * Out of necessity (necessity-based entrepreneurship_ * Gain economic independence * Provide a pathway to career success that may be blocked otherwise * http://www.ic.gc.ca/eic/site/061.nsf/eng/h_01303.html
Common myths about entrepreneurs: * Entrepreneurs are born, not made * Entrepreneurs are gamblers * Money is the key to entrepreneurial success * You have to be young to be an entrepreneur * You must have a degree in business to be an entrepreneur
Study question 2: What is special about small business?
Small businesses… * Ones with 100
Entrepreneurship – strategic thinking and risk-taking behaviour that results in the creation of new opportunities for individuals and/or organizations
Entrepreneurs – risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view problems
Study Question 1: Entrepeneurs are…
Franchise Outlet
Small Retail shop (convenience store)
Self-employed service business (hair dresser that cuts hair in basement)
Innovate in existing business! “Intrapreneur”
Figure 5.1 Personal traits and characteristics of entrepreneurs
Who are the entrepreneurs? * Internal locus of control * High energy level * Self-confidence * Tolerance for ambiguity * Self-reliance and desire for independence * High need for achievement * Flexibility * Passion and action orientation
Typical entrepreneurial backgrounds and experiences * Parents were entrepreneurs or self-employed * Families encouraged responsibility, initiative, and independence * Have tried more than one business venture * Have relevant personal or career experience * Become entrepreneurs between 22 and 45 years of age * Have strong interests in creative production and enterprise control * Seek independence and sense of mastery
Reasons for women and member of visible minorities becoming entrepreneurs: * Out of necessity (necessity-based entrepreneurship_ * Gain economic independence * Provide a pathway to career success that may be blocked otherwise * http://www.ic.gc.ca/eic/site/061.nsf/eng/h_01303.html
Common myths about entrepreneurs: * Entrepreneurs are born, not made * Entrepreneurs are gamblers * Money is the key to entrepreneurial success * You have to be young to be an entrepreneur * You must have a degree in business to be an entrepreneur
Study question 2: What is special about small business?
Small businesses… * Ones with 100