GMS 200 Lecture Notes - Lecture 7: Sole Proprietorship, Limited Liability Partnership, General Partnership

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Deborah De Lange

Document Summary

A risk-taking behaviour that results in the creation of new opportunities for individuals and/or organizations. Commonly defined as one with 100 or fewer employees, that is independently owned and operated, that does not dominate its industry. Internal locus of control: believe that they have control their own destiny; they are self- directing and like autonomy. High energy level: are persistent, hard working, and willing to exert extraordinary ef- forts to succeed. High need for achievement: are motivated to act individually to accomplish challeng- ing goals; they thrive on performance feedback. Tolerance for ambiguity: are risk-takers; they tolerate situations with high degrees of uncertainty. Self-confidence: feel competent, believe in themselves, and are willing to make deci- sions. Passion and action oriented: try to act ahead of problems; they want to get things done and not waste valuable time. Self-reliance and desire for independence: want independence: they are self-reliant; they want to be their own boss, not work for others.