GMS 200 Chapter Notes - Chapter 5: Social Entrepreneurship, Force Works, Visible Minority

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

Document Summary

Strategic thinking and risk-taking behaviour that results in the creation of new opportu- nities for individuals and/or organizations. Risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view as problems or threats. Founders of businesses that become large-scale enterprises. People who: buy a local franchise outlet, open a small retail shop, operate a self-employed service business. People who introduce a new product or operational change in an existing organization. Typical characteristics: internal locus of control, high energy level, high need for achievement, tolerance for ambiguity, self-confidence, passion and action-orientation, self-reliance and desire for independence. Have tried more than one business venture. Become entrepreneurs between 22 and 45 years of age. Haves strong interests in creative production and enterprise control. Reasons for women and member of visible minorities become entrepreneurs: Provide a pathway to career success that may be blocked otherwise. Money is the key to entrepreneurial success.