GMS200 Lecture Notes - Small Business, Visible Minority, Initial Public Offering
1 Mar 2013
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Document Summary
Entrepreneurship: is risk taking behaviour that results in new opportunities. Entrepreneur: is willing to pursue opportunities in situations others view as problems or threats: start new ventures that bring to life new products or service ideas. Necessity based entrepreneurship: offers women and members of visible minorities opportunities to strike out on their own and gain economic independ- ence, glass-ceiling effect takes place because other employment options don"t exist. Small business: has fewer than 100 employees, is independently owned and operated, and does not dominate its industry small business sector is very important in most nations because small businesses offer major economic advantages. Reasons why entrepreneurs start small businesses: wanting to be your own boss and control your future. 2. going to work for a family owned business. Franchise: where one business owner sells to another the right to operate the same business in another location.
