GMS 200 Lecture Notes - Lecture 9: Strategic Thinking, Limited Liability Partnership, Sole Proprietorship

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Horatio Morgan

Document Summary

Strategic thinking and risk-taking behaviour that results in the (recognition and/or) creation og new opportunities for individuals and/or organization. An entrepreneur is a risk-taking individual who takes action to pursue opportunities and situations others fail to recognize, or even view as problems or threats. Three common ways to become an entrepreneur: start a new business, buy an existing small business. Practical steps in starting a new business: business plan. An individual or a married couple who pursue a business for a profit. Consists of a general partner and one or more limited partners who do not participate in the day-to-day management of the business. Limits the liability of one partner for the negligence of another partner. A legal entity that separately exists from its owners, protects the owners from personal liability, and gives the form a life of its own beyond that of its owners. Loans and equity from relative and friends (i. e informal finance)