GMS 200 Lecture Notes - Lecture 8: Limited Liability Partnership, General Partnership, Initial Public Offering

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

Document Summary

Entrepreneurship is a risk-taking behavior that results in new opportuniies: an entrepreneur is willing to pursue opportuniies in situaions others view as problems or threats. Some key traits entrepreneurs possess include: internal locus of control, high energy level, high need for achievement, tolerance for ambiguity (uncertainty, self-conidence, passion and acion orientaion, self-reliance and desire for independence, flexibility. When economists speak about entrepreneurs, they speak about a special group who are driven by absolute need. This is called necessity based entrepreneurship; they start new ventures because they have few or no other employment and career opions. In canada, a small business is described as one with 100 or fewer employees, and almost 98% of. One way to get started is to buy and run a franchise it is a form of business where one business owner sells to another the right to operate the same business in another locaion.