MKT 100 Study Guide - Final Guide: Limited Liability Partnership, Competitive Advantage, Disruptive Innovation

• School: McMaster University
• Department: Marketing
• Course: MKT 100
• Professor: Daryl D' Souza

Document Summary

Strategic thinking and risk-taking behaviour that results in the creation of new opportunities 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 of entrepreneurs: 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, flexibility. Figure 5. 2 personal traits and characteristics of entrepreneurs. Reasons for women and member of visible minorities becoming entrepreneurs: Provide a pathway to career success that may be blocked otherwise. Money is the key to entrepreneurial success. You have to be young to be an entrepreneur. You must have a degree in business to be an entrepreneur.