GMS 200 Chapter Notes - Chapter 5: Sole Proprietorship, General Partnership, Marketing Strategy

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

Document Summary

Chapter 5 entrepreneurship and small business management. Entrepreneurship is strategic thinking and rick-taking behaviour that results in the creation of new opportunities for individuals and/or organizations. An entrepreneur is a risk-taking individual who takes actions to pursue opportunities and situations others fail to recognize or even view as threats or problems. An entrepreneur starts his/her own business, is his/her own boss and can make his/her own special contribution to society. Three common ways to become an entrepreneur: start a new business, buy an existing small business. The internet has created numerous entrepreneurial possibilities, including online buying and selling and the more formal pursuit of dot-com businesses. B2b opportunities represent a growing segment of internet entrepreneurship. Internet entrepreneurial opportunities are limited by one"s creativity. Business plan covers: industry analysis, company description, product/service characteristics, marketing strategy, staffing description, capital needs, operations description, financial projection.