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Chapter 6: ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT CHAPTER 6 OVERVIEW Entrepreneurship is an important aspect of the contemporary business world. It occurs for individuals and within organizations, both large and small. Entrepreneurship fuels success in a highly competitive business environment. The chapter begins by defining the terms entrepreneurship and entrepreneur, and then discusses the characteristics of entrepreneurs. The roles of women and minorities in entrepreneurship are described next, and common myths about entrepreneurs are examined. The chapter then focuses on ways of establishing small businesses, with particular emphasis being placed on entrepreneurial opportunities that may be developed through the Internet, in international business, and with family businesses. Consideration is also given to the reasons for small business failures. Next, the chapter discusses important issues that arise in the creation of new business ventures, and describes the life cycle of the entrepreneurial firm and the managerial challenges that are encountered at each stage of the life cycle. The chapter also examines practical managerial matters such as the mechanics of writing a business plan, the choice of a legal form of business ownership, and the options for financing the business. CHAPTER 6 STUDY QUESTIONS SUMMARY Study Question 1: What is entrepreneurship? Entrepreneurship is risk-taking behavior that results in the creation of new opportunities for individuals and/or organizations. An entrepreneur is someone who takes risks to pursue opportunities in situations others may
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This note was uploaded on 10/14/2010 for the course MG 390 taught by Professor Borah during the Spring '10 term at North Alabama.

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