SOCSCI 2EN3 Lecture Notes - Lecture 1: Small Business, Takers

• School: McMaster University
• Department: Social Sciences
• Course: SOCSCI 2EN3
• Professor: Duncan Gillespie

Document Summary

Economically attractive and timely opportunity that creates value. True opportunity exists only for the entrepreneur who has: the desire and capabilities required to succeed. Entrepreneurs: active owner-managers, second-generation operators of family-owned firms, franchisees, owner managers who have bought out the founders of existing firms. Salaried managers: not considered entrepreneurs, however, entrepreneurial innovation and risk acceptance. 100 employees (drives the entrepreneur to be the 1st person there) According to stats canada, in 2016: 1. 08 million small businesses in canada. Small business are important to canadian economy: employs 7. 7 million canadians of the total labour force in private sectors, 78% of all new jobs created. 13% due to poorly developed marketing strategies. 8% succumbed to competitor activities (competitor advantage = differentiate from competitors) Founder (cid:523)(cid:498)nascent(cid:499) entrepreneur(cid:499)(cid:524) (cid:498)second stage(cid:499) entrepreneur: brings a new firm into existence. Franchisee: directs the continuing operations of established firms, power is limited by the contractual relationship with a franchising organization.