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Chapter 7 Business Ownership.doc

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University of British Columbia
COMM 100
David Crawford

Chapter 7 Business Ownership & Small business Entrepreneurship: accepting the challenge of staring and running a business. Why become entrepreneur? 1. New idea, process or product 2. Independence 3. Challenge 4. Family pattern (e.g. Pilkington, Walmart) 5. Profit 6. Immigrants Entrepreneur Skills: 1. Self-directed. 2. Determined. 3. Action-Oriented. 4. Highly Energetic 5. Tolerant of uncertainty 6. Able to learn quickly. Women entrepreneurs: 1. Financial need 2. Lack of Promotion Opportunities 3. Women Returning to the Workforce. 4. Public awareness of Women in Business. 5. Part-Time Occupations 6. Higher rate of success for women Micro-enterprise:A small business defined as having fewer than five employees. Micropreneurs: Small-business owners with fewer than five employees who are willing to accept the risk of staring and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle. Intrapreneurs: Creative people who work as entrepreneurs within corporations Small Business:  Independently owned and operated  Not dominant in its field  Small number of employees (1-49)  Small sales level Importance of Small Business:  Most small businesses in Canada are Canadian owned.  Almost 2.5 million self-employed people in Canada.  Represents 15% of the total labour force but employs 49% of total private sector labour force. 
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