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management lec 5.docx

5 Pages

Management (MGT)
Course Code
Chris Bovaird

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Entrepreneurship and small business Small Business: Scale / Importance in Canada Failure and Success Entrepreneurs: Psychological Characteristics Demographic Characteristics Canada is market economy Anyone may start a business NO fees NO government permission To start new business: just.... Begin Textbook: 380 new businesses every day! Canada - Sympathetic to Business Competitiveness (rank among world’s nations): Overall – 8h Government - 9 th Infrastructure – 7h Business environment – 5 th Source: The Economist, Pocket World in Figures, 2010 Small Business Textbook: "Owner-managed business…” “less than 100 employees…" Problems with that definition..... Small Business in Canada Impossible to know how many We can only estimate Recent estimate: (approx) 2.4 million Size Number Cumulative % Self-Employed 1 289 5094 N/A With Employees 1 138 761 1–4 621 968 54.6 5–9 232 189 75.0 10–19 140 554 87.4 20–49 92 292 95.5 50–99 29 420 98.0 100–199 13 147 99.2 200–499 6 483 99.8 500+ 2 706 100.0 Grand Total 2 428 270 Source: Statistics Canada, December 2010. Canadians Work in Small Business Total working population: 17 million 8% of Canadians are self employed Nearly 25% work in business <5 others Nearly 50% work in business <50 others Note: estimates by Prof. Bovaird Small Business Failure Rates It’s easy to start a small business. It’s easy for a small business to FAIL. % that fail % that fail Year (Canada) (USA) 2 39 40 5 64 60 10 80 90 Interesting Fact About Entrepreneurs Most would-be entrepreneurs think odds of success are: worse! MGTA03 – Intro to Management Lecture #5 Chapter 3 – continued “Entrepreneurs” Entrepreneurs: Personality Traits High “Need for Achievement” “Internal” locus of control Risk tolerance Self Confident Need for Achievement Psychologist David McClelland (1961) “Needs Motivation” Theory Three basic human motivations “Needs Motivation” Theory Need for power (N-Pow) People who are 'authority motivated'. They need to be influential. N-Pow produces a need to lead. These people need personal status and prestige. Need for affiliation (N-Aff) People who need friendly relationships, motivated by interaction with others. N-Aff produces need to be liked, held in high regard. Team players. Need for achievement (N-Ach) People who seek achievement, want to attain challenging goals. N-Ach produces people wh
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