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Textbook notes Ch.3-Understanding Entrepreneurship, Small Business and New Venture Creation

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

CHAPTER 3 UNDERSTANDING ENTREPRENEURSHIP, SMALL BUSINESS AND NEW VENTURE CREATION Principle points: Market Economies - easy to start a business sole proprietorship Small business very important to Cdn. Economy number of business number of jobs job creation Who starts new businesses [small business]: entrepreneur demographic characteristics psychological characteristics Introduction - Canada is free market economy. - Generally, entrepreneurs have NO obligation to ask govt. permission to establish new business. - Generally: no fees payable, no forms to fill in [banks need permission] - At simplest: to start a new business, just.... begin (380 new business everyday) The New Venture Firm: a recently formed commercial organization that provides G+S for sale criteria for firms coming into existence: 1) when it was formed 2) whether it was incorporated 3) sells G or S - its new if become operation in last 12 months Entrepreneurship: the process of identifying an opportunity in the market place and accessing the recourses needed o capitalize on it Entrepreneurs: Individual who organises and co-ordinates the activities required to start a new business. Individuals who recognize and seize opportunities (French: entrer: to enter prendre: to take) - small business are usually independently owned and influenced by unpredictable market forces - provide an environment to use personal attributes (ex creativity) that have come to associated with entrepreneurs - entrepreneurs characteristics are everywhere: big companies, publicprivate sectors ect Intrapreneurs: ppl who show entrepreneurial characteristics and create something new within an existing large firm or organization L11L397,57030:78439K,;094.43.0739K0280O;08ZL9KJ099L3J9K07084:7.08300ed to bring the new product to market since their employees provides the resources - starting business involves dealing with: uncertainty, ambiguity, and unpredictability 1
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