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Lecture Notes for chapter 3 of the course with Prof. McConkey

Management (MGT)
Course Code
Chris Bovaird

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CHAPTER 3 – Entrepreneurship and Small Business
Slide 4: Canada is market economy
Anyone may start a business
No fees, government permission not necessary
To start a new business, just… Begin
Slide 5: Textbook definition of a small business
-A small business is defined by the number of people employed (under 100 workers), the
owner is also the operator
Problem with definition: owner is not necessary operator, a business could be very big and have
less than 100 employees, etc.
Slide 6: Small Business in Canada
It is impossible to know how many, we can only estimate
Since there are no fees and the government doesnt really care, there are many many small
businesses that exist. (many are operated by only one person)
Recent estimate: ~2.4 million
Slide 8: Canadians Work in Small Business
Total working population: 15 million
10% of Canadians are self-employed (~1.5 mil.)
Nearly 25% work in businesses with <5 others
Nearly 50% work in businesses with <50 others
Slide 9:
It is easy to start a small business, but it is easy for a small business to fail. People who
understand that and can learn from their failures
Slide 10: Personality traits of entrepreneurs
High “need for achievement
Internal locus of control
Risk tolerance
Self confident
Entrepreneurs notice something that people want, and doing it better than the last person”
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