MGTA01H3 Lecture 8: Lecture 07

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6 Nov 2018
School
Department
Course
Professor
MGTA01 PROF. CHRIS BOVAIRD
LECTURE 08 ENTERPRISE & ENTREPRENEURS
Introduction
- Canada is a liberal, market economy
- Anyone may start almost any business
- NO Fees
- Few regulations
- NO government permission
Free Enterprise
- Freedom from bureaucracy and regulation in starting a business has led to expression
- “Free Enterprise” – You don’t have to ask anybody to start a business – just start!
- In order to begin most businesses in Canada, you just need to START
- As a result, many people do
- There are many businesses in Canada nearly 150,000 new businesses start every year
in Canada
- Most of them are young
- Most of them are small
Many Businesses In Canada
- We don’t know how many total
- We can only guess
- Recent estimate: 2, 405, 000 (Estimate because these are the businesses that pay taxes)
KNOW THIS FOR EXAM 1 Business/ 15 ppl = 1 business/ 5 households
- Most of these are “small”
- If you make less than about $9, 000 you don’t have to pay taxes
Canadian Businesses: “Small”
- “Small” has no official definition
- Various Canadian organizations define “small” in various ways:
o No official definition, but can be defined by loans, exports or employees
- But we do know, about 90% of Canadian businesses employ less than 10 people
- 10% of Canadian businesses employ more than 10 people
- We also know:
o Another 10% work with < 10 others
o Another 10% work with < 5 others
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