MGTA01H3 Lecture Notes - Lecture 11: Canadian Business, Limited Liability, Sole Proprietorship

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13 Nov 2018
School
Department
Course
Professor
MGTA01 PROF. CHRIS BOVAIRD
LECTURE 09 ENTREPRENEURS & BUSINESS PLANNING
Review From Last Week
- 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
- It’s easy to start a business
- It’s easy for a business to fail
- Enterprise: A project or undertaking that requires effort but whose outcome is uncertain
- 1 year = 85%
- 2 years = 70%
- 3 years = 62%
- 4 years = 53%
- 5 years = 51%
Entrepreneurs: Personality Traits
- High “need for achievement”
- “Internal” locus of control
- Risk tolerant
- Self-confident
Entrepreneurs: Demographic Traits
- Entrepreneurial Heritage
o Most Canadian Business owners are the kids of entrepreneurial parents
o 80% of Canadian business owners have a heritage of family business (Mom/Dad
ran a business/was self-employed)
o Parents are Role Models (“Nurture”)
o Genetic Predispositions (“Nature”)
- Immigrant Families
o Immigrants to Canada are “Economic Immigrants” (Packed up lives, belongings,
families to improve economic well-being)
o Immigrants Have
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