BU111 Lecture 3: 3. Entrepreneurship
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Definitions: new venture, recently formed commercial organization that sells goods/services, entrepreneurship, identifying an opportunity and accessing resources to capitalize on it, small business, owner-managed, not dominant in market, < 100 employees. Difference between new venture and small business is that new venture is smaller than small business. You can remain a small business for a very long time. Entrepreneurship is the ability to combine the factors of production effectively and run a business well. 98. 1% of all businesses in canada are small: contribute 30% annually to gdp, provide more jobs than large businesses, new ventures lead in new products and services, therefore, government support: Lower tax rate: resources, ease of establishment advice and sometimes funding. Small businesses contribute to more employment, innovations than large businesses. Entrepreneur: successful only when entrepreneur, opportunity, and resources fit. Access resources: begins with entrepreneur identifying an opportunity then accessing resources.
