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Canada (162,168)
Commerce (1,696)
Rita Cossa (56)
Chapter 7-9

Commerce - Chapter 7-9 Notes.docx

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Department
Commerce
Course
COMMERCE 1E03
Professor
Rita Cossa
Semester
Winter

Description
CHAPTER SEVENENTREPRENEURSHIP AND STARTING A SMALL BUSINESSEntrepreneurship and Small BusinessEntrepreneurship accepting the challenge of startingrunning a businessDifferences between entrepreneurship and small businesses 1 Amount of Wealth Creation successful entrepreneur creates excess wealth 2 Speed of Wealth Creation entrepreneurial wealth is more rapid than small business wealth 3 Risk risk is higher for entrepreneurship 4 Innovation entrepreneurship involves more innovation than small businessesWellKnown Canadian EntrepreneursCanadian Tire started by John W and Alfred J BillesSobeys JW SobeyWhy People Take the Entrepreneurial ChallengeNew Idea Process or Product think they can produce a better productcurrent product at lower costIndependence do not enjoy working for someone elseChallenge excitement and challenge of doing something newdifficultFamily Pattern family businesslong line of entrepreneurs in familyProfit large risk but large profitsImmigrants hard for them to find employment so start own businessWhat Does It Take to Be an EntrepreneurSelfdirected o Confident in yourself and decisions o SelfdisciplinedDetermined o Believe in idea when no one else does o See through obstaclesdifficultiesActionOriented o Must want to realize actualize and build dreamHighly Energetic o Must be emotionally mentally and physically able to work longhardTolerant of Uncertainty o Make decisions with varying degrees of riskAble to Learn Quickly o Learn from mistakes o Adapt and change when required o Admit to mistakes Women EntrepreneursNumber of selfemployed women is growing more than number of selfemployed men47 of SMEs have some degree of female ownershipSmall and mediumsized enterprises SMEs all businesses with fewer than 500 employeesReasons for significant emergence of female entrepreneurs o Financial Need average real income of Canadians has dropped many women forced to support family budged o Lack of Promotion Opportunities most positions in higher management still dominated by men o Women Returning to the Workforce return to workforce after raising family with outdated skills o Family and Personal Responsibility need to support family if are divorcedsingle mother o Public Awareness of Women in Business successful women gives others confidence to try o PartTime Occupations women with talents are encouraged to develop hobbyskill on parttime basis o Higher Rate of Success for Women women entrepreneurs more successful than men cautious calmer accept adviceEntrepreneurial TeamsEntrepreneurial team group of experienced people from different areas of business who join together to form a managerial team with skills needed to develop make and market new productTeams can combine creative marketing and production skillsMicropreneurs and HomeBased BusinessesMicroenterprises small business defined as having fewer than five employeesMicropreneurso Smallbusiness owners o Willing to accept risk of startingmanaging type of business that remains small o Offers balanced lifestyle o Can do work they want to do o Ex writers consultants architects bookkeepersReasons for growth of homebased businesses o Computer Technology homebased business can lookact as big as corporate competitors o Corporate Downsizing downsizing has made workers aware that jobs are not secure so want to venture out on own o Change in Social Attitudes people no longer view it as not having a real job
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