• People who are trying to start a business from scratch
• An independently owned and managed business that does not dominate its market
• A recently formed commercial organization that provides goods and/or services for sale
• The process of identifying and opportunity in the marketplace and accessing the
resources needed to capitalize on it.
• People who create something new within an existing large firm or organization.
• The part of the economy that is made up of companies and organizations that are not
owned or controlled by the government.
• Idea generation
o The idea creates or adds value for the customer
o The idea provides a competitive advantage that can be sustained
o The idea is marketable and financially viable
o The idea has low exit costs
• Developing the opportunity
o Franchise is an arrangement in which a buyer purchases the right to sell the
product or service of the seller.
o A business plan is a document that describes the entrepreneur proposed
business venture; explains why it is an opportunity; and outlines its marketing
plan, its operational and financial details, and its managers’ skills and abilities. Accessing resources
• Financial resources
o Collateral is the items owned by the business or by the individual that the
borrower uses to secure a loan or other credit.
• Personal savings
• Love money
• Private investors
• Venture capitalists
• Financial institutions
• Suppliers (trade credit)
• Other resources
o Business development bank of Canada
Help develops Canadian businesses, focuses on small and medium.
Provides financing, venture capital, and consulting businesses.