AFM131 Chapter Notes - Chapter 7: Jean Coutu Group, K. C. Irving, Jim Pattison
26 Jun 2018
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The age of the entrepreneur
Approximately 2.7 million people in Canada who are self-employed represent a little over
15% of all employed workers in the Canadian economy.
Entrepreneurship is accepting the challenge of starting and running a business. The word
entrepreneur originates from a meaning “to undertake”
entrepreneurial ventures differ from small businesses in the following four ways
Amount of wealth creation: a successful entrepreneurial venture creates substantial
wealth rather than simply generating an income stream that replaces traditional
employment.
Speed of wealth creation: entrepreneurial wealth creation of ten is rapid
Risk: the risk of an entrepreneurial venture must be high
Innovation: involves substantial innovation beyond what a small business might
exhibit. This innovation gives the venture the competitive advantage that results in
wealth creation.
Well known Canadian entrepreneurs
Jim Pattison- third largest private company in Canada. Focusing on the automotive, media,
packaging, food sales and distribution, magazine distribution, entertainment, and export
and financial industries.
John W. and Alfred J. Billes- Canadian tires
Ablan Leon- Leon’s Furniture Limited is one of Canada’s largest retailers, selling a wide
range of merchandise including furniture, major appliances, and home electronics.
Jean Coutu- The Jean Coutu Group is a leading pharmacy franchisor in Canada
J.W Sobey- One of Canada’s two national retail grocery and food distributors.
Kenneth Colin Irving- operates Canada’s largest refinery. Sells a range of finished energy
products including gasoline, diesel, home heating fuel, jet fuel, and complementary
products.
Michael Budman and Don Green created Roots.
Why people take the entrepreneurial challenge
New idea, process, or product.
Driven by a firm belief or obsession to produce a better or improve a product.
Independence
Don’t like working for others, want to achieve for him/herself.
Freedom to pursue your passion.
Challenge
Excitement and challenge of doing something new or difficult.
Family pattern
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Document Summary
Approximately 2. 7 million people in canada who are self-employed represent a little over. 15% of all employed workers in the canadian economy. Entrepreneurship is accepting the challenge of starting and running a business. The word entrepreneur originates from a meaning to undertake . Entrepreneurial ventures differ from small businesses in the following four ways. Amount of wealth creation: a successful entrepreneurial venture creates substantial wealth rather than simply generating an income stream that replaces traditional employment. Speed of wealth creation: entrepreneurial wealth creation of ten is rapid. Risk: the risk of an entrepreneurial venture must be high. Innovation: involves substantial innovation beyond what a small business might exhibit. This innovation gives the venture the competitive advantage that results in wealth creation. Jim pattison- third largest private company in canada. Focusing on the automotive, media, packaging, food sales and distribution, magazine distribution, entertainment, and export and financial industries. John w. and alfred j. billes- canadian tires.
