Textbook Notes (367,747)
Canada (161,363)
Anthropology (533)
ANTA02H3 (146)
Chapter 3

Chapter 3 Types of Businesses.docx

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Chris Bovaird

About 380 Businesses start every day in Canada because Canada is a mixed market Economy with no fees and government permission totaling to 2.2 million businesses in Canada NOTE: Canada’s competitiveness is rank one of the highest among world’s nations overall #8 NOTE: 8% of Canadian 17 million working population are self-employed (Different from small business with one worker) Small Business – A goods producing business is considered small when less than 100 workers while service-producing business is considered small when less than 50 employees (Large = 500+ employees) About 98-99% of all businesses in Canada are small businesses (Approximately 2.4 Million) Easy to start and easy to fail after 2 years 40% after 5 years 60% after 10 years 80% of small businesses fail Can be started by: Buying an existing business, or buying a franchise (Tim Horton’s) Reasons for Success: -- Hard Work, Drives, and Dedication -- Market demand for the product -- Managerial competence (having what it takes to compete in the business industry) -- Luck Reason for failure: -- Managerial inexperience -- Neglect -- Weak control system (Business stability, dealing with troubles) -- Insufficient capital New Venture or New Firm – A recently formed commercial organization that provides goods and/or services for sale (When it’s incorporated (turned into a corporation) or within the 12 months it’s been operating within previous 12 months) Private Sector –The part of the economy that is made up of companies not controlled by the government Entrepreneurship – The process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it. Entrepreneurs are the people who take the risk and seize the opportunity The Entrepreneurial Process: An Entrepreneur, an (identify) Opportunity and (access) Resources Entrepreneurs are based on: Psychological Characteristics and Demographic Characteristics Entrepreneurs: Personality Traits  High “need for achievement”  “Internal” locus of control  Risk Tolerance  Self-Confident Need for Achievement “Needs motivation” Theory by David McClelland There are three needs to motivate according to him (Power, Affiliation, and Achievement) Need for Power – People feel like they have authority, the attributes to lead, and acknowledge status and pr
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