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Canada (162,165)
MGTA01H3 (583)
Chapter 3

MGTA03 – Chapter 3

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Management (MGT)
Chris Bovaird

20091005 MGTA03 Chapter 3: Entrepreneurs and Small Businesses Prof. Bovaird In a market economy like Canada you do not necessarily need to pay a fee, write forms, get a license, or get government permission to start a business According to the textbook, Canada forms 380 new businesses every day Small Business The term small business is hard to define, but for our purposes it is an owner-managed business with less than 100 employees It is impossible to know how many small businesses there are, we can only estimate Recent government estimate is 2.1 million small businesses across Canada Of all businesses in Canada about 98% are small businesses 10% of Canadians are self-employed 25% of Canadians work in a business with < 5 employees 50% of Canadians work in a business with < 50 employees 53% of the Canadian workforce works in small businesses Small businesses have a much higher survival rate than medium-sized or large businesses Entrepreneur An entrepreneur is an ind
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