Textbook Notes (369,082)
Canada (162,376)
MGTA01H3 (583)
Chapter 3

Chapter 3 Notes

13 Pages
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Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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Chapter 3 Notes: Understanding Entrepreneurship, Small Business, and New Venture Creation SMALL BUSINESS Small Business: An owner- managed business with less than 100 employees. Hard to define Measures of small business # of employees companys sales revenue size of investment required type of ownership structure Industry Canada : Responsible for small businesses Govt relies on Business Registerd Labour Force Survey. Business register: Tracks businesses To be included, it must have 1. at least 1 paid employee 2. annual sales rev of $30000+ 3. or be incorporated Labour Force Survey: info from individuals to estimates employ and unemployment levels Self-employed: working owners of the business that is unincorporated ex Work for themselvesbut dont have a business (musicians) ex work without pay in a family business Many self-employed people are not counted as a business in the register. # of new firms are always underestimated Page 1 www.notesolution.comThe NEW VENTRUE FIRM New venture Firm : Recently formed commercial organization that provides goods and services for sale. If operated within the past 12 months Adopted any organizational form (proprietorship, partnership etc.) Sells goods or services ENTREPRENEURSHIP Entrepreneurship: The processof identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it. Entrepreneurs: People who recognize and seize opportunities. Creativity Occurs everywhere, public private sector, small old firms etc Intrapreneurs: People who create something new within an existing large firm organization Dont need to worry about resources because company will provide them unlike entrepreneurs ROLES OF SMALL AND NEW BUSINESSES IN CANADIAN ECONOMY Small businesses: 98% of Canadian businesses are small Huge % of small business have less than 5 employees Accounts for 23 of employment in: non-institutional health care, construction, services, food accommodations Contribute 25% of GDP Page 2 www.notesolution.com
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