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MGTA01H3 (583)
Chapter 3

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
(Reading) Week #4 | Chapter 3 (to P. 43) Understanding Entrepreneurship, Small Business and New Venture Creation THE LINKS AMONG SMALL BUSINESS, NEW VENTURE CREATION, AND ENTREPRENEURSHIP Small Business Problems with that definition..... - Impossible to know how many - We can only estimate - Recent estimate: (approx) 2.4 million Canadians Work in Small Business - Total working population: 17 million - 8% of Canadians are self employed - Nearly 25% work in business <5 others - Nearly 50% work in business <50 others - It’s easy to start a small business. - It’s easy for a small business to FAIL. - small business - An owner managed business with less than 100 employees. The New Venture/Firm - new venture/firm - A recently formed commercial organization that provides goods and/or services for sale. Entrepreneurship Entrepreneurs: Personality Traits - High “Need for Achievement” - “Internal” locus of control - Risk tolerance - Self Confident - Entrepreneurs seek challenges. - Entrepreneurs set goals. - Entrepreneurs take risks. - entrepreneurship - The process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it. - entrepreneurs - People who recognize and seize opportunities. - a required characteristic of an entrepreneur is the ability to use personal attributes such as creativity to adjust to unpredictable market environments - entrepreneurship occurs in a wide variety of contexts: in firms that are new or old, large or small, firms with rapid or slow growth, in non-profit organizations and in the public sector - intrapreneurs are people who exhibit entrepreneurial characteristics and create something new within an existing large firm or organization - key difference between intrapreneurs and entrepreneurs is that intraprenuers do not need to worry about obtaining resources, as they are already provided by their employers THE ROLE OF SMALL AND NEW BUSINESSES IN THE CANADIAN ECONOMY Small Businesses - private sector - The part of the economy that is made up of companies and organizations that are not owned or controlled by the government. “Needs Motivation” Theory - Need for power (N-Pow) - People who are 'authority motivated'. They need to be influential. N-Pow produces a need to lead. These people need personal status and prestige. - Need for affiliation (N-Aff) - People who need friendly relationships, motivated by interaction with others. N-Aff produces need to be liked, held in high regard.
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