Textbook Notes (368,629)
Canada (162,027)
MGTA01H3 (583)
Chapter 3

Notes for Chapter 3 of Business, Vol. 1, 2e

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

Description
MGTA03 Business, Volume 1 R. Griffin, R. Ebert, F. Starke Chapter 3 Understanding Entrepreneurship, Small Business, and New Venture Creation The Links Among Small Business, New Venture Creation, and Entrepreneurship Small Business - Industry Canada = federal government agency responsible for small business - Small business stats rely on the Business Registrar (which tracks businesses) and the Labour Force Survey (which tracks individuals) - A business must have at least one paid employee, annual sales revenue $30,000, or be incorporated to be included in the register - Goods-producing business = small when it has <100 employees - Service-producing business = small when it has <50 employees - Only 15% of those who reported establishing an operating business had incorporated their firm - Small business: owner-managed business with less than 100 employees New VentureFirm - A business is new if became operational within the previous 12 months, is any of the main organizational forms (partnership, corporation, etc.), and if it sells goodsservices Entrepreneurship - The process of identifying an opportunity in the marketplace and accessing resources needed to capitalize on it - Entrepreneurs: creative people who recognize and seize opportunities - Small businesses are often influenced by unpredictable market forces - Intrapreneurs: people (with entrepreneurial characteristics) who create things in existing firms or organizations; dont have to worry about obtaining the necessary resources for their product because their employee provides them - Starting a new business from scratch comes with uncertainty, ambiguity, and unpredictability The Role of Small and New Businesses in the Canadian Economy Small Businesses www.notesolution.com
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