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MGTA01H3 (583)
Chapter 3

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Management (MGT)
Chris Bovaird

Chapter 3 Understanding Entrepreneurship, Small Business, and New Venture Creation The Links among Small Business, New Venture Creation, and Entrepreneurship The terms small business, new venture, and entrepreneurship are closely linked terms Small Business It is hard to define a “small business”. Some things to look at are:  Number of employees  Companies sales revenue  Size of investment required  Type of ownership structure the business has The Labour Force Survey uses information from individuals to make estimates of employment and unemployment levels. Individuals: self-employed if they are working owners of a business that is either incorporated or unincorporated, if they work for themselves but do not have a business, or if they work without pay in a family Small Business: owner-managed business with less than 100 employees The New Venture/Firm Various criteria can also be used to determine when a new firm comes into existence Three of the most common are when it is form  Whether it was incorporated  If it sold goods and/or services A business is considered new if  it became operational with the last 12 months  if it adopts any of the main organizational form (proprietorship, partnership, corporati
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