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MGTA01H3 (583)
Chapter 3

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Management (MGT)
Chris Bovaird

Chapter 3 Entrepreneurship and small business Small business  Scale/importance in Canada  Failure/success  Really easy to start a business in Canada  Canada is a market economy  No permission needed to start a business or fees  No gov’t intervention  Just need to have health check-up etc.  Canada is a developed country with a good GDP because Canada is sympathetic to business  Everyone has the ability to go out and start a business  5 best business environment  Good rule of law, clever people, good financial system, good transportation, technology allows for a good business environment Small Business  No commonly understood definition  2.4 million businesses (approximately)  People who start businesses don’t record to add to the amount  You have to pay taxes if you have profit  Number of businesses “guess” is based on tax returns  If you’re below the minimum threshold you don’t have to file  3.4 million/2.4 million = 15/1 = 1 business for every 15 people  Half of businesses are self-employed  Other half (54%) employed 1-4 people  20% employ 5-9 people  12% employ 10-19 people  8% employs 20-49 people  Canada = 7 easiest country to start up a business  Work in small business  17 million – working population  8% are self-employed  25% work in small business  50% work in business of 50 others  Easy for small business to fail  Failure rate – since you don’t have to tell the gov’t, how do they know you failed? Through taxes  Entrepreneurs  Jeffry – prof from Harvard asked to be entrepreneurs of chance of failing, and they presumed it to be very high  American entrepreneurs believe they’re very much so “on top” (very confident)  Don’t need a business degree for starting up a small business  4 things (personality traits) - Anita Ruddock – bath and body works - Laura something – frocks - Richard grandson – selling records and condoms 1. High “need for achievement - David McClelland (1961) - “Theory of Needs” - What makes them work hard and motivates us - 3 basic human motivations (primarily motivated by one)  Need for power - They need to be in charge - Influential - Lead and direct - Need status and prestige - Want to be pulling levers of power and influence - “big” everything - Probably work in big corporate environments - Politicians - Work in command environments (military) - Winston Churchill  Need for affiliation - Need interaction - Need to be liked - Like to help - School teachers - Social workers - Caring/sharing professions - Establish charity - Team players  Need for achievement - Like to set challenging goals - Like to accomplish tasks - Need to try difficult things  “Needs motivation” theory - They seek challenges - Set goals - Prepared to take risks - Have a very high “need for achievement” - Businesses want people who are involved and achieve a lot (as much as they can) 2. “internal” locus of control  A person’s bel
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