Textbook Notes (368,651)
Canada (162,033)
MGTA01H3 (583)
Chapter 3


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Management (MGT)
Chris Bovaird

 Small business is an owner-managed business with less than 100 employees  A goods-producing business in the register is considered small if it has fewer than 100 employees, while a service-producing business is considered small if it has fewer than 50 employees  New venture/firm is a recently formed (previous 12 months) commercial organization that provides goods and/or services for sale  New ventures exclude businesses without employees. If a business operated for several years prior to hiring employees it would only be classified as a new business when the employees were acquired  Entrepreneurship is the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it  Entrepreneurs are people who recognize and seize opportunities o Intrapreneurs are people who exhibit entrepreneurial characteristics and create something new within an existing large firm or organization  The key difference between intrapreneurs and entrepreneurs is that intrapreneurs typically don't have to concern themselves with getting the resources needed to bring the new product to market since their employer provides the resources o Close to 98% of all businesses in Canada are small (having less than 100 employees). The majority of small businesses (57%) have fewer than 5 employees  Private sector is the part of the economy that is made up of companies and organizations that are not owned or controlled by the government  49% of these employees work for small businesses, 16% for medium-sized, and 35% for large. The majority of private sector businesses have 5-19 employees o The entrepreneurial process has three key elements: the entrepreneur, the opportunity, and resources 1. The two main things that entrepreneurs need to do are to identify an opportunity access resources 2. Identifying opportunities involve generating ideas (for new/improved products, processes, or services), screening those ideas (so that the one that presents the best opportunity can be developed), and then developing the opportunity  Screening involves: The idea creates or adds value for the customer The idea provides a competitive advantage that can be sustained The idea is marketable and financially viable (determine financial viability through sales forecasts which is an estimate of how much a product or service
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