MGTA01H3 Chapter 3: Chapter 3

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Industry canada is the main federal government agency responsible for small business. In reporting canadian small business statistics, the government relies on 2 distinct sources of information: the business register (tracks business) and the labour force. A goods producing business in the register is considered small if it has fewer than 100 employees, while a service producing business is small is it has less than 50 employees. Small business: an owner managed business with less than 100 employees. New venture/firm: a recently formed commercial organization that provides goods and/or services for sale. Entrepreneurship: the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it. Close to 98% of all businesses in canada are small. Private sector: the part of the economy that is made up of companies and organizations that are not owned or controlled by the government.