Textbook Notes (363,134)
Canada (158,214)
MGTA01H3 (583)
Chapter 3

Chapter 3 Notes

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 3 Understanding Entrepreneurship, Small Business, and New Venture Creation Notes The Links among Small Business, New Venture Creation, and Entrepreneurship Small Business N defining a small business can by a bit tricky as various measures might be used, including the number of people the business employs, the companys sales revenue, the size of the investment required, or the type of ownership structure the business has N Industry Canada is the main federal government agency responsible for small business, and when it reports small business statistics, the government relies on two distinct sources of information, both provided by Statistics Canada: the Business Register (which tracks businesses), and the Labour Force Survey (which tracks individuals) N to be included, a business must have at least 1 paid employee, annual sales revenue of $30 000 or more, or be incorporated N a goods-producing business is considered small if it has fewer than 100 employees, which a service-producing business is considered small if it has fewer than 50 employees N the Labour Force Survey uses information from individuals to make estimates of employment and unemployment levels N small business : an owner-managed business with less than 100 employees The New VentureFirm N various criteria can also be used to determine when a new firm comes into existence, but three of the most common are when it was formed, whether it was incorporated, and if it sold goods andor services N a business is considered to be new if it has become operational within the previous 12 moths, if it adopts any of the main organizational forms (proprietorship, partnership, corporation, or co-operative), and if it sells goods or services N new venturefirm : a recently formed commercial organization that provides goods andor services for sale Entrepreneurship N entrepreneurship : the process of indentifying an opportunity in the marketplace and accessing the resources needed to capitalize on it N entrepreneurs : people who recognize and seize opportunities N entrepreneurship occurs in a wide range of contexts: not just in small or new firms, but also in old firms, in large firms, in firms that grow slowly, in firms that grow rapidly, in non-profit organizations, and in the public sector N people who exhibit entrepreneurial characteristics and create something new within an existing large firm or organization are called intrapreneurs N a key difference between intrapreneurs and
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