Chapter 3

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University of Toronto Scarborough
Management (MGT)
Ingrid L.Stefanovic

The Links Among Small Business, New Venture Creation, and Entrepreneurship Small Businesses A goods producing business in the register is considered small if it has fewer than 100 employees, 50 for service-producing firms. Individual workers (self employed) such as musicians, or people working in a family business without pay are considered small businesses. An unincorporated business operated by a self-employed person (without employees) are not regarded as businesses. Small business an owner-managed business with less than 100 employees New VentureFirm A firm is considered new if it was operating the past 12 months, if it takes an organization business form, and if it sells goods or services. The most common commercial organization forms of business are sole proprietorships, partnerships, cooperatives and corporations. New venturefirm a recently formed commercial organization that provides goods andor services for sale Entrepreneurship Entrepreneurship - the process of identifying an opportunity in the marketplace and accessing the resources needed to capitaliz
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