Textbook Notes (367,824)
Canada (161,435)
MGTA01H3 (583)
Chapter 3

Chapter 3

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
Chapter 3 Understanding Entrepreneurship, Small Business, and New Venture Creation THE LINKS AMONG SMALL BUSINESS, NEW VENTURE CREATION, AND ENTREPRENEURSHIP - Almost 380 businesses start everyday in Canada - New firms create the most jobs, are noted for their entrepreneurship, and are typically small. - Small business, new venture, and entrepreneurship are closely linked terms but each idea is distinct. Small Business - A bit tricky to define - Measures used to define are 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. - Industry Canada is the main federal government agency responsible for small business. - When reporting the business statistics, the government relies on Statistic Canadas two sources of info: the Business Register and the Labour Force Survey. - To be included in the register, a business must have at least one paid employee, annual sales revenues of $30,000 or more or be incorporated. - The Labour Force Survey uses information from individuals to make estimates of employment and unemployment levels. - There are 2.2 million business establishments in Canada and about 2.5 million people are self-employed. - Majority of businesses in Canada have no employees, nor are they incorporated. - Small business is defined as an owner-managed business with less than 100 employees. (WRONG DEFINITION - Bovaird) The New Venture Firm - Venture criteria: when it was formed, whether it was incorporated, and if it sold goods andor services. - A business is considered to be new if it has become operational within the previous 12 months, if it adopts any of the main organizational forms, and if it sells goods or services. - A new venture is a recently formed commercial organization that provides goods andor services for sale. Entrepreneurship - Entrepreneurship is the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on the opportunity. - Entrepreneurs are people who recognize and seize opportunities. - Small business owners and many successful managers in large organizations in both the public and private sectors exhibit entrepreneurial characteristics. - People who exhibit entrepreneurial characteristics and create something new within an existing large firm or organization are called intrapreneurs. www.notesolution.com
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