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Canada (162,164)
MGTA01H3 (583)
Chapter 3

Chapter 3 Study notes

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Management (MGT)
Chris Bovaird

Business Management _____________________________ Chapter 3 Small Business A small business can be defined by: number of employees, sales revenue, size of investment, type of ownership, etc. Industry Canada: main federal government agency responsible for small business. A small business is an owner managed business with less than 100 employees. Example: Tahmenas dads laundry store The New VentureFirm A new venturefirm is a newly (past 12 months) formed organization that provides goodsservices for sale. Usually enter the market by: introducing a new productservice, competing with current businesses with an improved product, or franchise. Entrepreneurship Entrepreneurship is the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on that opportunity. Entrepreneurs: people who recognize and seize opportunities. Intrapreneurs: people who work in a large firm and exhibit entrepreneurial characteristics. (Dont have to worry about the money needed.) The Role of New and Small Businesses in Canada Small Business Most businesses (about 98%) in Canada are small businesses. 10% of the small businesses have self-employed workers, 25% work in business < 5 employees, and % work in business < employees Private sector: the part of the economy that is made up of companies and organizations that arent controlled by the government directly. New Ventures Main source of job creation, responsible for majority of new products and services. Women entrepreneurs are becoming more common and they are beneficial for the economic system, because they make good profits, they have great entrepreneurial characteristics, and generally SMEs increase employment opportunities. A business is not included in Statistics Canadas Business Register if: unincorporated with no employees. SMEs outperform large in areas like innovation, new technology, and contribution to employment. www.notesolution.com
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