Textbook Notes (368,552)
Canada (161,962)
MGTA01H3 (583)
H Laurence (25)
Chapter 3

Chapter 3.doc

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Department
Management (MGT)
Course
MGTA01H3
Professor
H Laurence
Semester
Summer

Description
Chapter 3 Understanding Entrepreneurship Small business and New Venture Creation380 businesses are started in Canada everydayNew firms create the most jobs noted for their entrepreneurship and are typically smallSmall BusinessMeasured using theof ppl the business employs companys sales revenue size of the investments required type of ownership structure the business hasIndustry Canada responsible for small businessGovt relies on 2 sources of info from stats Cdn business register which tracks business and the Labour Force Survey which tracks individualsTo be included in the registeroBusiness must have at least 1 paid employeeoAnnual sales revenue of 30 000 or moreoOr be incorporatedGoods producing business is considered small if less than 100 employeesService producing business is considered small if less than 500 employeesLabour Force survey uses info from individuals to make estimate of employment and unemploymentIf ppl work for themselves but do not have businessmusicians or work without pay in a family business they are self employed22 million business establishments25 million ppl are selfemployedWe dont know how much overlapping there isWe know that unincorporated business that is self employed not counted amount 22 million businessMajority of business in Canada have no employees or are they incorporatedOnly 15 of those who reported establishing an operating business had incorporated their firmSmall business an owner managed business with less than 100 employeesThe New Venture FirmsVarious criteria to determine when a new firm comes into existenceoWhen it was formedoWhether it was incorporatedoSold goods and or servicesBusiness is new if operational within the past 12 months
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