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MGTA01H3 (583)
Chapter 3

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Management (MGT)
Chris Bovaird

MGTA03Summer2011 Chapter 3 Understanding Entrepreneurship Small Business and New Venture Creation Small Businesseso Canada is a market economy in which anyone can start a business without paying any fees and without government permission o Small business which produces goods is classified as small if it has less than 100 employees o One that offers services is considered small if it has less than 50 employees o But it is impossible to estimate how many small businesses there are estimated is 24 million o And about 25 million people who are self employed o Small business an owner managed business with less than 100 employees o Total Canadian working populations is of 15 million 10 are self employed 25 work in businesses with less than 5 other people and 50 work in businesses with less than 50 other people o It is easy to start a small business but it is also easy for it to fail80 in Canada fail by year 10 after which they started o New venturenew firm a recently formed commercial organization that provides goods andor services for sale o Entrepreneurship the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize it o Entrepreneurs people who recognize and seize opportunities o Private sector the part of the economy that is made up of companies and organisations that are not owned or controlled by the government The Entrepreneuro Personality Traits needed high need for achievement internal locus of control risk tolerance self confidence o Psychologist David McClelland 1961 came up with the Ne
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