Textbook Notes (363,566)
Canada (158,433)
MGTA01H3 (583)
Chapter 3

Chapter 3

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Introduction to Management Chapter Three Notes Canada is a market economy, meaning anyone my start a business. There are no fees; you do not need government permission. To start a new business you just begin. Textbook: 380 new businesses are started in Canada every day! Textbook describes a small business as; Owner-managed, with less than 100 employees. It is impossible to know how many small business there are in Canada, we can estimate (recent estimate is approximately 2.4 million) In Canada the total working population is: 15 million 10% of Canadians are self-employed. Nearly 25% work in businesses with less than 5 others. Nearly 50% work in businesses with less than 50 others. It is easy to start a business; however it is also easy for that business to fail. After 2 years 39% of businesses fail. After 5 years 64% of businesses fail. After 10 years 80% of
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