Textbook Notes (363,047)
Canada (158,169)
MGTA01H3 (583)
Chapter 3

BUSINESS CUSTOM 2/E VOL. 1 Chapter 3 Readings (very detailed and helpful)

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 3: Understanding entrepreneurship, small business, and new venture creation The links among small business, new venture creation, and entrepreneurship: Everyday 380 business in Canada start New firms create jobs, noted for entrepreneurship, and are smallbut this doesnt mean most small businesses are entrepreneurial Small business: Defining small business is tricky Industry Canada is the main federal government agency responsible for small business relies upon Statistics Canada: the Business Register (which tracks businesses)to be included in registera business must have at least one paid employee, annual sales revenues of $30 000 or more, or be incorporated, and the Labour Force Survey (which tracks individuals) o Labour Force Survey uses info from individuals to make estimates employment and unemployment levelsIndividuals are classified as self-employed if they are working owners of a business, if they work for themselves but do not have a business (i.e. musicians), or if they work without pay in a family business Good-producing business in the register is small if it has less than 100 employees and service-producing business is small if it has less than 50 employees There are 2.2 million business establishments in Canada and about 2.5 million people are self-employed Small business: an owner-managed business with less than 100 employees The New VentureFirm: to figure out when a firm comes into existence consider: when it was formed, whether it was incorporated, and it if sold goods andor services business is considered new is it has become operational with the previous 12 months, if it adopts any of the main organizational forms (proprietorship, partnership, corporation, or co- operative) and if it sells goods or services www.notesolution.com
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