Textbook Notes (368,460)
Canada (161,892)
MGTA01H3 (583)
Chapter 3

Chapter 3 Notes

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Winter

Description
Most small businesses are not entrepreneurial Small business Industry Canada is the main federal government agency responsible for this Business Register (which tracks businesses) At least one paid employee Annual sales revenues of $30000 or more, or be incorporated Goods-producing business = fewer than 100 employees Service-producing business = fewer than 50 employees Labour Force Survey (which tracks individuals) Make estimates of employment and unemployment levels Individuals are classified as self-employed if they are working owners of a business that is either incorporated or unincorporated they work for themselves but do not have a business (e.g. musicians) they work without pay in a family business Not count in business establishments, the register an unincorporated business operated by a self-employed person (with no employees) Entrepreneurs people who were trying to start a business over four years Small business an owner-managed business with less than 100 employees Medium (100-499 employees) Large (500+ employees) New venturefirm a recently formed commercial organization that provides goods andor services for sale it was formed was incorporated it sold goods andor services new if it has become operational within the previous 12 months if it adopts any of the main organizational forms (proprietorship, partnership, corporation, or co-operative www.notesolution.comEntrepreneurship the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it not only occurs in small or new firms also in old firms, in large firms, in firms that grow slowlyrapidly in non-profit organizations in the public sector Entrepreneurs people who recognize and seize opportunities Exhibit Entrepreneurial Characteristics small business owners - often provide an environment to use personal attributes such as creativity many successful managers in large organizations in both the public and private sectors Intrapreneurs people who exhibit entrepreneurial characteristics and create some thing new within an existing large firm or organization Difference between intrapreneurs and entrepreneurs intrapreneurs typically dont have to concern themselves with getting the resources needed to bring the new product to market since their employer provides the resources The Role of Small and New Businesses in the Canadian Economy Small businesses 98% of businesses in Canada are small 58% of all business establishments in Canada (whether small or large) are in ON and Quebec 49% of employees worked for small businesses Private sector the part of the economy that is made up of companies and organizations that are not owned or controlled by the government Small businessss contribution to Canada s GDP is 25% (less than the sectors contribution to employment) www.notesolution.com
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