Textbook Notes (363,141)
Canada (158,218)
MGTA01H3 (583)
Chapter 3

Chapter 3 notes

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Management Chapter 3 Notes Small Business: Government relies on two distinct sources of information. -To be in the register a business must have at least one paid employee, and annual sales of more than $30k, or be incorporated. -Its considered small if the company have fewer than 100 employees for a goods producing company, and less than 50 employees if its a service producing company. -Depends among creativity of entrepreneurs. Self Employed: Individuals who are working owners of a business that is either incorporated or unincorporated, if they work for themselves but do not have a business, or working for family without pay. -An unincorporated business operated by a self- employed person would not be counted among the 2.2 million businesses in the register. -Majority of businesses in Canada have no employees ( just the owners) nor are the incorporated. Panel Study of Entrepreneurial Dynamics (PSED) -Tracked a sample of Canadian nascent entrepreneurs- people who are rying to start a business over four years. -Only 15% of those who reported establishing an operating business had incorporated their rm. Textbook Denition: Small Business: An owner-managed business with less than 100 employees. Medium: 100-499 employees Big: 500+ employees New Venture Firm: Recently formed commercial organization that provides goods andor services for sale. -Three facts to be considered as new venturerm: New (to be new is formed within previous 12 months), was incorporated (if it adopts any main organizational forms (e.g partner ship) ), and if it sells goods services. Entrepreneurship: The process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on the opportunity. -Entrepreneurs: People who recognize and seize opportunities. -Occurs not only in new businesses. Could be in forms of large corporations. -Intrapreneurs: People who has entrepreneurial characteristics and create something new within an existing large rm or organization. -98% of all businesses in Canada are small. Private Sector: Part of the economy that is made up of companies and organizations that are not owned or controlled by the government. -Small businesses contributes to employment rates ( account for 23 of employment rate in four industries: non-institutional, the construction, other services, and accommodations and food. www.notesolution.com
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