Textbook Notes (368,566)
Canada (161,966)
MGTA01H3 (583)
Chapter 3&4

Chapter 3 & 4

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

Description
Business Chapter 3 Understanding Entrepreneurship, Small Business, and New Venture Creation -Small Business is defined by the number of people it employs, the companys sales revenue, the size of the investment, or the type of ownership. -Canadian government relies on: Business Register and Labour Force Survey. -Majority of businesses in Canada have no employees, nor are they incorporated. -The Labour Force Survey uses information from individuals to make estimates of employment and unemployment levels. -Unincorporated businesses by a self-employed person do not go into register as business. -Textbook definition of small business: owner-managed business with less than 100 employees. -New venturefirm: a recently formed commercial organization that provides goods andor services for sale. -Entrepreneurship: the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it. -Entrepreneurs recognize and seize opportunities. -People who exhibit entrepreneurial characteristics and create something new within an existing large firm or organization are called intrapreneurs. (e.g. creating spinoff products) They do not need as much resources. -98% of Canadian businesses are small. -Four main organizational formssole proprietorship, partnership, corporation, or co-operative. -Entrepreneurial process consists of the entrepreneur, the opportunity, and resources. -Private sector: companies not owned by the government. 50% of the labour force in the private sector works for a small business while 35% work in large firms, and the rest in medium sized businesses. -Most of the growth in firms occurred in the services-producing sector. -A business doesnt need to have employees. -A business can be counted as new but could have been operated for years before being statistically counted. -The entrepreneur must identify a business opportunity and access the resources
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