Textbook Notes (363,134)
Canada (158,214)
MGTA01H3 (583)
H Laurence (25)
Chapter 2

Chapter 2 notes

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University of Toronto Scarborough
Management (MGT)
H Laurence

Chapter 3 Understanding Entrepreneurship, Small Business, and New Venture Creation Links among Small Business, New Venture Creation, and Entrepreneurship Small Business -to be included in the business register: At least one employee Annual sales revenues of $30 000 or more Be incorporated -goods producing business is small if less than 100 employees -service business small if fewer than 50 employees -Labour Force Survey uses info from individuals to estimate employmentunemployment levels -self-employed if working owners of business, or work wo pay in family business -unincorporated business operated by self-employed person not counted in Industry Canada -Small business: an owner-managed business with less than 100 employees The New VentureFirm -when it was formed, whether it was incorporated, and if it sold goods andor services -new if operational within previous 12 months -New venturefirm: recently formed commercial organization that provides goods andor services Entrepreneurship -Entrepreneurship: the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on that opportunity -Entrepreneurs: people who recognize and seize opportunities -small business usually independently owned and influences by unpredictable market forces, thus provide use of creativity => associated with entrepreneurship -entrepreneurship exists in all types of businesses (small, large, old, new, non-profit etc.) -Intrapreneurs: people who exhibit entrepreneurial characteristics and create something new within existing large firm Do not need to concern themselves with getting the resources needed to bring the new product The Role of Small and New Businesses in the Canadian Economy www.notesolution.com
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