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Ch 3 Notes

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Wednesday, April 27, 2011 TN: Chapter 3 [MGTA03] The Links Among Small Business, New Venture Creation, and Entrepreneurship Small Business:An owner-managed business with less than 100 employees New Venturefirm:Arecently formed commercial organization that provides goodsservices for sale 1. Operating within the previous 12 months 2. Adopted main organizational forms 3. Sells goodsservices Entrepreneurship: The process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it Entrepreneurs: People who recognized and seize opportunities The Role of Small and New Businesses in the Canadian Economy Majority of canadian businesses are small, most have fewer than 5 employers Private Sector: The part of economy made up of companies that are not owned by government Small businesses contribute to employment but not significantly to GDP The Entrepreneurial Process Identifying Opportunities: involves generating ideas for new or improved goodsservices 1. Idea Generation: through work experience, hobbiesinterest and chance happening 2. Screening: weed out the dead-end ideas a. The idea creates or adds value for the customer b. The idea provides a competitive advantage that can be sustained c. The idea is marketable and financially viable using a sales forecast d. The idea has low exit costs 3. Developing the Opportunity a. Produce a total new productservice b. Introduce a productservice that would compete but with a new twist
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