MGTA01H3 Chapter Notes - Chapter 3: Main Source
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MGTA01H3 Full Course Notes
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Document Summary
Chapter 3 understanding entrepreneurship, small business, and new venture creation. The link among small business, new venture, and entrepreneurship. Individuals are considered self-employed if they are working owners of a business that is incorporated or unincorporated, if they work for themselves but do not have a business or if they work without pay in the family business. Small business: an owner-managed business with less than 100 employees. A business is considered to be new if it has become operational within the previous 12 months, if it adopts any of the main organizational forms and if it sells goods and services. New venture/firm: a recently formed commercial organization that provides goods and/or services for sale. Entrepreneurship is the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on that opportunity; entrepreneurs are the people who recognize and seize opportunities.
