MGTA01H3 Chapter Notes - Chapter 3: Small Business, Business Plan
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MGTA01H3 Full Course Notes
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Small business is an owner-managed business with less than 100 employees. A goods-producing business in the register is considered small if it has fewer than 100 employees, while a service-producing business is considered small if it has fewer than 50 employees. New venture/firm is a recently formed (previous 12 months) commercial organization that provides goods and/or services for sale. If a business operated for several years prior to hiring employees it would only be classified as a new business when the employees were acquired. Entrepreneurship is the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it. Entrepreneurs are people who recognize and seize opportunities. Intrapreneurs are people who exhibit entrepreneurial characteristics and create something new within an existing large firm or organization. The majority of small businesses (57%) have fewer than 5 employees.