MGTA01H3 Chapter 3-5: Chapter_3-5[1].docx
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MGTA01H3 Full Course Notes
Verified Note
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Document Summary
Industry canada is the main federal government agency responsible for small business. The government relies on two distinct sources of information in reporting canadian small business statistics: the business register (which tracks businesses) and the labour force. To be included in the register a business must have at least one paid employee, annual sales revenues of 30 000 or more, or be incorporated. Good producing business is considered small if it has fewer than 100 employees, service producing business is considered small if it has fewer than 50 employees. Small business: owner-managed business with less than 100 employees. New venture/firm: criteria; when nit was formed, whether it was incorporated, and if it sold goods/services; a recently (previous 12 months) formed commercial organization that provides goods/services for sale. 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.
