MGTA01H3 Chapter 3&4: Chapter 3 & 4
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MGTA01H3 Full Course Notes
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Document Summary
Chapter 3 understanding entrepreneurship, small business, and new venture. Small business is defined by the number of people it employs, the company"s sales revenue, the size of the investment, or the type of ownership. Canadian government relies on: business register and labour force survey. Majority of businesses in canada have no employees, nor are they incorporated. The labour force survey uses information from individuals to make estimates of employment and unemployment levels. Unincorporated businesses by a self-employed person do not go into register as business. Textbook definition of small business: owner-managed business with less than 100 employees. New venture/firm: a recently formed commercial organization that provides goods and/or services for sale. Entrepreneurship: the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it. People who exhibit entrepreneurial characteristics and create something new within an existing large firm or organization are called intrapreneurs. (e. g. creating spinoff products) they do not need as much resources.
