RSM100Y1 Chapter Notes - Chapter 5: Small Business Administration, Better Business Bureau, Startup Company
Document Summary
Small business: an independent business with fewer than 100 employees and revenues less than million, not dominant in its market. Government agencies offer benefits to help small businesses compete with larger firms. Small businesses account for more than 2/3 of employment in five canadian industry categories: non-institutional health care, construction, accommodation and food, forestry, other services. 25% of small businesses operate in canadian goods-producing industries; the other 75% operate in service industries. Small firms provide customized services which set them apart from large firms. Home-based business: firms operated from the residence of the business owner. Small businesses account for: 24% of the nation"s gdp, billion (20%) of canada"s total value of exports. Small businesses offer tons of new jobs every year. (50%+ of all new jobs are created by companies with fewer than 100 employees. Small businesses are constantly developing new and improved goods and service (innovation). The most common difficulties for a small firm are: management inexperience.
