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Chapter 7

75-100 Chapter 7 notes.pdf

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University of Windsor

Chapter 7: Entrepreneurship & Starting a Small Business 2012-09-28 5:59 AM Progress Assessment: • What are key differences between entrepreneurial ventures and small businesses? • Why are people willing to become entrepreneurs? • What are the advantages of entrepreneurial teams? • How do micropreneurs differ from other entrepreneurs? • What are some of the opportunities and risks of Web based businesses? • List some services for entrepreneurs provided by the federal government • Why are small businesses important to Canada? • What are the causes of small business failure? • How can one get into a business venture? • What are the 5 functions of business? • There are 9 sections in the business plan outline in this chapter. Can you describeat least 5 of those sections? • What are some of the advantages that small businesses have over large businesses in selling in global markets? Summary: Learning Objective #1: explain why people are willing to become entrepreneurs, and describe the attributes of successful entrepreneurs • There are many reasons why people are willing to take the risks of entrepreneurship • What are significant differences between the entrepreneurial venture and the small business? o Entrepreneurial ventures differ from small busi nesses in 4 ways: amount of wealth creation, speed of wealth creation, risk and innovation • What are a few of the reasons people start their own businesses? o Reasons include profit, independence, opportunity and challenge • What are the attributes of successfu l entrepreneurs? o Self-directed, determined, action oriented, highly energetic, tolerant of uncertainty and able to learn quickly Learning Objective #2: discuss the importance of small business to the Canadian economy • Businesses employing fewer than 50 employees account for 95% of all employer businesses • What does the small in small business mean? o Small business is often defined as a business that is independently owned and operated, is not dominant in its field, and meets certain standards of size in terms of employees or annual revenues. Many institutions define small business according to their own needs • Why are small businesses important to the Canadian economy? o Small business that have fewer than 100 employees contribute approximately 26% to Canada’s GDP. Perhaps more important to tomorrow’s graduates, small businesses employ a large portion of the total private labor force Learning Objective #3: summarize the major causes of small business failure • Thousands of businesses enter and exit the marketplace throughout the year • How many small businesses fail each year? o Statistics Canada reports that 60% of micro -enterprises fail within their first four years, with a slightly lower percentage (58%) for bus inesses with 5-99 employees. • Why do so many small businesses fail? o Many small businesses fail because of managerial incompetence and inadequate financial planning. Some of these causes include attempting to
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