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Chapter 1

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York University
Administrative Studies
ADMS 3920

CHAPTER 1 ENTREPRENUERSEntrepreneurial Opportunityeconomically attractive and timely opportunity that creates value the true opportunity exists only for entrepreneurs who have o Interest o Resources and o CapabilitiesENTREPRENEURSHIP AND SMALL BUSINESS Entrepreneura person who launches builds andor operates a business Entrepreneurs include the followingActive ownermanagersSecond generation operators of family owned firmsFranchisees Owner managers who have bought out the founders of the existing firms Small Business Managers on the other hand receive a specified compensation and hence do not assume business riskWhat is a Small Business1 Financing of the business is supplied by on individual or a small group 2 Except for its marketing function the firms operations are geographically localized 3 Compared the biggest firms in the industry the business is small4 The number of employees in the business is usually fewer than 100According to statistics of Canada 2009 there are 1114915 small businesses and over 27 million selfemployed workers Some additional key facts areOver 98 of small businesses have fewer than 100 employeesSmall businesses with fewer than 100 employees contribute about 42 to Canadas GDPSmall businesses employ approximately 5 million Canadians or 48 of the total labour force in the private sector Slightly more than one third of selfemployed workers are female 46 of small and mediumsized enterprises have some degree of female ownershipAlmost 87 of Canadian exporters are small businesses and make up about 21 of Canadas total value of exportsAbout 75 of small businesses in Canada operate in service industries 25 in goodsproducing industriesTHE MOTIVATORS OF ENTREPRENUERSHIP 1 ProfitFreedom from the limits of standardized pay for standardized work 2 IndependenceFreedom from supervision and rules of bureaucratic organizations 3 Satisfying Way of LifeFreedom from routine boring and unchallenging jobs
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