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Chapter 1

CHAPTER 1.docx

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Department
Administrative Studies
Course Code
ADMS 3920
Professor
all

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CHAPTER 1 ENTREPRENUERS Entrepreneurial Opportunityeconomically attractive and timely opportunity that creates value the true opportunity exists only for entrepreneurs who haveoInterestoResources andoCapabilities ENTREPRENEURSHIP AND SMALL BUSINESSEntrepreneura 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 firmsSmall Business Managers on the other hand receive a specified compensation and hence do not assume business risk What is a Small Business 1Financing of the business is supplied by on individual or a small group2Except for its marketing function the firms operations are geographically localized3Compared the biggest firms in the industry the business is small 4The number of employees in the business is usually fewer than 100 According 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 ownership
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