Entrepreneurial opportunities: economically attractive and timely opportunity that creates value for interested buyers or end users, distinguishes between opportunities and ideas. True opportunity exists only for entrepreneur who has: interest, resources and capabilities required to succeed. Employees who do not assume ownership risks founders of existing firms. Financing supplied by one person or small group. Business" size small relative to larger competitors. Importance of small business: small businesses dominate the economy of canada. Independence: freedom from supervision and rules of bureaucratic organizations. (operate independently, financial freedom, entrepreneurs use their independence to achieve flexibility in their personal lives and work habits) Satisfying way of life: freedom from routine, boring, and unchallenging jobs. Founder: an entrepreneur who brings a new firm into existence. (inventors who initiate businesses on the basis of new or improved products or services) Business owner-operator: directs the continuing operations of an established firm. Franchisee: an entrepreneur whose power is limited by a contractual relationship with a franchising organization.