Ch.7 Flashcards
how many people in Canada are self-employed?
2.9 million people
how are schools responding to young people considering starting small businesses
with an increasing number of young people choosing that path, schools now offer more courses on the subject of entrepreneurship
entrepreneurship is …
accepting the challenge of starting and running a business
where does the word entrepreneur originate?
the french word “entreprendre” which means “to undertake”
list the four entrepreneurial ventures that differ from small businesses
amount of wealth creation, speed of wealth creation, risk and innovation
entrepreneurship is not always … and small business is not always …
small, entrepreneurial
name 3 Canadian Entrepreneurs
Wallace and Harrison McCain, Jean Coutu and Louis Michaud and then J.W. Sobey
name 3 Canadian Entrepreneurs and their businesses
Billes brothers (Canadian Tire), Ablan Leon (Leon’s Furniture) and Christine Magee (Sleep Country Canada)
list the five reasons why people become entrepreneurs?
new idea, process, or product, profit, challenge, family pattern and independence
list and describe the two most important attributes to be an entrepreneur
self-direction- should be a self starter with a lot of confidence in yourself and self-nurture- must believe in your idea even when no one else does (and replenish your own enthusiasm)
list four other attributes entrepreneurs need
action-oriented, highly energetic, tolerant of uncertainty, able to learn quickly
how many self-employed women are there in Canada? what percent does that make up of all self-employed people
950,000 self-employed women. 36% of all self-employed people
a greater concentration of women run …
small and medium sized enterprises (SMEs)
incubators provide … (first 4)
hands-on management assistance, education, information, technical and vital business support services
incubators provide … (last 3)
networking resources, financial advice, as well as advice on where to go to seek financial assistance
indigenous economy contributes … to Canada’s … it is estimated to reach … by …
$31 billion, GDP. $90 billion by 2025
there are over … indigenous businesses in … of which … percent are …
50,000, Canada, 99%, SMEs
three key factors of “business establishment”
has at least one paid employee, annual sales of $30,000, or is incorporated, and has filed a federal corporate income tax return at least once in the previous three years
small business plays a role in … (2)
helping to maintain the Canadian identity and Canadian economic independence
list the five ways to get into your first business venture
start your own company, buy an existing business, buy a franchise unit, inherit/take over a family business get some experience
list the five functions in a small business setting
planning your business, financing your business, knowing your customers, managing your employees, and keeping records
describe what a business plan is
a detailed written statement that describes the nature of the business, the target market, the advantages the resources and qualifications of the owner(s)
angel investors are …
private individuals who invest their own money in potentially hot new companies before they go public
describe crowdfunding
the raising of funds through the collection of small contributions from the general public using the internet and social media
describe what a “gig economy” is
work based on people having temporary jobs or doing separate pieces of work, each paid separately, rather than working in a permanent job for an employer
