Chapter 7 - Entrepreneurship

Question 1

Entrepreneurship

Answer 1

-accepting the challenge of starting a running a business.
Small business and entrepreneurship differ in the following ways:
amount and speed of wealth creation
risk
innovation

Question 2

Women Entrepreneurs

Answer 2

Small and medium-sized enterprises (SMEs)
Refers to all businesses with fewer than 500 employees 
Financial need
Lack of promotion opportunities
Women returning to the workforce
Family and personal responsibility
Public awareness of women in business
Part-time occupations
Higher rate of success for women

Question 3

An entrepreneurial team is

Answer 3

a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make and market a new product.

Question 4

Micro-enterprise

Answer 4

a small business defined as having fewer than five employees.

Question 5

Micropreneurs

Answer 5

Small-business owners with fewer than five employees, who are willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.

Question 6

Affiliate marketing

Answer 6

an Internet-based marketing strategy in which a business rewards individuals or other businesses (affiliates) for each customer the affiliate sends to its Web site

Question 7

Intrapreneurs are

Answer 7

creative people who work as entrepreneurs within corporations.

Question 8

Incubators

Answer 8

centres that provide hands-on management assistance, education, information, technical and vital business support services, networking resources, financial advice, as well as advice on where to go to seek financial assistance.

Question 9

Importance of Small Businesses

Answer 9

Ninety-eight percent of businesses in Canada have fewer than 100 employees.
On average 104,000 new small businesses are created in Canada each year.
Small businesses employ approximately 5 million individuals in Canada, or 48% of the total private labour work force.
Small business contributed slightly more than 30 percent to Canada’s gross domestic product.
About 86 percent of Canadian exporters were small businesses.