Week 2 Flashcards
Usually a firm which is owner-managed and/or operated and is not dominant in its field
Small Business
Small Business may be defined by
Number of employees
85% of small business in Canada employs 1-20 employees
By dollar amount
By volume of sales
Categories of Small Business
Source: Industry Canada
Micro = 5 or less employees Small = 100 or less employees Medium = 500 or less employees
Approx. _______ Canadians own their own business
2.7 million
_____ of businesses (employer owned) in Canada are Small Business.
98%
____ of Canada’s workforce is employed by Small Business (5.1 Million)
48%
_____ are leading the entrepreneurial charge.
Women
______of the country’s total GDP came from businesses with fewer than 50 employees.
28%
Your Chances of Success
85% survive the 1st year
51% survive 5 years
On average a business enterprise will last 6 years
The Entrepreneur …..
30% of small business owners report working more than 50 hours a week
90% say that running a business is stressful
Yet surveys show that those who own their own businesses have the highest life satisfaction levels!
Social Entrepreneurs
Agents of social change
Want to improve the lives of people or the planet
May pursue non-profit business
Process of making change within a larger company
Aligns his/her ideas and talents with a large organization
Intrapreneur
An era of knowledge-based workers,
mass customization, and
entrepreneurship
Information Wave
Macro Trends
Globalization
Importing and exporting demand
Global competition
More connected
Technology
New inventions or ways to use existing
Internet & E-commerce
Communicating, promoting, selling, operating
Splintering of the Mass MarketTendency to buy a different layers of the market.
KEY FACTORS: Shrinking middle class Shifting sizes of age groups Evolving family and living arrangements Growing ethnic diversity
