GMGT 1010 Lecture Notes - Lecture 76: Canadian Business

• School: University of Manitoba
• Department: General Management
• Course: GMGT 1010
• Professor: Brock V.Cordes

Document Summary

Chapter 7 entrepreneurship and starting a small business: 2. 7 million people in canada are self-employed which is 15% of all employed workers in the. Entrepreneurship: accepting the challenge of starting and running a business. Comes from french word entreprendre meaning to undertake . In a business context, it means to start a business. Entrepreneurial ventures differ from small businesses in the following ways: o amount of wealth creation. A successful entrepreneurial venture creates substantial wealth, typically in excess of several million dollars of profit. The risk of an entrepreneurial venture must be high. Gives the competitive advantage that results in wealth creation. Innovation may be in new products, new production methods, new markets and new forms of organizations. Entrepreneurs have played a major role in developing the canadian economy. One of a couple of entrepreneurs had a good idea, borrowed some money from friends and family, and started a business.