CH 4: Entrepreneurship, Small Business, and New Venture Creation

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113 Terms

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Small Business

owner-managed business with fewer than 100 employees

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unincorporated

small business definitions vary; some statistics do not include _____ businesses with one owner and no employees

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new venture

recently formed organization, opened within the last 12 months, that sells goods or services

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Entrepreneurship

process of identifying and capitalizing on a marketplace opportunity

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Entrepreneur

person who recognizes and seizes opportunities

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Intrapreneurs

people who create something new within an existing large organization

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98

___% of all employer businesses in Canada are small (fewer than 100 employees)

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creation

small businesses are the main source of job _____

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innovation

small businesses are leaders in ____ and new tech

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88

Small Business Employment in: agriculture ____%

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91

Small Business Employment in: other services: ___%

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food

Small Business Employment in: accommodation and ___ services 91.1%

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81

Small Business Employment in: construction ____%

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half

women now account for approximately _____ of all new businesses

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mom

there has been a rise in ____ preneurs

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schedule

Reasons women give for starting their own businesses: Gain control over my _______ 46%

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opportunity

Reasons women give for starting their own businesses: Saw a market ________ and decided to pursue it 24%

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glass ceiling

Reasons women give for starting their own businesses: Frustrated with _________ at big companies 23%

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Other

Reasons women give for starting their own businesses: _______ reasons 7%

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value

ideas should add or create ____

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advantage

ideas should provide a competitive _____

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viable

ideas should be marketable and financially ____

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exit

idea should have low ___ Costs

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cover

business plan: ______ page, executive summary, table of contents, company description, product or service description, marketing, operating plan, management, financial plan, supporting details/appendix

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summary

business plan: cover page, executive _______, table of contents, company description, product or service description, marketing, operating plan, management, financial plan, supporting details/appendix

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contents

business plan: cover page, executive summary, table of ________, company description, product or service description, marketing, operating plan, management, financial plan, supporting details/appendix

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description

business plan: cover page, executive summary, table of contents, company _________, product or service description, marketing, operating plan, management, financial plan, supporting details/appendix

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service

business plan: cover page, executive summary, table of contents, company description, product or ______description, marketing, operating plan, management, financial plan, supporting details/appendix

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marketing

business plan: cover page, executive summary, table of contents, company description, product or service description, _________, operating plan, management, financial plan, supporting details/appendix

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plan

business plan: cover page, executive summary, table of contents, company description, product or service description, marketing, operating ______, management, financial plan, supporting details/appendix

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management

business plan: cover page, executive summary, table of contents, company description, product or service description, marketing, operating plan, _________, financial plan, supporting details/appendix

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financial

business plan: cover page, executive summary, table of contents, company description, product or service description, marketing, operating plan, management, _______ plan, supporting details/appendix

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details

business plan: cover page, executive summary, table of contents, company description, product or service description, marketing, operating plan, management, financial plan, supporting _______/appendix

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unknown

Revenue is a great ________ at the start

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Bootstrapping

using low-cost or free techniques to minimize your cost of doing business (doing more with less)

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love money

of equity options like personal savings, venture capitalists, and private investors, ____ is probably best

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Drake

_______ has been actively promoting his partnership with spirits producer Brent Hocking, and the two have announced a planned IP O for U S$30 million for their Virginia Black Whiskey brand

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existing

alt approaches to starting business: buying an already ___________ business

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family

alt approaches to starting business: Taking over a ______ business

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franchise

alt approaches to starting business: Buying a ______

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clientele

pros of buying an existing business: Established ________

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Ease

pros of buying an existing business: _____ of financing

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Experienced

pros of buying an existing business: _________ employees

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credit

pros of buying an existing business: Established lines of _____ and supply

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risky

pros of buying an existing business: Less _____ than starting from scratch

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health

cons of buying an existing business: Uncertainty about financial _______

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Location

cons of buying an existing business: ______ may be poor

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pricing

cons of buying an existing business: The _____ strategy may need to be revisited

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reputation

cons of buying an existing business: May have a poor _______

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Kal Tire

________ is a positive example of a family business that has stood the test of time and grown into a major company.

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rapid

Franchising Benefits (for the Franchiser): Attain _____ growth

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advertising

Franchising Benefits (for the Franchiser): Share _____ cost

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money

Franchising Benefits (for the Franchiser): Increased investment ______

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sales

Franchising Benefits (for the Franchiser): Development of a motivated _____ team

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revenue

Franchising Benefits (for the Franchiser): Increased _______

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local

Franchising Benefits (for the Franchiser): No need to deal with _______ business issues

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290

There are ____ Harvey's franchises across Canada. A free-standing Harveys outlet costs between $750,000 and $1,000,000, to establish

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advice

Franchising Benefits (for the Franchisee): expert ____

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Training

Franchising Benefits (for the Franchisee): ____ provided

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failure

Franchising Benefits (for the Franchisee): lower ____ rates

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Franchising Benefits (for the Franchisee):

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brand

Franchising Benefits (for the Franchisee): well-developed ____

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most

Franchising Benefits (for the Franchisee): keep ___ of the profits

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financing

Franchising Benefits (for the Franchisee): Help with external _______

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management

Franchising Benefits (for the Franchisee): Access to _________ expertise

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scale

Franchising Benefits (for the Franchisee): Economies of _____ in buying supplies

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scratch

Franchising Benefits (for the Franchisee): No need to build a business from _______

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Sole Proprietorship

A business owned by one person

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freedom

sole proprietorship advantages: _______, simplicity, low start up costs, tax benefits

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simplicity

sole proprietorship advantages: freedom, ________, low start up costs, tax benefits

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costs

sole proprietorship advantages: freedom, simplicity, low start up _____, tax benefits

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benefits

sole proprietorship advantages: freedom, simplicity, low start up costs, tax benefits

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unlimited

sole proprietorship disadvantages: ________ liability, lack of continuity, difficult to raise money, reliance on one individual

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continuity

sole proprietorship disadvantages: unlimited liability, lack of ______, difficult to raise money, reliance on one individual

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raise

sole proprietorship disadvantages: unlimited liability, lack of continuity, difficult to _____ money, reliance on one individual

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one

sole proprietorship disadvantages: unlimited liability, lack of continuity, difficult to raise money, reliance on ____ individual

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partnership

two or more people agree to combine their financial, managerial, and technical abilities to run a business

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professionals

partnerships are frequently used by _____

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general partnership

partnership in which partners share equally in both responsibility and liability

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limited partnership

form of partnership where one or more partners are not active in the daily running of the business, and whose liability for the partnership's debt is restricted to the amount invested in the business

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talent

advantages of partnership: larger _____ pool, larger money pool, ease of formation, tax benefits

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pool

advantages of partnership: larger talent pool, larger money _____, ease of formation, tax benefits

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formation

advantages of partnership: larger talent pool, larger money pool, ease of __________, tax benefits

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tax

advantages of partnership: larger talent pool, larger money pool, ease of formation, _____ benefits

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liability

disadvantages of partnership: unlimited _____, lack of continuity, ownership transfer is difficult, potential conflict

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lack

disadvantages of partnership: unlimited liability, ____ of continuity, ownership transfer is difficult, potential conflict

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transfer

disadvantages of partnership: unlimited liability, lack of continuity, ownership ______ is difficult, potential conflict

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conflict

disadvantages of partnership: unlimited liability, lack of continuity, ownership transfer is difficult, potential ________

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corporation

a separate legal entity from their owners, property rights and obligations, and indefinite lifespan

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indefinite

corporations have an ____ lifespan

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public corporation

shares are widely held and available for sale to the general public

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initial public offering

the sale of shares for the first time to the general investing public

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general motors

example of public corporation

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Private Corporation

shares held by a few shareholders (not widely available)

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Board of Directors

governing body; responsible for shareholder interests

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appoint

BOD ___ mgmt, set policy, and make major decisions

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shareholders

investors who buy shares of ownership in a company

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dividends

shareholders may share in profits through _____

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Chief Executive Officer

person responsible for the firm's overall performance

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limited

advantages of corporation: ________ liability, continuity, professional mgmt, easier to raise money