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Small Business
owner-managed business with fewer than 100 employees
unincorporated
small business definitions vary; some statistics do not include _____ businesses with one owner and no employees
new venture
recently formed organization, opened within the last 12 months, that sells goods or services
Entrepreneurship
process of identifying and capitalizing on a marketplace opportunity
Entrepreneur
person who recognizes and seizes opportunities
Intrapreneurs
people who create something new within an existing large organization
98
___% of all employer businesses in Canada are small (fewer than 100 employees)
creation
small businesses are the main source of job _____
innovation
small businesses are leaders in ____ and new tech
88
Small Business Employment in: agriculture ____%
91
Small Business Employment in: other services: ___%
food
Small Business Employment in: accommodation and ___ services 91.1%
81
Small Business Employment in: construction ____%
half
women now account for approximately _____ of all new businesses
mom
there has been a rise in ____ preneurs
schedule
Reasons women give for starting their own businesses: Gain control over my _______ 46%
opportunity
Reasons women give for starting their own businesses: Saw a market ________ and decided to pursue it 24%
glass ceiling
Reasons women give for starting their own businesses: Frustrated with _________ at big companies 23%
Other
Reasons women give for starting their own businesses: _______ reasons 7%
value
ideas should add or create ____
advantage
ideas should provide a competitive _____
viable
ideas should be marketable and financially ____
exit
idea should have low ___ Costs
cover
business plan: ______ page, executive summary, table of contents, company description, product or service description, marketing, operating plan, management, financial plan, supporting details/appendix
summary
business plan: cover page, executive _______, table of contents, company description, product or service description, marketing, operating plan, management, financial plan, supporting details/appendix
contents
business plan: cover page, executive summary, table of ________, company description, product or service description, marketing, operating plan, management, financial plan, supporting details/appendix
description
business plan: cover page, executive summary, table of contents, company _________, product or service description, marketing, operating plan, management, financial plan, supporting details/appendix
service
business plan: cover page, executive summary, table of contents, company description, product or ______description, marketing, operating plan, management, financial plan, supporting details/appendix
marketing
business plan: cover page, executive summary, table of contents, company description, product or service description, _________, operating plan, management, financial plan, supporting details/appendix
plan
business plan: cover page, executive summary, table of contents, company description, product or service description, marketing, operating ______, management, financial plan, supporting details/appendix
management
business plan: cover page, executive summary, table of contents, company description, product or service description, marketing, operating plan, _________, financial plan, supporting details/appendix
financial
business plan: cover page, executive summary, table of contents, company description, product or service description, marketing, operating plan, management, _______ plan, supporting details/appendix
details
business plan: cover page, executive summary, table of contents, company description, product or service description, marketing, operating plan, management, financial plan, supporting _______/appendix
unknown
Revenue is a great ________ at the start
Bootstrapping
using low-cost or free techniques to minimize your cost of doing business (doing more with less)
love money
of equity options like personal savings, venture capitalists, and private investors, ____ is probably best
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
existing
alt approaches to starting business: buying an already ___________ business
family
alt approaches to starting business: Taking over a ______ business
franchise
alt approaches to starting business: Buying a ______
clientele
pros of buying an existing business: Established ________
Ease
pros of buying an existing business: _____ of financing
Experienced
pros of buying an existing business: _________ employees
credit
pros of buying an existing business: Established lines of _____ and supply
risky
pros of buying an existing business: Less _____ than starting from scratch
health
cons of buying an existing business: Uncertainty about financial _______
Location
cons of buying an existing business: ______ may be poor
pricing
cons of buying an existing business: The _____ strategy may need to be revisited
reputation
cons of buying an existing business: May have a poor _______
Kal Tire
________ is a positive example of a family business that has stood the test of time and grown into a major company.
rapid
Franchising Benefits (for the Franchiser): Attain _____ growth
advertising
Franchising Benefits (for the Franchiser): Share _____ cost
money
Franchising Benefits (for the Franchiser): Increased investment ______
sales
Franchising Benefits (for the Franchiser): Development of a motivated _____ team
revenue
Franchising Benefits (for the Franchiser): Increased _______
local
Franchising Benefits (for the Franchiser): No need to deal with _______ business issues
290
There are ____ Harvey's franchises across Canada. A free-standing Harveys outlet costs between $750,000 and $1,000,000, to establish
advice
Franchising Benefits (for the Franchisee): expert ____
Training
Franchising Benefits (for the Franchisee): ____ provided
failure
Franchising Benefits (for the Franchisee): lower ____ rates
Franchising Benefits (for the Franchisee):
brand
Franchising Benefits (for the Franchisee): well-developed ____
most
Franchising Benefits (for the Franchisee): keep ___ of the profits
financing
Franchising Benefits (for the Franchisee): Help with external _______
management
Franchising Benefits (for the Franchisee): Access to _________ expertise
scale
Franchising Benefits (for the Franchisee): Economies of _____ in buying supplies
scratch
Franchising Benefits (for the Franchisee): No need to build a business from _______
Sole Proprietorship
A business owned by one person
freedom
sole proprietorship advantages: _______, simplicity, low start up costs, tax benefits
simplicity
sole proprietorship advantages: freedom, ________, low start up costs, tax benefits
costs
sole proprietorship advantages: freedom, simplicity, low start up _____, tax benefits
benefits
sole proprietorship advantages: freedom, simplicity, low start up costs, tax benefits
unlimited
sole proprietorship disadvantages: ________ liability, lack of continuity, difficult to raise money, reliance on one individual
continuity
sole proprietorship disadvantages: unlimited liability, lack of ______, difficult to raise money, reliance on one individual
raise
sole proprietorship disadvantages: unlimited liability, lack of continuity, difficult to _____ money, reliance on one individual
one
sole proprietorship disadvantages: unlimited liability, lack of continuity, difficult to raise money, reliance on ____ individual
partnership
two or more people agree to combine their financial, managerial, and technical abilities to run a business
professionals
partnerships are frequently used by _____
general partnership
partnership in which partners share equally in both responsibility and liability
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
talent
advantages of partnership: larger _____ pool, larger money pool, ease of formation, tax benefits
pool
advantages of partnership: larger talent pool, larger money _____, ease of formation, tax benefits
formation
advantages of partnership: larger talent pool, larger money pool, ease of __________, tax benefits
tax
advantages of partnership: larger talent pool, larger money pool, ease of formation, _____ benefits
liability
disadvantages of partnership: unlimited _____, lack of continuity, ownership transfer is difficult, potential conflict
lack
disadvantages of partnership: unlimited liability, ____ of continuity, ownership transfer is difficult, potential conflict
transfer
disadvantages of partnership: unlimited liability, lack of continuity, ownership ______ is difficult, potential conflict
conflict
disadvantages of partnership: unlimited liability, lack of continuity, ownership transfer is difficult, potential ________
corporation
a separate legal entity from their owners, property rights and obligations, and indefinite lifespan
indefinite
corporations have an ____ lifespan
public corporation
shares are widely held and available for sale to the general public
initial public offering
the sale of shares for the first time to the general investing public
general motors
example of public corporation
Private Corporation
shares held by a few shareholders (not widely available)
Board of Directors
governing body; responsible for shareholder interests
appoint
BOD ___ mgmt, set policy, and make major decisions
shareholders
investors who buy shares of ownership in a company
dividends
shareholders may share in profits through _____
Chief Executive Officer
person responsible for the firm's overall performance
limited
advantages of corporation: ________ liability, continuity, professional mgmt, easier to raise money