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    Entrepreneurship and Business Ownership: COMM 1010: Business in A Global Context

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    Abeer Arif
    The document discusses topics related to small business and entrepreneurship including defining small business, characteristics of entrepreneurs, choosing a business form, developing a business plan, and reasons for small business success and failure. It also provides an exercise for developing a business idea as a team.

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    Entrepreneurship and Business Ownership: COMM 1010: Business in A Global Context

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    Abeer Arif
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    The document discusses topics related to small business and entrepreneurship including defining small business, characteristics of entrepreneurs, choosing a business form, developing a business plan, and reasons for small business success and failure. It also provides an exercise for developing a business idea as a team.

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    The document discusses topics related to small business and entrepreneurship including defining small business, characteristics of entrepreneurs, choosing a business form, developing a business plan, and reasons for small business success and failure. It also provides an exercise for developing a business idea as a team.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    54 views15 pages

    Entrepreneurship and Business Ownership: COMM 1010: Business in A Global Context

    Uploaded by

    Abeer Arif
    The document discusses topics related to small business and entrepreneurship including defining small business, characteristics of entrepreneurs, choosing a business form, developing a business plan, and reasons for small business success and failure. It also provides an exercise for developing a business idea as a team.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 15

    COMM 1010:

    Business in a Global Context


    Entrepreneurship and Business Ownership
    Bachelor of Commerce Program
    Rowe School of Business
    Fall 2017

    Dr. Ramon Baltazar


    AGENDA

    Small business
    Entrepreneurship
    Starting a small business

    Baltazar 2017
    SMALL BUSINESS
    Industry Canada definition A
    business with < 100 people for goods
    or < 50 people for services
    Approximately 1.1 million small
    businesses
    25% in goods, 75% in services
    98% of all employers
    50% of the private labor force
    Creates 40% of all new jobs

    Significantly started by entrepreneurs


    (an economic factor of production)

    Baltazar 2017
    ENTREPRENEURSHIP
    Process of identifying an opportunity and
    accessing the resources needed for a
    business start up
    Associated with small business
    Closely related to innovation

    Intrapreneurship: Entrepreneurship within an


    established business (e.g. 3M)

    Characteristics of entrepreneurs
    Self-directed, Self-nurturing, Action-oriented,
    Highly energetic, Tolerant of uncertainty, Able
    to learn quickly, Passionate and determined
    http://vimeo.com/19986675 (0-1:50 )

    Baltazar 2017
    ENTREPRENEURIAL TRENDS
    Growth of female entrepreneurs BREAKDOWN OF HOME-BASED BUSINESSES
    1/3 of all self-employed people in
    2011, growing 20% (vs. 14% for Financial &
    males) Sales & Real Estate
    Distribution 5%
    Highest participation in 10%
    accommodation and food (25%), Arts/Design
    lowest in agriculture and primary Creative Bldg. Trades
    13% 31%
    industries (9%)
    Personal Bus.
    Svcs. Services
    Growth of home based businesses 14% 27%

    Growth of web-based businesses


    Baltazar 2017
    STARTING THE BUSINESS
    Find the idea with a
    competitively attractive
    industry position (e.g.
    restaurants)
    Choose a business
    form
    Develop a business
    plan
    Find financing for the
    business
    Start up the business

    Baltazar 2017
    TURNING YOUR PASSIONS AND
    PROBLEMS INTO OPPORTUNITIES
    A business idea is a good How many $1 cups of coffee
    business opportunity if:
    - It fills customers needs.
    do you need to sell every
    - You can sell the product or month if your mark up is 90%
    service at a price customers are of selling price, you have 5
    willing and able to pay-and still minimum wage employees,
    make a profit.
    rent of $2,500 and other
    - You have the skills and
    resources to start a business. expenses of $1,500 per
    - You can keep the business month?
    going.
    Baltazar 2017
    CHOOSING A BUSINESS FORM
    Sole Proprietorship
    Owned, and usually managed, by one person.
    Profits accrue to proprietor, unlimited liability

    Partnership
    Two or more co-owners
    Profits divided among partners, unlimited liability for general partners

    Corporation
    A legal entity with authority to act and have liability separate from its owners.
    Normally more money for investment, separate owners and managers, limited liability, perpetual life
    Relatively difficult to start-up and dissolve, more resource intensive to maintain, double taxation

    Baltazar 2017
    COMPARISON OF BUSINESS FORMS

    Baltazar 2017
    SPECIAL FORMS
    Franchise
    The right to use a specific businesss name and sell its goods and
    services in a given territory
    Proven business, franchise fees and restrictions

    Cooperative
    Owned by members and customers, who pay an annual
    membership fee and share in any profits.
    More than 9,000 co-operatives serving 18 million Canadians
    No income taxes, profit sharing, requires professional management
    Baltazar 2017
    Business Plan
    Detailed written statement describing Sample outline
    the nature of business, the target Cover Letter
    market, competitive advantage, and Executive Summary
    the resources and qualifications of Company Background
    owner(s). Management Team
    Financial Plan
    Capital Required
    Time consuming, forces thorough Marketing Plan
    planning Location Analysis
    Manufacturing Plan
    Appendices

    Baltazar 2017
    Sources of Financing For SMEs
    KEEPING THE BUSINESS GOING

    Management and leadership


    Strategy, structure, control systems
    Marketing
    Production and Operations
    Accounting and Finance
    Human resources management
    Information management
    Baltazar 2017
    REASONS FOR SMALL BUSINESS SUCCESS
    AND FAILURE

    Less than 50% of new business ventures survive five years


    Success factors
    Hard work, market demand, management competence, drive and
    dedication, luck
    Failure
    Unrealistic expectations, faltering commitment, inadequate funding, poor
    management, extenuating circumstances
    Starting up is hard work
    http://vimeo.com/19986675 (10:40-15:56)

    Baltazar 2017
    TEAM BUSINESS IDEA EXERCISE
    What is the new product or service offering? What is unique about the
    offering? Is the product or service already being offered by others, and if
    not, is it easily copied?
    Who are the customers? Where are they located? What customer needs
    are we targeting?
    Who would be our direct and indirect competitors? How will our product or
    service stand out from competitors offerings?
    What is the investment required? Itemize.
    What is the estimated breakeven volume, based on fixed costs, unit prices
    and unit variable costs?

    Baltazar 2017

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