Term
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Definition
- An independently owned and managed business that does not dominate its market
- An owner-managed business with fewer than 100 employees |
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Term
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Definition
- A recently formed commercial organization that provides goods and/or services for sale
- Has become operational in the past 12 months
- Adopts any of the main organizational forms
- Sells goods or services |
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Term
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Definition
| The process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it |
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Term
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Definition
| A business person who accepts both the risks and the opportunities involved in creating and operating a new business venture |
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Term
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Definition
| People who create something new within an existing large firm or organization |
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Term
| Percentage of Business Sizes in Canada |
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Definition
Small Business (less than 100 employees) - 98.2%
Medium-sized business (100 - 499 employees) - 1.6%
Large Businesses (500+ employees) - 0.2% |
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Term
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Definition
| The part of the economy made up of companies and organizations not owned or controlled by the government |
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Term
| 3 Key Elements of Entrepreneurship |
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Definition
1) The Entrepreneur
2) The Opportunity
3) Resources |
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Term
| Parts of a Successful Entrepreneurial Idea |
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Definition
The idea...
- creates or adds value for the customer
- provides a competitive advantage that can be sustained
- is marketable and financially viable
- has low exit costs |
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Term
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Definition
- Cover 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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Term
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Definition
| An arrangement that gives franchisees (buyers) the right to sell the product of the franchiser (the seller) |
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Term
| Main Jobs of an Entrepreneur |
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Definition
1) Identify and opportunity
2) Access resources |
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Term
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Definition
- Doing more with less
- Financing techniques whereby entrepreneurs make do with less and use other people's resources wherever they can |
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Term
| Two Main Types of Financing |
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Definition
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Term
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Definition
Assets that a borrower uses to secure a loan or other credit, and that are subject to seizure by the lender if the loan isn't repaid according to the specified repayment terms
- A form of equity |
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Term
| Examples of Equity Financing |
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Definition
1) Personal Savings
2) Love Money
3) Private Investors
4) Venture Capitalists |
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Term
| Examples of Debt Financing |
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Definition
1) Financial Institutions
2) Suppliers (trade credit) |
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Term
| Business Development Bank of Canada |
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Definition
- Government Run
- Focuses on helping small and medium businesses
- Provides financing, venture capital, and consulting strategies |
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Term
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Definition
| Facilities that support small businesses during their early growth phase by providing basic services, office space, legal advice, and more |
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Term
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Definition
| Stipulates the duties and responsibilities of the franchisee and the franchiser |
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Term
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Definition
| Business owned and usually operated by one person who is responsible for all of its debts |
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Term
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Definition
| A person who invests in a business is liable for all debts incurred by the business; personal possessions can be taken to pay debts |
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Term
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Definition
| A business with two or more owners who share in the operation of the firm and in financial responsibility for the firm's debts |
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Term
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Definition
| General Partners & Limited Partners |
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Term
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Definition
| - A partner who is actively involved in managing the firm and has unlimited liability |
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Term
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Definition
| A partner who generally does not participate actively in the business, and whose liability is limited to the amount invested in the partnership |
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Term
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Definition
- A business considered by law to be a legal entity separate from its owners with many of the legal rights and privileges of a person
- A form of business organization in which the liability of the owners is limited to their investment in the firm |
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Term
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Definition
| Investors who buy shares of ownership in the form of stock |
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Term
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Definition
| Shares whose owners usually have last claim on the corporation's assets (after creditors and owners of preferred stock) but who have voting rights in the firm |
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Term
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Definition
| A group of individuals elected by a firm's shareholders and charged with overseeing, and taking legal responsibility for, the firm's actions |
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Term
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Definition
CEO
- The highest-ranking executive in a company or organization |
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Term
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Definition
| A business whose stock is widely held and available for sale to the general public |
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Term
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Definition
| A business whose stock is held by a small group of individuals and is not usually available for sale to the general public |
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Term
| Initial Public Offering (IPO) |
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Definition
| Selling shares of a stock in a company for the first time to a general investing public |
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Term
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Definition
| Companies that buy publicly traded companies and then make them private |
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Term
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Definition
| A structure allowing companies to avoid paying corporate income tax if they distribute all or most of their earnings to investors |
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Term
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Definition
| An organization that is formed to benefit its owners in the form of reduced prices and/or the distribution of surpluses at year-end |
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