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Questions and Answers
What is a small venture?
What is a small venture?
- A large corporation
- A non-profit organization
- An independently owned and operated firm (correct)
- A government entity
What percentage of businesses in Canada are small ventures?
What percentage of businesses in Canada are small ventures?
85%
What are three main components of a profitable venture?
What are three main components of a profitable venture?
- Find a need
- Make more money
- Tell the world you fill a need
- All of the above (correct)
Which of the following is not a reason for starting a business?
Which of the following is not a reason for starting a business?
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What is the meaning of 'values' in the context of business?
What is the meaning of 'values' in the context of business?
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What is the difference between a job and a calling?
What is the difference between a job and a calling?
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The percentage of self-employed people in Canada compared to the U.S. is _____.
The percentage of self-employed people in Canada compared to the U.S. is _____.
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Successful entrepreneurs are typically not competitive.
Successful entrepreneurs are typically not competitive.
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What is one of Covey's 7 Habits of Highly Effective People?
What is one of Covey's 7 Habits of Highly Effective People?
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What percentage of small businesses survive their first year?
What percentage of small businesses survive their first year?
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Entrepreneurial thinkers want to expand their ______.
Entrepreneurial thinkers want to expand their ______.
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Match the following terms with their definitions:
Match the following terms with their definitions:
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Study Notes
Exploring Business in Sport and Fitness
- Business functions include Accounting, Marketing, Operations, and Management, paralleling human anatomy aspects like Cardiorespiratory and Muscular systems.
- A small venture is typically independently owned, employing 1 to 20 people, and comprises 85% of businesses in Canada.
Key Components of a Profitable Venture
- Identify a market need and create a solution to fulfill it, generating income in the process.
Small Business vs. Self-Employment
- Entrepreneurs can lead small businesses or engage in self-employment; an entrepreneur's presence is crucial in self-employment.
Motivations for Starting a Business
- Passion for work, independence, potential income, legacy building, innovation development, and driving change are common reasons.
Core Values and Purpose
- Values guide actions and shape vision; purpose defines roles and contributions within a business.
Understanding Meaning in Your Work
- Meaning differentiates between a job (earning a living), a career (goal-oriented path), and a calling (passion-driven).
Small Business Statistics in Canada
- Canada boasts a higher self-employment rate than the U.S., with 60% of self-employed individuals holding post-secondary education.
- 2.6 million Canadians are self-employed, consisting of 37% women and 63% men.
- 98% of employer businesses have fewer than 100 employees, with 68% categorized as micro businesses (1 to 4 employees).
- Almost 50% of the labor force is engaged in small enterprises, contributing approximately 25% to the GDP.
Characteristics of Small Business Entrepreneurs
- Entrepreneurs are agents of change, demonstrating qualities such as passion, opportunism, persistence, and visionary thinking.
Traits of Successful Entrepreneurs
- Essential traits include being goal-oriented, independent, innovative, competitive, sharing, risk-taking, and hard-working.
Entrepreneurial Mindset
- Traditional employee thinking focuses on stability and comfort, while entrepreneurs seek growth and opportunity.
Pros and Cons of Entrepreneurship
- 40% of Canadians view self-employment as rewarding; 80% of entrepreneurs regard it as their best career decision.
- Disadvantages include long work hours (55% work over 50 hours weekly), limited vacations, and high stress (90% report stress from running a business).
Success and Happiness Definitions
- Success is a blend of preparation and opportunity; happiness correlates with having pleasure and meaning in life.
Covey's 7 Habits of Highly Effective People
- Habit 1: Be proactive and strive to expand your influence.
- Habit 2: Start with a clear vision of your future.
- Habit 3: Prioritize important tasks over urgent distractions.
- Habit 4: Aim for win-win solutions in relationships.
- Habit 5: Practice empathetic listening to foster understanding and cooperation.
- Habit 6: Leverage teamwork to achieve collective goals.
- Habit 7: Maintain balance through physical, mental, and spiritual renewal.
Odds of Success in Small Business
- Approximately 80% of small businesses survive the first year; on average, businesses last around 6 years, with only 30% surviving for a decade.
- Thorough research and a solid business plan can significantly increase chances of success.
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