Questions and Answers
What is a small venture?
What percentage of businesses in Canada are small ventures?
85%
What are three main components of a profitable venture?
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?
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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 _____.
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Successful entrepreneurs are typically not competitive.
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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?
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Entrepreneurial thinkers want to expand their ______.
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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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Description
This quiz explores essential business skills tailored for sport and fitness professionals. It covers important divisions such as accounting, marketing, and operations, focusing on their application in the sports industry. Test your knowledge and enhance your understanding of business anatomy in this dynamic field.
