By the end of the chapter, you should be able to:
- Define entrepreneur and describe the three characteristics of entrepreneurial activity.
- Identify five potential advantages to starting your own business.
- Define a small business and explain the importance of small businesses to the Canadian economy.
- Explain why small businesses tend to foster innovation more effectively than large ones.
- Describe the goods-producing and service-producing sectors of an economy.
- Explain what it takes to start a business and evaluate the advantages and disadvantages starting a business from scratch, buying an existing business, or obtaining a franchise.
- Explain why some businesses fail.
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