5: Entrepreneurship: Starting a Business

Learning Objectives

By the end of this chapter you will be able to:

  1. Define entrepreneur and describe the three characteristics of entrepreneurial activity.
  2. Identify five potential advantages to starting your own business.
  3. Define a small business and explain the importance of small businesses to the Canadian economy.
  4. Explain why small businesses tend to foster innovation more effectively than large ones.
  5. Describe the goods-producing and service-producing sectors of an economy.
  6. 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.
  7. Explain why some businesses fail.

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