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Why Entrepreneurship?

Small Business In Canada

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Small Business

• A small business is defined as those that employ fewer than 100 employees

• Small business is the backbone of the Canadian Economy

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Small Business Statistics• Small business creates over

_________________ new jobs every year in Canada!

• ________ in Six working Canadians owns a small business.

• Of the 88 thousand business in Atlantic Canada, ______% are considered small businesses.

• More than ______ of entrepreneurs in Nova Scotia are WOMEN.

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Small Business Statistics• Small business creates over 300,000

new jobs every year in Canada!• One in Six working Canadians owns a

small business.• Of the 88 thousand business in Atlantic

Canada, 95% are considered small businesses.

• More than 1/3 of entrepreneurs in Nova Scotia are WOMEN.

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Some Interesting Facts About Business in Canada!

• 77% make annual revenues of less than 1 million

• 97% have fewer than 50 employees• 50% of small business started from scratch• 6% of business sell on-line• 20% of business are owned by Canadian

immigrants

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Some Interesting Facts About Business in Canada!

• _____% of small business bought from someone else

• _____% of business are from family inheritances

• _____ % have no employees out side the owner

• ______% of small business are owned by females

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Some Interesting Facts About Business in Canada!

• 20% of small business bought from someone else

• 6% of business are from family inheritances

• 53 % have no employees out side the owner

• 36% of small business are owned by females

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Success of Small Business?

• _____ of 25 business do make it through the first year

• _____% of businesses are expanding

• _____% of small business owners depend on their business as their sole source of income

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Success of Small Business?

• 20 of 25 business do make it through the first year (80%)

• 37% of businesses are expanding• 69 % of small business owners

depend on their business as their sole source of income

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Entrepreneurs have Impact on Community

• Create ventures that provide new and improved products and services

• Find new ways of making products and services available to more people

• Compete with one another resulting in improved products and services while keeping prices down

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Entrepreneurs have Impact on Community

• They create jobs through new and expanding ventures

• They generate new ways of doing things

• Help communities achieve economic growth by creating new ventures

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Challenges for a Small Business

While often ideally positioned to react quickly to emerging market trends and opportunities, there are challenges as

well.

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Challenges for a Small Business

• Difficult to get the training needed to compete in the knowledge based economy

• May not have vast financial or human resources