1 Why Entrepreneurship? Small Business In Canada

2 Small Business A small business is defined as those that employ fewer than 100 employees Small business is the backbone of the Canadian Economy

3 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.

4 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.

5 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

6 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

7 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

8 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

9 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

10 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

11 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

12 Challenges for a Small Business While often ideally positioned to react quickly to emerging market trends and opportunities, there are challenges as well.

13 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