Académique Documents
Professionnel Documents
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and Entrepreneurship
Chapter 10
City University of Science and Information Technology Faisal Ghani
Entrepreneurship
The process of planning, organizing, operating, and
assuming the risk of a business.
Entrepreneur
Someone who engages in entrepreneurship.
Small Business
A business that is privately owned by one individual or a
small group of individuals; it
has sales and assets that are not large enough to
influence its environment.
Chapter 10 Managing New Venture Formation and Entrepreneurship 2
City University of Science and Information Technology Faisal Ghani
Job Creation
Small business creates majority of the new jobs in the
society.
Industry sectors dominated by small business have
added the most jobs.
Small business accounts for 38% of all jobs in high-
technology sectors and for 96% of all U.S. exporters.
Innovation
Historically, major innovations are as likely to come
from small businesses as from large firms.
Much of what is created in the high-technology
sectors comes from start-up companies.
PC, Transistor Radio, Photocopying Machine, Jet
Engine, Instant Photograph.