How is Canadian entrepreneurial culture, access to capital, government intervention and facilitating environment different from Trinidad and Tobago within the Caribbean?
We must understand what is meant by entrepreneurial culture? Entrepreneurial culture is defined as a system of collective behaviours and attitudes toward all types of business activity formed by a country’s values, norms, visions, work ethic, education, technical skills, expertise, experience, beliefs and habits. These elements determine how stakeholder (individuals and groups) interact with each other and how business ideas are pursued. Canada is second only to the U.S. in levels of entrepreneurial activity, beating most G7 countries and much of the developed world. Since
…show more content…
Government has taken a deliberate strategic direction to develop the small business sector and promote entrepreneurship as an instrument of growth and employment generation, particularly in those segments of society the hardest hit by recession, structural adjustment and the recent global economic crisis. Enhancement of the economy has continued to be a goal of the public and private sectors of Trinidad and Tobago. For example, the Small Business Enterprise Sector is perceived to be the engine driver to radically transform and diversify the local economy. Thus, an entrepreneurial culture is the thing that most organizations ought to strive …show more content…
For this reason government and various organizations offer secured loans, grants to qualifying entrepreneurs. Canadian government acts as a prime mover by providing loan programs, tax refunds, wages subsidies, financial assistance and grants for entrepreneur. For instance, Canadian government offer an Aboriginal business and entrepreneur development grant. This grant is valued up to $99,999 designed to help entrepreneurs start a business, develop a business or grow their existing business. The entrepreneurs do not have to repay this grant once they qualified. In contrast the government of T&T acts as a facilitator to entrepreneurs by provides services such as business training, loan funding, promotional support and business advisory. For example, in August 2002, the government established the National Entrepreneurship Development Company Limited (NEDCO). NEDCO promote and facilitate the formation, growth and development of small and micro businesses. It currently provides financing to start your business at a lower interest rate and more favourable conditions in terms of collateral requirements than that of the banking sector. First time borrowers (entrepreneur) can access up to $100,000 for starting or expanding their business. Loans are provided for most legal business activities such as, manufacturing, retailing and service oriented type businesses. Once loan is
Our group chose Canada because we feel that there are many similarities between our culture in the United States and the culture in Canada. Comparing the economies of these two nations shows that they are nearly identical. If combined, Canada’s and the United States’ economies would be the world’s largest economy; therefore, it would be advantageous to incorporate in both nations.
During the last couple years, the Canadian economy has been transformed from on based primarily on agricultural production and the export of agricultural products and raw materials to one based primarily on its manufacturing and service sectors, as well as a mining sector of continuing importance. Canada's economy reflects a high-tech industrial society and resembles the United States, with whom it has close economic ties. This is one reason why a large percentage of the population, live by the U.
Pierre Trudeau stated that English Canada didn't have a culture and he wanted to give it one. He wanted Canada to be a strong country when Canadians of all provinces felt at home in all parts of the country, and when they felt that all Canada belongs to them (Trudeau, 1971) Trudeau encouraged immigration and thought these immigrants will assimilate and strengthen Canada. He wanted Canada to be a society where people were all equal and where they can share some fundamental values based upon freedom. After 1971, the government proclaimed a policy of multiculturalism and Canada went from an all Caucasian community to a multicultural community. Because of Canada’s different cultures and ethnic groups, it was often referred as a mosaic community. Culture is defined as the way of living of a group of people, including their traditions, inventions and conventions (Bain et al., 2002, pp.49-50). Canada has been shaped by migration that has combined to form a unique blend of customs, cuisine, and traditions that have marked the socio-cultural development of country. Throughout the20th century, many cultural changes have taken place in Canada resulting diffusion, enculturation, and acculturation due to the change in the immigration policy. From the beginning of the 20th century until the present Canada’s culture has undergone and some state that Canadian culture doesn't exist.
Although a lot of people, including myself prior to all this research, may assume that Canada is just like the United States, there are many differences that must be acknowledged and accepted between the two countries to conduct successful business together. The cultural differences, political, legal, and economic differences between Canada and the United States each play important roles in understanding how to go about doing business together. Much like here in The United States, the Canadian culture has been shaped by the European cultures. In Canada’s case, it was mostly the British and the French cultures that have been the influence for culture in the past.
The first example of the biotechnology industry, the paper A study of R&D, innovation, and business performance in the Canadian biotechnology industry (Hall and Bagchi-Sen, 2002) highlight the innovative and support of the biotechnology industry in support and diversification of industries within the Canadian economy. The second example would be supported by the paper of Financial Return for Government Support of Large-Scale Thin-Film Solar Photovoltaic Manufacturing in Canada (Branker and Pearce, 2010) provides the financial contribution of an environmental industry in supporting the economy grow. The third example is the manufacturing sector has great investment from both local and foreign firms resulting in the increase of employment and wages to employees, the paper Global Links: Multinationals, Foreign Ownership and Productivity Growth in Canadian Manufacturing (Baldwin and Gu, 2005) helps convey the message about the Canadian diversification in industries that provide grow and support to the
The Sources of Funding Introduction "Money begets money. – John Ray" Setting up your own small business or becoming a contractor seems very appealing to many computer professionals. Though many businesses finance start-up or expansion from personal assets, sooner or later virtually all business owners need assistance from a financial institution. It is difficult to do business without ever using credit. [PISE] lists the various sources of funding available but the main focus of this report will be to discuss how these ‘financial packages’ appeal to us and the difficulties which company’s or entrepreneurs face to obtain these funds.
Canadian Businesses and Technology Technological changes today, and in the near future, will be the greatest influence on Business as we know it. With the development of computers and robots, the requirements for many industries will fill up extremely quickly. By having machines to perform complex and monotonous operations by humans, industries will seek out their aid and most likely affect the emplyoment rate both ways. There is no question that many individuals will lose their jobs but at the same time new options will arise. An example would be the development of the Telstat Telecommunications satellite which opened the door for many unemployed citizens who possessed the key ingredient to hold down such a job.
At the legislative level, Ontario passed the Regulated Health Professions Act (RHPA) in 1991 that restructured the governance of health professions in the province. According to Beardwood (1999), this Act comes in the process of controlling the autonomy of health care professionals. It reduced the organizational autonomy by introducing the state/public in the college committees and thus into the governance of the professions. The clinical autonomy was also reduced by loosening professional boundaries and making them more permeable to other professions.
Sources of finance can be put into two categories Internal and External. Internal finance is money that comes from inside of a business or any profit that you have made from your business and external is money that you get from outside of the business. For internal finance you can retain profit, reduce stock levels or sell you old assets but for external finance you have more choices you can borrow money from family or friends to help you out, you can get a grant from the princes trust but this will only happen if you have a good idea for what you need the money for and you can get a loan from the bank. The difference between a loan and a grant is a loan you don’t have to pay back but a grant you do because it is from the bank. There are other types of finance:
50 Best Profitable Small Business ideas in Canada for 2018 Are you looking forward to starting a new business in Canada? If yes, you have come to the right place. Canada is one of the most favorable places for doing business. However, when it comes to deciding the right kind of business, most people are lost.
Canada, among many nations, in the world believes that an easy access to education cannot only have a positive impact on the individual but also the society as a whole. The country’s investment in education has increased over the years and so has the enrolment rate. Recent statistics exhibit that about 1,112,300 students were enrolled in a Canadian university from 2008-2009 (Kelvin and Eggleton, 2011, p.7). The growth of a nation is dependent on creativity and innovation by students with proper education. Thus, it is imperative that the 85% of students get into university.
Small businesses have been considered the mainstay in countries around the world. In many European countries for example, the small business has been considered crucial to the success and flourishment of the country in general. Most individuals start upon a small business venture in the hopes of realizing ownership, independent profits and personal success. Small businesses can prove extremely successful when planned properly. Studies suggest that several small businesses, however, close or fail within the first few years of operation. This failure suggests that a majority of small business owners may not have as yet realized the crucial success factors necessary for successful implementation of a small business.
Accessed 13 April 2015 from http://www.effectuation.org/sites/default/files/documents/what-makes-entrepreneurs-entrepreneurial-sarasvathy.pdf 6. Summit Consulting. SBA, US Small Business Administration. Toward Effective Education of Innovative Entrepreneurs in Small Business: Initial Results from a Survey of College Students and Graduates, September 2009. Accessed 13 April 2014 from https://www.sba.gov/sites/default/files/advocacy/rs353tot.pdf 7.
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
Within every major economy, a great factor in providing the energy of the core of the nations economy is the small and medium enterprises. These cluster of firms are what provide new economic activity, new innovative products and services, along with growing employment and in general a crucial system in ensuring the economy is at a stable growth level. With a majority of this activity stemming from family controlled or managed businesses, the focus on developing a global and long term perspective for these firms are ever growing in importance because of the global perspective entrepreneurship has started to take.