Entrepreneurship in Canada, the United States, and throughout the World Presented at the Canada-United States Law Institute Annual Conference By Dr. Robert D. Hisrich Garvin Professor of Global Entrepreneurship and Director, Center for Global Entrepreneurship Thunderbird School of International Management North 59th Avenue Glendale AZ , USA Telephone: Fax:

Decisions for a Potential Entrepreneur Change from Present Lifestyle Work Environment Disruption Form New Enterprise Desirable 1. Cultural 2. Subcultural 3. Family 4. Teacher 5. Peers Possible 1. Government 2. Background 3. Role Models

Aspects of the Entrepreneurial Process Identify and Evaluate the Opportunity Develop Business Plan Resources Required Manage the Enterprise Creation and length of opportunity Real and perceived value of opportunity Risk and returns of opportunity Opportunity versus personal skills and goals Competitive environment Title Page Table of Contents Executive Summary 1. Description of Business 2. Description of Industry 3. Marketing Plan 4. Financial Plan 5. Production Plan 6. Organization Plan 7. Operational Plan 8. Summary Appendices (Exhibits) Existing resources of entrepreneur Resource gaps and available supplies Access to needed resources Management style Understand key variables for success Identify problems and potential problems Implement control systems Develop growth strategy

Entrepreneurial Culture of a Country PoorStrongEntrepreneurialCulture 1)Ease in forming a new venture 2)Tax rate on businesses 3)Tax rate on individuals 4)Bankruptcy laws 5)Extent of infrastructure 6)Government attitude toward business 7)Government attitude toward entrepreneurship

Canadian Business Statistics New Firms 19,47420,98722,53124,70330,937 Bankrupt 1,1001,1061,

US Business Statistics New Firms 585,140569,750612,296642,800e671,800 Firm Closures 553,291586,890540,658544,300e544,800 Bankrupt 40,09938,54035,03734,31739,201

Comparative Country Information

Entrepreneurship throughout the World Four things needed for a new venture creation: –Idea –Money –Entrepreneur –Infrastructure Ideas and creativity are worldwide Money (start-up) capital is difficult to obtain and needs to be available Entrepreneurs are more similar than different throughout the world Infrastructure and government attitudes vary significantly worldwide “The road not taken.” ~ Robert Frost