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
Competition is an important driver of innovation and productivity growth. Looking at the domestic Canadian economy, perhaps one of the most significant barriers to a strong domestic economy is the lack of intense competition among domestic firms. There are many reasons for this. First of all, the size of the Canadian economy is too small to support the development of large corporations. The US on the other hand, has about a ten times larger population, and therefore, a much larger market and demand are in place for larger multinational companies to build. As a result of the lack of sufficient domestic demand in Canada, only a small number of larger firms are developed in each industry. Furthermore, Canadian firms seldom treat research and development as a priority. Unlike in the US, innovation is not a corporate culture in Canada. This can be partly due to the lack of intense domestic competition, causing firms to spend resources on other areas instead of R&D because there is no real urge to innovate and maintain competitiveness.
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.
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.
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
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.
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.
Diakses 13 April 2015 dari https://www.ic.gc.ca/eic/site/061.nsf/vwapj/entrepreneurship-entreprenariat_dec2010_eng.pdf/$file/entrepreneurship-entreprenariat_dec2010_eng.pdf
Bank loans are loans from the bank which is based on the future value of the business. Banks are very particular when it comes to granting loans because they want to be sure that the borrower will be able to repay. In some situations, if the loan is not repaid to bank can take possession of the borrower’s personal assets. Even though the bank pays for the business, they do not take possession of the establishment. Figuratively, when Joe Smith pays off the loan, he doe not have any more ties with the bank, unless he asks for a subsequent loan. A precaution that must be taken when requesting a loan is the cost of bank loans. Interest rates are very high and must be paid regardless of if the specific business became successful. This is a huge risk that new business owners, who decide to take out a loans, have to take. Borrowers receive tax deductibles which makes it easy for businesses to make monthly loans payments and keep up with interest rates.
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.
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).
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.
...ower to wait a year or before to start to make the repayment. Somehow, some loans can be repaid at the end of the period instead of instalments. Besides, security, for example some assets and the properties of the business, is needed for the bank loan. There are three advantages in the bank loan. First, the timing and the amount of the repayment is known when getting the bank loan, so it is quite easy to budget. Second, there is also a repayment holiday, so the repayment schedule is quite flexibility. Third, the interest rates can be discussed and it can be lower than the overdraft. However, it is because the business loan is a long-term commitment, which is needed to service and this will be to high interest rate. Besides, security such as the house of the business owner is needed and this will not be good to the owner if the business is failed. (Cox, Fardon, 2009)