To be successful, a new business will have to respond to a real “opportunity,” that is, address a need, a want, or a problem.An entrepreneur will then set up a business to produce a product or service that responds to the need, want, or problem. If it is a real opportunity, enough people will buy the product or service to enable the business to make a profit. Be aware that many good “ideas” are not “opportunities.” Learn more
Often, employers provide vacation pay as a percentage of net pay for the period of time worked, rather than providing time off.This method is most common for parttime workers.The percentage of pay for paid vacation time is governed by provincial or territorial labour legislation.
When you are working, Employment Insurance, or EI, is subtracted from your pay. This is money that is paid to the federal government to support programs designed to assist those who are unemployed or underemployed. If you lose your job, you may be able to collect Employment Insurance while you look for another job.There are rules and regulations that determine when you get EI, how much you get, and how long you can get it.Visit www.servicecanada.gc.ca/eng/sc/ei/index.shtml or DayPlanner web site – Link #175.
A business can be incorporated at the federal or provincial level in Canada and become a corporation.This means owners/investors have “limited liability” and can only lose what they have invested.There are small corporations, large corporations, and multinational corporations, which conduct business in more than one country.The Canadian Federation of Independent Business (CFIB) is an association that helps small businesses in Canada.You can get information on starting a business from the CFIB website at www.cfib.ca.
Before starting a business, an entrepreneur will want to “test” the business plan by asking some people with knowledge and experience to look over the plan and provide opinions on it. If the entrepreneur is trying to raise money for the business, those considering investment will be one test for the plan.There are organizations that will try to help entrepreneurs by reviewing their business plans. Learn more
There are full-time and part-time jobs. Full-time jobs are usually 35 to 40 hours a week. Part-time jobs can vary from a few hours a week to a few days. Many people work at part-time jobs. Some hold a number of part-time jobs rather than one fulltime job. Full-time jobs often provide “benefits” to employees. Most part-time jobs do not.Ask your employer about “benefits” offered with your job..
Often the number of people working for a company is related to how well the company is doing in terms of selling the products and services it produces. If the company sells more, it will need to produce more.This will increase the company’s need for workers.Therefore, when looking for a job, it is good to look for companies that are doing well—selling lots of goods and services, earning profits, and likely to grow.
Usually more than one company produces a good or service. Businesses compete with one another to convince potential customers that their product or service is better than that of their competitors. Competition encourages businesses to try harder and try to improve their product or service by responding to what customers want. Caveat emptor means consumers should be aware of what they are buying and try to make good decisions.
The fact that so many people in Canada own or work for small businesses—and the fact that small businesses help to create jobs—means that there is a great deal of support for small business in Canada.There are programs in most high schools that teach students about entrepreneurship.There are also courses and training programs at many colleges and universities. Learn more
Notice should be given to a worker if he or she is to be laid off or let go—which are the other terms used for being “fired” from a job or losing a job.The length of notice is governed by the labour legislation that applies to your province or territory.