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Ch 5: Business Ownership

About This Chapter

View short video lessons to learn about entrepreneurship and the different types of business organizations. Study the factors involved in starting a business and learn how to open a franchise.

Business Ownership - Chapter Summary

Find out why entrepreneurs are important through the lessons in this chapter, which delves into the role entrepreneurship plays in the economy and some pros and cons of operating a small business in the U.S. The experienced and professional instructors who teach these lessons will help you understand the differences between S-corps and C-corps, partnerships and limited liability companies. You'll also get solid instructions on how to formulate your own business plan or select and buy a franchise. When you're done watching the lessons in this chapter, you'll be familiar with:

  • Characteristics of entrepreneurs
  • Advantages of sole proprietorships and other types of business
  • Small business management methods
  • Issues associated with the start-up of a new business
  • Franchise ownership challenges

The videos in this chapter are a flexible and engaging way to learn the ins and outs of operating a business. You can watch videos on your schedule from a laptop, your home computer or on the go with your table or mobile device. Watch the short videos all the way through then use the video tags to review main topics you might have missed. Refer to the lesson transcripts to get definitions for key terms. Quizzes are included with each lesson so you can quickly test your comprehension of critical business ownership concepts. A chapter exam solidifies your knowledge of the material.

8 Lessons in Chapter 5: Business Ownership
What is an Entrepreneur? - Definition, Characteristics & Examples

1. What is an Entrepreneur? - Definition, Characteristics & Examples

Entrepreneurship is an important engine of growth in the economy. In this lesson, you'll learn about what an entrepreneur is and the key characteristics and skills that a successful entrepreneur possesses. Some examples of entrepreneurs will also be given.

Entrepreneurship & the Economy: Definition & Importance

2. Entrepreneurship & the Economy: Definition & Importance

Entrepreneurs fill a vitally important role in market economies. In this lesson, you'll learn about the importance of entrepreneurship, different types of entrepreneurs and how they add value to an economy.

Types of Business Organizations: Advantages & Disadvantages

3. Types of Business Organizations: Advantages & Disadvantages

In this lesson, you will learn about the three main types of business organizations: sole proprietorship, partnership, and corporation. We'll also discuss the advantages and disadvantages of each.

Small Business in the American Economy

4. Small Business in the American Economy

Nearly every business starts 'small.' In this lesson, you'll learn how a small business is defined, some characteristics of a small business, and the importance of them in the economy. You'll also learn why some small businesses fail.

Managing a Small Business

5. Managing a Small Business

Small businesses are an important engine of growth in an economy. In this lesson, you'll learn about some key areas of small business ownership that an owner should master to be successful. A short quiz follows.

Starting a Business: Factors, Procedures & Issues

6. Starting a Business: Factors, Procedures & Issues

Starting your own business might be a dream come true, or it could turn in to a series of 100-hour work weeks. In this lesson, we'll discuss influential factors, procedures and issues you'll need to consider when starting a new business.

How to Write a Business Plan

7. How to Write a Business Plan

Staring a new business can be both exhilarating and intimidating. As with most things in life, having a plan tends to lead to better outcomes. In this lesson, you'll learn the basics of writing a business plan for a new start-up.

Franchises: Opportunities and Challenges

8. Franchises: Opportunities and Challenges

Franchises offer a way for a person to start a proven business. In this lesson, you'll learn about franchises, including their advantages and disadvantages. You'll also learn about diversity and global challenges in franchising.

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