About This Chapter
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.
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.
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.
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.
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.
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.
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.
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.
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.
Earning College Credit
Did you know… We have over 160 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the NYSTCE Business and Marketing (063): Practice and Study Guide course
- Introduction to Business Management
- Organizational & Group Behaviors in Business Management
- Motivation in Business Management
- Human Resource Management & Development
- Laws Related to Business Ownership
- Labor-Management Relations
- Business Law Basics
- Ethics in Business Today
- Marketing Fundamentals
- Marketing Strategies in Business
- Marketing & International Business
- Accounting Fundamentals
- Accounting & Financial Management
- Business Technology & Information Systems
- Business & Marketing Communications
- Principles of Economics
- Consumer Economics & Personal Finance
- Career & Professional Development in Business
- NYSTCE Business and Marketing Flashcards