Ch 16: Entrepreneurship & Business Plans

About This Chapter

Go through this chapter to review important topics related to entrepreneurship and business plans. Lessons focus on small business management, LLCs, business permits, and other key entrepreneurship topics.

Entrepreneurship & Business Plans - Chapter Summary

The lessons in this chapter cover a variety of topics related to entrepreneurship and business plans. Review different types of businesses and business plans for each as well as budgets, licenses, and steps involved in starting a business. Our lesson instructors break down each topic point-by-point, ensuring that you can clearly understand these concepts. Go through this chapter to learn about topics such as:

  • Characteristics of entrepreneurs
  • Relationship between small businesses and the American economy
  • How to manage a small business
  • Sole proprietorships
  • Types of partnerships
  • Limited liability companies
  • Types, advantages and disadvantages of corporations
  • How to create business plans and a start-up budget
  • Permits and licenses for businesses

These lessons are a mix of text and video. For video lessons, each one contains timeline tags that bookmark key points. You'll also find complete transcripts of the videos for a text-based learning option. Test your knowledge by taking the practice quizzes that come with each lesson and the more comprehensive chapter exam.

11 Lessons in Chapter 16: Entrepreneurship & Business Plans
Test your knowledge with a 30-question chapter practice test
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.

Small Business in the American Economy

2. 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

3. 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.

What is a Sole Proprietorship? - Definition, Advantages, Disadvantages & Examples

4. What is a Sole Proprietorship? - Definition, Advantages, Disadvantages & Examples

Many businesses start out as sole proprietorships. In this lesson, you'll learn what a sole proprietorship is and its advantages and disadvantages. You'll also have a chance to reinforce your knowledge with a short quiz.

The Basics of Partnerships: Types & Examples

5. The Basics of Partnerships: Types & Examples

Partnerships are a common way to organize a business in the United States. In this lesson, you'll learn about different types of business partnerships and their respective advantages and disadvantages. A short quiz follows the lesson.

The Basics of LLCs: Limited Liability Companies

6. The Basics of LLCs: Limited Liability Companies

The limited liability company is one of the most popular business organizational forms for small and medium-sized businesses. In this lesson, you'll learn about the key characteristics of a limited liability company. A short quiz follows.

Corporations: Types, Advantages, Disadvantages & Examples

7. Corporations: Types, Advantages, Disadvantages & Examples

Corporations are a popular form of business organization for large and small businesses. In this lesson, you'll learn about the advantages and disadvantages of a corporation. You'll also learn about S-corporations and C-corporations.

How to Write a Business Plan

8. 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.

Start-Up Budget: Definition & Example

9. Start-Up Budget: Definition & Example

This lesson will define a start-up budget. We'll look at an example budget from the perspective of a potential lender, along with a list of items to remember when building the budget.

Types of Business Licenses & Permits

10. Types of Business Licenses & Permits

Just about every business requires some form of licensing or permit. Licenses and permits are issued by federal, state, and local authorities and can range from a mere permit to conduct business to specific licenses.

Steps & Aspects for Starting a New Business

11. Steps & Aspects for Starting a New Business

You wake up dreaming of a business venture, think about it often during the day, and wish for it before going to sleep. If you want to be your own boss, there are a few simple steps to help you get ready to start your own business. This lesson will help you get going.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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