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Ch 8: Entrepreneurship & Types of Businesses

About This Chapter

Use our online video lessons and quizzes to help you understand the concept of entrepreneurship and other types of business models, such as corporations and sole proprietorships. Learn about managing a small business and more.

Entrepreneurship and Types of Businesses - Chapter Summary

In this chapter, our video instructors explain entrepreneurships, corporations, partnerships, and sole proprietorships. You'll be introduced to the characteristics, advantages, and disadvantages of each. This chapter will also discuss the challenges and opportunities associated with franchises.

You'll learn about small businesses in the American economy. As you progress through this chapter, you'll study how to manage a small business, including managing a small business in a global market. After you complete this chapter, you should be able to:

  • Name the different kinds of businesses and discuss their characteristics
  • Explain the characteristics of limited liability companies
  • Discuss the advantages and disadvantages of various business types
  • Explain the role of cooperatives in business
  • Discuss the aspects of managing a small business
  • Understand the risks of entrepreneurship
  • Name the components of a business plan

Our professional, experienced instructors make entrepreneurship and the types of businesses easy to learn about through engaging, short video presentations. Each video also includes a self-assessment quiz, a written transcript, and video tags that allow you to toggle between the main points in the presentation. If you get stuck on an unfamiliar term, don't worry: most of the key terms in the transcript are clickable links that take you to text lessons where you can read about the word or phrase in further detail.

15 Lessons in Chapter 8: Entrepreneurship & Types of Businesses
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.

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

2. 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

3. 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

4. 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

5. 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.

Franchises: Opportunities and Challenges

6. 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.

The Role of Cooperatives in Business

7. The Role of Cooperatives in Business

A cooperative is a type of business organization used for a variety of economic and social purposes. In this lesson, you'll learn about cooperatives, their characteristics and the role they serve in the economy. A short quiz follows.

Small Business in the American Economy

8. 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

9. 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.

Small Business in a Global Market

10. Small Business in a Global Market

As the world moves closer to a global economy, more small businesses will look to expand into international markets. In this lesson, you'll learn about some of the advantages and disadvantages that small businesses face in a global market.

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.

Types of Business Licenses & Permits

12. 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.

Business Plans: How to Develop a Business Mission Statement

13. Business Plans: How to Develop a Business Mission Statement

Companies must develop an effective business mission statement in order to have an effective foundation for their marketing plan. This lesson explains what a mission statement is and the characteristics of a good business mission statement.

How to Write a Business Plan

14. 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.

Ways to Manage Risk: Insurable and Uninsurable Risk

15. Ways to Manage Risk: Insurable and Uninsurable Risk

Risks abound in life and in business. However, most risks can be managed. In this lesson, you'll learn about ways to manage risks. You'll also learn the difference between insurable and uninsurable risks. A short quiz follows.

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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