About This Chapter
Entrepreneurship - About This Chapter
This chapter focuses on entrepreneurs and the role they play in the economy. Learn the key definitions of partnerships, small businesses, limited liability companies, corporations, and franchises. Find out why an entrepreneur might choose to invest in a business and the inherent advantages and disadvantages of each type of business.
You'll learn how to think like an entrepreneur in no time with our easy-to-understand video lessons. After digesting our informational lessons, you will understand:
- The characteristics of an entrepreneur
- How entrepreneurs affect the economy
- Small business management
- Advantages and disadvantages of a sole proprietorship
- Different types of partnerships
- Basics of limited liability companies (LLCs)
- Advantages and disadvantages of different types of corporations
- Value and obstacles of running a franchise
To make learning simpler and more enjoyable, our talented instructors have put together some quick video lessons for you to enjoy at your own pace. Follow along with video transcripts and try out our easy-to-use video tags when you want to go back and find key information in the videos. Then, check out our self-assessment quizzes to test what you've learned.
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. 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.
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.
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.
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.
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.
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 FTCE Marketing 6-12 (057): Test Practice & Study Guide course
- Marketing Careers and Employability
- Human Relations
- Marketing Mathematics
- Economic Principles
- Marketing Principles
- Business Operations
- Sales Promotion
- Product and Service Technology
- Leadership and Management
- Work-Based Experiences
- Program Operation
- Financial Literacy
- FTCE Marketing 6-12 Flashcards