About This Chapter
Establishing a Small Businesses - Chapter Summary
This chapter is designed to cover many aspects of starting a business, from reasons for doing so to types of business one can establish. You will study detailed explanations and examples to help you understand what is involved in starting a new business.
You will review such topics as what franchises are, what can determine a business's success or failure, purchasing an existing business and how small businesses can make an impact on a global scale. Once your study of this chapter is complete, you should be able to:
- List steps involved in starting a new business, name reasons for starting a business and highlight alternative options for creating a small business
- Discuss sole trader and partnership business structures in Australia
- Describe Australian companies limited and not limited by shares and detail the characteristics of cooperatives
- Talk about the challenges, advantages and disadvantages of franchises and the pros and cons of buying an existing business
- Describe ways a small business can expand into international markets
- Understand what can lead to the success or failure of a business
- Relate sources of professional advice and various resources, such as financial and HR, that help establish a small business
Short lessons offer expert instruction and 24/7 accessibility from any device, so you are ensured an effective and quick review of each topic. Study at your own pace and use an online contact form to reach out to instructors with any questions. Your Dashboard allows you to track your progress through the chapter and self-assessment quizzes help you determine your readiness in moving from one lesson to the next.
1. Reasons for Creating a Small Business & Alternative Options
Why do people decide to start their own small business? This lesson will look at some of the more common reasons businesses are started and explore other some alternatives.
2. 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.
3. Sole Trader & Partnership Business Structures in Australia
Are you flying alone or working as a team? This lesson will define the sole trader and partnership business structures. The lesson will provide reasons for choosing a structure and the advantages and disadvantages of each.
4. Companies Limited by Shares
This lesson discusses types of Australian companies that are limited by shares. We discuss public and private companies, including criteria for both small and large companies and the features of each.
5. Companies Not Limited by Shares
When it comes to companies, there is no one-size-fits-all. This lesson will discuss the structure of a company not limited by shares. These companies can be either public or private.
6. 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.
7. 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.
8. Purchasing an Existing Business: Considerations, Pros & Cons
Sometimes an opportunity comes around to purchase an existing business and become a small business owner. This lesson will look at some of the many considerations to review before you put your name on the dotted line.
9. 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.
10. Factors of Success or Failure of a Small Business
Trying to figure out the secret for business success? In this lesson, you'll learn more about some factors in small business ownership that either promote success or ensure an organization's demise.
11. How Different Professionals Contribute to Business Success
Need a little extra help with your small business? In this lesson, you'll learn more about the role that various professionals can play in helping you make sound business decisions for the success of your organization.
12. Resources Required to Establish a Small Business
Thinking about starting a business? Do you understand the resources necessary to compete? In this lesson, you'll learn more about the resources necessary for starting a business, from financial to emotional.
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Other chapters within the VCE Accounting: Exam Prep & Study Guide course
- Funding for Small Businesses
- Budgeting in Business
- Overview of Service & Trading Businesses
- Business Analysis Overview
- Price Setting Strategies for Business
- Financial Statements Overview
- Overview of Accounting Basics
- Overview of the Accounting Cycle
- Internal Control Use in Accounting
- Technology in Accounting
- Double-Entry Accounting Overview
- Journals in Accounting
- Accrual-Based Accounting System
- VCE Accounting Flashcards