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Ch 1: Establishing a Small Business

About This Chapter

Boost your understanding of methods used to establish small businesses by reviewing the lessons comprising this chapter. Text and video lessons are useful resources you can refer to if you wish to enhance business class studies or prepare for student assessment or other types of academic exams.

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.

12 Lessons in Chapter 1: Establishing a Small Business
Test your knowledge with a 30-question chapter practice test
Reasons for Creating a Small Business & Alternative Options

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.

Steps & Aspects for Starting a New Business

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.

Sole Trader & Partnership Business Structures in Australia

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.

Companies Limited by Shares

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.

Companies Not Limited by Shares

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.

The Role of Cooperatives in Business

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.

Franchises: Opportunities and Challenges

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.

Purchasing an Existing Business: Considerations, Pros & Cons

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.

Small Business in a Global Market

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.

Factors of Success or Failure of a Small Business

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.

How Different Professionals Contribute to Business Success

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.

Resources Required to Establish a Small Business

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.

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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