About This Chapter
ILTS Business: Entrepreneurship - Chapter Summary
Just who are these entrepreneurs? In this chapter, you can learn about their characteristics and the wide range of opportunities available to them. You can also review the various types of business forms and find out more about small businesses and franchises. The following topics are included in this chapter:
- Characteristics of entrepreneurs
- Opportunities available to entrepreneurs
- Sole and general proprietorships
- Limited partnerships, limited liability companies and corporations
- Small business plans, financing and management
- Challenges of owning a franchise
- Records management and control
Qualified instructors present targeted lessons to help you prepare for the Illinois Licensure Testing System (ILTS) Business, Marketing and Computer Education content area test. Short quizzes at the end of each lesson can provide feedback on your progress.
ILTS Business: Entrepreneurship Objectives
You can demonstrate your knowledge of the topics listed above in two sections of the ILTS Business, Marketing and Computer Education content area test, which constitute about 43% of the exam. The learning objectives require an understanding of the various business processes related to entrepreneurship and the ability to compare the different types of business ownership. You'll want to make sure that you know the pros and cons of owning a business, in addition to the steps in devising a business plan.
All of the test questions are multiple-choice. Accompanying quizzes can provide experience in the types of questions you might find on your exam.
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. What Is Sole Proprietorship: Definition, Advantages & Disadvantages
Most businesses are sole proprietorships. This is the easiest and most straightforward type of business to form. Sole proprietorships are owned and run by only one person. This lesson explains sole proprietorships.
3. 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.
4. 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.
5. 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.
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.
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Other chapters within the ILTS Business, Marketing, and Computer Education (171): Test Practice and Study Guide course
- ILTS Business: Accounting Cycle
- ILTS Business: Applied Accounting
- ILTS Business: Accounting Principles
- ILTS Business: Types of Investments
- ILTS Business: Business Partnerships
- ILTS Business: Evaluating Company Performance
- ILTS Business: Economic Basics
- ILTS Business: The US Economy
- ILTS Business: Fiscal & Monetary Policy
- ILTS Business: Economics of a Firm
- ILTS Business: Global Economics
- ILTS Business: Marketing Basics
- ILTS Business: Product Pricing & Selling
- ILTS Business: Product Development & Distribution
- ILTS Business: Product Promotion
- ILTS Business: Market Research
- ILTS Business: Selling & Customer Service
- ILTS Business: Management
- ILTS Business: Organizational Structure
- ILTS Business: Teams in a Business Setting
- ILTS Business: Leadership
- ILTS Business: Human Resource Management
- ILTS Business: Business Ethics
- ILTS Business: Business Law
- ILTS Business: Global Business
- ILTS Business: Challenges of Globalization
- ILTS Business: Business Communication
- ILTS Business: Computer Basics
- ILTS Business: Information Systems & Applications
- ILTS Business: The Internet and Business
- ILTS Business, Marketing, and Computer Education Flashcards