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Ch 24: MTTC: Entrepreneurship

About This Chapter

Examine our lessons to re-familiarize yourself with how entrepreneurship works in a global economy. Discover key vocabulary words in our transcripts as you study for the MTTC Business, Management, Marketing, and Technology exam.

MTTC: Entrepreneurship - Chapter Summary

Take the opportunity to review the lessons in this chapter that discuss how entrepreneurs run both small and big businesses. The marketing section on the MTTC Business, Management, Marketing, and Technology exam ascertains your knowledge of entrepreneurship by asking you questions that address the following areas:

  • Entrepreneurs as sole proprietors, partners, and LLCs
  • The pros and cons of corporations and franchises
  • The connections between capital, working capital, budgets, and business plans
  • Financial accounting and small businesses management
  • Business in the American economy vs. the global market

You can use our study guide materials practically anywhere you go, since we have built our site to be mobile-friendly and accessible 24/7. That means you can be studying up on entrepreneurship day or night while you're commuting, on a coffee break, or out running errands. From start to finish, the bulk of our lessons can be viewed in around five minutes, so even with a hectic schedule you can still fit in several lessons a day. A study guide that fully accommodates your schedule matters, especially as you get closer to taking the MTTC Business, Management, Marketing, and Technology exam. Take advantage of all of the videos, lesson transcripts, and assessment tools that we offer.

MTTC: Entrepreneurship Objectives

On the MTTC Business, Management, Marketing, and Technology exam, Michigan educators need to provide answers to 100 selected-response questions that address the four fields mentioned in the name of the exam. All sections are weighed equally, and will have approximately 25 questions apiece. Questions concerning entrepreneurship will be examined within the marketing section of this exam. Going through all of the lesson materials in this chapter should help you meet the exam objectives concerning your ability to comprehend the relationship between the economy and entrepreneurship.

15 Lessons in Chapter 24: MTTC: Entrepreneurship
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.

Business Plans: How to Develop a Business Mission Statement

7. 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.

What Is Capital? - Definition & Concept

8. What Is Capital? - Definition & Concept

Capital is a fundamental concept in business. In this lesson, you'll learn about capital and some related concepts. You'll also have a chance to take a short quiz after the lesson to reinforce your knowledge.

What Is Working Capital? - Definition & Formula

9. What Is Working Capital? - Definition & Formula

This lesson explains what working capital is, how it is used in a business, and why businesses need working capital to stay functional. We'll also look at the formula used to calculate working capital.

Start-Up Budget: Definition & Example

10. Start-Up Budget: Definition & Example

This lesson will define a start-up budget. We'll look at an example budget from the perspective of a potential lender, along with a list of items to remember when building the budget.

Microfinance for Entrepreneurs & Small Businesses

11. Microfinance for Entrepreneurs & Small Businesses

In this lesson, we define what microfinancing is and explore the uses and goals of this incredibly new and exciting form of economic assistance geared toward helping those in the third world.

Managing a Small Business

12. 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.

Entrepreneurship & the Economy: Definition & Importance

13. 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.

Small Business in the American Economy

14. 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.

Small Business in a Global Market

15. 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.

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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