About This Chapter
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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Other chapters within the MTTC Business, Management, Marketing & Technology (098): Practice & Study Guide course
- MTTC: Accounting
- MTTC: Account Types
- MTTC: Financial Statements
- MTTC: Financial Planning & Markets
- MTTC: Taxation & Liability
- MTTC: Business Math
- MTTC: Business Communication Strategies
- MTTC: Types of Business Communication
- MTTC: Regulation in Business
- MTTC: Business Law
- MTTC: Business Ethics
- MTTC: Management & Leadership
- MTTC: Human Resource Management
- MTTC: Human Resource Processes
- MTTC: Labor Relations
- MTTC: Macroeconomics
- MTTC: Microeconomics
- MTTC: Personal Finance
- MTTC: Managing Debt & Risk
- MTTC: Marketing Strategy
- MTTC: Consumer Marketing
- MTTC: Marketing Channels & Distribution
- MTTC: Marketing Economics
- MTTC: International Trade & Marketing
- MTTC: Information Technology in Business
- MTTC: Information Systems
- MTTC: Hardware & Software
- MTTC: Security & Privacy
- MTTC: Career Management
- MTTC Business, Management, Marketing & Technology Flashcards