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Ch 50: ORELA Business Education: Entrepreneurship

About This Chapter

During your studies for the ORELA Business Education exam, you should review the concept of entrepreneurship. Refresh your knowledge of this subject by looking over the lessons in this chapter.

ORELA Business Education: Entrepreneurship - Chapter Summary

This chapter focuses on the concept of entrepreneurship in business, with attention given to different forms of business ownership and the benefits and risks associated with them. Knowledge of the content reviewed in these lessons will help prepare you for the ORELA Business Education exam. The lessons will address the following:

  • Examples of entrepreneurs
  • Pros and cons of a sole proprietorship
  • Types of partnerships and corporations
  • Limited liability companies
  • Difficulties associated with franchises
  • Impact of small businesses on the economy
  • Business mission statement development
  • Risk management

The content of this chapter was written by our subject-matter experts, who aim to convey pertinent information as clearly as possible. The lessons are presented in the form of videos, and are accompanied by full transcripts that enable you to review the information at your own pace. Key terminology is highlighted in both the video and transcript formats and will give you an idea as to which vocabulary terms it would prove beneficial to know for the exam. Be sure to take the practice quiz after each lesson to see how well you comprehend the reviewed content.

9 Lessons in Chapter 50: ORELA Business Education: 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.

Small Business in the American Economy

7. 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.

Business Plans: How to Develop a Business Mission Statement

8. 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.

Ways to Manage Risk: Insurable and Uninsurable Risk

9. Ways to Manage Risk: Insurable and Uninsurable Risk

Risks abound in life and in business. However, most risks can be managed. In this lesson, you'll learn about ways to manage risks. You'll also learn the difference between insurable and uninsurable risks. A short quiz follows.

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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Other Chapters

Other chapters within the ORELA Business Education: Practice & Study Guide course

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