About This Chapter
PLACE Marketing: Entrepreneurship - Chapter Summary
As you study for the PLACE Marketing Education exam, use the lessons in this chapter to refresh your knowledge of entrepreneurship, types of business structures and management for a small business. Our videos can help you with questions on the following topics:
- Characteristics of an entrepreneur
- Sole proprietorships, partnerships, LLCs and corporations
- Pros and cons of franchises
- How to develop a business plan
- Capital and working capital
- Start-up budgets
- Small business management
- The role of small business in the American economy
These entertaining lessons, filled with real-life examples examples, are developed by expert instructors. Each video is accompanied by a written transcript and a quiz that ties back to key points.
Objectives of the PLACE Marketing: Entrepreneurship Chapter
Colorado makes passing the PLACE Marketing Education exam a requirement for earning a license to teach the subject. There are three subareas on the exam. Questions on the material in our Entrepreneurship chapter are covered within the Marketing subarea.
Every question on the PLACE Marketing exam is multiple choice, asking you to select the best answer from several options. The quizzes developed to go with our lessons are also multiple choice. These quizzes let you gauge your learning and get experience answering questions in the format you'll meet on exam day.
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.
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Other chapters within the PLACE Marketing Education: Practice & Study Guide course
- PLACE Marketing: Internal Marketing Principles
- PLACE Marketing: External Marketing Principles
- PLACE Marketing: Product & Services Marketing
- PLACE Marketing: Pricing Objectives & Strategy
- PLACE Marketing: Basic Math Concepts
- PLACE Marketing: Transportation, Distribution & Logistics
- PLACE Marketing: Sales Promotion
- PLACE Marketing: Accounting
- PLACE Marketing: Finance
- PLACE Marketing: Macroeconomics
- PLACE Marketing: Microeconomics
- PLACE Marketing: International Trade & Global Marketing
- PLACE Marketing: Human Resource Management
- PLACE Marketing: Employee Staffing & Retention
- PLACE Marketing: Business Laws & Regulations
- PLACE Marketing: Business Technology
- PLACE Marketing: Computer Literacy
- PLACE Marketing: Information Systems
- PLACE Marketing: Business Communication
- PLACE Marketing: Education & Career Planning
- PLACE Marketing: Employment Skills
- PLACE Marketing: Career Development
- PLACE Marketing Education Flashcards