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Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-1
Chapter 3 Entrepreneurship, New Ventures, and Business Ownership
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-2
Learning Objectives
After reading this chapter, you should be able to:
Define small business, discuss its importance to the U.S. economy, and explain popular areas of small business.
Explain entrepreneurship and describe some key characteristics of entrepreneurial personalities and activities.
Describe the business plan and the start-up decisions made by small businesses and identify sources of financial aid available to such enterprises.
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-3
Learning ObjectivesAfter reading this chapter, you should be able to:
Discuss the trends in small business start-ups and identify the main reasons for success and failure among small businesses.
Explain sole proprietorships, partnerships, and cooperatives and discuss the advantages and disadvantages of each.
Describe corporations, discuss their advantages and disadvantages, and identify different kinds of corporations; explain the basic issues involved in managing a corporation and discuss special issues related to corporate ownership.
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-4
What Is a “Small” Business?
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-5
The Importance of Small Business in the U.S. Economy
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-6
Popular Areas of Small-Business Enterprise
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-7
Entrepreneurship
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-8
Entrepreneurial Characteristics
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-9
Starting andOperating a
New Business
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-10
Crafting a Business Plan
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-11
Starting the Small Business
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Financing the Small Business
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Trends, Successes, and Failures in New Ventures
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Trends in Small-Business
Start-Ups
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Reasons for Failure
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Reasons for Success
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Noncorporate Business Ownership
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Sole Proprietorships
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-19
Partnerships
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-20
Cooperatives
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-21
Corporations
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-22
The Corporate Entity
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Types of Corporations
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Managing a Corporation
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Special Issues in Corporate Ownership
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Summary of Learning Objectives
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3-27
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