Module 5: Entrepreneurship: Starting and Managing Your Own Business

Companies started by entrepreneurs and small-business owners make significant contributions to the U.S. and global economies. Hotbeds of innovation, these small businesses take leadership roles in technological change and the development of new goods and services. Just how important are small businesses to our economy? You will find out in this chapter.

You may be one of the millions of Americans who’s considering joining the ranks of business owners. As you read this chapter, you’ll learn why entrepreneurship continues to be one of the hottest areas of business activity. Then you’ll get the information and tools you need to help you decide whether owning your own company is the right career path for you. Next you’ll discover what characteristics you’ll need to become a successful entrepreneur. Then we’ll look at the importance of small businesses in the economy, guidelines for starting and managing a small business, the many reasons small businesses continue to thrive in the United States, and the role of the Small Business Administration. Finally, the chapter explores the trends that shape entrepreneurship and small-business ownership today.

1. Identify why people become entrepreneurs, and differentiate the different types of entrepreneurs.
2. Discuss the characteristics that successful entrepreneurs share.
3. Support how small businesses contribute to the U.S. economy.
4. Illustrate the first steps to take if you are starting your own business.
5. Explain how managing a small business presents special challenges for the owner.
6. Categorize the advantages and disadvantages facing owners of small businesses.
7. Describe how the Small Business Administration helps small businesses.
8. Explain how trends are shaping entrepreneurship and small-business ownership.

To achieve these objectives:

1. Read the Module 5 Introduction.
   
2. Read and view the materials in the Chapter 5 Pressbooks book.
   
3. Complete the Module 5 quiz.
4. Complete the Module 5 Ethics Activity
5. Compete the Module 5 Critical Thinking Case Group Assignment
   

Module Pressbooks Resources and Activities