Entrepreneurship: The Act of Starting a Business

The video explores entrepreneurship, focusing on sole proprietorships, partnerships, and franchises. It discusses the risks and rewards of starting a business, the characteristics of different business models, and their implications. Sole proprietorships are common and involve full personal liability. Partnerships offer shared responsibility and capital but vary in liability. Franchises provide brand recognition and support but come with strict rules and fees. Entrepreneurship drives economic growth and innovation, despite its risks.

What is a franchise and how does it operate?

What are some disadvantages of owning a franchise?

How does entrepreneurship contribute to economic growth?