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Student Workbook Page 2 Entrepreneurship Introduction to Entrepreneurship: What it takes to start your own business? Introduction: This basic course will provide the student with an introduction to entrepreneurship, the basic planning needed before starting your own business and the steps necessary to create a business plan. Section 1: Business Models There are all kinds of small businesses that mature workers can start if they have the qualifications, skills, and resources to do it. It can be a sole proprietorship, home- based business, a partnership or an online business. These are the most popular business models that fit mature small business owners: Business Model Definition 1. Sole Proprietorship A type of business that is owned and operated by one individual who is the one investing all the money and getting all the profits. The proprietor of the business can have other people working for them. 2. Home-based Business A small business that operates from the owner’s home and usually can have a small number of employees, who are most of the time family members. 3. Partnership When two or more individuals share ownership 4. Online Business Also known as an e-business is a new venture that delivers services or products entirely online. It may also include a business that uses the internet as an extension of the regular market. It can be to provide services, to manage information, or to sell products. At the end of this module, you should be able to: Differentiate between four different business models Describe considerations for what it takes to start your own business Explain what to include in a business plan
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