Entrepreneurship: The Act of Starting a Business

We talked about entrepreneurship when we introduced the four factors of production. This is a word that refers to the act of starting a business. But what kinds of business can one start? Does one have to do this alone, or can it be done with friends? If multiple people are involved, what are the logistics and legal implications? Let's get a little introduction into sole proprietorships, partnerships of various types, and franchises.