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Entrepreneurship: Starting Your Business

What does it really take to own your own business? Does the sound of being your own boss make you feel excited or anxious? Either way, Entrepreneurship: Starting Your Business will get you started in the right direction. This course explains the ins and outs of such an enterprise, giving you the confidence needed to be your very own boss. You will discover what is needed to operate a personal business from creating a plan, generating financing, and pricing products to marketing services and managing employees. If you’ve ever dreamed of being a true entrepreneur but feel daunted by the prospect, this is your chance to learn all you need to know.

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Course Highlights

  • Create a business plan and explore the financial obligations of businesses.
  • Examine the characteristics and skills needed to run your own business.
  • Explore different types of businesses and their legal requirements.
  • Consider the legal, political, and social factors that influence businesses.

Units at a Glance

Unit 1: Becoming an Entrepreneur

This unit defines not only entrepreneurship, it also defines small business, its importance in the American economy, and some of the basic ways in which the economy is measured. Students will explore why people choose to start businesses and some of the common pathways to entrepreneurship. They will also begin to explore basic concepts in entrepreneurship, different types of business ownership, and risk management basics.

Unit 2: Options Starting Out

This unit explores the different ways in which entrepreneurs can start a business, including starting one’s own, buying an existing business, and purchasing a franchise. It will help students evaluate the advantages and disadvantages of these opportunities while familiarizing students with foundational elements of starting a business, including identifying and evaluating risks. Students will also learn how to identify global and local trends in business.

Unit 3: Regulation & Global Concerns

This unit explores the different ways in which entrepreneurs can start a business, including starting one’s own, buying an existing business, and purchasing a franchise. It will help students evaluate the advantages and disadvantages of these opportunities while familiarizing students with foundational elements of starting a business, including identifying and evaluating risks. Students will also learn how to identify global and local trends in business.

Unit 4: Creating a Business Plan

A business plan creates the foundation for a solid business. There are a lot of elements in a business plan, and they are identified in this unit. Students will understand why a business plan is important and be able construct a basic business plan. This unit also explores essential elements of marketing and the importance of a marketing plan, as well as the purchasing cycle and how businesses can use resources to stay supplied most efficiently.

Unit 5: Accounting Basics

Students will learn the basics of accounting in this unit, including key terms and concepts, how to measure whether or not a business is profitable, and how the financial status of a company helps predict its future. It also covers the different types of funding and assets for businesses and how to document them. Finally, the unit explores basic financial documents and reports and their importance for entrepreneurs.

Unit 6: Running a Responsible Business

The unit explores the obligations that employers have to the environment and those that they employ. Building a business comes with a lot of responsibilities, and even companies with a handful of employees need to know how to keep their workers safe. Employers also need to make sure that the workplace has a professional tone and relationships among employees are appropriate. By creating a company that supports its employees and has excellent working conditions, a business can give itself a competitive advantage when hiring the best employees. The unit also details the role of human resources in finding and keeping top employees.

Unit 7: Acquiring & Keeping Customers

Business is all about the customer. This unit will explore how businesses can anticipate customers’ needs and be prepared to meet them. It details the elements of an effective promotional plan and how this can draw customers to the business. In addition, knowing how customers make purchasing decisions enables businesses to create promotions that appeal to customers. The unit also details ways to attract customers, stay on their radar, and determine if promotional activities are getting the desired results. Having the right information going in is an essential part of this success, so market research basics are also detailed.

Unit 8: Pricing & Products

The unit explores various elements that go into the pricing of goods and services. Students will explore the various pricing strategies and their implications for the business’s brand. Price has a lot to do with drawing customers to the business, and the unit explores how to best manage the customer’s expectations and the business’s needs when setting prices. In addition, special considerations for small businesses are examined, along with how various types of payment meet consumer and business needs.

Unit 9: Innovation and Growth

The unit explores the importance of growth in business and the need to manage growth appropriately, including the implications of growth for management and factors to consider. It will also examine the creative process in business, the need for innovation, and the role of competition in promoting growth. While no business intends to create a poor strategy, many entrepreneurial missteps provide opportunities for building a stronger company in the long run.

Unit 10: Business Leadership

The unit explores the elements of a successful business, particularly the role of leadership and the successful leader. Communication, particularly that among diverse employees, is another aspect of leadership. The unit also highlights the essential points of the product life cycle and the need for businesses to be continually monitoring their performance against business goals. Students will also learn about the roles of employees and the essential functions of management.

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