Topic Name Description
Course Syllabus Page Course Syllabus
Page Course Textbooks
1.1: The History of Small Business and Entrepreneurship Page What is Entrepreneurship?

This chapter explains the concept of entrepreneurship and the evolution of its meaning.

Page The Definition of Entrepreneurship

In this video, Kavita Ramdas, President and CEO of the Global Village for Women, defines entrepreneurship by looking to the word's roots in the French language.

Page Entrepreneur Assessment Survey

Complete this survey for a personal assessment of your preparedness for becoming an entrepreneur. The key for interpreting your results can be found at the bottom of the assessment.

1.1.1: Small Business Development in America Page Small Business in US History

In this article, a former editor for The Wall Street Journal explains how small businesses have built the economy and bolstered democracy throughout history.

1.1.2 Microeconomics and Entrepreneurship Page The Drive of an Entrepreneur

This article includes a good glossary of terms that can be used to describe successful entrepreneurs.

1.1.3: Economists Page Introduction to Entrepreneurship

The scholarly understanding of entrepreneurship is partially due to the work of economist Joseph Schumpeter. He defined an entrepreneur as a person with the ability to convert an idea into a successful innovation or business venture. Additionally, he coined the term creative destruction and credited entrepreneurs for the dynamism of the industries' long-term economic growth.

1.1.4: Types of Entrepreneurs Page Entrepreneurship Is...

This article outlines the function of entrepreneurs and describes the different kinds of entrepreneurs. Entrepreneurs vs. Intrapreneurs Page Entrepreneurs vs. Intrapreneurs

This article explains the difference between entrepreneurs and intrapreneurs. Small Business vs. High-Growth Enterprises Page Entrepreneurial Thought Leaders Seminar
This video is part of a series that brings innovation leaders from business, finance, technology, education, and philanthropy together to share their insights with aspiring entrepreneurs all over the world. Many business subjects are covered, including intrapreneurship, entrepreneurship, and high-growth business.
1.2: The Planning Process Page Creating a Business Plan

This article outlines the parts of a business plan and the importance of having one before launching a small business.

1.2.1: Characteristics of a Successful Entrepreneur Page What Makes Someone an Entrepreneur?

This article identifies some of the common qualities of successful entrepreneurs.

Page Why Become an Entrepreneur?

This article outlines some useful guidelines for determining whether one should pursue entrepreneurship as a choice.

Page Principles of Entrepreneurship

Entrepreneurship is an attractive career choice. But many decisions have to be made before launching and managing a new business, no matter its size. Among the questions that need to be answered are:

  • Does the individual truly want to be responsible for a business?
  • What product or service should be the basis of the business?
  • What is the market, and where should it be located?
  • Is the potential of the business enough to provide a living wage for its employees and the owner?
  • How can a person raise the capital to get started?
  • Should an individual work full- or part-time to start a new business? Should the person start alone or with partners?

Answers to these questions are not empirically right or wrong. Rather, the answers will be based on each entrepreneur's judgment. An entrepreneur gathers as much information and advice as possible before making these and other crucial decisions.

1.2.2: Phases of the Entrepreneurial Process Page Nine Key Frameworks for Entrepreneurship

Watch this lecture to learn about different frameworks for entrepreneurship.

Page An Entrepreneurial Model

As you read this article, think about the definition of an entrepreneur and whether or not this definition is in line with your personality and professional goals. Consider the commitment required to create an idea, write a business plan, and obtain financing to see a product or service through to the marketplace. Do you have that commitment? If so, what steps would you take to begin the process?

1.2.3: Business Evaluation Checklist URL Due Diligence

This section outlines a checklist for investors, family members, business partners, and employees to evaluate an entrepreneur's business plan. Legal Forms of Business Page What Legal Entity is Right for Your Business?

This article introduces the various forms of business ownership. Pay attention to the advantages and disadvantages of each form of ownership. This will help you understand the foundational elements of legal business structures. Intellectual Property Rights Page Did You Say "Intellectual Property"? It's a Seductive Mirage

Read this article.

1.2.5: Business Ethics Page Business Ethics in a Nutshell

Read this chapter, which covers ethics and social responsibility.

1.2.6: Entrepreneurship Myths URL Entrepreneurship Myths

Read this section. You will want to reference the entrepreneur survey assessment you did in subunit 1.1.

2.1: The Management Team Page Building a Team

Listen to the podcast. Mark Juliano discusses how to build a management team, which is perhaps the most important thing an entrepreneur can do.

2.1.1: Managers vs. Leaders URL Who Are Managers?

By the end of this chapter, you should be able to describe the different types of managers and understand the nature of management work.

URL Leadership, Entrepreneurship, and Strategy

This chapter explores the roles and importance of leadership, entrepreneurship, and management strategy and how these qualities are related.

2.1.2: Leadership Styles URL Leading People and Organizations

Read this chapter to learn about leadership styles, effective leadership behavior and characteristics, and how to use leadership skills.

2.1.3: Emotional Intelligence URL Emotions at Work

Read this section to learn about how emotions affect workers' behaviors. You will also learn about Affective Events Theory, emotional labor, and emotional intelligence.

2.1.4: Succession Planning URL Designing a High-Performance Work System

Read this section, paying attention to succession planning. Try to answer question 4 in the Exercises section.

2.2: Board of Advisors URL Making the Team Work: Executives, Board, and Partners

This lecture describes how to create a winning culture among executives, board of directors, and partners.

2.3: Hiring A-Players Page Hiring Your First Employee

Hiring your first employee is a huge step for a small business. If your small business has reached the point where you need help because the assistance of family and friends no longer covers the gaps, you may have reached the point where you need to bring paid staff on board.

Page Small Business Hiring Tips

Watch this video.

2.3.1: Recruitment and Selection Page Recruiting Workers

Read this section.

2.3.2: Staff Development Page Selecting and Managing Your Team: Employee Training

Read this chapter.

2.3.3: Team Building and Group Dynamics URL Managing Groups and Teams

Read this chapter to better understand group dynamics an what influences teams as well as to learn how to develop and manage effective teams.

Page Team-Building
This article discusses how to improve the effectiveness and efficiency of your team through team-building activities.
2.3.4: Conflict Resolution URL Conflict and Negotiations

In this chapter, you will learn about different types of conflict, what causes conflict, the consequences of conflict, how to manage conflict, and the process of negotiation.

3.1: Business Planning URL Developing a Business Plan

Pay close attention to this chapter. Writing a business plan is an essential skill for entrepreneurs.

3.1.1: How to Write a Great Business Plan Page How to Write a Business Plan

This lecture discusses writing a business plan. You can find the entire Yale Entrepreneurial Institute lecture series here.

3.1.2: The Do's and Don'ts of the Writing Process Page Ten Dos and Don'ts of Writing a Business Plan

Read this article. What audiences use business plans to gather valuable information about the business? Does every business, large or small, need a business plan? If so, why? How can the five dos and five don'ts outlined in this essay benefit the author of a business plan?

3.2: The Outline for a Business Plan Page Small Business Plan Outline

This essay imparts some valuable advice for building a template to create a business plan. Do all business plans contain the same topics and level of detail? Why, or why not? What type of information should you include in the eight information sections most commonly covered in a business plan? What guidelines should you follow to ensure you are successful in writing a business plan?

Page Operations

Pay close attention to this section, which we will expand upon later.

URL Business Plan Template

Keep this template handy as you write the first couple of drafts of your business plan as an entrepreneur.

3.2.1: Executive Summary Page How to Write an Executive Summary

Read this article.

3.2.2: Company Mission and Description Page How to Write a Mission Statement for Your Business

This article explains the importance of the mission statement and how to create a simple mission statement.

Page Simple Mission Statements

Watch these videos.

3.2.3: Products and Services Page Product or Service Descriptions

Watch this video on how to create the product or services section of a business plan.

3.2.4: Marketing Strategy URL Marketing Plan, Strategies, Distribution, and Channels

Study this slideshow on how to create the marketing strategy section of a business plan.

3.2.5: Operations Management URL Selecting and Managing Your Team

Read this chapter, which covers human resource management and its potential for creating and sustaining competitive advantage.

URL Operations Management

Read this chapter, which covers operations decisions and considerations when starting a business. 

3.2.6: Management and Leadership URL Developing a Management Plan

This section outlines the key components of a business plan's management plan section.

3.2.7: Financial Statements Page Startup Business Plans: Finance and Operations Section

Watch this video.

3.2.8: Expenses and Capitalization Page Can You Afford to Start Up?

Read this section.

Page Calculating Startup Costs

As you read, consider the following questions:

  • How difficult or easy is it to calculate startup costs for a business?
  • Is it important to accurately calculate the startup costs for a business? Why, or why not?
  • How important is it to conduct research when calculating the startup costs for a business?
  • What would be the outcome if you did not conduct any research during this process?

3.2.9: Financial Plan URL Entrepreneurship 101: Financial Planning

Study this slideshow on how entrepreneurs can create a simple and effective financial plan for their business.

URL Planning and Managing Your Business

Read this chapter.

Page Template Startup Financial Model

Download and complete the template financial model Excel spreadsheet based on data from a real or fictitious company you are interested in starting.

3.2.10: The Franchise Route Page Franchising

Franchising is the practice of licensing another firm's business model as an operator. By the end of this article, you will be able to explain the franchiser-franchisee relationship.

Page Disadvantages of Franchises

A franchise agreement can also have disadvantages for both the franchisor and the franchisee. By the end of this article, you will be able to discuss the disadvantages of participating in a franchise.

Page Advantages of Franchises

A franchise agreement can have many benefits for both the franchisor and the franchisee. By the end of this article, you will be able to discuss the advantages of participating in a franchise.

URL Investing Wisely Through Franchising

Read this article on the pros and cons of franchising. This article outlines examples of good, profitable franchising opportunities.

4.1: Market Research URL What is Marketing?

Read this chapter.

URL Marketing on a Global Scale

Read this chapter for a definition and discussion of the role of marketing and international marketing.

Page Is Your Business Doing Effective Market Research?

This article explains the importance of gathering information about your market.

4.1.1: Primary Research Page Primary Market Research

Listen to this webinar on the importance of primary market research.

4.1.2: Secondary Research URL Primary and Secondary Research

Take note of the four main uses of secondary data under Key Takeaways as a way to differentiate primary and secondary research.

4.1.3: Marketing Data URL Marketing Research and Market Intelligence

This chapter will introduce you to the marketing research process. This chapter may take you a number of hours to read, so do not feel like you have to finish it all in one sitting!

4.1.4: Market Demands Page General Economic Conditions

Marketers must be aware of the business cycle and react appropriately according to which stage of the cycle the economy was in. By the end of this article, you will be able to illustrate how fluctuations in the economy influence consumers' willingness to and ability to buy products and services and list the four stages of the business cycle.

Page Consumer Income, Purchasing Power, and Confidence

The CPI and CCI are measures of the strength of the economy, and perceptions of businesses and individuals toward the economic future. This article illustrates the relationship between consumer and purchasing power, pricing, and the economy, and distinguishes between the consumer price index (CPI) and consumer confidence index (CCI).

Page The Political Environment

Companies doing business outside of the US should be aware that the political environment can differ greatly. By the end of this article, you will be able to give examples of how government policies can influence marketing programs.

Page Applicable Legislation

Companies must abide by existing laws and regulations when doing business in a country; these laws may influence marketing activities. By the end of this article, you will be able to discuss the various legal issues that impact marketing decisions.

Page Cultural Values

Whether doing business abroad or locally, marketers must understand the cultures that govern customers' buying habits and ethical norms. By the end of this article, you should be able to describe how cultural beliefs, values, and customs influence marketing campaigns.

Page Demographics

Marketers must understand the different demographic groupings that exist and the demographic changes that are constantly occurring. By the end of this article, you will be able to discuss the demographic changes affecting the current marketing environment and identify common demographic traits used by marketers. Growth Potential URL The Product Life Cycle

Read this section, which discusses the product life cycle and the stages of growth potential. Trends Page External Factors and Trends

This section discusses the importance of identifying external market factors to anticipate trends and be prepared to adapt to market changes. By the end of this article, you will be able to explain the different types of external factors or trends used in creating marketing strategies and discuss how technological advancements can impact marketing trends. Barriers URL Selecting Target Markets and Target-Market Strategies

This section discusses marketing trends and potential barriers. This chapter also covers niche marketing, which you will learn more about later. Technology URL Leveraging Information Technology
This chapter will provide you with an overview of information systems and technology used for start-up businesses.
4.2: Products and Services Page Identifying the Target Market

Listen to this podcast on identifying the target market. It will help you figure out the target market for products and services, and it includes information on segmentation and sizing your market.

4.2.1: Features and Benefits URL Adding Products and Services

This chapter will help you learn about innovating, evaluating new products, and assessing new product failure.

4.2.2: Customers Page Developing a Market Segmentation

Read this section to learn about the criteria that companies use when choosing a market segment and the many ways in which businesses may segment markets. A market segmentation is developed based on one of two strategies and several consumer identifying characteristics like demographics and behavior.

4.2.3: Competition Page Competition

Read this section to learn about the importance of a proper competitive analysis. By the end of this section, you will be able to classify the use of competitive data from an internal and external viewpoint.

4.3: Competitive Analysis Page Competitive Perceptual Positioning and Perceptual Mapping

This section discusses how marketers can understand how consumers feel about their particular product relative to the competition. By the end of this section, you will be able to evaluate the concept of perceptual mapping as part of competitive perceptual positioning.

4.3.1: Niche Page Selecting a Target Market

This article explains how companies choose their markets and the types of approaches companies use to communicate their marketing messages to those consumers. You should be able to explain the types and psychology of target market selection.

4.3.2: Promotional Strategy Page Defining Promotion

This section discusses some of the tools that are at marketers' disposal. By the end of this section, you will be able to describe promotion as one type of marketing tool, name the five subcategories of promotion, and describe how promotional tools work together to educate consumers and generate sales.

Page The Many Goals of Persuasion

Promotional tactics are frequently used by companies to persuade consumers to choose their products over competing brands. By the end of this section, you will be able to describe the techniques used to persuade consumers to purchase products over competing brands.

4.4.1: Pricing Strategy File Pricing

These slides explain how pricing for goods and services is determined and its effects on consumer behavior.

4.4.2: Distribution Channels URL Marketing Channel Strategies

By the end of this article, you will be able to describe the factors that affect a firm's channel decisions; explain how intensive, exclusive, and selective distribution differ from one another; and explain why some products are better suited to some distribution strategies than others.

4.5: The Marketing Plan URL The Marketing Plan

Read this entire chapter. It may take up to three hours to read this material, so don't feel like you have to finish it all within one study session.

Page Elements of a Marketing Plan

A marketing plan's elements may vary based on the organization and its industry, but readers still expect to see certain common elements. By the end of this article, you will be able to review the elements of a marketing plan and its relationship to the company operations.

Page The Purpose of a Marketing Plan

A formal marketing plan provides a clear reference point for activities throughout the planning period. By the end of this article, you will be able to identify the purpose and use of creating marketing plans.

4.5.1: Executive Summary URL The Marketing Plan

Read the Executive Summary section. The executive summary is the opening section of a marketing plan whereby the contents of the plan are outlined.

URL More on the Marketing Plan
Read the Executive Summary section and the sample executive summary for an example of this part of the marketing plan.
4.5.2: Situational Analysis Page Conducting a Situational Analysis

Managers can use various methods of analysis to understand the firm's own capabilities, customers, and business environment. By the end of this article, you will be able to outline the process and types of situational analysis methods.

4.5.3: Customer Analysis Page Defining the Target Market

There are five steps you can follow to define your target market and become positioned to reach your potential customers. By the end of this article, you will be able to compile the information that is necessary in order to define a target market.

4.5.4: Competitor Analysis Page Competition Based on Value

Value-based marketing allows organizations to create and sustain differentiating values that enable them to compete within their markets. By the end of this article, you will be able to state what is important when shifting to a competition based on value marketing perspective.

4.5.5: Strategic Partners URL Customer Relationships and Selling Strategies

By the end of this section, you should be able to understand the types of selling relationships that firms seek and select the selling strategy needed to achieve the desired customer relationship.

4.5.6: Marketing Climate Page Scanning and Analysis

Environmental scanning is one technique used by organizations to monitor the environment. By the end of this article, you will be able to give examples of the six environmental factors used within the PESTEL analysis approach.

4.5.7: Segmentation URL Market Segmenting, Targeting, and Positioning

Read this chapter, which discusses market segment components, how to approach different market segments, and how products are positioned to reach their target markets.

4.5.8: Strategies URL Strategic Planning

Read Chapter 2 to learn about the steps in the marketing planning process, the elements of a marketing strategy, and the external factors that impact strategic decisions.

4.5.9: Pricing Page Marketing Budgets

Listen to this podcast, which discusses where to spend your marketing dollars and the costs associated with different types of marketing vehicles. 

4.5.10: Promotion File Integrated Marketing Communication

These sections focus on the importance of communicating a unified and coordinated message throughout all marketing messages. Attempt the review questions that appear on slides 13 through 22.

Page Marketing and Promotion

Listen to this podcast, which discusses trade shows, events, seminar selling, and more.

4.5.11: Distribution URL Functions Performed by Channel Partners

By the end of this section, you will be able to describe the activities performed in channels and explain which organizations perform which functions.

URL Marketing Plan Discussion Questions and Activities

Complete the discussion questions and activities in this section. You will write a simple marketing plan by picking a product with which you are very familiar. Focus on one market segment. If you would like to share your responses to the discussion questions with other students or elicit feedback on your marketing plan, check out the discussion forum.

5.1: The Financial Plan URL Financing Your Organization

This chapter will provide you with a proper foundation in the financial and accounting aspects of operating a business.

5.1.1: Start-Up Costs URL Can You Afford to Start Up?

This section discusses how to identify various business start-up costs and how to calculate the capital that is needed to start a business.

5.1.2: Personal Financial Statements URL Financial Statements

Read this section for information on the financial statements needed for business operations.

5.1.3: Profit and Loss Statements File Standardizing Financial Statements

Read these lecture slides. You should be able to describe the different methods used for presenting data in a company's income statement. Attempt the review questions on slides 9 through 16.

5.1.4: Projections Page Finance and Forecasting

Listen to this podcast, which discusses the basics of finance and forecasting, revenue projections, costs, and so on. 

5.1.5: Break-Even Analysis Page Break-Even Analysis

The break-even point is the point at which costs and revenues are equal. By the end of this section, you should be able to analyze break-even points relative to pricing decisions.

5.2: Investment/Lending Segments Page Funding the Company

Listen to this podcast, which discusses how much money a venture requires and how to raise that capital before comparing different funding sources.

Page Sources of Financing

Read this article to find out about the several financial options entrepreneurs have to start up a business.

Page Financing Company Operations

A company can be self-financed or financed through the solicitation and participation of outside investors. By the end of this article, you will be able to differentiate among different financing options for small businesses.

Page Starting a Small Business – Optional Quiz

Attempt these review questions.

5.2.1: Types of Lenders Page Small Business Financing

Read this article to review small business financing.

5.2.2: Banks URL The Advantages of a Business Loan

This article discusses the pros and cons of business loans and how to determine if this is right path for your business.

5.2.3: Venture Capital File Venture Capital

Read through these lecture slides. Attempt the review questions on slides 11 through 16.

5.2.4: Government Funding URL Facts about Government Grants

Read this page and explore the application forms. The small business administration clarifies the federal government's approach to grant financing. All grants have a great deal of reporting and compliance requirements. What does this mean to someone seeking a grant? There will be a great deal of paperwork associated with obtaining the grant. This also means there will be follow-up paperwork, providing insight on the use of the grant money. These requirements are in place because taxpayer dollars fund government grants. The federal government provides resources for individual states to provide more specialized assistance to individuals within their respective states. Each state has its own small business division, and the title of the division will vary by state.

5.2.5: Barter URL How to Barter, Give, and Get Stuff
5.2.6: Customer Financing URL Customer Financing for Your Business

As you read, consider the risks and rewards of financing a business using this strategy. Should this strategy be considered up-front, or should a business only make use of this strategy as a last resort? Which type of customer financing do you feel has the greatest risk? Which has the greatest reward? How would you react if, as a customer, you were approached by a business and asked to invest

URL Crowdfunding

As you read this article, consider the risks to a business by taking this route for seeking financing. What about the goals of those who are investing? Is this something you would consider for yourself? Also, review the variety of industries that are making use of crowdfunding. What other industries might also benefit from this strategy?

5.2.7: SBIR Page Starting Out with Government Funding: SBIR and STTR Grants

Read this article on the government's role in small business innovation research.

5.2.8: Asset-Based Lenders URL Asset-Based Loans

Asset-based loans are a business financing option that can be valuable to businesses that require short-term working capital.

5.2.9: Angel Investors URL Angel Investors and Your Business

Read this article for tips on how to locate angel investors and how to know which angel investor is the right investor for your business.

5.3: Managing Growth URL How to Organize and Lead an Entrepreneurial Venture and Growth Strategies for Startups

Read these two chapters on managing growth.

These chapters discuss how companies can make a mistake by growing too quickly, how businesses can evaluate which growth strategy is the most effective one for them, and which organizational structure is the optimal choice for a business' specific decision-making processes.

5.4: Exit Strategy URL How Does a VC Think About Exit Strategy?

This article discusses how venture capitalists evaluate the attractiveness of an investment possibility and how they determine when they will exit the company in which they have invested.

URL Exit Strategies

This section covers the importance of developing a business' exit strategy at the launch of the business and explains the pros and cons of various exit strategy options.

URL How Do You Determine the Value of a Private Company?

Read this article, which discusses various methods for evaluating the worth of a small company. This article also includes resources for determining a company's value.

URL Getting Out

For a discussion of the concept of getting out of the business, read all seven articles: "Plan Your Exit", "Steps to Closing a Business", "Selling Your Business", "Transfer Ownership", "Legal Resources for Exiting", "Liquidating Assets", and "Filing for Bankruptcy Protection".

Study Guide Book BUS305 Study Guide
Course Feedback Survey URL Course Feedback Survey