Topic Name Description
Course Introduction Page Course Syllabus
Page Course Textbooks
Page Course Terms of Use
1.1: The History of Small Business and Entrepreneurship Page US Department of State: Principles of Entrepreneurship: "What is Entrepreneurship?"

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

Page Academic Earth: Kavita Ramdas' "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 The Global Text Project's Business Fundamentals: "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 Christopher Conte's "Small Business in US History"

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

1.1.2 Microeconomics and Entrepreneurship Page Boundless: Management: "Chapter 16, Section 2: The Drive of an Entrepreneur"

This reading includes a good glossary of terms which can be used to describe successful entrepreneurs.

1.1.3: Economists Page Boundless: Management: "Chapter 1, Section 6: 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 Wikibooks: Getting Started as an Entrepreneur: "Entrepreneurship Is..."

This article outlines the function of entrepreneurs and describes the different kinds of entrepreneurs.

1.1.4.1: Entrepreneurs vs. Intrapreneurs Page Wikidot: Andy Birol's "Entrepreneurs vs. Intrapreneurs"

This article explains the difference between entrepreneurs and intrapreneurs.

1.1.4.2: Small Business vs. High-Growth Enterprises Page Stanford University: "Entrepreneurial Thought Leaders Seminar"
This video is part of a weekly series that brings innovation leaders from business, finance, technology, education, and philanthropy together in order 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 US Department of State: Principles of Entrepreneurship: "Chapter 12: Creating a Business Plan"

This reading outlines the parts of a business plan and the importance of having one before launching a small business. It was written by Jeanne Holden for the US Department of State publication, Principles of Entrepreneurship.

1.2.1: Characteristics of a Successful Entrepreneur Page US Department of State: Principles of Entrepreneurship: "Chapter 2: What Makes Someone an Entrepreneur?"

This material identifies some of the common qualities of successful entrepreneurs. Author Jeanne Holden is a freelance writer with expertise in economic issues. She worked as a writer-editor in the U.S. Information Agency for 17 years.

Page US Department of State: Principles of Entrepreneurship: "Chapter 3: Why Become an Entrepreneur?"

This reading outlines some useful guidelines for determining whether one should pursue entrepreneurship as a choice. Author: Jeanne Holden.

Page US Department of State: 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 Stanford University: Chuck Eesley's "Nine Key Frameworks for Entrepreneurship"

Watch this lecture, presented by Chuck Eesley from Stanford University, to learn about different types of frameworks for entrepreneurship.

Page Saylor Academy's "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 Developing New Products and Services, v1.0: "Chapter 12, Section 11: Due Diligence"

This section outlines a checklist for investors, family members, business partners, and employees to evaluate an entrepreneur's business plan.

Note: This textbook is available in PDF and DOCx versions, in addition to this HTML version, on our bookshelf.

1.2.4.1: Legal Forms of Business Page The Small Business Blog: Jason Holden's "What Legal Entity is Right for Your Business?"

In this reading, you will be introduced to the various forms of business ownership. Pay careful attention to the area of this resource that covers the main advantages and disadvantages of each form of ownership. This information will help you more clearly understand the foundational elements of legal business structures.

1.2.4.2: Intellectual Property Rights Page Richard M. Stallman's "Did You Say 'Intellectual Property?' It's a Seductive Mirage"
1.2.5: Business Ethics Page The Global Text Project's Business Fundamentals: "Chapter 12: Business Ethics in a Nutshell"

This chapter covers ethics and social responsibility. 

Editor: Buie Seawell. Reviewer: James O'Toole

1.2.6: Entrepreneurship Myths URL International Business, v1.0: "Entrepreneurship"

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

2.1.1: Managers vs. Leaders URL Principles of Management: "Chapter 1, Section 2: Who Are Managers?"

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

URL Principles of Management: "Chapter 1, Section 3: Leadership, Entrepreneurship, and Strategy"

By the end of this reading you will know the roles and importance of leadership, entrepreneurship, and strategy in management and understand how these qualities are related.

2.1.2: Leadership Styles URL Principles of Management: "Chapter 10: Leading People and Organizations"

Read Chapter 10 to learn about leadership styles, including effective leadership behaviors and characteristics and when to effectively use leadership skills. Be aware that reading this entire chapter may take you as long as three hours; you should not feel like you are any under pressure to finish it in one sitting!

2.1.3: Emotional Intelligence URL Organizational Behavior, v1.1: "Chapter 7, Section 5: 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.

Note: This textbook is available in PDF and DOCx versions, in addition to this HTML version, on our bookshelf.

2.1.4: Succession Planning URL Principles of Management, v1.1: "Chapter 16, Section 6: Designing a High-Performance Work System”

Pay close attention to the section on succession planning. Make an attempt to answer question 4 in the Exercises section.

2.2: Board of Advisors URL Stanford University: Harrison Miller's "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 North Dakota State University's Small Business: "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 Adrienne Graham's "Small Business Hiring Tips"

Adrienne Graham is the CEO of the Empower Me! Corporation. Feel free to explore her other informational videos.

2.3.1: Recruitment and Selection Page The Global Text Project's Business Fundamentals: Lukhvinder Rai's "Recruiting Workers"
2.3.2: Staff Development Page The Global Text Project's Business Fundamentals: Peter Wright's "Chapter 5: Selecting and Managing Your Team: Employee Training"

Read this chapter. This resource is also available as an HTML webpage here.

Editor: Cynthia V. Fukami. Contributors: MGMT4340: Strategic Human Resource Management, Spring 2007, cohort

2.3.3: Team Building and Group Dynamics URL Organizational Behavior, v1.1: "Chapter 9: 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.

Remember, the several textbooks that are referenced in this course are available in a number of different formats on our bookshelf!

Page Saylor Academy's "Team-Building"
This reading discusses how to improve the effectiveness and efficiency of your team through team-building activities.
2.3.4: Conflict Resolution URL Organizational Behavior, v1.1: "Chapter 10: Conflict and Negotiations"

In this reading 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 New Products and Services, v1.0: "Chapter 12: 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 File Yale Entrepreneurial Institute: Maureen Burke's "How to Write a Business Plan"

In this lecture, Professor Maureen Burke 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 Saylor Academy's "Ten Dos and Don'ts of Writing a Business Plan"

As you read this article, consider the following questions:

  • 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 Saylor Academy's "Small Business Plan Outline"

This essay imparts some valuable advice for building a template to create a business plan. This essay will also complement the information in Chapter 1 of Business Fundamentals in this subunit.

As you read, consider the following questions:

  • 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 writing a business plan?

Page The Global Text Project's Business Fundamentals: "Chapter 1, Section 9: Operations"

Pay close attention to this reading, as it forms the basis for the concepts outlined in the following subunits.

Editor: Molly Lavik. Reviewer: Debbi D. Brock

URL Developing New Products and Services, v1.0: "Chapter 12, Section 4: 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 Anthony Cerminario: "How to Write an Executive Summary"

Anthony Cerminario is a business lawyer and faculty member at Chatham University and Strayer University.

3.2.2: Company Mission and Description Page Michael Griffith's "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 Stanford University: John Roos' " Simple Mission Statement"

Watch each of the seven video segments for this playlist:

  • "Simple Mission Statement"
  • "Focus on Building a Brand"
  • "The Three Circle Strategy"
  • "Strengths of Silicon Valley"
  • "Silicon Valley: An Ecosystem"
  • "Silicon Valley: Changing with the Times"
  • "Career Advice: Five Takeaways"

3.2.3: Products and Services Page Kathy Ver Eecke's "Business Plans for Startups: Product or Service Description"

Watch this video on how to create the product or services section of a business plan. Refer back to the chapter you read in subunit 3.2 if you need additional clarification.

3.2.4: Marketing Strategy URL Nanyang Technological University: Dr. Bernard Leong's "Entrepreneur 3: 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 The Global Text Project's Business Fundamentals: "Chapter 5: Selecting and Managing Your Team"

Read both chapters. Note that you have already studied the "Employee Training” section from Chapter 5 in subunit 2.3.2, so this part of the chapter will be a review. Chapter 5 covers human resource management and its potential for creating and sustaining competitive advantage. Chapter 7 covers operations decisions and considerations when starting a business. 

URL The Global Text Project's Business Fundamentals: "Chapter 7: Operations Management"
3.2.6: Management and Leadership URL The Community Tool Box: "Chapter 15, Section 1: Developing a Management Plan"

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

3.2.7: Financial Statements Page Kathy Ver Eecke's "Startup Business Plans: Finance and Operations Section"

Watch this video and take thorough notes.

3.2.8: Expenses and Capitalization Page Wikibooks' Sustainable Business: "Can You Afford to Start Up?"

You will read the section titled, "Calculating Set-Up Costs and Working Capital," but if you want to read on, you can find the full chapter here.

Page Saylor Academy's "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 Kerri Golden's "Entrepreneurship 101: Financial Planning with Kerri Golden"

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

URL Wikibooks' Organic Business Guide: "Planning and Managing Your Business"

Read this chapter.

Page David Teten's "Template Startup FInancial Model"

Download and complete the template financial model Excel spreadsheet based on data from a real or ficticious company you are interested in starting. Take no less than an hour working through this activity.

David Teten is a Partner with ff Venture Capital and Founder and Chairman of Harvard Business School Alumni Angels of Greater New York.

3.2.10: The Franchise Route Page Boundless: Business: "Franchising"

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

Page Boundless: Business: "Disadvantages of Franchises"

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

Page Boundless: Business "Advantages of Franchises"

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

URL Jhoana Carla de Toro's "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 Principles of Marketing "Chapter 1: What is Marketing?"

Read this chapter. Reading this chapter may take you about three hours, so do not feel like you need to finish it all in one sitting!

URL The Global Text Project's Business Fundamentals: "Chapter 6: Marketing on a Global Scale"

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

Page ABC Article Directory: "Is Your Business Doing Effective Market Research?"

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

4.1.1: Primary Research Page Adam Bates' "Primary Market Research"

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

4.1.2: Secondary Research URL eMarketing: The Essential Guide to Online Marketing, v1.0: "Chapter 18, Section 2: "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 Principles of Marketing, v1.1: "Chapter 10: Gather and Using Information - 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 Boundless: Marketing: "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 reading, 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 Boundless: Marketing: "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. By the end of this reading you will be able to illustrate the relationship between consumer and purchasing power, pricing, and the economy. You will be able to distinguish between a consumer price index (CPI) and consumer confidence index (CCI).

Page Boundless: Marketing: "Political Environment"

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

Page Boundless: Marketing: "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 reading, you will be able to discuss the various legal issues that impact marketing decisions.

Page Boundless: Marketing: "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 reading, describe how cultural beliefs, values and customs influence marketing campaigns.

Page Boundless: Marketing: "Demographics"

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

4.1.4.1 Growth Potential URL Principles of Marketing, v1.1: "Chapter 7, Section 2: Managing New Products: The Product Life Cycle"

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

4.1.4.2: Trends Page Boundless: Marketing: "Chapter 3, Section 3: External Factors - Trends"

This section discusses the importance of identifying external market factors in order to anticipate trends and be prepared for adapting to market changes. By the end of this reading, 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.

4.1.4.3: Barriers URL Principles of Marketing, v1.1: "Chapter 5, Section 3: 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 in subunit 4.3.1.

4.1.4.4: Technology URL The Global Text Project's Business Fundamentals: "Chapter 10: Leveraging Information Technology"
This chapter will provide you with an overview of information systems and technology used for start-up businesses.
4.2.1: Features & Benefits URL The Global Text Project's Business Fundamentals: "Chapter 13: 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 Boundless: Marketing: "Chapter 4, Section 4: 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 Boundless: Marketing: "Chapter 3, Section 2: Internal Factors - Competition"

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

4.3: Competitive Analysis Page Boundless: Marketing: "Chapter 4, Section 7: Competitive Perceptual Positioning - Perceptual Mapping”

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

4.3.1: Niche Page Boundless: Marketing: "Chapter 4, Section 6: Conducting a Segmentation - Select Target Market"

This reading explains how companies choose their markets and the types of approaches companies use to communicate their marketing messages to those consumers. By the end of this reading, you will be able to explain the types and psychology of target market selection.

4.3.2: Promotional Strategy Page Boundless: Marketing: "Chapter 12, Section 2: Integrated Marketing Communications - Defining Promotion"

This section discusses some of the tools that are at marketers' disposal. By the end of this reading, 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 Boundless: Marketing: "Chapter 12, Section 2: Understanding Promotion - 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 reading, you will be able to describe the techniques used to persuade consumers to purchase products over competing brands.

4.4.1: Pricing Strategy File Boundless: Marketing: "Chapter 8: Pricing"

This chapter explains how pricing for goods and services is determined and the impact that price has on consumer behavior. Reading through this powerpoint may take you up to five hours, so don't feel like you need to finish it all within one study session.

4.4.2: Distribution Channels URL Principles of Marketing, v2.0: "Chapter 8, Section 4: Marketing Channel Strategies"

By the end of this reading, 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 Principles of Marketing, v2.0: "Chapter 16: 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 Boundless: Marketing: "Chapter 2, Section 3: Marketing Plan Elements"

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 reading, you will be able to review the elements of a marketing plan and their relationship to the company operations.

Page Boundless: Marketing: "Chapter 2, Section 3: 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 reading, you will be able to identify the purpose and use of creating marketing plans.

4.5.1: Executive Summary URL Wikibooks: Marketing: "Marketing Plan"

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

URL Small Business Management in the 21st Century, v1.0: "Chapter 8, Section 2: 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 Boundless: Marketing: "Chapter 2, Section 5: 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 reading, you will be able to outline the process and types of situational analysis methods.

4.5.3: Customer Analysis Page Boundless: Marketing: "Chapter 2, Section 5: 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 reading, you will be able to compile the information that is necessary in order to define a target market.

4.5.4: Competitor Analysis Page Boundless: Marketing: "Chapter 1, Section 4: 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 reading, 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 Principles of Marketing, v2.0: "Chapter 13, Section 2: Customer Relationships and Selling Strategies"

By the end of this reading, you will 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 Boundless: Marketing: "Chapter 3, Section 1: Scanning and Analysis"

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

4.5.7: Segmentation URL Principles of Marketing, v2.0: "Chapter 5: Market Segmenting, Targeting, and Positioning"

Read Chapter 5, which provides a detailed discussion of market segment components, the various ways of approaching different market segments, and how products are positioned for reaching their target markets. Reading this chapter may take you up to three hours, so don't feel like you have to finish it all within one study session.

4.5.8: Strategies URL Principles of Marketing, v2.0: "Chapter 2: 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 Carnegie Mellon University: Mark Juliano's Entrepreneurship & Business Course: "Marketing Budgets"

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

4.5.10: Promotion File Boundless: Marketing: "Chapter 12, Section 5: Integrated Marketing Communication"

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

Page Carnegie Mellon University: Mark Juliano's Entrepreneurship & Business Course: "Marketing"

Listen to this podcast, in which Mark Juliano provides more marketing information, including public relations, trade shows, events, seminar selling, etc.

4.5.11: Distribution URL Principles of Marketing, v2.0: "Chapter 8, Section 3: Functions Performed by Channel Partners"

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

URL Principles of Marketing, v2.0: "Chapter 16, Section 5: Marketing Plan Discussion Questions and Activities"

Complete the discussion questions and activities in Section 5 of Chapter 16. For this activity, 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 Saylor students or elicit feedback on your marketing plan, you may do at our Discourse forums. Signing up is free only takes a moment.

5.1: The Financial Plan URL The Global Text Project's Business Fundamentals: "Chapter 9: Financial and Managerial Accounting: 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 Wikibooks: Sustainable Business: "Can You Afford to Start Up?"

This reading will provide you with the necessary tools 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 Personal Finance, v1.0: "Chapter 3: Financial Statements"

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

5.1.3: Profit and Loss Statements File Boundless: Accounting: "Chapter 16, Section 2: Standardizing Financial Statements"

Read these lecture slides. By the end of this reading, you will 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 Carnegie Mellon University: Mark Juliano's Entrepreneurship & Business Course: "Finance and Forecasting"

Listen to this podcast, in which Mark Juliano discusses the basics of finance and forecasting, revenue projections, costs, etc. 

5.1.5: Breakeven Analysis Page Boundless: Marketing: "Chapter 8, Section 4: Break-Even Analysis"

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

5.2: Investment/Lending Segments Page Carnegie Mellon University: Mark Juliano's Entrepreneurship & Business Course: "Funding the Company"

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

Page U.S. Department of State's Principles of Entrepreneurship: Jeanne Holden's "Sources of Financing"

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

Page Boundless: Business: "Chapter7, Section 4: Financing Company Operations"

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

Page Boundless: Business: "Chapter 7, Section 4: Starting a Small Business - optional quiz"

Please attempt these review questions.

5.2.1: Types of Lenders Page Wikipedia: "Small Business Financing"

Read this article as a review of the material covered in subunit 5.2.

5.2.2: Banks URL The Daily MBA: Kate Manning's "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 Boundless: Finance: "Chapter 14, Section 2: Venture Capital"

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

5.2.4: Government Funding URL U.S. Small Business Administration: "Facts about Government Grants"

Take about 15 minutes to read this page and explore the application forms. In this reading, the small business administration clarifies the federal government's approach to grant financing. It is important to note that all grants issued have a great deal of reporting and compliance requirements. What does this means 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 government grants are funded by taxpayer dollars. There are a number of additional hyperlinks that will take you to a multitude of additional resources. Also, check out "Does the SBA offer Grants?” The federal government provides resources for individual states, so they may 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 Janelle Orsi's "How to Barter, Give, and Get Stuff"

Please read all three of the following articles by Janelle Orsi from Shareable.net:

  1. "How to Barter, Give, and Get Stuff"
  2. "How to (Legally) Open a Gift (Economy)”
  3. "The Barter System Legal Guide”

5.2.6: Customer Financing URL Saylor Academy's "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 Wikipedia: "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 Genomics Law Report: Jon Jordan's "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 Ace Walmsley's "Asset Based Loans - Something to Consider"

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 Irish Taylor's "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 The Global Text Project's Business Fundamentals: "Chapter 4: How to Organize and Lead an Entrepreneurial Venture: Organizational Stages of Growth" and "Chapter 15: 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's specific decision-making processes.

5.4: Exit Strategy URL The Equity Kicker: Nic Brisbourne and Nicholas Lovell's "50 Questions: 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 Small Business Management in the 21st Century, v1.0: "Chapter 14, Section 4: Exit Strategies"

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

URL Stanford University Development Research: "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 U.S. Small Business Administration's "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 Guides and Review Exercises Page Unit 1 Study Guide and Review: Elements of Entrepreneurship

The following study guide is meant to help you prepare for the final exam. This material is for your practice and review only. You will not be asked to turn in your responses to the questions and activities below. As you work through these study guides, take note of your confidence level with the material. Ask yourself if you feel comfortable with your grasp of these topics, and take the suggestions for resources to re-watch or re-read seriously before proceeding to the final exam.

Page Unit 2 Study Guide and Review: Building the Right Team

The following study guide is meant to help you prepare for the final exam. This material is for your practice and review only. You will not be asked to turn in your responses to the questions and activities below. As you work through these study guides, take note of your confidence level with the material. Ask yourself if you feel comfortable with your grasp of these topics, and take the suggestions for resources to re-watch or re-read seriously before proceeding to the final exam.

Page Unit 3 Study Guide and Review: The Business Plan

The following study guide is meant to help you prepare for the final exam. This material is for your practice and review only. You will not be asked to turn in your responses to the questions and activities below. As you work through these study guides, take note of your confidence level with the material. Ask yourself if you feel comfortable with your grasp of these topics, and take the suggestions for resources to re-watch or re-read seriously before proceeding to the final exam.

Page Unit 4 Study Guide and Review: Marketing Strategy

The following study guide is meant to help you prepare for the final exam. This material is for your practice and review only. You will not be asked to turn in your responses to the questions and activities below. As you work through these study guides, take note of your confidence level with the material. Ask yourself if you feel comfortable with your grasp of these topics, and take the suggestions for resources to re-watch or re-read seriously before proceeding to the final exam.

Page Unit 5 Study Guide and Review: Financing the New Venture

The following study guide is meant to help you prepare for the final exam. This material is for your practice and review only. You will not be asked to turn in your responses to the questions and activities below. As you work through these study guides, take note of your confidence level with the material. Ask yourself if you feel comfortable with your grasp of these topics, and take the suggestions for resources to re-watch or re-read seriously before proceeding to the final exam.

Optional Course Evaluation Survey URL Optional Course Evaluation Survey

Please take a few moments to provide some feedback about this course. Consider completing the survey whether you have completed the course, you are nearly at that point, or you have just come to study one unit or a few units of this course.

Your feedback will focus our efforts to continually improve our course design, content, technology, and general ease-of-use. Additionally, your input will be considered alongside our consulting professors' evaluation of the course during its next round of peer review. As always, please report urgent course experience concerns to [email protected] and/or our discussion forums.