Topic outline

  • COURSE INTRODUCTION

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    • Time: 39 hours
    • Free Certificate
    This course will introduce you to entrepreneurship and business planning. By way of introduction, the word entrepreneur originates from the French word entreprendre, meaning "to undertake". Today, we define an entrepreneur as an owner or manager of a business enterprise who attempts to make profits by starting and growing their business. In earnest, entrepreneurs are a diverse group of risk-takers who share the same goal of cultivating ideas and developing them into viable business opportunities. Consider the statistics below to get a sense of some of the (potentially surprising) qualities attributed to entrepreneurs:

    • According to the Global Entrepreneurship Monitor's 2024/25report, around 800 million people worldwide were involved in starting or running new businesses in 2021. Further, in the United States, entrepreneurship activity increased by 7% in 2021, with an estimated 21.6 million Americans starting or running a new business.
    • According to the National Bureau of Economic Research, immigrants are almost twice as likely as native-born Americans to become entrepreneurs. 
    • The 2021 State of Women-Owned Business Report by American Express revealed that the number of women-owned businesses in the US grew by 58% between 2014 and 2021, compared to a growth rate of 12% for all businesses. 
    • According to the 2024 Wells Fargo Impact of Women-Owned Business Report, there are over 14 million women-owned businesses in the U.S., representing 39.1% of all businesses. These businesses employ 12.2 million workers and generate $2.7 trillion in revenue.
    • According to the Global Entrepreneurship Monitor 2024/2025 Global Report, the top 10 countries for entrepreneurship are: United Arab Emirates; Netherlands; Finland; Saudi Arabia; Lithuania; South Korea; Switzerland; United States; Qatar and India.
    • The average age of a first-time entrepreneur in the United States is 34 years old. According to the Global Entrepreneurship Monitor 2024/2025 Global Report, the 18–24 age group exhibits the highest Total Entrepreneurial Activity rate globally.

    As you can see, the entrepreneurial community is diverse, yet its members share many striking similarities. This course is geared towards both the eclectic mix of individuals planning to develop and launch their own businesses and those with established small business ventures they would like to expand. We will begin by reviewing the history of small business and identifying a successful entrepreneur's characteristics. The course will then coach you in some basic business skills, teaching you how to write a business plan, launch a new venture, identify market opportunities, create a marketing plan, and finance a business.

  • Unit 1: Elements of Entrepreneurship

    Entrepreneurs assume the risk of creating an enterprise that will provide them with a return on the capital employed. In this introductory unit, we will look more closely at small business creation and the history and evolution of entrepreneurship. You will study various economists and their theories, assess entrepreneurial characteristics, and learn about the phases of the entrepreneurial process. Finally, you will review ethics and social responsibility as they relate to entrepreneurship before evaluating methods for launching a business geared towards your target market.

    Completing this unit should take you approximately 5 hours.

  • Unit 2: Building the Right Team

    Building an effective management team is one of the primary steps in launching a venture. Entrepreneurs must explore their personal strengths and weaknesses and then determine the resources needed to fill the gaps. Successful businesses require stellar executives and advisors and employees who are a good fit for the company. Thus, anyone tasked with managing a group of people needs to know how to be an effective leader. Relative to successful leadership, managing is easy.

    A manager must be able to delegate responsibility and make decisions for the team, but a leader must be able to influence team behavior. For this reason, motivation is one of the most powerful tools that a leader can use. A motivated team can go above and beyond the call of duty. Using motivation is far from manipulation – just look at one of the greatest leaders of the 20th century, Dr. Martin Luther King, Jr.

    This unit will help you distinguish between management and leadership and explore human resource factors, such as recruitment and staff selection. The unit will also discuss employee assessments, emotional intelligence, and Tuckman's Stages of Group Development.

    Completing this unit should take you approximately 6 hours.

  • Unit 3: The Business Plan

    A strong business plan is one of the foundations of a successful business. It is the tool by which a great idea becomes an opportunity. A business plan is the creative process allowing the entrepreneur to document the project's merits and articulate a narrative, addressing the venture's risks and rewards to potential investors, partners, and other stakeholders.

    This unit will present the outline of a business plan, explain each section's importance, and provide guidance on how you can craft this information for your own ventures. We will also cover the "dos and don'ts" of preparing a business plan. Lastly, this unit will emphasize how the business plan is not the business itself; it is only a step from idea to venture, and you must understand how to articulate the business plan succinctly, cleanly, and carefully.

    Completing this unit should take you approximately 6 hours.

  • Unit 4: Marketing Strategy

    This unit deals with developing marketing strategies designed to help you achieve your business objectives and build competitive advantage. You will learn how to conduct market research, forecast potential sales opportunities, and develop a marketing plan. In turn, the marketing plan will outline the actions that must be carried out in order to persuade consumers to purchase the products and services you offer. This plan can be part of the business plan or a stand-alone document.

    Completing this unit should take you approximately 13 hours.

  • Unit 5: Financing the New Venture

    Every entrepreneur needs money. You must understand the costs of launching and maintaining a business, from start-up expenses to operating capital. A business plan's financial information and projections are vital because they demonstrate the potential for profit and serve as the guideline for managing the business' financial aspects. This unit will teach you how to determine the costs of launching a new venture and where to get those funds. Additionally, you will learn to document the current financial status of the business and project future estimates. You will also examine options for securing financing or investors and partners to help capitalize on the business.

    Completing this unit should take you approximately 9 hours.

  • Study Guide

    This study guide will help you get ready for the final exam. It discusses the key topics in each unit, walks through the learning outcomes, and lists important vocabulary. It is not meant to replace the course materials!

  • Certificate Final Exam

    Take this exam if you want to earn a free Course Completion Certificate.

    To receive a free Course Completion Certificate, you will need to earn a grade of 70% or higher on this final exam. Your grade for the exam will be calculated as soon as you complete it. If you do not pass the exam on your first try, you can take it again as many times as you want, with a 7-day waiting period between each attempt. Once you pass this final exam, you will be awarded a free Course Completion Certificate.

  • Course Feedback Survey

    Please take a few minutes to give us feedback about this course. We appreciate your feedback, whether you completed the whole course or even just a few resources. Your feedback will help us make our courses better, and we use your feedback each time we make updates to our courses. If you come across any urgent problems, email contact@saylor.org.