• 1.2: The Planning Process

    • Creating a Business Plan Page

      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

      • What Makes Someone an Entrepreneur? Page

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

      • Why Become an Entrepreneur? Page

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

      • Principles of Entrepreneurship Page

        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

      • Nine Key Frameworks for Entrepreneurship Page

        Watch this lecture to learn about different frameworks for entrepreneurship.

      • An Entrepreneurial Model Page

        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

      • Due Diligence URL

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

    • 1.2.4: Legal Issues

      • 1.2.5: Business Ethics

      • 1.2.6: Entrepreneurship Myths

        • Entrepreneurship Myths URL

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