Time: 98 hours
College Credit Recommended
- According to a recent report by the US Census, every day approximately 2,356 Americans are becoming entrepreneurs by starting new businesses.
- According to a 2006 report from Northeastern University's School of Technological Entrepreneurship, 62% of entrepreneurs in the US claim innate drive as the number one motivator in starting their business.
- According to a January 2008 report by the Global Entrepreneurship Monitor, women run 33% of small businesses.
- Lastly, according to an October 2006 report by Northeastern University's School of Technological Entrepreneurship, 42% of entrepreneurs say they launched their first ventures during childhood (via a lemonade stand, paper route, or something similar).
As you can see, the entrepreneurial community is diverse, yet its members share a number of striking similarities. This course is geared towards both the eclectic mix of individuals planning to develop and launch their own businesses as well as those with established small business ventures that 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. Finally, the course will also review aspects of building a successful team.
First, read the course syllabus. Then, enroll in the course by clicking "Enroll me in this course". Click Unit 1 to read its introduction and learning outcomes. You will then see the learning materials and instructions on how to use them.
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 7 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 not only stellar executives and advisors but also 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 will be able to 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 will also 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 16 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. It is the creative process that allows the entrepreneur to document the project's merits and to articulate a narrative, addressing the venture's risks and rewards, to his or her potential investors, partners, and other stakeholders.
This unit will present the outline of a business plan, explain the importance of each section, and provide you with guidance as to 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 it is imperative that you understand how to articulate the business plan succinctly, cleanly, and carefully.
Completing this unit should take you approximately 14 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 41 hours.
Unit 5: Financing the New Venture
Every entrepreneur needs money. It is imperative that you understand the costs of launching and maintaining a business, from start-up expenses to operating capital. The financial information and projections contained in a business plan 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 for 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 the business.
Completing this unit should take you approximately 21 hours.
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!
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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.
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Saylor Direct Credit
Take this exam if you want to earn college credit for this course. This course is eligible for college credit through Saylor Academy's Saylor Direct Credit Program.
The Saylor Direct Credit Final Exam requires a proctoring fee of $5. To pass this course and earn a Proctor-Verified Course Certificate and official transcript, you will need to earn a grade of 70% or higher on the Saylor Direct Credit Final Exam. Your grade for this 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 a maximum of 3 times, with a 14-day waiting period between each attempt.
We are partnering with SmarterProctoring to help make the proctoring fee more affordable. We will be recording you, your screen, and the audio in your room during the exam. This is an automated proctoring service, but no decisions are automated; recordings are only viewed by our staff with the purpose of making sure it is you taking the exam and verifying any questions about exam integrity. We understand that there are challenges with learning at home - we won't invalidate your exam just because your child ran into the room!
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Once you pass this final exam, you will be awarded a Credit-Recommended Course Completion Certificate and can request an official transcript.
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