Overview – What is Entrepreneurship? – An entrepreneur is a person who organizes and manages a business or businesses, taking on greater than normal financial risks for the sake of profit. An entrepreneur sees an opportunity, makes a plan, starts a business, manages the business and receives the profits.
Types of Entrepreneurs and Stages of Growth – As an entrepreneur, you will face different challenges and different needs at each phase of the business development process. Local and state agencies and organizations provide support throughout the business development cycle. It can be helpful to think of the business lifecycle as proceeding through 3 main phases: Idea, Start-up and Growth phases.
Legal Structures and Dealing with Risk – In starting a business, there are many areas that involve degrees of risk. The entrepreneur’s job is to utilize strategies to avoid or overcome known risks. In its simplest terms, risks are the threats to a business in achieving the organization’s business objectives. The following highlights the obvious risk areas, but other areas of risk may exist depending on the type of business and market place.
Concept Analysis – Before jumping into any business, entrepreneurs need to engage in risk mitigation by researching the availability of their target market and the willingness of consumers to purchase from the aspiring business. Here you will learn how to define the market, how to conduct market research, about value propositions, how to test the business concept and prototyping.
Building a Business – Trying to build a business? Learn everything you need to know on how to build a business. Key topics include how to enter and capture the market. Learn how to build your team from management roles, board of directors, down to employees and outsourcing. Also learn about the different types of intellectual property, patents, trademarks and copyright.
The Business Plan – The business plan can be used as an action plan, a road map, and eventually a sales tool. In this section you will learn the fundamentals of creating a business plan and the purpose of a business plan. Also learn about creating the company details, internal factors, external factors and finances section of a business plan.
Financials – Funding a business requires patience, knowledge and the ability to effectively communicate your business need. Funding can come from a variety of sources all with their own level of risk associated to them. The funding landscape, as well as how to determine the risk of each source, is critical for making the right decision for your company.
Presenting the Business – Every entrepreneur has to present a business plan at some point if he/she is seeking a loan or investment. It’s imperative to have a pitch and presentation that showcases your idea, your potential, your market and your ability to provide investors with a return on their investment. Click here to learn how to prepare your pitch for presentation.