Session 1 explains what the course will cover. As part of this first session, you will be asked to explain why you are taking the course, what you hope to learn, and what type of business you want to start.
In this course you will learn the key elements to starting and running a business. These include:
- Who is your ideal customer?
- What traits best describe your potential customers?
- What is the best way to reach your potential customers?
- What are your starting costs and other starting needs?
- What are your estimated sales?
- What does it cost you to make your product?
- What does it cost to sell your product or service?
- What expenses do you have to pay, whether you make a sale or not?
- What is your break-even point and how do you reach that point?
- How do you build the best team of managers to run the business?
- How will you be paid as the owner; when will you be paid?
- What are the costs to create a website for your business (do you need this)?
- What is the difference between cash and profits?
- Will you need a loan to start your business; what kind of financing will best fit your needs?
- If you need a business plan for a loan, what information do you need to include?
- What are the different ways you can present your business plan?
Understanding the key elements helps you understand the value of having a business plan. A plan should be treated as a living document; the planning process helps you get your business started. It can also help you manage your business after you get it started. Keeping track of the key elements will help you make adjustments as the business changes. And it will change.
A dictionary definition of entrepreneur is, “a person who organizes, operates, and assumes the risk for starting a business.” Does that describe you?