Business Ownership

Duration

Annual

Prerequisites

None required. If you are taking this course as part of the Entrepreneurship program of study, Principles of Entrepreneurship should be taken first and then followed by Business Management and Law.

Requirements

None

Course Summary

Are you ready to unleash your entrepreneurial spirit and explore the exciting world of owning a business? Whether you dream of starting your own business or want to understand what it takes to be a successful business owner, this course will provide you with the knowledge and skills needed to make your dreams a reality. You will develop a comprehensive business plan, learn the fundamentals of financial management, and explore the essentials of creating an effective marketing strategy. Additionally, you will create a career plan that outlines your goals and steps needed to achieve them, preparing you to take the first steps toward launching and operating your own business. This is the third course in the Entrepreneurship program of study in the Marketing, Sales, and Service career cluster. This course meets the practical arts requirement for graduation.

MAJOR TOPICS AND CONCEPTS

Segment One

Module 1:

  • Characteristics of an entrepreneur
  • Technology and trends in business
  • Factors leading to interdependence and starting your business
  • Common types of businesses
  • Steps to establish various business structures
  • Business resources
  • Advantages/disadvantages of buying an existing business/franchise
  • Developing business plans and mission/vision statements
  • Indicators for business failure

 

Module 2:

  • Conducting a target market analysis
  • Consumer buying behaviors
  • Economic trends and consumer demand
  • SWOT and TOWS analysis
  • PESTLE analysis and Porter's Five Forces
  • Writing a product or service description
  • Developing a plan for a virtual service
  • Developing an inventory policy and effective pricing strategies
  • Calculating contribution margin, break-even point, profit margins, and selling price
  • Researching and assessing locations for a business

Module 3:

  • Effective promotional objectives
  • Developing brand image
  • Types of business publicity
  • Components of a press release
  • Conducting a cost-benefit analysis for promotional activities
  • Omnichannel and multichannel marketing strategies
  • Advertising media, benefits, and their costs
  • Trends and metrics used to assess the performance of a promotion
  • Designing an effective advertising brochure
  • Components of a business’s promotional plan

Segment Two

Module 4:

  • Functions of management
  • Types of organizational charts and their benefits
  • Recruiting options and the hiring process
  • Components of a job description
  • Performing a risk management analysis for employee benefits
  • Roles of employees and how to supervise them
  • Work environment types for businesses
  • Federal, state, and local regulations affecting employee retention
  • Importance and types of management information systems
  • Communication and collaboration tools for businesses

Module 5:

  • Startup and operating costs and capital
  • Equity vs. debt financing
  • Key indicators of creditworthiness
  • Projecting cash flow and revenue for the first year of operation
  • Offering and developing alternative payment options
  • Business taxes
  • Calculating monthly loan payments and using an amortization schedule
  • Loan repayment and return on investment (ROI)
  • Creating a five-year financial plan
  • Preparing balance sheets and a summary for supporting financial requests


Module 6:

  • How education and training help businesses succeed
  • Personality traits and work habits that are helpful in a business venture
  • Developing an entrepreneurial career plan
  • Importance and steps of creating a personal development timeline
  • Importance of lifelong learning
  • Process and importance of business licenses and permits
  • Career planning and development platforms
  • Digital tools for career planning
  • Resume best practices
  • Important components of a career portfolio
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