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Entrepreneurship Corporate Training Materials. Module One: Getting Started.
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Entrepreneurship Corporate Training Materials
Module One: Getting Started You must fall in love with what you do, because being an entrepreneur is a lot of hard work, and overcoming a lot of adversity. From that love will come the dedication that will get you out of bed at 4 a.m. because of a great idea you just had and get you to work till 11 p.m. and not feel tired. Ken Field • So, you want to break into Entrepreneurship? Well, that’s great, but know that it is no easy feat. There are many steps you must take just to prepare yourself to embark on the journey, and once you have started your business, many more steps to maintain the business.
Module Two: Decide on the Type of Business Every choice you make has an end result Zig Ziglar • It is often said that entrepreneurs are the backbone of the nation. Anyone with the passion and drive can become a successful entrepreneur as long as the planning and execution are done well. The first step to becoming an entrepreneur is choosing the ideal business. The business you choose will be determined by its feasibility as well as your own interests and expertise.
Module Two: Review Questions • What is necessary to determine feasibility? • Market • Market and customers • Customers • Business plan • What is NOT a question that would determine feasibility? • Is there a market for your product? • What is the outlook for the market? • Do you like what you do? • How would you operate?
Module Two: Review Questions • What must be discovered before choosing a business? • Interests • Expectations • Marketing • Staffing • Personal interests should _______ feasible business ideas. • Be separate from • Include • Avoid • Overlap with
Module Two: Review Questions • What is something that you gain from observation, encounters, and actions? • Experience • Interest • Expertise • Competition • What is a good source of experience? • Interest • Education • Work • None of the above
Module Two: Review Questions • Education and training create ________. • Feasibility • Expertise • Interest • Experience • What should you do if you lack expertise? • Choose another idea • Do not become an entrepreneur • Work harder • Learn the skill
Module Two: Review Questions • Why did Angie choose not to become an entrepreneur? • Interest • Family • Not feasible • None • What did Angie discover after losing her job? • There was a market for her product • There was not a market for her product • She did not have the passion any longer • She had the necessary skills
Module Two: Review Questions • What is necessary to determine feasibility? • Market • Market and customers • Customers • Business plan • Feasibility is influenced by many factors. Understanding the market and customers is necessary to understand feasibility. • What is NOT a question that would determine feasibility? • Is there a market for your product? • What is the outlook for the market? • Do you like what you do? • How would you operate? • Enjoying a task does not necessarily make it feasible. The other questions will help determine whether a project is feasible.
Module Two: Review Questions • What must be discovered before choosing a business? • Interests • Expectations • Marketing • Staffing • Entrepreneurs should be interested in their businesses, which will improve success. It is important to discover personal interests before choosing a business. • Personal interests should _______ feasible business ideas. • Be separate from • Include • Avoid • Overlap with • Personal interests should overlap with feasible business ideas. This improves the chances of success.
Module Two: Review Questions • What is something that you gain from observation, encounters, and actions? • Experience • Interest • Expertise • Competition • Experience is different from expertise it is gained from observation, encounters, and actions. • What is a good source of experience? • Interest • Education • Work • None of the above • Work is a used source of experience. Unlike education, work allows direct observation and experience.
Module Two: Review Questions • Education and training create ________. • Feasibility • Expertise • Interest • Experience • Education and training create a skill set. This leads to expertise in a field. • What should you do if you lack expertise? • Choose another idea • Do not become an entrepreneur • Work harder • Learn the skill • Expertise can be learned. Simply take classes or intern at other companies to learn the skills that you need.
Module Two: Review Questions • Why did Angie choose not to become an entrepreneur? • Interest • Family • Not feasible • None • Angie’s family discouraged her from becoming an entrepreneur. • What did Angie discover after losing her job? • There was a market for her product • There was not a market for her product • She did not have the passion any longer • She had the necessary skills • Angie learned that there was a market in her area, but she lacked the expertise.
Module Three: What Is the Market/Competition Like? I have been up against tough competition all my life. I wouldn’t know how to get along without it. Walt Disney • Once you understand the market and how it affects your business, you will be better prepared to face the challenges that will come your way and increase the likelihood of success.
Module Three: Review Questions • What helps monitor online trends? • Google Trends • Observation • Key words • All of the above • What would indicate that you should not open a doughnut shop? • There are no other doughnut shops • The other doughnut shops closed • The other doughnut shops are thriving • None of the above
Module Three: Review Questions • A company always advertises savings. What is the objective? • Customer service • Luxury • Low prices • Expansion • What is the competition to a chocolate store? • Cafe • Restaurant • Coffee shop • Candy store
Module Three: Review Questions • The main competitor is focused on price. What will stand out? • Offer lower prices • Focus on customer service • Communicate with customers • Advertise online • What must be understood to offer value? • Communication • Interest • Customers • Expertise
Module Three: Review Questions • Which of the following requires customers to offer ideas? • Panel • Demographic • Research • Survey • Which of the following requires customers to answer specific questions? • Panel • Demographic • Research • Survey
Module Three: Review Questions • How did Robert stand out from the competition? • He did not • Cheaper prices • Selling toys • Better selection • How were Robert’s sales? • Above projection • At projection • Below projection • There were none
Module Three: Review Questions • What helps monitor online trends? • Google Trends • Observation • Key words • All of the above • Google Trends shows changes in the market, explaining how lucrative it is. • What would indicate that you should not open a doughnut shop? • There are no other doughnut shops • The other doughnut shops closed • The other doughnut shops are thriving • None of the above • Some markets can be easily observed. If locations struggle or close, there is likely not a strong, lucrative market.
Module Three: Review Questions • A company always advertises savings. What is the objective? • Customer service • Luxury • Low prices • Expansion • The company is focused on savings, which indicates that the objective is to offer low prices. • What is the competition to a chocolate store? • Cafe • Restaurant • Coffee shop • Candy store • A candy store and a chocolate store both sell sweets. Many candy stores sell chocolate, making it the closest competition.
Module Three: Review Questions • The main competitor is focused on price. What will stand out? • Offer lower prices • Focus on customer service • Communicate with customers • Advertise online • The competition may be weak in customer service. This can help the company stand out. • What must be understood to offer value? • Communication • Interest • Customers • Expertise • Offering value requires understanding the customer because it is based on what the customers value.
Module Three: Review Questions • Which of the following requires customers to offer ideas? • Panel • Demographic • Research • Survey • Panels are meetings where customers share their ideas and expectations • Which of the following requires customers to answer specific questions? • Panel • Demographic • Research • Survey • In surveys, customers answer specific questions to provide specific feedback to the business.
Module Three: Review Questions • How did Robert stand out from the competition? • He did not • Cheaper prices • Selling toys • Better selection • Robert offered the same selection of toys, and the prices were similar. • How were Robert’s sales? • Above projection • At projection • Below projection • There were none • Robert’s sales were below what he projected. He could not understand why.
Module Four: Basics of Starting a Business Forget past mistakes. Forget failures. Forget everything except what you’re going to do now and do it. William Durant • Before starting any business, it is necessary to make certain decisions and take some basic steps. These actions include choosing a name, structure, and location of the business. It is equally important to register the company and hire an account.
Module Four: Review Questions • What would you do if you could not come up with a name on your own? • Hire a consultant • Hire a naming firm • Just pick something • None of the above • What is the risk of choosing a name similar to a known brand? • Creativity • Confusion • Disinterest • Lawsuit
Module Four: Review Questions • In which structure is one partner held responsible for the decisions of another? • General partnership • LLC • Limited partnership • C Corporation • Which of the following prevents double taxation? • C corporation • Partnership • S corporation • Sole proprietor
Module Four: Review Questions • Where do you obtain an EIN? • County clerk • IRS • State • d) DEA • What is typically registered when a business name is not the same as the owner’s? • EIN • License • DBA • Permit
Module Four: Review Questions • An accountant should act as a(n) _________. • Employee • Advisor • Partner • Contract employee • What should you do if you are not comfortable with an accountant who has good qualifications? • Hire someone else • Hire the accountant • Do not hire any accountant • None of the above
Module Four: Review Questions • Why did James change the name? • Customer feedback • License • Cease and desist letter • Permit • What was necessary to change the name? • Nothing • Change locations • Hire new employees • File a new DBA
Module Four: Review Questions • What would you do if you could not come up with a name on your own? • Hire a consultant • Hire a naming firm • Just pick something • None of the above • Choosing a name can be difficult. Naming companies can help individuals find original, effective names. • What is the risk of choosing a name similar to a known brand? • Creativity • Confusion • Disinterest • Lawsuit • Names that are similar to other companies should be avoided. They are boring, and they come with the risk of a lawsuit.
Module Four: Review Questions • In which structure is one partner held responsible for the decisions of another? • General partnership • LLC • Limited partnership • C Corporation • The general partners share decision making equally. This means that the actions of one partner can be a liability for the others. • Which of the following prevents double taxation? • C corporation • Partnership • S corporation • Sole proprietor • There is double taxation with the C-corporation. This is eliminated with the S-corporation.
Module Four: Review Questions • Where do you obtain an EIN? • County clerk • IRS • State • d) DEA • The IRS provides the employer identification number. • What is typically registered when a business name is not the same as the owner’s? • EIN • License • DBA • Permit • A DBA or “doing business as” is registered when the owner has a different name from the business. It is not necessary in all states.
