Do you dream of owning your own business someday, or working for a company in a leadership position? Wherever your path may lead you, having the essential knowledge of business types, requirements to start a business, understanding of finances, business law, marketing, sales, customer service, and more, will ensure you’re on the path to success. Let’s explore your passion for business in this course.

Unit 1: The Basics of Business

The phrase ‘running a business’ makes something incredibly complex sound very simple. A good business needs dozens of elements to work together in order to be successful. Understanding the way a company’s structure is set up can give you a lot of information about the business itself. It’s a key skill for anyone who hopes to work for, or even start, a company in the future. In other words, almost everyone can benefit from learning about this topic.

What will you learn in this unit?

• Create and understand business plans and explain why they are so important

• Explain the different functions required to operate a business

• Recognize the importance of information and communication technology in a business context

• Distinguish different types of businesses and understand what’s needed to start one

Unit 2: The Finances of Business

Financial planning is crucial when it comes to running your own business. If you want your business to make a profit, then being able to grasp ideas like running costs, expenses, and margins is key. It may all sound a little complicated, but it is pretty logical when you get down to it. We’ll start with covering the basics of accounting, as well as how to budget. Once you’ve mastered the basics, you can begin to think strategically and consider how you might benefit from the financial products on offer to a business owner. You might think that finances are a little tedious, but by the end of this unit, hopefully, you’ll see that no business can succeed without a strong understanding of its finances.

What will you learn in this unit?

• Describe and understand the accounting cycle

• Outline and understand a business risk assessment

• Investigate business costs and how to budget for them

• Evaluate different types of business insurance products and when they should be used

• Differentiate between types of financial institutions and the products they can offer

Unit 3: Marketing and Sales

Can you imagine what would happen if a business couldn’t sell anything? They wouldn’t be around for very long, that’s for sure. What helps a business the most is making sales, and in this unit, we’ll cover not only why they are so important but also how you can use marketing to help increase the number of sales a business makes in the first place.

What will you learn in this unit?

• Assess how marketing fits into the business plan

• Demonstrate your knowledge of market research, including demographics and targeted marketing

• Differentiate different marketing tools and classify the pros and cons of each

• Identify opportunities for innovation in marketing

• Explain the impact of sales as a part of business

Unit 4: Ethics and Business Law

No one wants to end up breaking the law, especially in business. Nevertheless, it can be very easy to do if you aren’t familiar with the laws and regulations that business owners must abide by. Thankfully, there is a lot of useful information available, and this unit will provide some guidance, not only on how to remain compliant with the law but also on how to run a business ethically to ensure you’re taking proper care of your employees. Businesses that function ethically have happier, more productive employees, and in return, you as a business owner may well see larger profits.

What will you learn in this unit?

• Analyze the effects that different aspects of the law can have on a business

• Identify sources of business crimes and strategies that can be used to prevent them

• Describe the legal requirements for running a business, including employment and labor laws

• Discuss why a business should be run ethically and the benefits this has for employers and employees alike

• Investigate how the use of data and technology by a company and its employees can create legal problems for the company

Unit 5: Computer Hardware

For just about any business today, computers are essential. Whether they are used for emails, your company website, digital image editing, or even to store all of your customer information, computers form an integral part of the day-to-day functions of most companies. Therefore, it’s important to understand not only how computers work but also how to get the most out of them and to ensure their longevity through proper maintenance. Computers can also be used across a network to facilitate the fast trading of information and access to very complex applications. Understanding how computers communicate and how a basic network functions will ensure you know how to set up your computer network in the way that suits your company best.

What will you learn in this unit?

• Identify what hardware you need to begin your business

• Differentiate between several types of computer networks and explain what each is used for

• Compare the key uses of hardware and software

• Plan maintenance and upgrade tasks typically undertaken in a business environment.

• Investigate how to choose the right technology to fit a company’s needs

Unit 6: The Internet and Business

Just imagine what you could do if you had all of the world’s information at your disposal. It seems a bit like a fantasy. Surely you can’t get access to all of the knowledge that we have as a species. Perhaps not, but technology has brought us much, much closer to this through the use of the internet. There is so much information out there for us to discover that it’s become more and more important to understand how it all works. Throughout this unit, you will learn about the fundamentals of the internet and how it operates, how it can be accessed, the applications and tools used to make the most of it, and how to find and filter information effectively. The internet is different from many other types of networks, and being able to create content for it is key for a business in this day and age. Therefore, making the most of the internet is essential for anyone hoping to have their own company one day.

What will you learn in this unit?

• Discuss how the internet functions and compare this with other types of networks used in business

• Utilize internet terminology and the web to take advantage of what websites can do for business

• Create effective internet searches and define internet search modifiers

• Explain the advantages of using web applications in business organizations

• Investigate ways to create the most effective internet searches

Unit 7: Web Design and Business

Online business is a very lucrative way of earning income for a business, but it requires a well-thought-out site with good content and eye-catching presentation to invite customers to visit and keep coming back. Understanding how to properly plan and implement a site, including utilizing features and graphics, is key and can be the difference between a successful site versus one that drives customers away. You should be encouraged to know that there are great resources available, and with careful implementation, even a first-time business owner can create a fantastic website!

What will you learn in this unit?

• Explain different types of websites and be able to identify which to use for a business

• Plan the creation of a website from its initial concept to the delivery of the final product

• Select appropriate web editors and coding languages to build and enhance a website

• Demonstrate understanding of website design including color theory

• Evaluate the effectiveness of graphics and animations in grabbing the attention of visitors to a website

Unit 8: Operating Systems and File Management

It’s easy to underestimate the crucial role that an operating system plays in our computer. Whether you’re installing software like browsers or word processors, or even your favorite PC game, none of that would be possible without an OS. There are several different operating systems, each of which comes in different versions, but they all fulfill the same function: they provide the foundation on which the software we use daily is built. Without an OS, you wouldn’t be able to open Gmail to read your email or run Word to complete that proposal you’re writing to get your startup company going.

What will you learn in this unit?

• Describe the history and use of operating systems

• Safely create and move files in an operating system

• Correctly and efficiently name files under best practices used in business

• Safely store files while preventing data loss by creating backups

• Transfer, download, and save data to satisfy business standards

Now that you have the basics of business down from the previous course, it’s time to become better acquainted with the application of information management in business. Learn about professional conduct, teamwork, and managerial skills, while also examining careers in business technology. The basics of word processing, spreadsheets, databases, and presentation software are also explored so that you become better prepared for jobs in this field.

Unit 1: Workplace Communication and Business

Communicating with others is a cornerstone of life. Be it chatting to friends, arguing with parents, or even listening to music, it’s all communication, but there’s more to communication than words. Being conscious of what and how you communicate with others is never more important than it is in the workplace, and this includes how you speak, how you behave, and more.

What will you learn in this unit?

• Distinguish verbal from non-verbal communication, as well as the different ways each form of communication is expressed

• Explain the importance of communication in the office or workplace

• Communicate effectively in a team

• Examine the ways communication can be used to resolve conflict

• Assess the use of project tools to manage projects and facilitate communication

Unit 2: Communicating by Email

Despite the ceaseless rise in popularity of social media networks, email remains a staple of communication. In other words, as far as business is concerned, there is no communication without email, and there won’t be for a long time. Because of this, it’s important to know how to “do it right.” Knowing how to write good emails is a necessity when working for a business. This means that you must be able to communicate clearly and take advantage of the tools available to optimize your use of email at work.

What will you learn in this unit?

• Write and phrase business-appropriate messages to clients and co-workers

• Work with different types of attachments and files

• Manage your incoming mail, including spam and junk

• Configure email settings to make your processing of email more secure and efficient

• Assess the use of email in conjunction with additional communication tools

Unit 3: Word Documents in Business Communication

When it comes to communication, the written word is one of the strongest assets we have. Business communication and private communication alike strongly depend on us knowing what to write and how to write it. However, nowadays that comes with a caveat. Since people tend to prefer electronic communication to hand-written letters, they require some tech skills along with the ability to write. Word processing software, cloud storage, and shared documents—it’s a package deal now.

What will you learn in this unit?

• Recognize and create a variety of important business documents

• Examine the use of different elements to create effective written documents in Word

• Assess basic design elements used to create visually appealing documents

• Publish and share written content in a business setting

Unit 4: Communicating Using Spreadsheets

Communication comes in many different forms, and not all of them are spoken—you can even use spreadsheets to communicate. In business, exchanging files is, of course, commonplace, and spreadsheets form a big part of that exchange. They are a convenient way to collect, track, and report data, and because of this, they are used to carry out a wide variety of tasks, from creating charts to reporting budgets. Information can be shared in many different ways, and the rows and columns of spreadsheets are a popular choice.

What will you learn in this unit?

• Examine the use of spreadsheets in business

• Identify the ways to input data into a spreadsheet

• Investigate the use of basic formulas and functions to perform calculations

• Compare the use of charts, sparklines, and graphs

• Analyze, manipulate, and share data in a business context

Unit 5: Creating and Using Databases in Business

Data comes in many forms, of course, and one of the easiest ways to store data in bulk is to collect it in a database. In essence, databases are tables in which information is stored in rows and columns that group together similar or identical pieces of information or duplicates to make it easier to view. Databases are just about everywhere: they exist behind the scenes on websites, and they even form part of the software that makes your phone work!

What will you learn in this unit?

• Compare the use of database software like Excel and Access

• Create and set up simple databases

• Manipulate and understand the relationships between tables

• Explain the basics of data mining

Unit 6: Communicating Using Slide Presentations

While you could be forgiven for thinking of communication as primarily being something that occurs between two individuals, this is not always the case. It can also take place between one person and a group, which often occurs when a person delivers a presentation or something like a talk delivered at a conference. Teachers usually teach in groups, too. Regardless of who the participants are, however, there are tools available to make this type of communication easier for everyone to follow, and that is exactly what we will cover in this unit.

What will you learn in this unit?

• Create PowerPoint presentations

• Effectively communicate with a group in a business environment

• Edit, manage, and create slides for presentations

• Efficiently utilize presentations in business situations

Unit 7: Careers, Businesses, and Organizations

Just when you think you know it all, there’s more. In addition to learning how to use business tools, there are a few more things you need to know to succeed in a business environment—that is, skills that are a little harder to pick up because there isn’t exactly a tutorial for them. Sure, you know spreadsheets, but there’s a tutorial for that. You can take a course to learn about spreadsheets and databases. But what do you know about working on a team? How well do manage your time? These skills are some of the “more” you need to know about. They represent different skills than the kind we’ve discussed so far, but that doesn’t mean you can’t acquire them. We’ll teach you some of the most important ones in this unit.

What will you learn in this unit?

• Explain interpersonal skills and how to use them to your advantage

• Describe the importance of time management, dependability, and a positive attitude

• Inform others about the advantages provided by professional and student organizations

• Identify potential career plans and career options in the field of business technology

Unit 8: The Future of Business Technology

It’s pretty difficult to deny that technology is the future. Innovations and inventions hit the market nearly every day, and while a lot of them have little if any use for you, and many don’t even have a future in the marketplace, the trend to find new solutions to old problems via the use of technology is strong. Simplifying tasks, be they personal or business-related, is something that we as a species will continue to strive towards, so you as a student should do your best to keep up with the trends!

What will you learn in this unit?

• Explain the impact that technology has on business

• Assess innovative technological ideas as prospective solutions to business problems

• Compare a variety of software tools used to create efficient resolutions in business

• Practice safe, responsible, and appropriate use of social media sites

Discover the fundamental knowledge that will help you pursue a business career, as well as always generate interest and buzz around the products and services offered. Explore different types of businesses and ownership forms, the impact of governments on business, and the marketing of goods and services. Learn about globalization, free trade, and various economic systems, as well as the impact of technology on business, business ethics, and social responsibility.

Unit 1: Fundamentals of Business

Did you know that more than 98 percent of businesses are classified as small businesses with less than 100 employees? Of course, the most successful of these business owners are those who understand the role of business in our society, clearly define the goals of their new enterprise, and create a solid strategy for long-term success. Just as an architect creates a blueprint before construction begins, the thoughtful business owner will create management and operational blueprints that position the new business to thrive in our competitive economy. Whether the business is a sole proprietorship or a large multinational corporation with thousands of employees, success depends on a solid foundation capable of withstanding economic challenges and competition that can shift with agility to get ahead of changing consumer behavior. Soon, you too will be prepared to recognize the importance of knowing what to expect before your grand opening!

What will you learn in this unit?

• Identify the role of business in society

• Explain the different types of businesses

• Differentiate among types of business ownership

• Compare organizational and structural functions of business

Unit 2: Classifications and Types of Business

Have you ever thought about how a bag of chips gets to your local grocery store? Or where the potato chip factory gets the potatoes or the bag? Or who delivers the chips to the store? It takes a surprising number of businesses to create everyday products and many services to get them to your door. Fortunately, the United States supports an economic climate that is very favorable for businesses and that benefits the economy. Whether providing goods or services, this country depends on entrepreneurs to provide an endless variety of businesses to keep the economy strong.

What will you learn in this unit?

• Classify types of businesses that market goods and services

• Identify types of retailers and suppliers

• Explain the significance of free enterprise

• Describe the role of wholesalers

Unit 3: Economics of Business Part I

How does a business know how much to charge for a product or service? There are a lot of elements that need to be considered when determining pricing. In a tightly controlled economic system, the government sets all prices. In others, retail business owners have to figure it out for themselves. In this case, there is a lot to consider, like how much the manufacturer charged the retail store for the product, the cost of shipping and packaging the product, and the gradual costs associated with keeping the product in their inventory until it is sold to the consumer. Still, factoring in all of the variables does not guarantee success; market and consumer demand are always changing. It is really important to understand how all the various factors impact each other and how to keep the price just right.

What will you learn in this unit?

• Describe the concept of economies and economic systems

• Differentiate among economic systems

• Explain the principles of supply and demand

• Identify the function of prices in the market

Unit 4: Economics of Business Part II

Titus Maccius Plautus, a Roman philosopher, is generally credited with making the statement “you have to spend money to make money” more than 2,000 years ago. No matter how self-starting and motivated you are, all businesses will have expenses. While the future success of a financial venture is not perfectly predictable, proper planning can help minimize potential losses and errors. You need to understand the different kinds of expenses, not to mention how and why they vary. Part of spending or investing money wisely is also making sure that you have the best people managing those businesses and investments. Savvy business owners will know how to attract top workers with both good wages and solid benefits. Happy, productive employees should be everybody’s goal!

What will you learn in this unit?

• Discuss factors impacting business profit, revenue, and expenses

• Explain elements that impact profit

• Analyze the benefits of specialization of labor

• Demonstrate the benefits of division of labor

Unit 5: The Role of Ethics in Business

Warren Buffett, one of the most successful business leaders and investors in the United States once said, “in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you.” In short, he is expressing the widely-held understanding that a positive and ethical environment is essential to any successful business. Ethics in business may include everything from having clearly defined expectations for behavior, to keeping clear lines of communication, and building a sense of doing what is best for your employer and colleagues. This sense of responsibility also extends to the greater community in which the company operates; this is where sustainability comes in. When businesses think about how they can benefit the environment, their employees, and the customers, we all benefit.

What will you learn in this unit?

• Define and distinguish ethical practices in business

• Recognize and respond to ethical dilemmas

• Compare and contrast moral and legal issues in the workplace

• Analyze the benefits of sustainable practices

Unit 6: Global Impact on Business

International trade has a deep history dating back to the Silk Road in 130 BC. Today, trade with foreign nations is often a source of concern in the United States. Following the end of World War II, the United States took the lead in developing international trading policies and today has trading agreements with nearly one-third of all nations on the planet. Though much of the discussion in Washington, D.C., focuses on fears that a deficit—importing more goods and services than we export—costs American jobs and threatens our economy, that is not a completely accurate assessment. As sixth-century English poet John Donne wrote, “No man is an island.” The importance of global trade and our relations with other nations today only underscores this belief.

What will you learn in this unit?

• Debate and evaluate the importance of international trade to the US economy

• Critique the role of business in a global society

• Compare domestic and world trade

• Analyze the impact of imports and exports on the US economy

• Critique the benefits and drawbacks of protectionism including tariffs

Unit 7: The Role of Government

Can businesses in a free market do whatever they want? Not quite. There are many ways businesses are limited by local, state, and federal regulations, even in nations that are very supportive of business. There is a constant debate about the need for any regulation in a free market economy among legislators, government regulators, business owners, and consumers. Many responsible for building and protecting a strong economy will argue that some level of regulation is necessary to protect that free market economy driven by supply and demand. Other equally knowledgeable people will argue that left to function as a true free market, consumer decisions will drive a steady and sturdy economy. Whether business owners support or decry regulation, running a responsible business is not just about following the laws. It also requires recognizing and preparing for risks, which are part of running any business.

What will you learn in this unit?

• Determine the relationship between government and business

• Differentiate among the roles of government in business

• Articulate the role of organized labor

• Analyze different types of risk

Unit 8: Data and its Growing Importance on Business

Technology and business go hand in hand. Both are evolving to better serve consumers, but this also adds additional responsibilities for businesses, which are now responsible for keeping their client’s information safe online. Technology and the internet also change the ways that businesses and consumers interact; companies can learn a lot about their customers by examining consumer behavior online. Similarly, there is a lot that data can tell businesses about their internal workings and how to streamline processes. It all depends on using technology well.

What will you learn in this unit?

• Evaluate and critique information literacy skills implemented to improve productivity in the workplace

• Identify the ways technology impacts business

• Discuss the significance of data mining for businesses

• Articulate appropriate security and privacy practices in business

Take your knowledge of business basics, finance, and marketing to the next level. Learn how to create a marketing strategy that promotes and attracts customers to sell a product or service. Explore important basics of business finance, including accounting, budgeting, and investing. Learn what careers are available in business and the important employability skills you’ll need to ace the interview and land the job!

Unit 1: Marketing

All businesses need to consider the customer experience, and marketing puts this thought into action. It is all about drawing customers in and keeping them loyal to the business. Since products exist to fill needs, marketing helps business owners figure out which customers are best served by their products. Then it lets the public know what it has to offer. But marketing is also anticipating needs and understanding how customers make decisions. Good marketing can boost business, so even small businesses can benefit from a little marketing savvy.

What will you learn in this unit?

• Illustrate the function of marketing

• Discuss the importance of marketing in the global economy

• Demonstrate the relationships between marketing and other elements of business

• Explain the meaning and significance of the marketing concept

Unit 2: Market Segmentation

Reaching the right consumers is an important part of marketing, but how does a business know who they are? That’s where market research comes in. There are many ways to divide the population into those who are likely to buy a business’s product and those who are not. Or maybe it is a product that almost everyone needs, so mass marketing is the way to go. Regardless, once a business understands exactly which customers it is trying to attract, it can target the right people and spend its marketing dollars wisely.

What will you learn in this unit?

• Recognize elements of marketing

• Identify and analyze target markets

• Differentiate between targeted and mass marketing

• Compare methods of defining target markets

Unit 3: The Marketing Mix

Marketing does not do businesses much good until it reaches the public, and that is where strategy comes in. Once a target market is identified, the next step is to bring these customers to the business’s door or website. This takes thoroughly understanding the product, considering the right promotion, knowing how to get the product to the customer, and finding the price that maximizes profit. These steps are the 4Ps of marketing and what it takes to get the message out to the public – ready to dive in?

What will you learn in this unit?

• Create an effective marketing mix

• Identify effective marketing strategies

• Discuss the 4Ps of marketing and their components

• Differentiate between marketing goods and services

Unit 4: Principles of Money

When it comes to finances, businesses need to know the basics. After all, everything from the types of payments a company accepts to how transactions are structured will impact the bottom line. But there are also many external factors, such as interest rates and lending laws, that shape how businesses can obtain and extend credit. Not only do they need to comply, but understanding different ways to access credit can help a business choose the method that best meets its needs.

What will you learn in this unit?

• Identify types of currency

• Evaluate forms of financial exchange

• Discuss the importance of credit

• Identify appropriate circumstances for using credit

• Recognize the legal obligations associated with financial exchange

Unit 5: Basic Financial Management

Businesses are not the only ones who need to manage their money! Individuals also need some financial savvy to make sure that their money is properly managed. Even something as basic as a paycheck contains valuable information to help you understand where your dollars are going and how much you are paying in taxes. But don’t worry, together we can break this down, learn how to create a budget, and keep your finances on track!

What will you learn in this unit?

• Explain income

• Interpret a pay stub

• Prepare a basic tax return

• Compare different banking services

• Develop a personal budget

Unit 6: Business Finance

Keeping track of finances is one of the most important tasks of all business owners. Not only do businesses need to stay profitable, but they also need to be able to anticipate their financial futures. That is where accounting comes in. Being able to read a few basic reports reveals a lot about where a business is financially. Many businesses will also have investments, and these can be a great way to bring in additional revenue and secure a solid financial future.

What will you learn in this unit?

• Explain the role of finance in business

• Articulate the concept of accounting

• Analyze balance sheets and income statements

• Differentiate among types of investments

• Determine how to find the right financial advisor

Unit 7: Basics of Finance

Getting a job is an important step in building a career, but what does it take to land one? Being professional begins well before your first day of work. There are opportunities throughout the application process to demonstrate the skills that employers are looking for and ways to build them before you hit the job market. Communicating effectively and working well with others are among the top skills that employers want to see, and now is a great time to practice them!

What will you learn in this unit?

• Recognize and demonstrate professional behavior

• Articulate and follow company policies

• Collaborate effectively to accomplish a task

• Demonstrate time management skills

Unit 8: Business Careers

Thinking about your career can be daunting. Fortunately, business, finance, and marketing present a lot of options. No matter what your skills and interests are, there is probably a career to match! And, since one of the keys to a successful career is having a plan, now is a good place to start thinking and considering your many options. Of course, there are many resources to help you explore careers, and once you know what your goals are, the path becomes much clearer.

What will you learn in this unit?

• Explore the skills and experiences that benefit entrepreneurship

• Evaluate different jobs in business, finance, and marketing

• Assess personal job skills

• Develop a career plan

• Set SMART goals

Starting a business is more than just having a good idea. Successful entrepreneurs know how to use and apply fundamental business concepts to turn their ideas into thriving businesses. Explore topics such as identifying the best business structure, business functions and operations, finance, business laws, regulations, and more! If you have ever dreamed of making a business idea a reality, take the time to establish a solid foundation of business skills to make your business dreams come true!

Unit 1: An Introduction to Entrepreneurship—Past and Present

Have you ever thought about life as your own boss? Never needing to look for a job—but creating one for yourself! Starting and leading your own business can be both rewarding and challenging. Many products and services we buy and use today started as an idea by a single person or small group of people. If you are a person who embraces a challenge, loves new experiences, and has an interest in business, entrepreneurship might be the right path for you. If you love to discover new things and are not afraid of failure, you could be an entrepreneur—like millions of others before you!

What will you learn in this unit?

• Define entrepreneurship and identify examples of entrepreneurs.

• Identify types of services provided by entrepreneurs and small businesses.

• Discuss ways in which entrepreneurship has changed over time.

• Recognize innovations that were created by famous entrepreneurs.

• Evaluate resources available to assist entrepreneurs.\

• Explore ways in which entrepreneurs generate business ideas and how they define a prospective business plan.

Unit 2: Using Communication to Create Opportunities

To break through and make your mark as an entrepreneur, professionalism and effective communication are critical. Entrepreneurs must be skilled at communicating in many ways, both within and outside their companies. These skills are important so they can showcase the benefits of the business and the benefits of working with them. Consider the strategies needed to communicate with employees, customers, and even colleagues when pursuing interim steps toward entrepreneurship, such as job searching and possibly working for another business. So before you are able to become a successful entrepreneur, it is important to take a closer look at the effective communication skills needed for entrepreneurship.

What will you learn in this unit?

• Identify how to find and manage new customer opportunities.

• Demonstrate effective communication strategies used in business.

• Explain methods used to collaborate with colleagues.

• Determine job search skills that prepare an individual for intrapreneurship opportunities.

Unit 3: Navigating the Business World

An entrepreneur’s choices in the early days of their new business can greatly determine the difference between future success or failure. A new business requires many important decisions to select the right mix of products, services, customers, and ownership structure, just to name a few. Making smart decisions early on can help to build a great foundation. Deciding what type of business is right for you, your product or service mix, with whom to start your business, and internal organization—not to mention how to best make these tough decisions—are what entrepreneurs face when starting out.

What will you learn in this unit?

• Discuss the impact of initial decisions on a small business.

• Identify the functional areas of a business.

• Describe how small businesses participate in the global economy.

• Understand the differences between types of industries and products.

• Summarize how business decisions are made based on operational processes and procedures.

Unit 4: Small Business and the Law

Entrepreneurs are risk-takers; they seek out a market opportunity and enter into uncharted territory to achieve profit. However this does not mean that entrepreneurs should seek unnecessary risk when it comes to the law. Taking a risk to make a successful product or service is reasonable. But recklessly or carelessly breaking the laws, protections, and regulations set out by the government is not. By recognizing key obligations in business setup, laws, contracts, and intellectual property, you and other entrepreneurs are better equipped to evaluate legal risks—both in starting out as well as operating the ongoing business venture.

What will you learn in this unit?

• Compare the advantages and disadvantages of different types of business ownership.

• Understand common legal responsibilities of a small business.

• Identify requirements, regulations, and laws that impact a business.

• Define basic legal protections available for a business’s intellectual property.

Unit 5: Economics for Managing the Small Business

An entrepreneur should have a general knowledge about economic environments, so they can better understand how a small business operates and fits into the broader marketplace. A small business on its own may not have a huge influence on the larger economy, but together, millions of small businesses are very influential on our country’s economic performance. The economy also has a big impact on your small business and can guide decisions such as what, how, and when you produce goods and services. Together we will examine how an entrepreneur can use this working knowledge of economics to inform good decisions for themselves and for the business.

What will you learn in this unit?

• Identify key terms used in economics.

• Recognize the economic impact of scarcity of resources.

• Describe the importance of specialization and voluntary exchange.

• Explain how markets, pricing, and competition predict the behavior of the economy.

• Distinguish between the different types of economic competition.

Unit 6: Government and the Small Business Relationship

Governments and businesses are linked in many ways. These two groups work closely together, as businesses try to make profits and governments work to ensure the economy is stable, which is good for businesses. A balanced relationship between governments and businesses is necessary to maintain steady growth in the economy. To do this the government creates conditions that are attractive for businesses and consumers. These conditions influence their actions through various rules and regulations. Entrepreneurs are responsible for following these rules to ensure business operations run smoothly and legally—and for the benefit of consumers and society.

What will you learn in this unit?

• Describe the main roles of government in the business environment.

• Recognize government regulations that affect business ownership and operations.

• Discuss the role of federal regulatory agencies in business.

• Identify federal, state, and local taxes that are the responsibility of entrepreneurs.

Unit 7: Entrepreneurial Finance

Entrepreneurs should know the financial state of their business at all times. To do this, they need accurate and summarized information that can help them easily analyze business performance. An important section of all good business plans provides the company’s financial forecasts and statements. This financial section is one of the plan’s most essential components and is closely reviewed by those considering investing in or loaning money to your business. To make good choices every day, every entrepreneur will rely on accurate and timely financial information. Collecting, summarizing, and analyzing this information is the key to success in making these decisions.

What will you learn in this unit?

• Identify funding options for a new business.

• Describe the main categories of costs in a business.

• Recognize key financial terms used in business.

• Summarize commonly used financial statements and their components.

• Evaluate key business performance measures based on financial statement analysis.

Unit 8: Ethics and Social Responsibility in Business

Making sure you and your business are following honest business practices is crucial to the future of your company. It is always in the best interest of a business and its people to behave and operate this way. Trustworthy companies are better at keeping customers, attracting talented employees, and maintaining a good reputation. It is important that individuals, organizations, and governments establish an environment of ethical behavior in business. This starts with the entrepreneur, who can demonstrate leadership in promoting these business practices to the benefit of everyone involved with the company.

What will you learn in this unit?

• Summarize the importance of individual and organizational business ethics.

• Recognize ethical issues and solutions in different business situations.

• Describe the importance of corporate social responsibility.

• Explain how entrepreneurs can establish businesses as a force for social and environmental good.

You have the business idea; now it’s time to go from dream to reality. Throughout this course, you’ll explore different topics representing the major parts of a business plan, such as risk, hiring, pricing, marketing, and more. By completing activities, you’ll create a viable document you can use to help you start your business by the end of the course. Let’s bring your dream to life!

Unit 1: The Business Plan

Starting a new business is an exciting time! Entrepreneurs get energized by the prospect of embarking on a new business venture. But how do you turn your business idea into a reality? In this course, you’ll master the steps of this creation process, and by the time you conclude this course, you will have a completed plan for your new business idea. Working through this course will guide you to complete each section of a business plan by customizing it for your own business concept. By following the activities outlined throughout the course, you’ll assemble a plan that includes all major parts of a new business venture. This will produce a valuable document that you can use to help you start your business, and it will continue to help you along the way as you reevaluate markets, trends, and your business performance.

What will you learn in this unit?

• Distinguish between business ideas and business opportunities

• Explain the importance of a business plan

• Identify the components of a business plan

• Apply the components of a business plan to a new business idea

• Assemble and present your business plan to others

Unit 2: The Risks in Business

There are always risks when starting a new business venture. Regardless of the type of business you intend to start, there will always be risks, challenges, and the possibility your business will not succeed. Sometimes business risks are internal and within your power, but often the risks are external–that is, they’re completely outside your ability to control. Entrepreneurs work hard to identify the biggest risks to business success and then make plans to minimize the potential impact of those risks on the business. Because entrepreneurs can never completely avoid risk, we need to focus on how best to manage those risks, and we need to determine how best to deal with other challenges that come along with owning and operating a business.

What will you learn in this unit?

• Determine various reasons why small businesses succeed or fail

• Recognize types of internal and external business risks

• Identify and assess ways to manage potential business risks

• Evaluate avenues for business growth and exit strategies

Unit 3: Growing the Business with People

To this point, you’ve successfully launched your business and are working toward achieving your business goals. Now you must turn your focus to growing the company and elevating your financial objectives. In order to grow, most entrepreneurs need to add talented people to their teams. This important activity relies on recruiting, organizing, training, and keeping excellent employees. This can give your business a competitive advantage over other companies. To achieve this, there are important human resources and management practices that will help you to build a strong team and to grow your business. By focusing on the most valuable resource of your business—people—you can boost your productivity and your company’s performance.

What will you learn in this unit?

• Assess your employment needs for business growth

• Identify a hiring plan and work schedule for prospective employees

• Describe how roles are organized within a business

• Develop plans for managing and evaluating employees

Unit 4: Marketing the Business

For a small business to achieve success, it must connect with its customers. Marketing is the part of business that focuses on getting your company’s offerings and messages to the people who buy them. By using different media and messages to communicate, you can connect with your market and keep customers informed. In today’s competitive business environment, effective marketing is necessary and, without it, no small business can succeed. A strong marketing effort can create loyalty with your customers and give you an edge over the competition. There are several different components to marketing that will be covered in this course, but they’ll all focus on the most important person in your business—the customer.

What will you learn in this unit?

• Define and explain key marketing concepts for small businesses

• Discuss the components of the marketing mix=

• Analyze a variety of promotional techniques and strategies=

• Evaluate categories of advertising and when to use each type

Unit 5: Marketing Your Products

People purchase products to address their specific needs and wants. An important part of marketing is managing what products you offer to your target customers—and how. These offerings may be tangible products or intangible services, both of which provide value to customers—either to fulfill a need, satisfy a want, or both. Marketing a product includes a wide range of activities, including development, launch, and ensuring people understand what it is and how to use it. But efforts to market the product do not stop after the product becomes available to customers. The process continues through the stages of a product’s life cycle. From idea to launch and beyond, product marketing is a key part of the small business marketing function.

What will you learn in this unit?

• Identify and categorize various classes of products

• Explain the concept of a service as a unique type of product

• Identify the stages and characteristics of the product life cycle

• Describe the key elements of product branding

Unit 6: Pricing, Selling, and Distribution

The final steps to getting your products or services to your customers include pricing, selling, and distribution. Your price sets the standard for your product or service in the marketplace, and it also determines both your profit levels and competitiveness. The selling process moves your customer interactions from initial interest to point of purchase, and that sales process requires that you build a team of people that can lead this specific set of activities. And finally, you need to get your product into the hands of your customers, which is now possible in more ways than ever before. The challenge for all entrepreneurs resides in selecting the channels and partners that will ensure your products get to customers both quickly and at the lowest possible costs to the company.

What will you learn in this unit?

• Identify key terms associated with pricing, selling, and distribution

• Describe common pricing approaches and adjustments

• Discuss principles of selling and the stages to making the sale

• Identify distribution channels and parts of a supply chain

Unit 7: Marketing Research and Planning

Have you ever participated in a company’s marketing research efforts? Whether you completed an online survey, “liked” a company or its products on social media, or posted a hotel or restaurant review, you may have participated in business research. Every time we contribute our opinions, the input helps those businesses answer questions about what their customers want and need. The research process, which includes information from many sources, allows businesses to collect data, perform analyses, and then make well-informed business decisions backed by evidence. The questions you choose to ask, the people you choose to ask, and the type of data you collect are the keys to your company’s ability to discover valuable insights about its market. Research is an important contributor to the company marketing plan detailing the strategies and activities used to market products and services to customers.

What will you learn in this unit?

• Describe the importance of marketing research

• Identify how marketing research is used in business

• Explain how marketing research leads to better business decisions

• Apply the various parts of a marketing plan to your personal business idea

Unit 8: Your Personal Finances

At this point, your business plan is ready to go and you’re excited to launch your new entrepreneurial venture! Now you need to find the money to begin. Before you can think about money to start the business, you must assess your personal financial situation. This is important for people of all ages and levels of income. Each of us is faced with the same types of questions and challenges. How much money is coming in? Where does our money go? How will we pay off debt? And will we be able to afford to purchase a car or house someday? Being able to create a solid plan to address these questions starts with learning about how personal finances work. This will better prepare you to find the capital to start your new business.

What will you learn in this unit?

• Describe your personal financial goals and the importance of longer-term financial planning

• Create and maintain a personal budget

• Evaluate investment opportunities for future financial growth

• Determine available banking services and bank account options

Whether you plan on starting your own business or being in charge of one, it is crucial you understand how to keep the company compliant. Explore what it means to run an ethical business, how to keep intellectual property, technology, and e-commerce safe and protected, understand insurance and taxes, and how to have a healthy workplace environment. Keep the business safe and growing by following the law.

Unit 1: Ethics and Business

As we begin our study of business law, it is important to make a clear distinction between ethical and unethical, as well as legal and illegal, conduct. After all, not all unethical conduct is illegal—but that certainly does not make it acceptable! All companies are faced with ethical dilemmas at some point or another. These ethical dilemmas can arise in a range of situations and business relationships. Choosing the morally appropriate course of action is always best, even if another choice may be technically permissible under the law. Let’s see how some of our most visible companies face and resolve these types of issues.

What will you learn in this unit?

• Distinguish between ethical and legal behavior as well as unethical and illegal behavior\

• Describe the tools a company uses to make ethical business decisions

• Examine case studies of corporations acting unethically

• Appreciate the regulations that govern lawyers’ ethical conduct in their relationship with clients

• Understand when public officials and lobbyists may or may not accept gifts or money from a company

Unit 2: Developing and Protecting Your Business

Intellectual property laws protect the rights of anyone who creates artistic works or designs. These different types of property rights apply to patents, trademarks, copyrights, and trade secrets. So what happens if you upload a video to YouTube that wasn’t created by you? Depending on how it’s used, you may owe lots of money to the owner of the video! So read on to learn more about intellectual property law and the potential penalties anyone who uses another’s intellectual property without first securing permission may face.

What will you learn in this unit?

• List the different types of patents and the steps to obtain a patent

• Distinguish between a trademark and a service mark

• Describe the copyright and the process for obtaining a copyright

• Compare the civil and criminal remedies for violations of intellectual property protections

• Critique the use of trade secrets and the use of confidentiality agreements

Unit 3: Getting a New Business Started

Have you ever wondered if it’s easy to start a business? Is it as simple as hanging out a sign, opening up the front door, and selling a product? In some cases, it can be that easy, especially if your customers are local, and you specialize in one or two products or services. But as the business grows, it can get a bit more complicated—at this point, a business owner may have to consider what the long-term goals are for the business. So, let’s look at the steps to organizing a business, and how a person who owns and operates a business decides what type of business to build.

What will you learn in this unit?

• List the key steps to building a strong strategic business plan

• Explain the advantages and disadvantages of a sole proprietorship

• Analyze the risks and benefits that come with general partnerships and limited partnerships

• Argue why starting a corporation may be preferable to entering into a partnership

• Identify hybrid business organizations

Unit 4: The Employer/Employee Relationship

As a business begins to grow, owners may not be able to handle all aspects of the company by themselves. In this case, an owner may consider whether they need or want to hire employees to help with the manufacturing and delivery of its products, or providing a service to its customers, especially if doing so makes it easier and more profitable to do business. Easy enough, right? Well, yes and no. If more people get involved in the company, the owners will have to spend more money for salaries and any benefits they offer their new employees. There will be a trade-off: is the company going to be more profitable by expanding even if it means paying employees, or is it better to stay small so the owner reaps all the benefits? In this unit, we explore different types of employees, their rights under the law, and the cost to employers who make the decision to hire employees. We will also examine the changing demographics of the workforce in today’s society.

What will you learn in this unit?

• Critique various types of employees and employer/employee relationships

• Understand what guidelines employers must follow to hire and retain employees

• Investigate current trends in employment and how the human resources department fosters a relationship between employees and employers

• Analyze characteristics of the changing workforce in today’s society

Unit 5: Workplace Behavior

Now that we’ve covered how employer–employee relationships are established, we will explore the day-to-day operations of a company—from both the employer’s and employees’ perspectives. While it might seem that mutual respect should be enough to promote a safe and ethical working environment, companies attain greater success when they take the time to clearly, and repeatedly, train and mentor their employees in standard issues like company policies and anti-harassment measures, as well as exciting developments like new technologies.

What will you learn in this unit?

• Critique how successful businesses train employees to facilitate growth and anticipate pitfalls they may encounter

• Analyze how an effective boss or manager acts as a role model and leader among their employees

• List the expectations that companies, employers, and supervisors have for their employees

• Evaluate and explain the important role employers take in creating a safe work environment for their employees

Unit 6: Technology and eCommerce Best Practices

In the 21st century, businesses how found so many ways to use technology in the workplace. The role of technology is so important that many companies create a department in their organization to deal exclusively with technology. But using technology has both benefits, such as the convenience of online shopping, and risks, such as security concerns. Let’s dive in to explore how companies use technology, what they can do to maximize benefits while reducing risks, and the role of government in all of this.

What will you learn in this unit?

• List the key components of a technology plan, along with essential business hardware

• Determine the type of software applications that will improve the financial and collaborative well-being of a company

• Identify the strengths and weaknesses of a company’s online presence

• Recognize common cyber-crimes and how they impact a business

• Discuss issues involved in government oversight of the internet

Unit 7: Property and Insurance

As we know, the process of starting, running, and growing a business involves many layers of work. And once we’ve done the heavy lifting of getting a business up and running, hiring, and finding the best tech and security solutions, of course we are going to want to protect our assets. Suddenly it seems like the easiest part of operating a business is coming up with the idea for what you want to sell! So now, it’s time we explore the question, “What property belongs to my business, and how can I protect it?” Specifically, we’ll cover real and personal property, how property is transferred from one entity to another, and how the property should be insured.

What will you learn in this unit?

• Differentiate between real and personal property

• Understand how property rights are earned, transferred, and relinquished

• List the types of insurance coverage a business should purchase to protect its property

• Distinguish between insurance that a company must purchase to protect its employees and health insurance coverage, as well as major types of life insurance

Unit 8: Taxes

You know what they say: the only certainties in life are death and taxes. As we wrap up our journey, we will continue to explore the financial costs of doing business, and this, of course, includes paying taxes to the government. Most people who work and earn an income pay taxes on that income, but business owners have some unique opportunities and responsibilities when it comes to taxes.

What will you learn in this unit?

• Identify how tax requirements might differ depending on the organizational structure of a business

• Recognize how sales tax rates differ among varying localities and the impact these rates have on online sales

• Understand how governments use tax laws to regulate the business industry as well as consumer behavior

• Appreciate the obligation employers have to withhold income from employees to ensure compliance with federal and state law

Whether you plan to start your own business, work for an organization, or go into law, it’s essential to understand more complex legal requirements that impact business operations and decisions. This is especially true as companies grow and expand domestically and internationally. Explore the differences between criminal and civil law. Examine how state and federal regulations work to protect consumer and employees’ rights, protect society and the environment, and understand how business contracts can work to protect everyone.

Unit 1: More Business Law Basics

In this unit, we’ll start with the sources of laws and the differences between civil and criminal law. What makes a crime a crime? Then we’ll move on to an overview of the court system because you need to know how the courts work if you ever want to sue someone, or if you get sued, or if you or your business is accused of a crime. We’ll talk about the alternatives to taking a case to court. Finally, we’ll discuss the life cycle of a law firm. (Hint: It’s pretty similar to other service businesses, but it has special records-management problems.) Ready to begin?

What will you learn in this unit?

• Identify the five main sources of law

• Differentiate between criminal and civil cases

• Compare and contrast the federal and state court systems

• Argue the merits of Alternative Dispute Resolution options

• Discuss the business life cycle of a law firm

Unit 2: How Government Regulations Protect Employees’ Rights

So you’ve set up a new business and grown large enough to hire employees. You’re pretty busy, obviously, and you’re probably not thrilled that you have to understand a whole new batch of state and federal regulations that protect your employees. In this unit, you’ll learn what those regulations are and why they’re important.

What will you learn in this unit?

• Justify why the federal government regulates the employer-employee relationship

• Examine federal legislation designed to protect employees

• Evaluate how the Equal Employment Opportunity Commission (EEOC) enforces regulations that protect employees

• Assess the advantages and disadvantages of employment contracts

• Differentiate between union workers and at-will employees

Unit 3: How Government Regulations Protect Society and the Environment

The federal government oversees the public’s general welfare by regulating how companies treat employees, but its oversight doesn’t end there. The government also regulates how businesses treat the environment, even if it means corporations and investors don’t earn their full potential profits. In this unit, we explore environmental and securities regulations, both of which protect society as a whole.

What will you learn in this unit?

• Assess the government’s interest in protecting the environment

• Evaluate the Environmental Protection Agency’s practices and procedures

• Interpret key legislation aimed at stemming environmental hazards

• Analyze how the government oversees publicly owned-businesses

Unit 4: The Ins and Outs of Business Contracts

Running a business requires making deals. When a store sells a video game to you at an agreed-upon price, the store makes money, and you get a new game. That’s a pretty simple deal, but some deals require a more complex oral or written agreement between the parties—called a contract.

In this unit, we’ll explore the laws that regulate contracts, as well as specific types of contracts, who enforces them how, and what remedies are available if a party breaks the contract. We’ll also cover the Uniform Commercial Code, which is a collection of state laws that govern commercial transactions and sales of goods.

What will you learn in this unit?

• Discuss the elements that comprise a valid contract

• Classify various types of contracts

• Distinguish between enforceable and unenforceable contracts

• Evaluate the usefulness of the Uniform Commercial Code

• Predict the available remedies available to an aggrieved party in a contract breach

Unit 5: How Business Law Protects Consumers

“Caveat emptor” is an English proverb that means “buyer beware.” It warns consumers to protect themselves from shady sellers. Fortunately, as buyers of products and services, we’re not in it alone—we have state and federal laws to protect us from unfair business practices. Those laws require fair dealing by both parties to commercial transactions. In this unit, we explore how the law protects consumers and how consumers can protect themselves.

What will you learn in this unit?

• Identify the elements of contracts of sale of goods and the associated obligations of buyers and sellers

• Distinguish between various types of product warranties

• Describe how federal legislation protects consumers in the marketplace

• Evaluate how businesses increase profitability by using client-service strategies

Unit 6: Bribery and Beyond, How Businesses Are Perpetrators and Victims of Crime

When bad things happen to good people, shouldn’t someone have to pay? The law helps victims of wrongdoing achieve justice in the form of criminal punishment or civil liability—the responsible party pays for the harm they’ve caused. In this unit, we explore the elements of criminal and tort law, the most common business crimes and torts, and the consequences the legal system imposes on wrongdoers. We’ll also follow the judicial procedure of a criminal case from arrest to appeal.

What will you learn in this unit?

• Identify the elements of a crime

• List common business crimes

• Compare criminal and tortious conduct

• Distinguish between common torts committed by and against businesses

• Examine the steps the government takes to prosecute criminals

Unit 7: Doing Business Around the World

We now have so much information about other cultures available to us on social media and the internet that it motivates us to explore new markets for goods and services. Could that artisanal candlemaker find a supplier of glass vessels in Mexico to replace the ones no longer available from China? Can that perfume maker find a cheaper, better variety of lavender buds in the Canary Islands? Business owners are in a nonstop race to decrease costs and increase sales, so a broader global market is good for business.

But the benefits of globalization don’t end with corporate profits. Globalization gives developing nations more opportunities to grow their economies. It gives developed countries more access to ideas that help them innovate and improve technology. A global economy challenges individuals, companies, and governments to make decisions that impact lives around the world.

What will you learn in this unit?

• Understand the nature of globalization and its growth since the mid-20th century

• Examine how cultural differences impact business transactions

• Evaluate how international organizations monitor trade agreements

• Analyze the extent to which American companies operate under other nations’ laws

• Distinguish between the advantages and disadvantages of globalization

Unit 8: Winding Up a Business

You probably know of several companies that have been in business for decades or even centuries: McDonald’s has been serving hamburgers since the mid-1950s, Macy’s department stores opened in 1843, and Baker’s Chocolate started selling its sweet confections in 1765. But for every successful long-running company, there are three that failed. The US Bureau of Labor Statistics reports that nearly 20 percent of all businesses close their doors within the first two years, and only 25 percent of all new businesses make it to the 15-year mark.

Not all businesses close because they fail to make a profit. Sometimes, owners decide running a business isn’t worth the time and energy it takes to make it successful. Similarly, they may have a change of heart and want to try their hand at something new. Or the owners retire, and they don’t have someone interested in taking over the reins.

Regardless of the reasons, business owners don’t simply hang a “Closed” sign in the window and lock the front door when they decide to shut down. In this unit, we’ll examine the process of dissolving a business and what happens if the business goes bankrupt.

What will you learn in this unit?

• Understand the common reasons why businesses fail

• Describe the steps a business takes to dissolve

• Distinguish how the dissolution process is different for sole proprietorships, partnerships, and corporations

• Explain which bankruptcy option is most suitable for different forms of business

Do you dream of a future where you can have creative freedom, working in an industry you love, where you can get up every morning excited about the day will bring? In this course, you’ll learn the skills you’ll need in order to take your dream and transform it into a successful business. You’ll explore foundations like generating ideas to qualifying opportunities, analyzing the market, and identifying skills for successful deployment. You’ll learn to keep your business rolling and growing through effective workplace leadership and training while incorporating technological innovations to keep your business competitive. Are you ready to turn your dreams into reality? Let’s get goaling!

Unit 1: The Entrepreneur and Small Business Ownership

Have you ever wondered what it takes to own and run a business? Well, new businesses often start with just a single good idea and at least one person who is able to turn that idea into a money-making opportunity. Usually, an individual begins with a vision and then works to embark on the journey toward business ownership. Starting a new business can be extremely rewarding. For instance, you get to be your own boss and enjoy all the benefits of career independence. But it also has its challenges. When you think about it, every good or service you buy began with both an idea and at least one person who made that idea a reality. Taken together, these two factors form businesses that operate to create products and services. If this prospect appeals to you, business ownership could be a great fit for your future career—and it all starts with the first step: entrepreneurship.

What will you learn in this unit?

• Describe the role of an entrepreneur and identify common traits and characteristics shared by entrepreneurs

• Evaluate entrepreneurship and business ownership as potential career options

• Research examples of past and present entrepreneurs and the innovations they introduced to society

• Discover the importance of entrepreneurship and small business to the overall performance of the economy

Unit 2: From Business Idea to Opportunity

Every new business starts with an entrepreneur’s vision for a new or improved product or service. In order to be successful, the idea must be strong enough that customers will buy it and that the company can make a profit from those sales. Although a quality idea is the first step, the next steps—what you do with that idea—are just as important. This initial idea must then be shaped to ensure it’s a real business opportunity; that is, something customers want. Once you’ve honed the business idea into a business opportunity, then you can focus on developing the outline of the business to show how the company will operate. Prior to the launch of the business, you must research the new opportunity with a focus on customers, competitors, and a suitable location. Once you have confidently transformed your business idea into a business opportunity, you may be ready to launch.

What will you learn in this unit?

• Explain how entrepreneurs generate new business ideas and shape them to create feasible opportunities

• Analyze the external environment to evaluate success potential in the marketplace

• Identify the elements of a business model and explore how this helps to shape the components of the company

• Describe important resources available to help analyze the best location for a new business

Unit 3: Business Formation

At this point, you have a great business idea. You’ve done your research, and now it’s time to embark on business ownership and launch your company. But before you can make your first sale, you still must complete some important steps in the process. The format of your business, the legal structure, and business registration are necessary steps before you can begin to launch your business idea. Because there are different legal business formats and structures, it’s important that you know the impacts and potential benefits of each. These early decisions will have long-lasting effects on you, your business, and your customers. As you develop your market entry strategy, you’ll also want to think ahead to your market exit strategy. This will help you achieve your ultimate goals for starting a business.

What will you learn in this unit?

• Evaluate and compare various business formats

• Examine various forms of legal business ownership by assessing the implications of each

• Identify the sequence of legal and business steps required to create a new business entity

• Describe potential business launch and exit strategies while evaluating the advantages and disadvantages of each

Unit 4: Navigating Laws and Regulations

Governments and businesses work together in many ways. Businesses operate to make profits, and governments work to ensure that conditions are good for them to achieve this. When owning a company, you must be aware of various government regulations to follow at the federal, state, and local levels. There are a wide range of rules that include everything from business registration to tax on selling the business—and everything in between. Owners of all types of businesses in all industries should know and follow the rules—to the benefit of business, consumers, and society.

What will you learn in this unit?

• Describe how various government laws and regulations impact and guide business operations and ownership

• Identify regional and local licenses, permits, and regulations relevant to business ownership

• Determine the federal, state, and local taxes that are the responsibility of business owners

• Explain types of intellectual property and protective measures from competitors and consumers

Unit 5: Business Management and Leadership

Business owners must perform many roles within their companies in aspects that include both managing and leading. Good managers can coordinate employees to make the best use of the company’s resources. Good leaders can empower employees to strive for excellence. Because these two aspects of business are similar, but not the same, they are explored separately. When managing and leading the company, business owners rely on a combination of key skills and principles. These skills and principles include things like communication, negotiation, dealing with failure, and promoting positive ethics and sustainability. By demonstrating both effective management and leadership, business owners can build a strong team and drive that team, and the business as a whole, to success.

What will you learn in this unit?

• Explain the importance of business management and its key functions

• Describe the importance of business leadership and its key roles, which are required in a small business

• Identify the importance of business failure and ways that business owners can positively handle those failures

• Examine the importance and impact of ethics and sustainability in a business

Unit 6: People and the Organization

By now, you’ve launched your business and you’re working toward achieving your business goals. To do this, you’ll need to build a strong team. This means adding talented people to your company. By recruiting, organizing, training, and keeping excellent employees, you can give your business a competitive advantage against other companies in your market. By developing strong people-management practices, you can help build an effective team and grow your business. Finding the right employees, treating them well, training them, and providing good opportunities are the steps you’ll need to take when developing the most important resource for your company—your people.

What will you learn in this unit?

• Identify the key human resources functions required in a business

• Evaluate the various aspects of a new business’s organization plan with a focus on employees

• Describe how business owners recruit and hire new employees into the organization

• Determine different methods used to train and develop the people within the business

• Explain how leaders can motivate employees to achieve organizational success

Unit 7: Technology and Business

Business ownership involves more than interacting with and managing other people. As a business owner, you must also learn to engage with the ever-evolving realm of technology. Small businesses use technology to help them operate every day. Whether it’s computer hardware (laptops, tablets, and phones), software, networks, internet applications—or all of the above—new advances in digital computing provide great opportunities to small businesses. And, as technology develops, it has the potential to affect business owners in both positive and negative ways. When operating your business, you will want to discover which technologies are available to benefit your company—and you would be wise to invest in the tools that are best for your employees and the overall organization.

What will you learn in this unit?

• Identify key technology trends and tools that assist business owners

• Explain how establishing e-commerce is important for small businesses

• Evaluate technology-based communication methods that are effective for a small business

• Describe key factors in developing an effective company website

Unit 8: Business Growth

If you are a business owner and you’re actually generating some profits from your efforts, then you’ve already had a taste of the kind of success business ownership can bring. This kind of success may inspire you to explore new opportunities for your company. If you are like most people, this means you will focus on how to grow your business to produce higher returns. However, if growing your company is a priority, then it’s important that you pursue that goal in a cautious and disciplined way. Growth is good for most businesses, and it can make you more competitive in the marketplace. But growth that is too rapid or risky can quickly lead to business failure. By setting the right strategy for future growth and considering the many options available—either within the United States or internationally—you can set your sights on taking your small business to the next level.

What will you learn in this unit?

• Identify key strategies that can help a small business achieve growth

• Describe how growth can be effectively achieved domestically

• Evaluate various strategies for a small business to expand internationally

You’ve defined your business and made a plan to launch your vision, and now, it’s time to turn that business into a well-oiled machine! In this course, you’ll familiarize yourself with tried-and-true strategies for success! You’ll distinguish market segments, develop the appropriate market mix, brand your business, create a top-notch customer service environment, and calculate financial factors for the crucial first year- and every year after! Owning a booming business doesn’t happen by accident. Let’s learn what it takes and execute on the essentials to turn your business vision into a reputable reality!

Unit 1: Marketing to Customers

To be successful in a new business venture, you must make close connections with your customers. Marketing is the part of your company that focuses on this task, and it starts by gaining a deep understanding of who is willing to buy what you are offering. By using different forms of media and messages, marketing connects you to customers, telling them what your business is doing for them and others. Because business is so competitive, good marketing is necessary for your company to stand out from rival companies. Marketing can also create loyalty so that customers come back to buy from you time and time again. Marketing is made up of many different parts, and they all share one common goal—the focus on your customers and what they need.

What will you learn in this unit?

• Create a marketing plan and pitch for a business

• Describe customer behavior and what influences customer purchases

• Explain customer segmentation and its importance when developing target customer personas

• Establish the position of a company relative to competitors within a given market

Unit 2: Products and Research

Customers buy products and services to meet their needs and wants. Marketing to those customers involves managing the message about the set of products or services you offer to customers. These might be tangible products or intangible services, both of which can fulfill customers’ needs and/or satisfy their wants. Product marketing involves a variety of activities, including product development, product launch, and educating customers to understand what the product is and how best to use it. But successful marketing doesn’t just happen by accident. It takes research and preparation. Marketing research helps businesses collect data, perform analyses, and then make informed business decisions about their products and their customers. Marketing products for other businesses to resell to their own customers also involves critical research. In either case, businesses must find the goods, acquire them, and then store them until they are sold to a customer willing to pay for the product.

What will you learn in this unit?

• Identify the product and service mix of a particular business

• Describe the stages in a product’s life cycle and how those stages impact business decisions

• Summarize the various elements of a brand

• Evaluate types of marketing research

• Explain the importance of inventory management

Unit 3: Pricing and Distribution

When it comes to your product and the marketing mix, two key elements of that mix are pricing and place. Together, these are known as distribution. Your prices communicate information to your target market, and those prices both determine your level of expected profit and communicate your ability to compete within your target market. But never forget: the need to get your product to customers is also important. And there are many different ways to do this. When making both pricing and distribution decisions, you need to consider many factors, including your company’s financial performance. Making sound decisions on both price and place will help your products stay profitable and available to customers where and when they need them.

What will you learn in this unit?

• Identify and contrast approaches to product pricing

• Describe pricing adjustments and how they can influence product sales

• List various types of distribution channels

• Define and calculate different types of profit margins

Unit 4: Promoting the Business

Communicating clearly with your customers will help make them aware of your business activity, and it will influence them to buy your products or services. Promotion is represented by the “P” in the marketing mix, and you can use this strategy through a variety of media and messaging to connect with your customers. Because businesses direct so much communication to consumers, you will need effective and distinct promotion strategies to cut through all the noise. The right mix of promotion methods and strategies can attract new customers, create loyal customers, and eventually give you an edge over your competition. In this unit, you will explore various types of promotions, and you’ll come to better understand how they are used to make valuable connections to customers.

What will you learn in this unit?

• Recognize the key components of a promotional mix

• Evaluate the various types of advertising

• Describe how public relations contributes to business promotion

• Identify types of sales promotion and how they are used in a business

• Explain how promotion is used in a physical store environment

Unit 5: Selling and Customer Service

All products and services, when they are sold, transfer from a seller to a buyer. But in order to make the sale happen, you’ll likely need a selling process to move a customer from a state of initial interest to a purchase decision and action. This kind of selling process applies to industrial products, consumer products, and also common products in retail markets. Following a tried-and-true sales process can consistently convert more customer prospects to paying customers. And once you make a sale, your next challenge is to get that customer to buy from you again. How you sell, the level of service you provide, how you manage your customer relationships, and how you promote long-term loyalty all contribute to those repeat sales—and they lead to better results for your business.

What will you learn in this unit?

• Describe the various approaches to selling and why sales are important in business

• Discuss the importance of after-sales customer service

• Define and describe approaches to customer relationship management to increase future sales

• Explain how businesses can establish long-term loyalty with customers

Unit 6: Financial Needs and Projections

Starting a business not only requires a whole lot of time and effort, but it also costs money—and often more than you might initially think. When determining the costs that you’ll face to start your business, you should work to be both realistic and accurate. Most new business owners do not have a background in finance, so you may not know where to start when tackling issues related to money. The first step is to figure out how much money you need to launch the business. Next, you can focus on the best ways to get the required funds. Once you have determined how and when you can get the business to profitability, you can do more detailed planning and then project your financial performance for the first year of business. This will be the first opportunity you’ll have to see how much money your new company can generate.

What will you learn in this unit?

• Identify the costs and calculate the funds needed to start a new business

• Describe the various sources of funds available to start a new business

• Calculate and describe the importance of the break-even point

• Create future financial projections for the business using available data

Unit 7: Financial Operations and Risk

All business owners take on risk when starting and operating a new business venture. The rewards of business can be huge, but business owners face many risks and challenges. The ability to identify and react well to risks is an important role that every business owner must know how to play. One ever-present business risk involves finances, so owners always need accurate information to assess the risk to their performance goals. This includes summarizing business results into financial forecasts and statements. These statements help business owners assess areas of strength and weakness, identify the parts of the business most at risk, and prepare them to make decisions for the future. Using detailed financial statements, business owners can then proceed to a deeper level of analysis using key performance indicators from financial ratios.

What will you learn in this unit?

• Explain risk management and identify risks to business operations

• Build and analyze financial statements to assess business performance

• Monitor company performance using key indicators and controlling methods

Unit 8: Operational Business Planning

Planning effectively for your business is crucial, and that’s regardless of the size or age of your company. This kind of planning starts with developing a model for the business. Next, it proceeds to building a formal plan. And finally, it leads into the ongoing process of revising and making adjustments to both of these over time. If you create it well, your business model and plan can help you make important decisions, and they’ll help others understand your company strategy. Your model and plan outline the actions you’ll need to run the business effectively, and they should provide you with a summary of your financial projections. In your company’s early days, you should strive to develop at least a basic business plan. But as time goes on, your planning efforts will grow and develop—which will help you evaluate your business’s performance—and you’ll be able to make the necessary improvements along the way.

What will you learn in this unit?

• Describe the business model, the business plan, and their importance to a company

• Assemble a business plan using various components, and explain the importance of each one of those components

• Analyze parts of the business plan, and then be able to identify areas for improvement