How to Start Your Own Business Specialization

This course is the first in a series on starting a business. Though new venture creation is the focus of the specialization, this course is important for everyone.To create a successful business it is not only about what you do (technical execution), it is also about how you think. This course provides learners with insights to re-frame their thinking in order to maximize their chances for success.

So what can a learner expect to gain from this course? At the end of this course a learner: 1.) will be able to argue effectively against all of the reasons for not starting their business (or reaching some goal); 2.) will be able to operate effectively within the new framework or model for starting a business (or any new endeavor), thus increasing their chances for success; and 3.) will be able to make the initial business startup decisions of what type of business to start, and what type of business owner to be. Having an entrepreneurial mindset is critical to being successful as an entrepreneur. An entrepreneurial mindset stands alone in terms of its importance. No other attribute, personality, inherent entrepreneurial proclivities, training, or demographic profile is common to all successful entrepreneurs whether Warren Buffet, Steve Jobs, or the neighborhood florist or grocer. The course provides learners with an understanding of the attributes and perspectives of an entrepreneurial mindset, and the process to acquire one. We suggest that learners bring an open mind and be willing to thoroughly explore the nascent business ventures they have been carrying with them.The course introduces concepts that enables a person to start a trans-formative process in the way they think generally, and in the way they think about business specifically. This new way of thinking has the potential to positively impact not only them, but their family, and community.

Where do great business ideas come from? We all have compelling business concepts that we've been thinking about for years. In this course we will explore how to use observational tools and other techniques for idea generation and we will talk about how to evaluate the good ideas from the bad. The goal is to settle on a business idea that you are not only passionate about but also has real market application.

At the end of this course learners will be able to: -build a resource inventory from which they can assess and create market opportunities; -pursue market opportunities consistent with personal passions and capabilities; and -triage potential ideas in terms of which have the greatest potential for commercial and personal success.

According to Steven Blank a business startup, or any new venture startup is essentially a proto-type. Thus the startup process essentially becomes a learning process to refine that business proto-type into a scalable, replicable finished 'product'.

At the end of this course learners will be able to: -complete a business model summarizing assumptions about what value they will offer to whom, and how they will make money. - systematically test and validate these assumptions within the constraints of their available resources, and - use these validated assumptions to generate financial projections that are based on actual resources and efforts expended. The days of the 40 page business plan have certainly passed, but the role of planning in the business creation process is one of extreme importance. In this course we will explore the important components that you need to explore in detail prior to business creation. Action without planning is a recipe for disaster and we will make sure you have a rock solid foundation for future actions. The planning here is focused on learning. It is unrealistic for anyone to document in detail all of the actions they should take to make a new venture or activity successful when they (and often no one else) has any experience with the new venture and the conditions which it is likely to face. Thus the business plan based largely on assumptions and aggregate, non-applicable data is replaced with the business model which organizes the key assumptions determining what value the business will offer to whom, and how it will make money. The course will guide learners through the process of systematically testing and validating these assumptions, and obtaining specific, applicable data. It will then show learners how to use these validated assumptions to generate pro-forma financial statements directly tied to actions and resources based on this business model.

Just like when building a house the foundation for your business provides the framework for success. A business built on weak structure will struggle to succeed. We'll address some of the most pressing issues that you as a business owner must face while constructing the proper framework for your business.

Specifically at the end of this course you will be able to: - create and evaluate your company's financial documents; -complete the documents and regulatory procedures to create a legal business entity; - protect your intellectual property; -develop a management team;