Not always being happy on being employed by someone, several people harbor dreams of being their own boss and making their mark as entrepreneurs. Statistics confirm that over 54% of millennials have already started their own venture or are on the brink of doing so. While entrepreneurship comes naturally to some, others look out for means to fine tune their business skills. Entrepreneurship courses are in high demand these days. In such courses learners are taught how to strategically create a business plan and drive their passion into a thriving enterprise.
A good entrepreneurship course is designed in such a way that it delivers knowledge on the prime aspects of management, all the while retaining student engagement through virtual demos, practice modules and quizzes.
So, what should an entrepreneurship course talk about? Let’s find out.
The birth of a new venture always starts out with a detailed industry analysis which helps understand the global economy and the competitive dynamics of the industry. Industry analysis takes into account the demand and supply, major competitors, key business strategies, saturation point, most recent trends and the long term prospects of the industry.
In simple terms, market analysis identifies a potential market where businesses can sell their product or service. It understands the target customers’ requirements and preferences with respect to the upcoming market trends. A market analysis digs deep into various quantitative and qualitative aspects that will predict the sustainability of a company.
A business model is formulated based on the goals and objectives of the company and the strategies used to attain these goals. Hypotheses such as, Porter’s five force model, PEST (Political, Socio-demographic and Technological) Analysis and SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis will help determine market conditions, identify risks, uncover new opportunities and strengthen the company’s survival in the evolving economy.
Financial analysis delves into the company’s capital, revenue, cost, profits and devises strategies to boost profits. This segment should elaborate on the economics of a sale, how to create and income statement, balance sheets and cash-flow statements and financial ratios. Approaches such as break-even analysis, Du Pont analysis and fundamental analysis are considered for the same.
A marketing plan devises strategies to market and sell the company’s product or service. The four marketing P’s namely Product, Price, Place and Promotion, play a significant role in formulating a market plan. Components like market research, marketing goals, strategies, budget and competition are also considered when constructing a marketing plan.
This creates an outline of how the business is run and how each product or service is produced. An operational plan lists the various responsibilities associated with each goal in the business plan. An operational plan tallies the objectives, deliverables, strategies used to produce these deliverables, adherence to quality standards and resource requirements.
So, there you have it. Designing a course on entrepreneurship, a subject so vast, should be simplified with prime focus on the above modules. Get pointers on the various segments of entrepreneurship, elitelearning.io.