Entrepreneurship: Start-Up and Business Owner Management
Learn to Run a Small Business or Startup Online
In challenging times with a tight market for traditional jobs, startup entrepreneurship represents a viable option for many who possess a combination of skills, knowledge and passion. Major hubs like Los Angeles are a constant source of inspiration for entrepreneurs with a great idea and formal knowledge to start a small business. This 100% online course from LMU will teach you the key principles of starting and running a small business in today's complex market.
Job Outlook for Entrepreneurs and Small Business Owners
According to the Bureau of Labor Statistics, “entrepreneurship plays a vital role in the growth of the U.S. economy.”
According to TheHill.com, there are over 582 million entrepreneurs in the world. FreshBooks estimates that more than 15 million Americans are full-time self-employed. Entrepreneurship is a nearly-unlimited opportunity, given your skills, knowledge and determination.
Entrepreneurs start their own companies at any age and may be either male or female. Guidant Financial says that 60% of new businesses are started by people between the age of 40 and 60.
Entrepreneurship and Small Business FAQs
What does it take to start a business?
Starting and running a small business requires mental, emotional and financial resources. There is an established set of procedures that involve organizing, launching and operating an owner-managed business. Knowledge about legal and financial aspects of business creation, development and management principles and communication skills are invaluable to the start-up entrepreneur.
Do startups have high failure rates?
While conventional wisdom holds that a majority of new businesses fail, recent data may point toward a different conclusion. According to Enrepreneur.com, new business failure rates have fallen by 30% since 1977, due in part to the relatively low cost of starting a small-scale business. Small Business Genius estimates the failure rate for brand new businesses at 22.5% for the first year. A well-organized and professionally run business has a nearly-80% chance of succeeding through the first year start-up process.
What are some of the top small business startups right now?
While startup businesses are typically associated with technology, food, health and beauty and home services such as health care are among the top categories for new businesses. Individually-owned and start-up businesses are among the most powerful engines of social change. New entrepreneurs are busy helping their customers eat better, improve maintain their health, among many other socially conscious pursuits.
Do entrepreneurs need formal training?
While some entrepreneurs start their businesses without formal training, a well-designed entrepreneurship course provides formal knowledge about financial, legal and management issues they may not receive outside the course format. For example, according to CBInsights, 42% of businesses that fail do so because there is no demand for their product or service. Another 29% fail for lack of proper capitalization and budgeting. These issues are integrated into and addressed in an entrepreneurship training course.
- Know the various types of financing available for entrepreneurs, from venture capital to traditional financing sources
- Gain confidence and improve management communication skills needed to collaborate with vendors, clients, and partners, including employees
- Understand legal requirements for starting and running a business
- Learn the essentials of creating and developing a successful business plan
- Learn to use a business plan as a tool for internal strategic management and external positioning
- Explore the business development process
- Understand how to create change
There are no prerequisites to take this course.
- Essentials of Business Ownership
Introduction to starting a business, finding a niche and establishing your leadership style and corporate culture
- Financial Accounting and Management
Overview of financial aspects of entrepreneurship, including balance sheets, rations and financial, income and cash flow statements
- Marketing Management
Building a marketing program to support your business; marketing goals and planning, budget and implementation
- Strategic Management in Operations
Defining your business model and strategic plan; creating and implementing strategic alternatives
- Positioning For and Finding Financing
Positioning the owner and the entity to find financing
- Persuasive Communication
Fundamentals of communication and active listening; knowing the audience, establishing credibility as the speaker
- Organizational Leadership and Decision Making
What is a leader?; leadership theories, decision making and empowerment
- Legal Issues in Operations
Navigating Agency and Employment Law to run your business legally and ethically; Sales and Products Liability
- Business Plan Development
Defining and developing a comprehensive business plan
- Understanding Financial Statements
Debt vs. equity; factors to consider and terminology
- Organizational Development and Change
Types of organizational culture and change; the human side of change and resistance
- Principles of Buying and Selling a Business
Key Steps in preparing to sell or purchase; considerations about corporate culture
Course Hours: 200 Tuition: $2,895 Credits: 20
Kelley Burgess is a public-speaking coach and author and presenter of the half-day seminar "Serving with Maximum Effectiveness." Previously spent five years teaching speech, debate, and mediation at the high-school level and was named in "Who's Who of America's Best Teachers" in 2003, 2004, and 2005. She holds a bachelor's degree from the University of Maryland.
Katrina McBride's career reflects extensive experience in organizational leadership, marketing strategies, and market development in multi-national corporate environments. Her leadership abilities have been utilized to develop new programs and functional areas. In director-level positions for Nortel Networks, she led strategy for competitive intelligence, emerging markets, and lead generation. McBride holds an M.A. in organizational management and a B.S. in psychology.