Unit 3: Chapter 7

Owning a business isn’t free, there are constant costs to keep your business running. The larger your business, the greater these costs. Owning a business is a constant struggle for your business to make more money than it costs to run. The most fundamental factor in ensuring that your business makes more money than it […]

Unit 2: Chapter 6

Sales is an important part of business, as it’s how you get people to actually buy your products. A good salesperson is very charismatic and is able to sell the benefits of any product or service. Sales experience is extremely important in entrepreneurship, as you know what sells. As an entrepreneur, you’re constantly selling not […]

Unit 2: Chapter 5

A marketing mix is the next step, after market research, in the process of starting a business. Conducting market research gives you information about your market, and the marketing mix is how your business specifically applies the information to effectively market your product or service. Having a good marketing mix is key to the success […]

Unit 2: Chapter 4

In my last blog post, I touched briefly on the topic of market research. In order to understand market research, it’s important to first understand what a market is. A market, in simplest terms, is the group a business sells to. For example, a company that sells toys would have a market of mostly children. […]

Unit 1: Chapter 3

In order for a business to succeed, it needs to stand out. If a business doesn’t stand out or doesn’t offer anything that other businesses do not, then it’s destined to fail. This is because, if your business doesn’t stand out, then customers will choose the cheapest option. Low cost can be a unique factor […]

Unit 1: Chapter 2

So, you’ve got your great business idea, and you’re ready to jump right in and make a bunch of important choices that will affect the long-term success of your business with no planning whatsoever. Hang on a minute, you might want to hold off on making the big choices until you have a solid plan. […]

Unit 1: Chapter 1

What is Entrepreneurship? This is a seemingly simple question, with a surprising amount of depth. Entrepreneurship is all around us in our daily lives, even if it might not seem obvious. Broken down to its core aspect, entrepreneurship is the art of selling products and/or services. Products are tangible goods, which can be measured, quantified, […]

Unit 5: Chapter 24

As you grow your business, you’ll want to start looking into the possibility of a partnership. A partnership is when two or more businesses work together for mutual gain. Partnerships can be very successful, think about how often you see restaurants or coffee shops in supermarkets. If you need something complicated done well, it can […]

Unit 5: Chapter 23

An important part of any business model is operations. Operations occur in practically every business. Simply put, operations are the day to day activities required to maintain a business. A business has many operations, the largest of which are usually dedicated to their own departments. This can be difficult when first starting a business, as […]

Unit 5: Chapter 22

While distribution chains are a large part of a business model, the resources required to actually operate a business are equally important. In business, the term “internal resource” means a supply of something that allows the business to function. There are many different types of resources, which serve a distinct yet similar purpose. Physical resources […]

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