Do You Have the Right Skills?

REQUIREMENT #2:

  • I MUST be trained in all of the basics of starting a business

BUSINESS OPPORTUNITIES & GENERATING IDEAS

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  • Entrepreneurs should listen, observe and discern what God is saying to them about starting a new business.
  • Entrepreneurs should be inspired by God’s wisdom in their products and services. The source of this inspiration can be either internal or external.
  • Entrepreneurs should be certain that their business ideas are truly God-given opportunities.
  • Entrepreneurs should accept a certain amount of risk and know when to take that “leap of faith”.
LECTURES

  • How to Spot a Business Opportunity
  • Opportunity Factors
  • How to Come Up with Good Business Ideas
  • Additional Strategies for Generating Business Ideas
  • Evaluating Ideas & Market Research

FIELD EXERCISES

  • Spotting Possible Business Opportunities
  • My Current Situation
  • What Businesses Are Already in Your Community
  • Coming Up with Possible Business Opportunities
  • My Business Idea List

WHAT IS A BUSINESS & REASONS TO START A BUSINESS

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  • Entrepreneurs should take notice of what surrounding businesses are doing right/wrong.
  • Entrepreneurs should understand the process of starting a new business in order to assess its risks and rewards:
  • Entrepreneurs should know what inputs are needed for their business to see if there is a sufficient supply.
  • Entrepreneurs should determine the viability of their business idea before they invest their money.
  • Entrepreneurs should create a low-risk plan for financing and funding their business.
LECTURES

  • What Is a Business?
  • Five Steps to Starting a New Business
  • Reasons for Starting Your Own Business

FIELD EXERCISES

  • Best Business You Saw
  • Worst Business You Saw
  • Your Business Opportunity
  • Retail Business I Observed
  • Service Business I Observed
  • Manufacturing Business I Observed

STARTING A BUSINESS & FORMS OF BUSINESS

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  • Entrepreneurs should observe how other businesses have overcome challenges and solved problems.
  • Entrepreneurs should understand whether they are being called to provide services, sell products or make things.
  • Entrepreneurs should understand their own strengths and skills to see what kind of business there are best suited for.
LECTURES

  • Steps in Starting a New Business
  • Retail Businesses & Retail Opportunities
  • Service Businesses & Service Opportunities
  • Manufacturing Businesses and Opportunities

FIELD EXERCISES

  • Observing Retail Businesses
  • Observing Service Businesses
  • Observing Manufacturing Businesses
  • Self-Assessment of Skills
  • Choosing Business Ideas

HOW TO START A BUSINESS ON $100

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  • Entrepreneurs should start their business with a minimum amount of up-front investment.
  • Entrepreneurs should demonstrate that their business idea will generate money from the very beginning.
  • Entrepreneurs should grow their business by using the cashflow generated by operations, not being burdened by high amounts of debt.
  • Entrepreneurs should take steps to reduce the risks before they commit their resources to a new venture.
  • Entrepreneurs should be familiar with the most common reasons why businesses fail, so they can avoid them.
  • Entrepreneurs should confirm the validity and viability of their business ideas by practical research and observation.
LECTURES

  • The Attributes You Need to Run a Successful Business
  • What Are the Basic Principles?
  • The Formula for Growing Your Business
  • Why Do Businesses Fail?
  • 13 Major Reasons Why New Businesses Fail
  • The Main Reasons That the Launch of a New Product Fails
  • Market Research Introduction
  • So How Do You Start Doing Market Research?
  • Where to Get Information From
  • Sourcing Information Using the Internet

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • Why Businesses and New Products Fail
  • Market Research

MARKETING

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  • Entrepreneurs should seek success by serving their customer’s needs first.
  • Entrepreneurs should choose the products/services that their customers want to buy.
  • Entrepreneurs should set the prices that will enable the business to make a profit, while still being affordable to their customers.
  • Entrepreneurs should choose the right location for their business without being too expensive or inconvenient for their customers.
  • Entrepreneurs should promote their business using the marketing channels that are most appropriate for their customers.
LECTURES

  • A Definition of Marketing
  • The 4Ps of Marketing
  • Promotion Methods
  • Advertising a Service Business
  • Other Factors Relating to Successful Marketing
  • Understanding the Business’ Operational Environment
  • Steps to a Winning Marketing Strategy
  • Customer Service

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • Observing How Other Businesses Market Themselves
  • My Own Marketing Plans

SELLING

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  • Entrepreneurs should be able to list the reasons why their customers want to buy their products/services.
  • Entrepreneurs should establish their reputation on the highest levels of integrity and honesty.
  • Entrepreneurs should go out of their way to make it easy for their customers to access their products/services.
LECTURES

  • Four Conditions for Selling
  • The Process of Selling

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • The 4 Conditions for Selling

SWOT ANALYSIS

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  • Entrepreneurs should humbly assess the internal strengths and weakness of their business.
  • Entrepreneurs should wisely evaluate the external threats and opportunities of the surrounding business environment.
  • Entrepreneurs should design solutions to address their weaknesses and threats.
  • Entrepreneurs should make plans for leveraging their strengths and opportunities.
LECTURES

  • The Elements of a S.W.O.T. Analysis
  • Favorable and Unfavorable S.W.O.T. Characteristics
  • How to Go About Doing a S.W.O.T. Analysis

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • S.W.O.T. Analysis

CRITICAL AREAS OF RUNNING A BUSINESS

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  • Entrepreneurs should keep the critical areas of their business in balance, without over-emphasizing or neglecting any single one.
  • Entrepreneurs must regularly analyze the key success factors of their business to determine if they need additional research, investment or staff.
  • Entrepreneurs should carefully study their competitors to see what innovations or advances they are making.
LECTURES

  • The Critical Areas of a Business
  • Knowledge of Your Market
  • Technology and Management Expertise
  • Resources
  • Balance

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • The Critical Areas of Your Business
  • Analyzing Your Knowledge of the Market
  • Analyzing Your Technology and Management
  • Analyzing Your Resources

RECORD KEEPING AND MANAGEMENT

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  • Entrepreneurs should manage all of their business assets as if God owned their company.
  • Entrepreneurs should be accountable to others for keeping accurate financial records.
  • Entrepreneurs should pay their employees a fair wage for the work they perform.
  • Entrepreneurs should pay all the proper taxes that their business owes.
LECTURES

  • Essential Records a Business Must Keep
  • The Cash Book
  • Wages Book
  • Keeping Inventory
  • Other Records

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • Practicing Record Keeping
  • Keeping Records for Your Business

HOW TO MANAGE YOUR BUSINESS

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  • Entrepreneurs should develop a regular habit of setting goals, identifying problems, and implementing solutions.
  • Entrepreneurs should exercise discipline in managing themselves, their employees and their money.
  • Entrepreneurs should be growing in their own capabilities and learning new skills.
  • Entrepreneurs should surround themselves with employees and advisors who are strong in the areas where they are weak.
  • Entrepreneurs should learn who they can trust and lean on trustworthy people for support.
  • Entrepreneurs should earn the trust of others.
LECTURES

  • Your Golden Goose
  • Key Management Areas
  • Required Management Skills
  • Who Can You Trust?

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • Quick Personality Exercise
  • Management Research

BUSINESS COSTS

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  • Entrepreneurs should be good stewards of their family finances as much as their business finances.
  • Entrepreneurs should separate their personal finances from their business finances, to avoid the temptation of fixing personal/family problems using business resources.
  • Entrepreneurs should learn how to live under the discipline of a budget for both their household and their business.
  • Entrepreneurs should tithe out of their personal income and also their business profits.
  • Entrepreneurs should include their employees in the decisions about where to put their business tithes.
LECTURES

  • Business Costs
  • Your Salary

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • Various Business Costs
  • Your Household Budget

PROFITS & BREAK EVEN POINT

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  • Entrepreneurs should perform (or get help performing) the market and financial research required to do a break-even analysis.
  • Entrepreneurs should estimate the demand for their products/services and make a forecast of their projected sales.
  • Entrepreneurs should calculate their fixed costs and estimate their variable expenses.
  • Entrepreneurs should have a business plan for how they will reach their break-even point (BEP).
LECTURES

  • Defining Profit
  • Large Set-up Costs
  • BEP With More Than One Product
  • Projecting Income and Expenditure Statement
  • The Different BEP Formulas

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • Calculating the BEP Single Item
  • Calculating the BEP Multiple Items
  • Financial Information Gathering

THE SELLING PRICE

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  • Entrepreneurs should find out what the “market-value” of their products/services are.
  • Entrepreneurs should adjust the price of their products/services to correspond with what the customer thinks is their value.
  • Entrepreneurs should make sure they are operating their business at or above the break-even point, by adjusting the quality and/or the “cost of sales”.
LECTURES

  • The Selling Price
  • Break-even Ratio
  • Other Factors to Consider
  • Setting Prices for Services

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • Product Pricing Strategy and Analysis
  • Service Pricing Strategy and Analysis

TRACKING INCOME & EXPENSES

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  • Entrepreneurs should know how their business is performing over time (income statement) and how healthy their business has become (balance sheet).
  • Entrepreneurs should know the total amount of money their business brings in as well as the total amount their business spends.
  • Entrepreneurs should know the total value of their assets and the full extent of their obligations to others.
  • Entrepreneurs should thank God for the health and performance of their business no matter how hard the struggle has been.
LECTURES

  • The Monthly Income Statement
  • The Balance Sheet

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • Drawing Up a Balance Sheet for Max
  • Drawing Up Your Own Balance Sheet

FORMS OF BUSINESS OWNERSHIP

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  • Entrepreneurs should elevate God to the position of “Owner/CEO” of their business.
  • Entrepreneurs should pray that God would lead their business and personal lives in ways that honor and glorify Him.
  • Entrepreneurs should understand the personal and professional consequences of how they organize the legal structure of their business.
  • Entrepreneurs should choose the kind of legal structure that best serves the goals, strategy and customers that God has given to their business.
LECTURES

  • Sole Proprietorships & Partnerships
  • Corporations, Limited Liability, Non-Profit
  • Legal Structure Comparison
  • Guidelines for Choosing Your Business Name

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • Name Your Business Ideas
  • Identifying Your Legal Structure

PROTECTING YOUR BUSINESS

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  • Entrepreneurs should pray for God to inspire them and their employees with creative ideas and innovative solutions.
  • Entrepreneurs should periodically take an inventory of the intellectual assets that God has given to them.
  • Entrepreneurs should plan ahead for the attacks of the world and the Devil as they try to steal and destroy the works of God’s people.
  • Entrepreneurs should be wise in protecting the intellectual assets of their business.
LECTURES

  • Secrecy
  • Patents
  • Copyright
  • Trademark

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • Protecting Your Business Research

BEATING YOUR COMPETITION & PROBLEM SOLVING

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  • Entrepreneurs should plan for and accept the fact that business is like the rest of life, its full of troubles.
  • Entrepreneurs should utilize all of the skills and resources that are available to them (both earthly and heavenly) in their quest to succeed in business.
  • Entrepreneurs should respond to their competitors in a manner that is as wise as a serpent and innocent as a dove.
  • Entrepreneurs should solve problems with honor, integrity, grace, generosity, and faith.
LECTURES

  • How to Respond to Competition
  • The Planned Approach to Problem Solving
  • The Ten Steps to Solving a Problem

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • A Problem-Solving Exercise

BUSINESS PLANS

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  • Entrepreneurs should listen to God’s voice as they prepare their business plan according to His calling.
  • Entrepreneurs should write down their plans for business and bring it back to God for His blessing.
  • Entrepreneurs should explain how the major aspects of their business plan are the result of God’s inspiration and direction.
  • Entrepreneurs should have a solid foundation underneath their hope and faith in God’s calling to start/manage a business.
  • Entrepreneurs should be able to express to others why their business exists and how they intend to fulfill its goals of success and significance.
  • Entrepreneurs should use their business plan as a framework for their daily prayers.
  • Entrepreneurs should guide their employees by sharing with them the mission, vision, procedures, policies, practices, goals, and operations of their business.
  • Entrepreneurs should use their business plan during their pleadings with God for grace, when things are difficult, because it is a reflection of His divine intent for them and the business.
LECTURES

  • Defining the Business Plan
  • Business Plan Details
  • Additional Considerations for Your Business Plan

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • Executive Summary
  • Business Description
  • Marketing Analysis
  • Competition Analysis
  • Management Plan
  • Product or Service Description
  • Marketing Strategy

BUSINESS COMMUNICATION & NEGOTIATION

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  • Entrepreneurs should handle all relationships with people (both inside and outside the business) with respect, dignity and fairness.
  • Entrepreneurs should perceive when a business relationship needs improved communication or it needs a bit of negotiation.
  • Entrepreneurs should communicate effectively with the diversity of people that their business impacts: employees, customers, vendors, partners, government representatives, bankers, media and the general public.
  • Entrepreneurs should negotiate effectively in order to promote the welfare of their business while working to achieve a win-win in all transactions.
LECTURES

  • Dealing Effectively with People
  • Things to Know in Order to Communicate Effectively
  • The Johari Window Understanding Yourself
  • Communication Skills and Character Types
  • Negotiating Effectively with People
  • Negotiation Situations

FIELD EXERCISES

  • Reflection on Money-Making Activity
  • Negotiating Activity

HOW TO FUND YOUR BUSINESS

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  • Entrepreneurs should remember, when making decisions about debt, that God sees things ahead of us, … that are invisible to us.
  • Entrepreneurs should give first priority to what God says, when making a decision to invest in the future of the business.
  • Entrepreneurs should know the right time to take the added burden and risk of getting into debt.
  • Entrepreneurs should judge the proper amount of debt that will be sufficient to propel the business forward, while not dragging it down.
LECTURES

  • Funding Your Business Through a Loan
  • Determine Your Lending Need
  • What the Lender Needs from You
  • Why Did the Bank Refuse My Loan?

FIELD EXERCISES

  • Reflection on Money-Making Activity

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