Entrepreneurship: How To Start A Business From Business Idea
Use this course as your A-Z, step-by-step roadmap to turn a business idea into a profitable business.
Achieve freedom and independence that comes from being your own boss.
Even if you are an absolute beginner, this course will guide you to successfully plan and start your business.
ARE YOU BUILDING YOUR FIRST BUSINESS AND FEEL LOST AND UNSURE OF WHAT STEPS TO TAKE?
YOU ARE NOT ALONE…
Millions of first-time entrepreneurs feel that way, and that’s exactly how I felt when I started my first business 20 years ago. I’ve felt the stress you are feeling, and I’ve been through the hardships you are facing.
The great news is that I’ll walk you through every step of starting your business from selecting the best business idea, to business planning, registering your business, raising money, and starting your business with correct fundamentals to give your business the best chance to succeed.
WELL-KNOWN FACT ABOUT STARTING A BUSINESS
Getting the right advice and direction from an expert will help you greatly decrease your learning curve, minimize your period of struggle, and give you the best chance to succeed.
WHAT YOU WILL ACCOMPLISH BY THE END OF THE COURSE
By the end of this course, you will no longer be one of thousands of “wantapreneurs.” You will have taken your first positive steps to business success. You’ll know exactly where you are going in business and how you are going to get there. You will be able to make correct and confident decisions.
Use this course as a step-by-step guide to go from business ideas to starting a successful business.
INSTRUCTOR BACKGROUND: ALEX GENADINIK
My business plan book ‘How To Write A Business Plan’ is consistently the top business plan book on Amazon. My book is used by a number of universities and high schools, and I regularly get invited by these institutions to give talks about starting a business.
I’ve been an entrepreneur for 20 years, have personally coached over 1,000 entrepreneurs, taught 140,000 students and helped millions of entrepreneurs worldwide to create 6 and 7-figure businesses in the process, and I can help you too.
Imagine how much better and easier your road to success will be, and how much more you can achieve with an experienced mentor.
WHY THIS BUSINESS COURSE IS UNIQUE
There is a unique story behind this course. I originally created the Problemio business apps which now have over 1,000,000 entrepreneurs who downloaded the apps. On the apps, entrepreneurs were able to ask business questions. I took all the questions that were ever asked on the apps, and summed them up into the issues covered in this course. That means that the issues covered in the course come from entrepreneurs just like you!
So if you are starting a business, this is a great way to guarantee that the material in the course will be very relevant to the things you are going through now, or things you will be going through soon.
* Lots of extra freebies, downloadable worksheets, and exercises to make the course more interactive and valuable
* Free 15-minute coaching call (I don’t sell anything and don’t collect your email, just answer your questions)
* Personal invitation to my Facebook community after you complete the course
* My list of 50 business-success skills after you complete the course
* Be entered to get chosen for my student of the month status and have your business featured
OFFICE HOURS AND ONE-ON-ONE HELP: I GO THE EXTRA MILE FOR MY STUDENTS
What really sets this course apart is the personal time I give to hold office hours with students in this course. During the office hours you can ask me any business question you want, and I will do my best to help you. The office hours are free, I don’t try to sell anything. It is just another thing I do to help you achieve your goals.
The course comes with an unconditional, Udemy-backed, 30-day money-back guarantee. This is not just a guarantee, it’s my personal promise to you that I will go out of my way to help you succeed just like I’ve done for thousands of my other students.
Invest in your future. Enroll now.
Course Introduction: Watch This First To Understand What You Get From The Course
If you don't have an idea yet: How to come up with new business ideas
Business idea fundamentals & evolution
Warm welcome to you for joining this business course, and let's get started with two exercises.
Whatever business idea or new start-up or product idea you might have, even if you think it is great, you must get feedback from industry experts, your friends, and your business peers. Have real conversations with people and try to truly see what the response will be like. And of course, talk to your potential future customers who you think are your target audience and ideal customers. So in this tutorial of our business course, I explain how to get feedback on your business ideas from industry experts and peers.
You learn how to use social media and Facebook groups and online networking to find industry experts in your niche, and get their advice and mentoring.
In this part of our business course give you strategies and tips on how to tell if a business idea is good. If you have ever wondered if your business idea is good, this tutorial has practical ways you can test your business idea.
This is a very important lecture in this course. This lecture will teach you how to pitch your business or initial idea. It is very important to have a good elevator pitch (sometimes called the 60 second pitch) because you will be using on a daily basis to explain what your company dies, and to attract clients, employees, investors, partners, and other people. This is one of the more useful and popular lectures in this business course.
In this part of the course on how to start a business, talk about 3 kinds of business risk: financial risk, market risk and product risk due to technical challenges.
What to do if you have multiple, or too many business ideas. How to narrow it down to a single best idea, and why focus is extremely important when you have many good business ideas.
I talk about 3 kinds of business ideas: original and unique business ideas, commoditized and traditional business idea that we are all familiar with, and a hybrid of the two.
In this lecture of the business course I explain some of the top reasons companies fail, and explain what you can do to avoid some of the major pitfalls and help to prevent you from failing in these ways.
Entrepreneurship is difficult. It can be scary, stressful and daunting. It can often make people have low confidence and low self esteem. And those are bad mental states to do business. So in this lecture I talk about getting out of those mental states that are unhealthy, and getting yourself into healthier mental states out of which you can think more rationally and make better business decisions.
I thought I'd add to this business course by sharing my own mistakes when starting a business. Over the years, I made many mistakes. In this lecture, I share my mistakes in choosing a business niche.
Productivity and emotional intelligence to make you a better entrepreneur
How to protect intellectual property
Let's start a new section of our business course. In this section, I will teach you about different ways you can protect your intellectual property like your business ideas.
Do you want to protect business ideas? You ever wonder how to protect your business ideas? In this lecture I explain how to protect your business ideas and intellectual property in a few different ways: with an NDA (non-disclosure agreement), non-compete agreement, working with people whom you can trust and a few other ways.
One of my favorite ways to beat your competition and protect your business ideas is to build a moat around your business. The moat strategy is a very popular and maybe an intermediate or advanced topic. In this lecture of the course I explain what is a moat strategy and how to create it for your business.
It is great if the kind of company you are starting has barriers to entry. This is similar to having a moat strategy, but with a few distinction. The moat helps you during competition. The barrier to entry helps to prevent your potential competitors from even starting the business.
How to write a business plan
In this section of the business course I explain what is a business plan (sometimes called business proposal). The business plan is a basic document that outlines your business model and general execution strategy for your company in the near and mid-term future.
In this lecture of the business course I explain when you need a business plan. Many people aren't sure when or if they should have a business plan. There is a simple structure and logic to deciding when you should write your business plan, and in this lecture of the course I explain precisely that so that this question doesn't have to come up again.
The term business model is one that is often misunderstood and misused so I had to add a section about it to this business course. Your business model is really the way that your overall business functions, and how all the moving pieces of your business interact with one another. In a way, the business model is a thousand foot view of your entire company.
In this part of our business course I explain how long your business plan should be. Some business plans can be just one or two pages, and some business plans can be quite long. Here I explain when you need a longer and when you need a shorter business plan.
The executive summary is a confusing term because sometimes it means a short 1-2 page business plan, and sometimes the executive summary is a term that means the introduction section.
This lecture of the course talks about what to write about your product or service.
Product or service tips outside of business planning that you can use in real world scenarios and situations.
How much progress have you made with your business? It is ok if you are just starting. Every company had to start somewhere. You must simply help the reader of your business plan know how long have you been working on your business, and what kind of traction or growth you have. If you have customers, product or revenue, this is a good place to note the maturity of those.
Do you know how to calculate your target market size? You must know that, and express it clearly in your business plan. If investors read your business plan they should be able to determine whether the overall opportunity is big enough, and whether you have a good understanding of the size of your own target market. Additionally, depending on how you count, different calculations can result in different target market size numbers, which as you can imagine, leads to some pretty interesting discussions.
This lecture explains how to correctly identify your target market. Many first time entrepreneurs make a common and big mistake of incorrectly identifying their target market. That not only leads to incorrect target market size calculations, but also to a bad overall marketing strategy where the wrong demographics and psychographics are targeted, and the wrong people are reached, and the wrong marketing strategies are chosen. All those mistakes coming from incorrectly identifying your target market. So watch this part of the training to correctly identify your target market.
The all important marketing plan in your business plan. You must be able to promote your business and get customers. Without marketing and without clients, a business can't survive for long so your marketing plan is absolutely important. It isn't enough just to have any old marketing plan. Your marketing plan must be very good and savvy. If your current marketing plans consist of promoting on Facebook, Twitter, with business cards and flyers, you must definitely come up with a more professional marketing plan.
Discuss how your business will make money. What will be your revenue stream or revenue streams if you plan to have more than one source of income. There is typically a big decision for whether you decide to pursue multiple revenue streams or just one, and you have to explain this reasoning in this section as well.
Discuss your founding and management team. Also mention any investors, advisors that you have on your team, and the board of directors if you have a board of directors. Most importantly, list all the members of your founding team, their education, and their relevant skill sets and professional experience.
You must have a section discussing your business competition. You must also explain how you are different than your competition. You don't need to say that you are better than your competition, but you should explain how your business is unique, and how it differentiates itself from competition.
The cash flow statement is an important financial part of your business plan. The cash flow statement is as much a very good thing to add to this document as it is good for you to be able to look at a cash flow statement and use the cash flow statement to help you understand where all the money is going and coming from in your business. Having a cash flow statement can help you to realize what to do to stop or decrease some of your spending, and what to do to increase revenue.
Unit economics are a good way to look at a single transaction in your business and understand its finances at a small level. The unit economics can give you a lot of insight about the health of your business.
If you have previous funding or investors, you should mention this. You can mention this in an appendix to he business plan in case you don't want everyone to see this information.
How to raise money to start your business
Most businesses don't end up raising money, and for that reason they must do something called bootstrapping. Bootstrapping is simply a way to start and grow your business by finding ways to do that without needing much money or any money. This is what most businesses must do when they start.
In this part of the course I explain how to raise money by getting loans, the difference between raising money from personal loans and business loans, and what options entrepreneurs typically have. It isn't easy to get a loan to start a business, but in some cases it makes sense and it is possible to get a small business loan.
Do you want to get a business grant? Many people ask about whether they can get a grant to start their business. It is more difficult to get a grant for businesses which have not started, but if you have started, there are a few grants available for small businesses. Check out this lecture to understand how to fund your business or project with a grant, or whether grants are not a good option for you.
Extra resources for getting grants for your business.
How to get grants by getting investors. There are many kinds of different investors. The different kinds of investors are angel investors, start-up incubators, seed investors, professional venture capitalists (VC) and investors who invest in specific kinds of businesses like maybe restaurants or real estate, or local businesses, or high growth start-up companies.
There are two ways to get donations for your business. There is the old fashioned way to get donations by reaching out do rich donors or philanthropists like many nonprofits do. And there is also a new way to get donations for your business called crowdfunding. You can raise donations for your business with crowdfunding by trying to raise money on KickStarter, IndieGoGo, or GoFundMe. It is now possible to get donations from the crowd online. It isn't easy to do crowdfunding, but it is possible.
One of the best ways to fund your business is by doing it through the revenue of your own company. Instead of waiting for money to come from a different course, why not just earn the money from your own customers. It is, in fact, what I did with my business, and what I recommend doing to other entrepreneurs. Long-term, you will have to get the money to grow your business from your customers anyway so you might as well start to focus on making money from your customers sooner than later.
One way to raise money for a product which has not already been made is to raise money from your future customers by approaching people who would be good potential customers, and offering them a lifetime discount for the product after the product is created.
Events are a great way to get clients, extra revenue, build extra awareness, and build loyal fans. Basically, events are a great marketing strategy for most kinds of businesses. Events can range from small meetups that drum up community to educational workshops to large conferences. It all depends on the kind of business you have, your event promotion abilities, and your ultimate business goals.
You can always fund your business by getting extra work, either on a part time basis or on some contract for a few months. It is actually what I often did when I was starting as an entrepreneur. It guaranteed me money for my efforts instead of having to waste time approaching investors or applying for grants which have the risk of being a complete waste of time if they don't pan out. So in some sense, getting a part time job or a contract job is a risk-free way to raise money for your business.
AngelList is a great website where you can find tech investors of all shapes and sizes. There are many venture capitalists, seed investors, and other types of professional investors who like to invest in technologies and other industries,
Many people ask me how to register their business. It is a process that is different in many different countries. In United States, in whichever state you are in, you must register your business with your state's Secretary of State office. They usually have an option where you can do it online. You should consult with a lawyer which state might be best for you to register your business because for different businesses, some states have unique advantages.
Explanation of what is an EIN and how to get in EIN for your business.
If you have registered a business, that business may have to pay taxes on its earnings, and after the business pays you, you might have to pay taxes again. This is double taxation. In this lecture you will learn how to avoid double taxation.
What is an C Corp, and when it makes sense for your business to be registered as an C Corp.
What is an LLC, and when it makes sense for your business to be registered as an LLC. An LLC is an entity type, and it often gets mixed with the concept of limited liability protection in general. While they have a lot of overlap, the LLC entity type and the concept of having limited liability protection are not exactly the same thing.
What is doing business as self, and why it is a bad idea to do business as yourself.
Why you need a commercial bank account for your business, and why you should not mix your personal finances and your personal bank account with the bank account of your business and the income and revenue you get from your business. All businesses should ideally have a commercial bank account.
Bringing your idea into reality
How to do a great launch of your product. I explain how to launch in 3 different ways. This lecture is taken from my mobile apps course, but applies to other technology startups.
How important is it to be first to market with your business idea? This depends on many factors, and in this part of the course I discuss some of the nuances associated with being the first to market with your product or service.
How to choose a good business name and brand for your business.
Some tips on how to get a good domain name for your business even if it feels that all the good domains have been taken.
What you should do if you have no business experience. Should you really start a business with no experience?
Basic explanation of how to set up your website. Incidentally I have additional courses on how to find a great domain name and how to set up a Wordpress website in 1 day. All links to those are in the last lecture of this course.
This lecture does not necessarily need to belong in this business course, but for people who want to get into a mobile app business, creating the app is a struggle so I added a suggestion on how to learn to code in order to make your app or software product for free.
Increasing lifetime customer value is something every business owner should try to do. Imagine the difference between a customer buying something once versus having them come back and shop at your business every month. That is a 1200% increase in revenue because you were able to make them a regular customer by increasing their lifetime customer value. It is one of the keys to a successful business.
What to do if someone doesn't want to pay full price and tries to negotiate a cheaper price. In this part of our business course I explain how I make people do a bit of work for me in order to get a cheaper price on whatever they want to buy.
In this part of our business course I talk about how to increase your business productivity. It is a very important point to make because every increase in productivity brings you closer to success.
NEW! Case study of my current business from idea to failures to success
In this part of our business course, I want to share with you a case study of when I was starting as an entrepreneur, and my mistakes starting a company, and how difficult and challenging it was to start a business. In the beginning, as a young entrepreneur, I had to go through a lot of failure. Failure is something I am going to do my best to steer you away from in this business course, but I can't help you prevent 100% of mistakes. You will inevitably go through some of your own mistakes and some of your own growing pains starting a business.
In this part of my case study, I talk about how I started to find initial business success, and initial growth.
In this part of our business course, I talk about how I initially got some business success, but it wasn't enough to sustain me, and I was still struggling. Struggle seems to be the one constant in this whole experience. No matter how much I learn and grow and how much experience I gain, there are always new struggles at every step of the way, even when everything else seems to be falling into place and succeeding.
In this part of our business course I talk about how to finally got to success. It was a long journey if a number of years in which every day felt like an eternity, especially when I was really struggling. But over time, I did find success, and I am still growing my business and improving it. Wish me luck. I hope my case study helps to add another perspective through which you can see your experience, and hopefully learn some of my business lessons.