💼 UNIT 7 • 4 WEEKS

Entrepreneurship & Business

Start your own business and understand fundamentals

🚀 Why Entrepreneurship?

Entrepreneurship offers unlimited income potential, flexibility, and the chance to solve problems you care about. It's not just about making money—it's about creating value and building something meaningful.

Benefits of Entrepreneurship

  • Be your own boss
  • Unlimited earning potential
  • Create jobs in your community
  • Flexible schedule
  • Build generational wealth
  • Make an impact

Challenges to Prepare For

  • Financial risk and uncertainty
  • Long hours, especially early on
  • Need for self-discipline
  • Cash flow management
  • Wearing many hats
  • Competition

💡 Types of Businesses

Service Business

Sell your skills and time (consulting, tutoring, landscaping, hair styling)

Pros: Low startup costs, can start immediately

Cons: Trading time for money, limited scalability

Product Business

Create or resell physical products (crafts, clothing, food, retail)

Pros: Scalable, can automate

Cons: Inventory costs, shipping logistics

Digital Business

Online products/services (courses, apps, content creation, SaaS)

Pros: Low overhead, global reach, highly scalable

Cons: Technical skills needed, competitive

📋 Creating a Business Plan

Essential Components:

  • Executive Summary: Brief overview of your business idea
  • Problem & Solution: What problem are you solving?
  • Target Market: Who are your customers?
  • Competition: Who else is solving this problem?
  • Revenue Model: How will you make money?
  • Marketing Plan: How will you reach customers?
  • Financial Projections: Startup costs, revenue forecasts
  • Team: Who will help you build this?

💰 Business Finances 101

Separate Business & Personal Finances

Open a business bank account and credit card. Keep meticulous records for taxes and to track profitability.

Understand Your Numbers

  • Revenue: Total money coming in from sales
  • Expenses: Costs to run the business
  • Profit: Revenue minus expenses
  • Cash Flow: When money actually comes in/goes out
  • Break-even Point: When revenue equals expenses

Pricing Strategy

Price = (Costs + Desired Profit) ÷ Number of Units

Research competitors, understand your value, and don't underprice yourself!

✅ Start Your Business Journey