The Entrepreneur's Toolkit

Great businesses are built on great ideas. Discover your own great idea by drawing on some basic principles plus inspiration from famous entrepreneurs. But first, you must know who your customers are, which is not as straightforward as it sounds.

Starting a business is risky. Give your business the best chance to survive and thrive by taking three important steps: conduct primary and secondary research, understand the five key success factors, and create a competitive landscape table that rates the strengths and weaknesses of your competitors.

Add two important skills to your entrepreneurial toolkit: writing a theory of business and building a prototype. By following these two actions, you'll be able to refine your business idea, demonstrate that it's possible to achieve, and show that your idea delivers what your customers want.

You are now ready to confront the most crucial question of all: how will your company make money? Learn how to answer this question with confidence by preparing a business model that addresses six issues - from how you will differ from your competitors to what you will do to ensure repeat customers.

Survey your options for a legal structure that is appropriate to your business. Learn about the advantages and disadvantages of a sole proprietorship, partnership, limited liability partnership, limited liability company, corporation, and nonprofit corporation.

The business plan is your company's detailed roadmap for building a successful venture. In the first of eight lectures on this powerful toolkit, learn the art of writing a compelling executive summary and an incisive business description, which are a business plan's introductory sections.