This document outlines the course schedule and content for an entrepreneurship and innovation course. Chapter 2 focuses on starting a small business and covers important skills like planning, human resources, leadership, marketing, finance, communication, and innovation. It also discusses legal structures for businesses in the UK and methods for finding startup capital, including personal funds, loans from friends and family, banks, venture capitalists, and angel investors.

1. ENTREPRENEURSHIP
& INNOVATION

2. COURSE SCHEDULE
 CHAPTER 1: WHAT IS ENTERPRENEURSHIP AND
INNOVATION?
 CHAPTER 2: STARTING A SMALL BUSINESS
 CHAPTER 3: CREATING A BUSINESS PLAN

3. Chapter 2: Starting a Small
Business

4. Skills and personal development
needed to run a business successfully
 Planning Skills
 Human Resources Management
 Leadership Skills
 Marketing and Sales Skills
 Finance Management
 Communication Skills
 Innovation Skills

5. Be a perfect planner
 Set goals and know how to achieve them.
 Know your strengths and weaknesses.
 Keep track of your progress.
 Have good time management.
 Always keep your strategies in mind.

6. Build a perfect business team
A good team is key to the success of a business because
one person cannot handle everything on their own. Do
not forget that every successful business is composed of
a group of people who are specialists within their
branches.
Once you have your business idea, define the
components of your business.
Then brainstorm the perfect people who fit these
positions.

7. Marketing and sales skills
 Research your target audience.
 Understand your customer and know their
needs and wants.
 Create a marketing plan.

8. How to be a good leader
 Be brave
 Create enthusiasm within your team
 Be open to any new ideas of your team
 Be a good decision maker
 Trust your team
 Win their trust
 Always keep the motivation of your team high
 Be creative

9. Finance Managament
 Prepare a business plan.
 Know your expenses (how much money do you
need?)
 Ask yourself what your sales and profit goals
will be?
 Understand and monitor your accounts.
 Take risks but be realistic.
 Hire an accountant.

10. Communication skills
Good Communication is essential in everyday
business life. On a daily basis you will encounter a
range of people including customers, suppliers,
employees and business associates.
 Be confident.
 Develop your communication skills (writing –
speaking).
 Be clear when projecting yourself.
 When explaining any business goals and details, do
so in a coherent fashion – do not go off into
different topics.

11. Be an innovator
For a long-lasting business you can not ignore
changes in the world, especially not technological
advances.
 Increase your technological literacy and follow
attractive developments.
 Become more adept at encouraging creativity,
dealing with change, communicating across
boundaries, and putting ideas into practice.

12. The legal and financial aspects that
will affect the start-up of a business
We will discuss the following topics:
 Legal aspects
 Types of business & finding financial
resources

13. The legal aspects that will affect the
start-up of a business
 Legal status of the company
 The company name
 Tax, national insurance and other financial
Requirements
 Health and safety laws
 Insurance
 Consumer law and trading licences
 Employment law

14. Types of businesses
Many countries have a variety of business entities in
their legal systems specified as corporations,
partnerships, cooperatives, sole traders, limited
liability companies and other specifically labelled types
of entities.
Generally we can classify them as follows:
1.Corporations
2.Cooperatives
3.Partnerships
4.Sole traders
5.Limited liability companies

15. Types of businesses in the UK
 CIC: Community Interest Company
 CIO : Charitable Incorporated Organization
Partnerships:
 General partnership
 LLP: Limited Liability Partnership
 LP: Limited Partnership
Companies:
 Private Limited Company (ltd.) - private company limited by shares, the
shares not being traded publicly
 Public Limited Company (plc.) - company whose shares may be traded
publicly
 Private company limited by guarantee
 Unlimited company

16. Finding financial resources for your
business
There are many different ways to finance a small
business. You must convince the people or
institutions who will raise money for your business
that your plans are feasible and attractive.
You must concisely explain how much money you
need, how you will manage that money and how
will you make profit.

17. How to find financial resources
3F (Family, Friends & Fools): Approaching close
connections can be an easy way to find money for
your business, but it has some disadvantages.
Borrowing money from this group of people may
damage relationships if you can not pay back your
loans.
Personal Fund: your savings or personal capital.
Financial Institutions: Banks, credit unions etc.
Venture capitalists
Angel Investors