R. A.

Podar College of Commerce and Economics

Credit Course Report

Credit Course Name: Small Business Management
Platform Name: Saylor Academy

Name: Dhulla Mukti Naresh

PNR No.: 2022016401549956
Class: TY BCom-C (2024-25)
Roll No.: 192
Mukti Shah

BUS305: Small Business Management

March 1, 2025

3605390843MS
 Mukti Shah

BUS305: Small Business Management

March 1, 2025

3605390843MS

98 hours

100.00

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 Report: BUS305 - Small Business Management

Saylor Academy is a non-profit initiative founded in 2008 with the goal of providing free and open online
courses to anyone interested in learning. Offering nearly 100 full-length courses at both college and
professional levels, Saylor Academy provides the opportunity to learn at your own pace, on your
schedule, and at no cost. Whether you’re aiming for career advancement, degree completion, professional
development, or casual learning, they have resources tailored to your needs. Upon completing a course,
learners can earn modern digital certificates, gain tuition-free college credit through partner schools, or
even embark on affordable and flexible degree programs.

I enrolled in the Small Business Management course, which consists of 5 units, each with various
subtopics. After completing each unit, there is an assessment consisting of multiple-choice questions,
descriptive questions, and matching exercises, each worth 10 marks. After finishing the entire course, a
final assessment is required. The final exam is worth 50 marks, and a minimum score of 35 marks (7 out
of 10) is needed to pass. You can reattempt the exam after a 7-day waiting period if you don’t pass. Since
the questions vary with each attempt and the correct answers are not provided, it’s not possible to simply
copy answers.
Course Description
This course teaches the fundamentals of planning and managing a small business, whether as a manager
or entrepreneur. Key learning outcomes include writing a business plan, launching a new venture,
identifying market opportunities, creating a marketing plan, and securing financing.
Course Introduction
The course begins by introducing us to entrepreneurship and business planning. The term “entrepreneur”
comes from the French word entreprendre, which means “to undertake.” In today’s context, an
entrepreneur is someone who owns or manages a business enterprise with the aim of making a profit by
starting and growing their business. Entrepreneurs are a diverse group of risk-takers with the common
goal of transforming ideas into viable business opportunities.
Here are some key statistics about entrepreneurs:
 Around 2,356 Americans start new businesses every day, according to a US Census report.
 62% of entrepreneurs in the US cite innate drive as the top motivator for starting their business
(Northeastern University, 2006).
 Women manage 33% of small businesses (Global Entrepreneurship Monitor, January 2008).
 42% of entrepreneurs began their ventures in childhood (Northeastern University, 2006).
These statistics illustrate the diversity within the entrepreneurial community, but also show that
successful entrepreneurs share certain key characteristics. This course is aimed at individuals who are
planning to start and develop their businesses, as well as those who already have small businesses and
wish to expand. The content begins with a review of the history of small business and the characteristics
of successful entrepreneurs. It then covers essential business skills, including writing a business plan,
launching a new venture, identifying market opportunities, creating a marketing strategy, and financing a
business. Finally, the course also focuses on team-building for business success.
Units in this Course:
1. Elements of Entrepreneurship
2. Building the Right Team
3. The Business Plan
4. Marketing Strategy
5. Financing the New Venture
Course Learning Outcomes
By the end of the course, you will be able to:
 Analyze the entrepreneurial process for evaluating business ideas.
 Identify the characteristics of successful entrepreneurs.
 Understand and apply strategies for supporting entrepreneurship.
 Differentiate between business ideas and opportunities.
 Write a formal business plan and execute it.
 Create and implement a marketing plan.
 Finance a business venture.
 Understand and apply team-building dynamics.
Each unit also includes specific learning outcomes to help you stay on track and assess your progress.
Course Materials
The primary learning materials include articles, lectures, and videos, all of which are freely accessible
within each unit. Pay attention to accompanying notes as they highlight key points and explain how each
material fits into the overall course structure. You can view a list of all the learning materials by clicking
the "Resources" section in the course navigation bar.
Evaluation and Minimum Passing Score
Your grade for the course is based solely on the final exam. To pass, you need to score at least 70%. If
you don’t pass on your first attempt, you can retake the exam as many times as needed, but you must wait
7 days between attempts. After passing the final exam, you will receive a Course Completion Certificate.
The course also includes end-of-unit assessments and quizzes, which are meant to help you study but do
not count towards your final grade. These can be taken as many times as needed to ensure understanding
of the material.
Tips for Success
As a self-paced course, BUS305 allows you to decide when to start and finish, without an instructor or
fixed schedule. The average time for completion is about 98 hours, and Saylor recommends progressing
at a pace that is comfortable yet consistent. It’s also a good idea to plan your study time in advance and
stick to your schedule as best as you can.
Here are some study strategies to help you succeed:
 Take notes on key terms, concepts, and theories to help contextualize each idea and create a
helpful reference for later study.
 Periodically test yourself to gauge your understanding and retention of the material. Reflecting on
what you’ve learned will strengthen long-term memory.
 Although the course is independent, you may find it useful to engage with other students through
the discussion forums.
By following these tips and consistently reviewing the material, you can successfully complete the course
and gain valuable insights into small business management.
Management of Small
Business
This presentation covers key aspects of managing a small business,
from entrepreneurship to team building and business planning. We'll
explore the elements of entrepreneurship, building the right team,
creating a business plan, marketing strategies, and financing new
ventures.

Understanding these elements is crucial for any aspiring or current

small business owner. Let's dive in and discover how to build a
successful and sustainable business.
Elements of Entrepreneurship
Entrepreneur Intrapreneur

An entrepreneur takes a new business idea and starts a An intrapreneur is an employee who channels creativity
company to bring that idea to market, bearing the risk for and innovation to develop new products and services for
potential profit. an employer.

Entrepreneurship involves risk-taking and innovation. An entrepreneur is willing to bear the risk of a new venture if there is
a significant chance for profit. Motivation can keep entrepreneurs on a continued path to success during challenging
moments.
Principles of Entrepreneurship
Entrepreneurship
Motivation Strategy
Keeps entrepreneurs on Distinguishes the product
track during challenging or service in the market.
times.

Realistic Vision
Provides a clear direction for the business.

On the journey from having a unique business idea to making it

profitable and sustainable, an entrepreneur may experience moments
of frustration. Motivation can keep entrepreneurs on a continued path
to success during such moments.
Building the Right Team

Managers Leaders Emotional

Intelligence

Managers, leaders, different leadership styles, and emotional

intelligence are all important parts of the management team. Without
these, effective management is impossible. A strong team is essential
for success.
Board of Advisors
Responsibilities
Hiring A-Players Staff Development
Recruiting top talent for the Enhancing employee skills
company. and knowledge.

Team Building
Creating cohesive and effective teams.

The Board of Advisors is responsible for hiring A-Players, recruitment

and selection, staff development, team building and group dynamics,
and conflict resolution. These points cover the responsibilities of the
Board of Advisors while hiring or recruiting an employee.
The Business Plan: A
Foundation for Success
A strong business plan is one of the foundations of a successful
business. It is the tool by which a great idea becomes an opportunity. It
is the creative process that allows the entrepreneur to document the
project's merits and to articulate a narrative, addressing the venture's
risks and rewards, to his or her potential investors, partners, and other
stakeholders.

A business plan is a tool by which a great idea becomes an opportunity.

It allows the entrepreneur to document the project's merits and to
articulate a narrative, addressing the venture's risks and rewards, to his
or her potential investors, partners, and other stakeholders.
Do's and Don'ts of a Business Plan
Do's Don'ts

• Write Your Own Plan and Seek Input • Do not expect to write your business plan in one day.
• Include all eight sections in your business plan • Do not overestimate or underestimate numbers
• Conduct research and provide accurate numbers • Do not leave out pertinent details
• Review and update your plan regularly • Do not reuse wording from business plan templates or
software programs

When creating a business plan, it's important to write your own plan and seek input, include all sections, conduct research,
and review regularly. Avoid writing it in one day, over or underestimating numbers, leaving out details, and reusing wording
from templates.
Marketing Strategy
Identify Target Market
Define your ideal customer.

Develop Messaging
Craft compelling content.

Choose Channels
Select appropriate platforms.

Measure Results
Track and optimize performance.

A successful marketing strategy involves identifying your target market,

developing compelling messaging, choosing the right channels, and measuring
results. This ensures that your marketing efforts are effective and reach the right
audience.
Financing the New Venture

Bootstrapping Angel Investors

Using personal savings. Seeking early-stage funding.

Loans Venture Capital

Securing debt financing. Attracting larger investments.

Financing a new venture can involve bootstrapping, seeking angel investors, attracting venture capital, and securing loans.
Each option has its own advantages and considerations, depending on the stage and needs of the business.
Entrepreneurship Essentials
Essentials
This presentation covers marketing strategies and financing for new
ventures. Learn market research, competitive analysis, and funding
sources. Gain insights into growth management and exit planning.
Marketing Strategy
Market Research Competitive Analysis
Primary and secondary Identify niche and
research to understand promotional strategies.
market demands.

Products & Services

Features, benefits, and customer focus.
The Marketing Plan
Research
Gather market data.

Analysis
Assess competition.

Strategy
Define target customers.
Financing the New Venture
Start-up Costs Financial Statements Break-Even Analysis
Identify and calculate capital Understand statements for Analyze break-even points.
needs. operations.
Exit Strategies
Family Succession

Bankruptcy

Acquisition
Learning Outcomes
Marketing & Finance Practical Skills Entrepreneurship
Skills to drive ventures forward. Business planning, team building, leadership. Essentials for launching ventures.
Key Takeaways
Strategic Planning Team Building
Develop a comprehensive Assemble a skilled and
business plan. motivated team.

Financial Management
Secure adequate funding and manage resources effectively.

In conclusion, managing a small business requires strategic planning,

effective team building, and sound financial management. By focusing
on these key areas, entrepreneurs can increase their chances of
success and build a sustainable business.