Structure: Building the Frame for Business Growth

About this course: Just like when building a house the foundation for your business provides the framework for success. A business built on weak structure will struggle to succeed. We'll address some of the most pressing issues that you as a business owner must face while constructing the proper framework for your business. Specifically at the end of this course you will be able to: - create and evaluate your company's financial documents; -complete the documents and regulatory procedures to create a legal business entity; - protect your intellectual property; -develop a management team;

Created by:  Michigan State University

• Taught by:  Ken Szymusiak, Managing Director, Burgess Institute for Entrepreneurship & Innovation

  Broad College of Business

• Taught by:  Forrest S. Carter, Associate Professor, Faculty Director of Institute of Entrepreneurship and Innovation

  Marketing

• Taught by:  David Wheeler, Creative Research Faculty, The Hub for Innovation

  Media and Information

Basic Info Course 4 of 6 in the How to Start Your Own Business Specialization Commitment 4 weeks of study, 1-3 hours/week Language English How To Pass Pass all graded assignments to complete the course. User Ratings 3.8 stars Average User Rating 3.8See what learners said Coursework

Each course is like an interactive textbook, featuring pre-recorded videos, quizzes and projects.

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Michigan State University Michigan State University has been advancing the common good with uncommon will for more than 150 years. One of the top research universities in the world, MSU pushes the boundaries of discovery and forges enduring partnerships to solve the most pressing global challenges while providing life-changing opportunities to a diverse and inclusive academic community through more than 200 programs of study in 17 degree-granting colleges.

Syllabus


WEEK 1


Company Structure & The Foundation: Financial Statements and Projections



Great companies are built upon great structures. We believe this structure is comprised of four critically important components: 1.) Development of your financial statements. 2.) Creating your legal entity. 3.) Protecting your intellectual property. 4.) Building your team. In Module 1, the learner will receive an introduction to the basics of the three financial statements: Income Statement, Balance Sheet and Statement of Cash Flows. By the end of this module you should be able to recognize the differences between each financial statement and understand the role they play in assessing the performance of your company. To close out the module you will be challenged to develop your first projected income statement for your business concept.


6 videos, 4 readings expand

1. Video: Introduction to Company Structure
2. Video: Overview of Key Financial Statements
3. Video: The Income Statement: Terminology & Structure
4. Reading: Investopedia: Definition of Income Statement
5. Video: The Balance Sheet: Terminology & Structure
6. Reading: Investopedia: Balance Sheet Definition
7. Video: The Cash Flow Statement: Terminology & Structure
8. Reading: Investopedia: Definition of Cash Flow Statement
9. Video: Financial Projections - Predicting the Unknown
10. Reading: Explore Projected Income Statements
11. Discussion Prompt: Proforma Challenges

Graded: Income Statements
Graded: Balance Sheet
Graded: Cash Flow Statement
Graded: Create a 1 Year Projected Income Statement

WEEK 2


The Frame: Forming the Legal Entity
By the end of this module, you will be able to explain the difference between C-Corps and LLC entities. You will also be able to use this understanding in order to establish your own business entity.


2 videos expand

1. Video: What is a "legal entity?"
2. Video: C-Corps vs. LLCs: What's the Difference?
3. Discussion Prompt: Operating Documents

Graded: C-Corps vs. LLC's
Graded: What type of entity is right for you?

WEEK 3


The Features: Intellectual Property



Intellectual property is an often misunderstood component of business success. By the end of this module you will have an understanding for the basic forms of intellectual property protection and the role each one may play in the development of your small business.


4 videos expand

1. Video: Introduction: What is Intellectual Property?
2. Video: Patents: Form & Function
3. Discussion Prompt: Patent vs. Trade Secret
4. Video: Copyrights: Form & Function
5. Video: Trademarks: Form & Function

Graded: Patents
Graded: Copyrights
Graded: Trademarks

WEEK 4


The Finish: Building the Team



Who you surround yourself with as you launch your venture will have an enormous impact on whether or not you succeed or fail. In this module we cover why team matters and how to recruit the right people to join your cause. By the end of this module you should have a feel for the characteristics of people that would be a good fit for your team and you will put your skills to the test by developing a staffing plan for you venture.


3 videos, 1 reading expand

1. Video: Intro: Build Your Team
2. Video: Why Your Team Matters
3. Reading: "The Mechanics of Mafia" by Blake Masters (transcribed from Peter Thiel)
4. Video: How to Build a Great Team
5. Discussion Prompt: Your ideal company culture.

Graded: Create a Staffing Plan