Entrepreneur: Go Global - A Young Professional's Guide

Entrepreneur: A comprehensive beginner’s start-up guide to becoming a world-changing global entrepreneur
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  • Lectures 17
  • Length 2 hours
  • Skill Level All Levels
  • Languages English
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About This Course

Published 9/2014 English

Course Description

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Become a Global Entrepreneur

“Hello. I have a few burning questions for you.

    1)Have you ever wanted to start your own business?

    2)Have you ever wanted to help someone that has their own business?

    3)Have you ever wanted to work in, or learn more about a small business?

    4)Do you have ideas that you know can make money, but are not sure how to get them started?

My name is Christos Pittis and I am an entrepreneur and online teacher. You can find my lectures on the world's top educational marketplaces.

If you answered yes to ANY of the above questions, then this course is the one for you. We will cover everything from the history of Entrepreneurship, who they are, what they do, where they come from, to the benefits and advantages of being an Entrepreneur.

We will also cover how to get financing, how to start up your business, and, in a bonus lecture, some tips, tricks and ideas that will help you.

Throughout the course, I will be challenging you with interesting questions and asking you to give honest feedback while sharing your thoughts on the discussion board.

I look forward to having you with me as we explore the business world from the viewpoint of an Entrepreneur."

Watch my course Become a Global Entrepreneur now and contact me to discuss your startup. Let me share my experience with you.

What are the requirements?

  • no requirements. Just jump in now!
  • passion for entrepreneurship
  • basic business concepts

What am I going to get from this course?

  • The importance of entrepreneurship
  • The Different Types of Entrepreneurship
  • The History of entrepreneurship
  • Why Youth entrepreneurship is super!
  • The advantages of entrepreneurship
  • Benefits of entrepreneurship
  • How to finance a startup
  • Stories of entrepreneurs
  • Business ideas
  • How to start a business
  • Startup Resourse Guide - Free Resource by Startup Quest™
  • Entrepreneurship tips, tricks and more

What is the target audience?

  • young entrepreneurs
  • business persons
  • college students
  • professionals
  • startups

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction
01:25

“Hello. I have a few burning questions for you.

    1)Have you ever wanted to start your own business?

    2)Have you ever wanted to help someone that has their own business?

    3)Have you ever wanted to work in, or learn more about a small business?

    4)Do you have ideas that you know can make money, but are not sure how to get them started?

My name is Christos Pittis and I am an online teacher and entrepreneur. If you answered yes to ANY of the above questions, then this course is the one for you. We will cover everything from the history of Entrepreneurship, who they are, what they do, where they come from, to the benefits and advantages of being an Entrepreneur.

We will also cover how to get financing, how to start up your business, and, in a bonus lecture, some tips, tricks and ideas that will help you.

Throughout the course, I will be challenging you with interesting questions and asking you to give honest feedback while sharing your thoughts on the discussion board.

I look forward to having you with me as we explore the business world from the viewpoint of an Entrepreneur.”

Section 2: Entrepreneurship in general
05:49

The Importance of Entrepreneurship

By: Christos Pittis

The purpose of this course is to give you a general background into Entrepreneurship.

What it is, who does it, how it functions and why it works or doesn’t work. I am going to

be introducing some high level concepts in an effort to give you a better understanding

of the overall subject. In each lecture, I will break down the week’s subject into three to

four areas of examination, and then recap what we’ve talked about.

“Today we will be talking about the Importance of Entrepreneurship” in relation to

economic cycles, social impact and technology. And the question we must answer is:

“Do Entrepreneurial businesses have an impact on an economy, whether

it be a local, regional or national economy?”

It may first help to define what Entrepreneurship is: in general, an entrepreneur can be

thought of someone who starts a business for profit or social good.

There is also a Social Innovation school of thought, defined by Jean Baptiste Say and

Joseph Schumpeter saying that an entrepreneur is one who “shifts economic resources

out of an area of lower and into an area of higher productivity and greater yield.

These definitions then, are what it means to be an Entrepreneur:

 One who starts a business

 One who creates new technology or revolutionizes production methods

Below is a graphic representation of unemployment in the United States during the last great

recession that officially went from December of 2007 to June of 2009. You can see that

unemployment rates peaked around 10% in October of 2009 but took several years to actually

decline to a level that was even close to the pre-recession levels.

Slide One

In slides two and three here, you can see that the rate of new business openings and existing

business closings are closely tied with the unemployment rates shown in the last slide. During

these years, business deaths outnumbered business births.

Slides two and three

To think of it another way; in 1981 Control Data Corporation, a Fortune 100 company

conducted a study and estimated that the economic impact of a single job in the American

Economy was about $52000 dollars per year. In today’s environment, that impact has grown to

between 80 and 100,000.

Therefore, if a single small employer employs 9 people besides himself in America today, based

on averages, his business is contributing somewhere between $800,000 and $1 million dollars

to the local economy every year.

In a speech to the Sydney Institute on March 12, 2014, Philip Lowe, the Deputy Governor of the

Reserve Bank of Australia showed this slide in an effort to show how his country’s production

per worker is falling. However, I think it is important to see that worldwide, in the times

surrounding the Great Recession, how production per worker is falling at the same time that

small business start ups are falling and existing small businesses are dying. The economic

impact of a small business failure can be staggering, and hard to recover from.

So you can see that the impact or Importance of Entrepreneurship has to be considered on

multiple levels. If the number of new businesses in existence fall off, employment will fall off,

local and larger economies will suffer, family wages will suffer, and it will create a ripple effect

whose impact is felt far beyond the doors of that local business.

The Impact of either failure or success in an Entrepreneurial venture can be felt in terms of:

1) The Economic Cycle

2) Monetary gain

3) Technological advancement

4) And Social Innovation

I hope that you can now see what the Importance of Entrepreneurship is and how it could

affect you and your neighbors personally. In the next video, I will be talking about the different

types of entrepreneurship.

Review Questions:

1) What do you think is the reason that GDP dropped significantly in most

countries between 2005-2012?

A. Lack of ground breaking new technologies

B. People were overworked because of high unemployment

C. Western Country’s workforce is aging

D. Nobody was buying the products they were making

In his speech, Philip Lowe sites several examples of why GDP could be at a slower growth rate.

The best answer for this format is that the lack of new technologies slowed overall growth.

2) Where would the impact be felt if a successful Entrepreneur opened a

business in your community?

A. Local Banks

B. Local Real Estate Market

C. Local Retail Stores

D. Local suppliers and manufacturers

E. All of the above

All of the above. A successful local business helps bring business to all these areas.

3) What do you feel is the most important contribution of a successful

Entrepreneur on a local level?

A. The local economy

B. Employment

C. Higher standard of living

D. Higher real estate values

Local Entrepreneurs help first in the area of Employment. From there it is a domino effect.

Employment helps the local economy, which develops a higher standard of living, which

contributes to overall real estate values.

Contact: Christos Pittis

website: www.christospittis.com

twitter: https://twitter.com/CPITTIS

facebook page: https://www.facebook.com/christoscpittis

email: info@christospittis.com

YouTube: https://www.youtube.com/channel/UClqulZeiMIfgPv_LirylA0g/videos

What do you think is the reason that GDP dropped significantly in most countries
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06:18

The Different Types of Entrepreneurship

By: Christos Pittis

Currently the Small Business Association in the United States defines a small business as an

enterprise having fewer than 500 employees. They also tell us that there are 28 million small

businesses in the US and over 22 million of those are self employed. You can see by these

numbers that the words ‘small business’ and Entrepreneur’ mean something different.”

This presentation is designed to help you understand the different types of entrepreneurship.

First Type of Entrepreneurship:

“According to a blog written in 2010 by Steve Blank, a teaching professional and multi

entrepreneur, the first type of Entrepreneurship is the Small Business Entrepreneur.”

The Small Business Entrepreneur has certain characteristics that separate it from the other types.

The Small Business Entrepreneur typically:

 Is a sole proprietor or partnership

 Has a goal of running just one location in his business

 Has simple definitions of success:

o Making a profit

o Feeding his family

o Doing something he enjoys

 They are accountable only to themselves

 They use their own savings and personally sign for loans

Statistics about the Small Business Entrepreneur:

 Over 543,000 new businesses get started each month in the USA.

 More of these types of businesses are currently closing each month than starting.

 52% are home based

 22.5 million small businesses do not employ anyone but the owner

 Most of these types of small businesses report less than $50,000 in receipts every year

Second type of Entrepreneurship:

“The second type of entrepreneurship is a ‘Scalable Startup. The major goal of a scalable startup

is to grow into a larger company and expand into different geographic locations. A lot of

franchises or dealerships are scalable. To do this, a scalable startup typically has:

 A highly profitable and repeatable business model

 External venture capital

 Rapid expansion

 Accountability to others:

o Board members

o Other people’s agenda’s

 A higher profit as a definition of success

An interesting note to scalable startups is that while they make up only a small portion of the

new small businesses that open every month, they garner the majority of the outside investment

dollars. This is because they have a defined model that can lead to profitability and success

almost immediately so investors can see their worth. What types of scalable business models can

you think of?

Third type of Entrepreneurship:

The third type of Entrepreneurship is a Large Company Entrepreneur. This type of business

comes about when a large company sees a market niche that they want to add to their portfolio

but they don’t want to change their current or core operations. Therefore they begin a different

company or division that is designed to take advantage of the opportunities in that particular

market.

Large Company Entrepreneurs:

 Want to take advantage of a market opportunity

 Want to generate substantial profits for the parent company

 Are typically financed by the company

 Are answerable to the parent company

 Are easier to start up than other types of entrepreneurships

Facts about Large Company Entrepreneurship:

 Large companies are encouraging entrepreneurship

 Google is an example of a company that has entrepreneurial divisions

 Amazon Web Services sponsors an ‘Entrepreneur contest’ to see if anyone can come up

with great ideas using their web and cloud computing technology

 Dell, Microsoft and American Express all are investing in this type of strategy

 30% of large companies now provide seed funds to finance these types of projects

 Gmail, Google News, and Adsense all started from this type of program under Google.

Fourth type of Entrepreneurship:

The fourth type of Entrepreneurship is called a Social Entrepreneur. A Social Entrepreneur can

be anyone with an idea that they think will help their fellow man. A Social Entrepreneur can be:

 For profit or not for profit

 A scalable business or small business

 A large company Entrepreneur

 Any company who has an idea, goal or procedure to:

o Do good for someone else

o Give away a portion of their income to help someone else.

Social Entrepreneurships have been around for decades but recently are becoming more and

more popular. They can be any size, from a single person company to a large, multinational

corporation.

Interesting Facts About Social Entrepreneurs: (From genconsortium.corg)

 The age groups most likely to being a Social Enterprise are

o 25-34

o 35-44

 The most prevalent educational level for Social Entrepreneurs are those with ‘some postsecondary

education followed closely by secondary school graduates

 The most common work status of Social Entrepreneurs is self employed

Graphic representation of these areas are as follows: (taken from

www.genconsortium.org/docs/download/376)

1. What are the two major differences between a large company startup and a small

business:

a. Large Companies have better ideas

b. Large Companies have more money available

c. Small Companies can react faster to changes

d. Small Companies have simpler goals

(Answer is b and d)

2. A Social Entrepreneur can be:

a. Someone who sells books on the corner and gives the money to charity

b. A large candy company that donates candy to orphanages

c. A shoe store who’s owners send out old shoes to underdeveloped countries

d. A local charity that sponsors a walk for the hungry

e. Any of the above

(Answer is E)

3. A Scalable Entrepreneurship has the following characteristic(s)

a. A hard to run business model

b. A profitable business model

c. Can only work in certain areas

d. Goals that are easy to achieve

e. All of the above

(Answer is B)

Contact: Christos Pittis

website: www.christospittis.com

twitter: https://twitter.com/CPITTIS

facebook page: https://www.facebook.com/christoscpittis

email: info@christospittis.com

YouTube: https://www.youtube.com/channel/UClqulZeiMIfgPv_LirylA0g/videos

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03:26

A History of Entrepreneurship

By Christos Pittis

Waterborne Trade:

Being an entrepreneur at any time in history means that you have to discover how to get your products in

front of the right consumers.

The first non-local trade routes followed the great rivers like the Nile, Tigris and Euphrates. These routes

grew as boats became more dependable.

The eastern Mediterranean was the first region to develop extensive maritime trade and it is because of

this that Egypt enjoyed great prosperity in the 3000 or so years BC.

The Caravan:

As far away place were able to be reached by water, the caravan routes also grew. By 1000 BC caravans

were bringing goods up the west side of Arabia and bringing together Egypt and India, as well as

Phonecia and Mesopotamia. These caravan routes helped establish roads and trade hubs between

cities, as well as carve out country and city boundaries.

Borrowed from www.ancientbiblestudy.com

The rise of Sea Trade

Oceanic trade began in the early A.D. centuries and provided the impetus to the rise of countries.

Europe, lead by Spain, Portugal and Great Britain competed with China and India to control their

markets. This rise in trade competition fostered wars, established new countries, and caused

world exploration on a scale that had never been seen before.

Many of these global shipping routes are still used heavily today.

From this broad overview, we can see that the history of entrepreneurship has shaped our world

along with many other great forces: natural resources, religion and social evolution, and political

philosophy. It cannot be discounted as a consideration when looking at our own economic,

political and social history.

My question to you is: Can you build a short history of the trade routes in your community?

Every city, town and village will have them. What is yours? Share yours with me at:

Contact: Christos Pittis

website: www.christospittis.com

twitter: https://twitter.com/CPITTIS

facebook page: https://www.facebook.com/christoscpittis

email: info@christospittis.com

YouTube: https://www.youtube.com/channel/UClqulZeiMIfgPv_LirylA0g/videos

Questions:

1) Which of the following did Entrepreneurship have an impact on:

a. Social growth

b. Political evolution

c. Shaping of Culture

d. The rise and fall of nations

e. All of the above

(Answer: E)

2) Entrepreneurship can be seen as:

a. A way to make a profit

b. A way to bring new products to a foreign market

c. A way to innovate and create new ideas

d. All of the above

(Answer: D)

3) The first non-local trade routes were:

a. Caravans

b. Inter-coastal water ways

c. Oceanic journeys

d. Along rivers

(Answer: D)

Contact: Christos Pittis

website: www.christospittis.com

twitter: https://twitter.com/CPITTIS

facebook page: https://www.facebook.com/christoscpittis

email: info@christospittis.com

YouTube: https://www.youtube.com/channel/UClqulZeiMIfgPv_LirylA0g/videos

Which of the following did Entrepreneurship have an impact on:
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03:16

Youth Entrepreneurship

By Christos Pittis

Why Youth Entrepreneurship is a good idea:

“Building self sufficiency at a young age develops behavior patterns that are required to survive

and thrive in our economy as an adult:

 The ability to make tough, non emotional decisions related to money and property

 The ability to plan and think ahead

 The need to determine what you value and what your ethics are

 The ability to sustain self sufficiency and be your own source of income

The effects of entrepreneurial education:

“According to “Logic Models and Outcomes for Youth Entrepreneurship Programs (2001), a

report by the D.C. Children and Youth Investment Corporation, educating our youth in

entrepreneurship has the following positive outcomes:

 improved academic performance, school attendance; and educational attainment

 increased problem-solving and decision-making abilities

 improved interpersonal relationships, teamwork, money management, and public

speaking skills

 job readiness

 enhanced social psychological development (self-esteem, ego development, selfefficacy),

and

 perceived improved health status

“In addition the National Foundation for Teaching Entrepreneurship found that when youth

participate in entrepreneurship programs:

 interest in attending college increased 32 percent

 occupational aspirations increased 44 percent

 independent reading increased 4 percent

 leadership behavior increased 8.5 percent

 belief that attaining one's goals is within one's control (locus of control) increased

Notable Young Entrepreneurs:

“So let’s assume you are young, have a lot of energy and you have a great idea. Can you be

successful and make a lot of money? A list of the top ten young entrepreneurs (according to

www.incomediary.com) would suggest you can. Here is a list of the top ten:

Questions:

1) What is one of the benefits of learning entrepreneurship early in life:

a. Learning self sufficiency

b. Learning how to make money easily

c. Moving away from home

d. Not having to go to college

(Answer: A)

2) What is Mark Zuckerberg’s net worth:

a. $3,000,000

b. $150 million

c. $6.9 Billion

d. $50 Billion

(Answer: C – according to www.incomediary.com)

3) Training and scholastic programs for youth that want to become entrepreneurs does

not exist:

a. True

b. False

(Answer: False)

Contact: Christos Pittis

website: www.christospittis.com

twitter: https://twitter.com/CPITTIS

facebook page: https://www.facebook.com/christoscpittis

email: info@christospittis.com

YouTube: https://www.youtube.com/channel/UClqulZeiMIfgPv_LirylA0g/videos

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What is Mark Zuckerberg’s net worth:
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03:38

Advantages of Entrepreneurship

By Christos Pittis

Advantages of Entrepreneurship

“In the past presentations, we’ve spent some time learning what an entrepreneur is, what the

types of entrepreneurial organizations are, what their impact on history is, and a little about

young entrepreneurs. So what if you want to be an entrepreneur? What are the advantages of

doing this as opposed to working for someone else?”

Why become an Entrepreneur?

 Entrepreneurs are their own bosses. They choose when to work and with whom to do

business.

 Greater chance of achieving high financial success than working for someone else.

 It provides the opportunity to be involved in the total operation of the business, not just in

one small part.

 It offers the perk of being the person in charge.

 Entrepreneurs can build equity in a business

 It creates an opportunity for a person to make a contribution to the local economy or

society

 It allows someone the opportunity to work to develop their own ideas, products and

services

Benefits to your community:

“A successful entrepreneur not only contributes to his family’s well being, he or she also

contributes to the local community. By being successful, they can:

 Become a local employer

 Contribute to a rise in the local economy

 Bring in new customers and businesses

 Increase land values and tax rolls

 Contribute to the skill of the local workforce

As we can see from the illustrations below, even in the ‘Green’ company marketplace, small

companies play an important part in overall business innovation:”

Source: http://www.sba.gov/sites/default/files/rs389tot.pdf

Source: http://www.sba.gov/sites/default/files/rs389tot.pdf

Questions:

1) What are some of the economic benefits of being an entrepreneur:

a. More local jobs

b. Higher local land values

c. More potential for financial success

d. All of the above

Answer: D

2) What is a personal benefit of being an entrepreneur:

a. You automatically gain recognition as a community leader

b. You can be your own boss and choose who you do business with

c. You can run for political office

d. You can buy a bigger car

Answer: B

3) As an Entrepreneur you can:

a. Be an inventor

b. Patent new products or processes

c. Take old products and redesign them into something better

d. All of the above

Answer: D

Contact: Christos Pittis

website: www.christospittis.com

twitter: https://twitter.com/CPITTIS

facebook page: https://www.facebook.com/christoscpittis

email: info@christospittis.com

YouTube: https://www.youtube.com/channel/UClqulZeiMIfgPv_LirylA0g/videos

What are some of the economic benefits of being an entrepreneur:
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Section 3: Business issues
06:53

How to Finance a Business Start up

By Christos Pittis

Financing a business start up

There are two basic ways to finance a business start up, and many sub types of each way to do it.

The question for you, if you are going to start a new business, is which way is best for you?

Equity Financing

Equity financing means that you will be exchanging a portion of your business ownership and

control for the money to get it started. There are several ways to do equity financing but keep in

mind that it involves a permanent investment into the company and is not repaid by the

company.

Equity Financing can be accomplished by:

 Selling shares of stock in the company

 Forming a partnership

 Financing your own company out of savings

 Forming a limited partnership

 Using angel investors or venture capitalists

Let’s take a quick look at the features, advantages and disadvantages of each form of equity

financing.

Shares of Stock

1. A share of stock in a company represents a claim on the company’s assets and earnings.

It is a portion of ownership in the company. Stocks come in many different types, but at

its most basic level it is a share of ownership in the company.

a. Advantages:

i. A share of stock allows a company to raise capital for the company that it

will likely never have to pay back.

ii. It limits ownership to that share of stock and limits liability on the part of

the stockholder.

iii. It can provide for dividends on the investment

iv. It can be either participating or non participating

v. It can have votes to control company direction associated with it or it may

not.

b. Disadvantages:

i. A share of stock may not return any value in the company at all, there is

no promise or obligation to pay back the investment.

ii. Since it has no guarantees it is subject to being valued by the marketplace

iii. Price can go down if you need to sell it

iv. For the founder/owner of the company, selling stock means giving up total

control of the company

Partnerships and Limited Partnerships

1. Advantages:

a. You can spread out the work load, the liability, and the funding needs

amongst one or more other people.

b. You can pre-determine each partners rights and benefits

2. Disadvantages:

a. You give up some control

b. You subject the business to the personal interests of each partner

Financing out of personal savings:

1. Advantages:

a. Total control

2. Disadvantages:

a. Total risk of loss

Financing with Angel Investors or Venture Capitalists:

1. Advantages:

a. You can quickly raise large sums of money

2. Disadvantages:

a. You give up a large amount of control in the operations and direction of the

business.

There are also ways to raise money for a small business through debt instruments. These can

take the form of loans, both traditional and microloan programs and credit card borrowing.

Traditional Loans:

1. Advantages:

a. You do not have to give up control

b. You can structure how you get the money and how and when you pay it back in

most cases

2. Disadvantages:

a. You need to have a very solid and well thought out business plan

b. You have to provide collateral

c. Loans are hard to get for a business start up

Microloan programs:

1. Advantages:

a. They are easier for a new business to get

2. Disadvantages:

a. They are usually smaller amounts than typical business bank loans

b. You have to provide a very well thought out business plan

c. You have to provide collateral for the loan

Financing through Credit Cards:

1. Advantages:

a. Quick financing

b. Pre-approved in most cases

c. No heavy paperwork or need to show anyone what you are doing

2. Disadvantages:

a. High interest rates

b. Steep prices for defaulting

c. It is easy to forget what you really owe on the debt

Whether or not you choose either debt or equity investing there is a newer and creative way to

gain either type of financing for a business venture and that is called crowd funding. Crowd

funding is a way to raise money by pitching your business idea to people through a social media

platform and asking them for money to help finance your business. Crowd funding can be:

1. Equity funding

2. Debt funding

3. Charitable funding

4. Exchange (giving something back to people who give you money in exchange for some

dollars).

This is a newer type of funding and the rules for doing it legally vary widely depending on your

location.

No matter what type of financing you choose, and you may choose several types to start your

business, the type of business ownership you decide on may largely determine how you go about

raising the funds for your start up. A look at the chart below can tell us some interesting things:

Source: http://www.sba.gov/sites/default/files/FAQ_Sept_2012.pdf

It is safe to say that most non-employers amongst small business start ups are either started with

the owners own money or some type of debt financings. Most small employer firms have used

both equity and debt financing to start their businesses.

So my question, and my challenge to you is, what do you think is more important for your type

of business: debt or equity financing. Why do you feel this way? Please let me know at the

contact information provided below.

Contact: Christos Pittis

website: www.christospittis.com

twitter: https://twitter.com/CPITTIS

facebook page: https://www.facebook.com/christoscpittis

email: info@christospittis.com

YouTube: https://www.youtube.com/channel/UClqulZeiMIfgPv_LirylA0g/videos

Questions:

1) What are some advantages of selling stock to raise money

a. Can raise lots of money if structured correctly

b. You can keep total control of the company

c. More potential for financial success

d. All of the above

Answer: A

2) What type of funding can be done through crowd funding?

a. Equity

b. Debt

c. Charitable

d. Exchange

e. All of the above

Answer: E

3) The best choice to raise money for a sole proprietor is

a. Borrow

b. Invest your own money

c. Take on partners

d. Could be all of the above, or it could be something else

Answer: D

Contact: Christos Pittis

website: www.christospittis.com

twitter: https://twitter.com/CPITTIS

facebook page: https://www.facebook.com/christoscpittis

email: info@christospittis.com

YouTube: https://www.youtube.com/channel/UClqulZeiMIfgPv_LirylA0g/videos

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07:57

Five Entrepreneurial Success Stories

By: Christos Pittis

Introduction:

“Hello, this is Christos Pittis and welcome back to our series on Entrepreneurship. In today’s

lesson, I am going to discuss five different entrepreneurial success stories. You will find that

there are similarities in each business and some differences. My challenge to you is to determine

which factors helped each type of business and to see if there are common qualities that

determine ultimate success.

Currently, according to the Small Business Administration in the US, seven out of 10 new firms

survive two years, half for five years, and a third for 10 years. They are getting their information

from the Bureau of Labor Statistics.

So let’s take a look at some companies that have started small and have had some huge success:

Google:

“Everyone has heard of Google. It started as a company call “BackRub” when two college

students, Larry Page and Sergey Brin designed a search engine. They registered their domain

name, Google.com in 1997.

Facts about Google:

 Began in a garage by two students.

 Designed a unique algorithm for searching data bases that returned relevant results.

 Received $100,000 funding in 1998 from private investor.

 Incorporated in the state of California in 1998.

 Built the company around a vision of constant innovation

 Google went public within 6 years of its initial funding

Comments about Google:

We all know that Google is a leader in technology and innovation. Is this what has made it

successful? Perhaps it was a solid business model backed up by a strong innovation model that

brought USEFUL technology to the general public.

GasBuddy.com

“In April of 2000 GasBuddy was formed by Dustin Coupal and Jason Toews, according to

Wickipedia.org. It filed in Minnesota as a corporation in 2004. GasBuddy is an app and website

for the public to report and find prices of gas and motor fuel in the US and Canada.

Facts about GasBuddy:

 Founded in April 2000

 Simple App and website that gives information about gas prices

 Rapid expansion through varied networking with gas stations, spotters and credit card

companies

 Purchased by OPIS (Oil price information service) in 2013 for an undisclosed amount

Comments about GasBuddy:

“This application and website is very useful to consumers and while it is an open source

application and free to the public, it is made possible by the willing participation of millions of

people in their reporting network. My question to you would be how did this model, (free app,

high interest, and high willing participation by consumers) become profitable?”

Pandora Radio

“Pandora Internet Radio is a music streaming service that has an ‘automated’ music

recommendation service. It is only available in the US, Australia, and New Zealand. They are

the custodian of the Music Genome Project which is an effort to capture the essence of music

using over 450 song attributes and a complex mathematical algorithm to organize them. It is

similar in concept to the Human Genome Project which maps characteristics of human DNA.

The concept revolves around brining people music that they will like based upon these attributes

and asking people to subscribe to different levels of music service.”

Facts about Pandora::

 Service launched in July 2005

 Advertising on Pandora is 88% of their revenues.

 In quarter 1 of 2012 Pandora had $10.2 million of revenue from subscription alone.

 Launched its IPO in February of 2011

 Company valuation in 2011 was 2.6 billion

 Has over 200 million users

Comments about Pandora:

“Pandora again is a model that brings something useful and easy to use to people. Pandora

enriches people’s lives in a manner that people can control in terms of time and money spent on

the service.”

Edible Arrangements

“Edible Arrangements is a company that delivers attractive, edible fruit based packages to

consumers. It functions on the same principal as a flower delivery shop. It began in 1999 when

the founder, Tariq Farid had the initial idea. Soon after he began the business, Chris

Dellmarggio, a non business owner who was working as a marketing researcher, approached

Farid about expanding his operation into a franchise. The growth from inception to a major

franchise opportunity has been explosive.”

Facts about Edible Arrangements

 As of this writing, Edible Arrangements is still an LLC.

 In 2014 it has over 1000 franchises world wide

 In 2013 Edible Arrangements was ranked by Entrepreneur magazine as number 40 on the

list as a Top Global Franchise for five years running.

 Current cost of an Edible Arrangements Franchise is between $150 and 275 thousand US

dollars

Comments regarding Edible Arrangements:

This model of success still revolves around providing a unique, useful service that gives people

what they want, when they want it. The expansion model, however, is different from the

previous companies that were reviewed. The model for this business is a franchise model. Have

you ever thought about how you would expand your business? What types of products/services

lend themselves to franchise expansion?”

Starbucks

Starbucks began with its idea of ‘designer’ coffee in Seattle in 1971. In 1981 Howard Schultz

tried Starbucks coffee and liked it. He wanted to bring a ‘coffee bar’ experience to the people of

the United States and in 1987 with a group of investors, he purchased Starbucks.”

Facts about Starbucks:

 There are more than 23000 Starbucks stores in 65 countries

 Starbucks also sells tea, beer, wine, pastries and snacks

 Starbucks markets books, music and film

 You can see the graph showing Starbucks growth (from Wikipedia.org) below:

Comments about Starbucks:

Starbucks is also a franchise model expansion and they are traded on the US stock market. What

do you think caused their slow beginning over the first two decades and then the rapid growth

over the next 18 years? Why did that growth slow dramatically after 2007?

Close and Call to Action:

Success in business comes from a large combination of factors, but timing and innovation are

extremely important to the success of a company. Please answer the questions below and reach

out to me with any other comments, observations and questions:

1. What are some common factors in these five businesses success:

a. Giving people a product they want that is easy to obtain

b. Volume of sales

c. Scalable business model that is easily expanded

d. Outside investors

e. All of the above

(Answer is e)

2. What could have caused StarBucks growth pattern:

a. A change in ownership

b. Timing was not right in early years for great expansion

c. Business model needed to be perfected in early years

d. Economic factors influenced the growth pattern throughout

e. All of the above

(Answer is E)

3. What factors do you need to consider when expanding your business:

a. Management control

b. Financing and cost

c. Local laws

d. Scalability of business model

e. Different cultures and where to find customers

f. All of the above

(Answer is F)

Contact: Christos Pittis

website: www.christospittis.com

twitter: https://twitter.com/CPITTIS

facebook page: https://www.facebook.com/christoscpittis

email: info@christospittis.com

YouTube: https://www.youtube.com/channel/UClqulZeiMIfgPv_LirylA0g/videos

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04:34

Developing Business Ideas as an

Entrepreneur

By: Christos Pittis

Introduction:

“Hello, this is Christos Pittis and welcome back to our series on Entrepreneurship. In prior

lectures we’ve discussed who an entrepreneur is, what effect they have, the history and

advantages of entrepreneurship as well as how to finance a small business. In my last lecture I

discussed five entrepreneurial success stories. So in this lecture, I would like to ask you to think

about how you would develop your idea from inception to successful business.

As we’ve discussed in prior lectures, most small businesses fail within the first five years and

there are numerous reasons for that. One reason though, is that the idea the entrepreneur began

with, is somehow flawed once it is taken to market. Therefore, if you have an idea that you think

would be a great business idea, you need to fully explore all the ramifications of that idea before

you begin looking for investors.

In looking back at last lecture, there are some commonalities in the success of those businesses

that become self evident. They have, to one degree or another, an idea that:

 Fills a need

 Saves people time or money or both

 Is scalable

 Is manageable

 Can cross cultural and social boundaries

So when you are looking at an idea and think it might be a good one, you need to gather

information on how it measures up according to the above criteria.

Think back to this past lecture. What need did Google fill at the very beginning? The answer

is simple: They helped people optimize their search for information.

How did GasBuddy help save people money and time? They developed a network that shows

people where the cheapest gas prices are.

How did Edible Arrangements expand and grow? They took a model that worked for them

and applied it to a new product, then expanded as a franchise.

Managing growth of a business is one of the most challenging business functions. Because of

the history of the flower delivery industry, Edible Arrangements also knew how to grow their

business and used that model to great success.

Which of the businesses we covered last week successfully crossed cultural or social

boundaries? I think at some level all of them did. Any time you create a new product or

service, you may be creating something that some people may like, but if you can’t design the

product, delivery of it or advertising for it to penetrate into new marketplaces, your expansion

would be severely limited.

Some of the other things you should think about when researching your business idea:

 The seriousness of the problem you are trying to solve. If it is not a big deal to many

people, your market will be severely limited.

 The amount of human or other investment you will need to produce it. If the initial

investment is too high with existing technology, you may never be able to get it off the

ground.

 The level of skill you will need to produce your product or service. If you cannot find

enough skilled workers, again your expansion will be limited.

 Bureaucratic challenges: What political, social or cultural boundaries will you have to

overcome for your idea to be successful?

These are by no means all the considerations, but they are some good ones to start with.

Close and Call to Action:

Success in business comes from a large combination of factors, but your basic product or service

idea needs to be sound to even consider starting. So how do you find a sound idea? You can

start by looking for something you could use to make your life a little easier. There are also

websites, much like this one: http://www.entrepreneur.com/businessideas/index.html that will

give you some ideas. If you like some of them, just work through the development process and

see where it takes you. My challenge to you: What idea do you have that you think would

be successful? Contact me with an idea and with your reasons why you think it would be

successful. I will be happy to respond with my comments. Please take a moment to answer

the following questions. As always, feel free to reach out to me with any questions, comments or

suggestions.

1. Why is researching your business idea thoroughly important?

a. It is only important if you are going to take out a loan for the business

b. If the idea is flawed in any way, it will make it much harder for the business to be

successful.

c. Only smart, well informed people can have good ideas

d. A business can get by on mostly hard work regardless of their product

(Answer is b)

2. What would be an example of a product that will have problems expanding because of

cultural or social boundaries:

a. Trying to sell shoes to people that don’t wear shoes

b. Trying to sell coffee in China

c. Attempting to sell winter clothing in Hawaii

d. Selling sail boats in the middle of a desert

e. Only A & B

(Answer is E – please discuss this one with me, why would it be only A & B?)

3. Can you make a successful business out of an idea that someone else failed with? Please

send me your response as to why or why not.

Contact: Christos Pittis

website: www.christospittis.com

twitter: https://twitter.com/CPITTIS

facebook page: https://www.facebook.com/christoscpittis

email: info@christospittis.com

YouTube: https://www.youtube.com/channel/UClqulZeiMIfgPv_LirylA0g/videos

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Section 4: Bonus lecture and conclusion
06:39

How to Start a Business

By Christos Pittis

How to Start a Business:

During this video series, we’ve been speaking about Entrepreneurship and what the various

factors of a successful business are. In this lecture, we will talk about the steps you need to take

to start a business. The steps that I will be suggesting have been outlined on the following site:

http://www.sba.gov/content/follow-these-steps-starting-business, and I will be adding my

comments to them as they may not all apply to your particular situation. My challenge to you

would be to find the ones that DO apply to the business you want to start up, and then contact me

with further questions, to go into greater detail.

Write a Business Plan:

Any time you start something as complex as a business, you will need to have a business plan.

The plan can be one page, or many, but you need to think through, and document, the entire plan

so that you not only have a road map to follow in your business, but so that financing companies

and investors can measure the pros and cons of your plan.

A good business plan will contain at least the following information:

 Name and ownership of the entity

 Legal form and contact information for the entity

 What the main idea, product or service is

 A discussion of your competition, the marketplace, and your plans for penetrating the

market

 Distribution and sales plans

 Any key technology, patents or new ideas that will help you succeed

 Management structure

 Financials

 Exit Strategy

Get Help

If you don’t have a lot of experience in the type of business you are starting, then you need some

help. Attorneys, Accountants, Financial Planners, Marketing Companies, and Consultants are all

available to help you begin your business in the correct manner. While sometimes these experts

are expensive, if you choose the right one at the right time, you will save or make thousands of

dollars based on their advice.

How do you know if you need help? If there is something you don’t know, or may not know

about your business then it almost always helps to look outside your company for the right

advice.

One of the biggest reasons entrepreneurs fail is that they don’t get the help they need. Many

entrepreneurs come to their business with some experience from other companies, but most of

the time, that experience is one area of the business, and they need help to get the other areas of

the business performing at high levels.

The best advice I can give right now is to find a small business consultant that can help you in

the following manner:

 Formulate and answer questions about the business plan

 Put you in touch with other experts you may need

 Help you in setting up your systems and procedures so they are optimized and profitable

at a very early stage

 Keep you from making key mistakes

 Mentor you throughout the different phases of business growth

Choosing a Business Location:

When looking for a location, please remember that the old adage: “Location, Location, Location”

has more to do with the business success than just foot traffic going by a store front. Here are a

few of the things you need to consider when you choose your location:

 Convenience

 Access to Customers

 Cost of that location

 Adaptability of that location

 Tax and business laws and ordinances

 Environmental factors

 Appropriateness to your type of business

Since this is just a list, I will ask you to consider each one of these items and contact me with a

short few sentences of some businesses that you know of that failed because they failed to

consider one or more of these factors.

Financing your Business

We spent a lot of time in the last lecture discovering ways to finance your business. As we

noted, different ways of financing could have a big impact on the type of business, your location

options, your growth and overall viability of the business.

When you consider the different types consider the following:

 How much money you need

 How much control you want

 How much you can afford

 What you cannot afford to do without

 Whether you want to give up equity or cash flow in exchange for the financing

Determine the Legal Structure of your Business

Can you see how the steps we’re outlining follow many of our lectures? The legal structure of

your business should answer the following items:

 How much liability you are comfortable in having

 How much ownership control you want

 How big you eventually would like to grow

 How much risk you want to take when considering employees

Registering your Business Name:

Registering your business name is required in many instances to obtain:

 Legal business standing

 Tax filing numbers (both federal and state)

 Copyrights and trademarks

 Obtain Business Licenses and Permits

You need to do the research in your community and find out who you need to register with. In

most cases it will be with your state government or an equivalent entity.

Other responsibilities:

So we’ve talked about the main steps you need to begin a business. Once you do though, you

have other responsibilities. You must:

 Understand all local and federal laws and ordinances that apply to you and your business

 Provide a safe and legal environment to work in

 Provide a safe and legal product or service

 Understand your fiduciary obligation to pay your bills and file your taxes

This is by no means an all encompassing list for what you need to start a business, but it is a

good beginning. What other things do you think you need for your business? Please contact me

with your thoughts on this. I would be very interested to hear the details of what you need to

begin your successful business venture.

In the mean time, please review the questions below and feel free to contact me at any time with

questions, thoughts and feedback.

Contact: Christos Pittis

website: www.christospittis.com

twitter: https://twitter.com/CPITTIS

facebook page: https://www.facebook.com/christoscpittis

email: info@christospittis.com

YouTube: https://www.youtube.com/channel/UClqulZeiMIfgPv_LirylA0g/videos

Questions:

1) Why do you need a business plan when you start a business:

a. To help attract investors or financing

b. To give you a roadmap to become successful

c. To prove that you can do it

d. A & B

e. None of the above

Answer: D

2) Does Location matter if you are running an internet only business

a. No, I can run that from anywhere

b. Yes it could have some ramifications in terms of local laws, technology

infrastructure, and level of communications service

Answer: B

3) I don’t have to register my business until it makes money

a. True

b. False

Answer: B

Please send me your opinion on why answer B is the correct answer.

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Entrepreneurship Tips, Tricks and More

By Christos Pittis

In this lecture

In our lecture series we have talked about everything Entrepreneurial, and in this lecture I want

to give you a basic step by step process to get your own business going. In every business there

are some key ingredients you need to be successful and a small business probably needs these

keys more than most.

The first step in the process is to come up with an idea for your business. Believe it or not, there

are sites on the internet that will give you some ideas. An example of one such site is:

http://www.entrepreneur.com/article/201588

No matter how you come up with your idea, there are some things you need to consider before

you decide to begin pursuing it:

 Is it something you are passionate about

 Is it something that other people will find useful

 Is it an idea that will improve the quality of life for your customers

 Is it an idea that can grow

 Is it an idea that will be accepted by society

 Is it an idea that is easy to sell

 Are the materials you need easy to obtain

 Is the technology you need easy to obtain

There are plenty of ideas out there, and many of them good, that just don’t make it in a business

world because of outside influences. At the least, your idea should be explored and analyzed for

its soundness and ability to return a profit if you assume good internal management and

operational factors.

Business Plan

Once you have your idea, you will have to formulate a comprehensive business plan. It is

ALWAYS better to have a written plan. A written plan will take on a life of its own and give

you a roadmap to follow when things get complex and the pressure starts to build. There are

seven main sections to a plan:

 Executive summary (a high level summary of everything in the plan)

 Description of the business

 How you will make your money

 Market strategy and definition

 Competitive analysis

 Budgeting and Financials

 Personnel and Exit strategy

There are some great websites and all kinds of information on writing a good business plan.

There are even industry specific templates available, some for free, some at a small cost. Here is

a general list of places to start with:

 businessplantemplate.growthink.com

 https://www.extension.purdue.edu/extmedia/.../ec-735....

 www.sba.gov/writing-business-plan

 www.businessknowhow.com/startup/business-plan-parts.htm

Financing

Financing is always a scary issue for any new business owner. We spent an entire lecture on the

different types of financing earlier in this series. The most likely scenario is that you will have a

blend of several different financing options when running your business for the first several

years. Here are some places you can go to find financing options:

 www.gust.com/startups

 www.microventures.com

 www.flexbusinessloans.com

 www.fundable.com

 biz30.timedoctor.com/7-places-to-get-startup-funding/

Operations

To make a business plan work for you, you need to convert it into an operational blueprint. A

business operations blueprint is a step by step plan of how you will operate in each phase of your

business. It gives you direction, feedback, systems and decision making ability. A good

Operational blueprint will have the following components:

 Well defined vision and mission statements

 Goals and objectives

 Productivity measures

 Financial plan

 Financial measures (reports)

 Operations (production) model

 Staffing

 Project management

 Research and development

 Marketing

 Sales

Some good sites to look at to learn how to build your blueprint are listed here:

 http://www.smallbusinessbc.ca/starting-a-business/how-create-a-blueprint-your-start

 http://s141104199.onlinehome.us/ch1/bobhome.htm

 http://www.fastcompany.com/1842815/why-you-need-better-business-blueprint

 http://www.inc.com/welcome.html?destination=http://www.inc.com/guides/201107/howto-

write-an-operational-plan-for-your-small-business.html

Unless you have a truly ground breaking idea that everyone will love, there is no real way to

open a business and ‘get rich quick’. It takes hard work, superior strategy, and smart decision

making. These tips that I’ve given you will help you lay the foundation for a solid business. My

challenge to you is to contact me with your product idea, your vision of how you want to build it,

and a list of the top four obstacles you will face. In my next series, I am hoping to interview up

to 10 entrepreneurs to find out what they are doing that works for them. Will you be one of

them?

Thank you for watching and participating in this exciting and informative series. Please contact

me with your comments and questions.

Contact: Christos Pittis

website: www.christospittis.com

twitter: https://twitter.com/CPITTIS

facebook page: https://www.facebook.com/christoscpittis

email: info@christospittis.com

YouTube: https://www.youtube.com/channel/UClqulZeiMIfgPv_LirylA0g/videos

Questions:

1) If you have a great idea for a business, it is always successful

a. True

b. False

Answer: A

2) A good, comprehensive business plan helps determine:

a. What type of funding you need

b. Where your business will be located

c. The structure of your business

d. The internal management strategies of your business

e. All of the above

Answer: E

3) Having a good operational blueprint is necessary to:

a. Impress investors

b. Take your business plan and make it a step by step reality

c. Look like you know what you are doing

d. As a reference guide for sound business practices

Answer: B

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Instructor Biography

Christos Pittis, ERP Consultant, IT/Technology/Software Enthusiast, educator

ERP Consultant for more than ten years and experience as an Entrepreneur for eight years. Microsoft Certified Professional (MCP).

Teaching Accounting for more than eight (8) years.

1. Level 2 seller on Fiverr 

2. TOP 5% of most-viewed on SlideShare (year 2014) 

3. 21,000 + students at Udemy 

4. Author of two books


He is married with two children, and lives in the UK.


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