Why Have a Business
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Entrepreneurship. It’s a big word that is being used by a lot of people, many of whom have never really created a business, but would love to try. What holds them back from starting a business? We believe the answer to this question has three parts.
First, they fear failure. An entrepreneur is someone who has learned to succeed by first failing in order to learn what doesn’t work. Unless you are willing to risk failure, you are not willing to risk success. An entrepreneur realistically considers the costs, but at the end of the day is willing to assume the risk of failure.
Second, people lack a realistic understanding of what entrepreneurship and starting a business is all about. They think they need to learn about business – which they do. But, they also need to learn about themselves. This leads to the third and final reason why few people become entrepreneurs.
Third, they do not have a realistic understanding of who they are, their spiritual gifts, and the personality traits that makes them who they are.
The first key to being a successful entrepreneur is to know WHY you want to have a business in the first place. If you can’t answer this question – if you cannot identify what your passion is – then you will lack that all important self-motivational factor that keeps you moving forward despite seemingly overwhelming odds. Clearly understanding WHY you want a business will provide you the intrinsic motivation you need to persist. It will give you the reason to ACT to accomplish your goals, and it will motivate you to ACQUIRE the knowledge you need to act wisely.
This course is divided into four modules. The first module, Why Have A Business, is designed to help you understand what is fueling a global trend toward self employment and new business start-ups. In this lesson, we’ll explore these trends, and learn why they provide a reason for you to consider starting your own business – be it spare time, part time, or full time. This module is subdivided into five lessons:
Lesson 1: Why Have a Business
Lesson 2: Why Work is Going Online
Lesson 3: How Government Regulations Are Affecting Jobs
Lesson 4: The Advantage of Deducting Business Expenses
Lesson 5: Self Employment is Not for the Faint of Heart
The second module, Creating Your Mastermind Group, is designed to teach you that to remain persistent for the long haul, you will need to surround yourself with a core group of advisers who will encourage you, and hold you accountable. We will show you how to do this by forming a Mastermind Group. This module is subdivided into the following 4 lessons:
Lesson 1: Why Do People Fail?
Lesson 2: Creating A Mastermind Group
Lesson 3: How Does A Mastermind Group Operate?
Lesson 4: Leveraging the Power of a Virtual Mastermind
The third module, What Business Structure is Best for You, introduces three basic business structures. We provide you with the pros and cons of each, the types of forms you’ll need to file, and a comparison of the tax costs of each business type. We’ll ask you to consider some very practical issues to help you evaluate which business format is best suited to your particular needs. This module is subdivided into the following 4 lessons:
Lesson 1: Is Your Business Newborn, Reborn, or Clone?
Lesson 2: Choosing Your Business Structure
Lesson 3: Filing as a Corporation
Lesson 4: Tax Liability Comparison for Each Business Structure
The fourth module, Next Steps, provides a bonus lesson: Ten Points to Remember when Starting a Business. We’ll also conclude with some additional resources you can take advantage as you consider starting your own business.
A total of 34 lessons divided between 5 course modules constitute the core of the learning materials. Video lessons are recorded power point presentations converted to video designed to emphasize key learning objectives. Additionally, each module is accompanied by an ebook (PDF) designed to round out the video presentations. Each module begins with an introductory video that sets the stage for what you will learn in that session.
Depending on the pace of the online learner, one should plan to spend about four hours going through the materials.
Why Take This Course
Generation Self Employed is dedicated to creating curriculum and coaching for the next generation of entrepreneurs. We’ve developed a “learn by doing” curriculum that can be used by home school families, unemployed or underemployed adults, as well as older adults nearing retirement age, but who wish to start their own businesses. We have developed and piloted a curriculum on entrepreneurship that not only helps people learn how to see themselves becoming entrepreneurs, but also gives them a step by step hands on program to learn and apply the principles of how to successfully launch a business.
This course, Why Have a Business, is an introduction to that curriculum. It is designed to help you understand the trends affecting the market place, why people who might want to start a business fail, and how you can equip yourself to succeed. We provide an overview of the most often used business structures by new small businesses, and conclude with a list of ten points to remember when starting a business. Finally, we provide a list of additional resources to help you get started with a new business.
About The Course Creator, David Lantz
Why Have a Business is the first in a course series titled "Generation Self Employed." I've worked with Scott Badger of Northpoint Homeschool Classes to develop and pilot a curriculum on entrepreneurship that not only helps people learn how to see themselves becoming entrepreneurs, but also gives them a step by step hands on program to learn and apply the principles of how to successfully launch a business.
I've worked in the network marketing direct sales industry, building a downline of with over 170 independent representatives. I also worked as a Telecommunications Sales Consultant with 12 years experience, and I've authored 6 books, including Buying Technology and Think Like Jesus, Lead Like Moses. As a college adjunct professor, I've been teaching at the college level since 2004 at four colleges and universities. In 2005, I was named Faculty of the Year by first graduating class of University of Phoenix, Indianapolis, Indiana. My life verse is Proverbs 15:2: “The wise man makes knowledge acceptable.”
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|Section 1: Introduction to This Course|
|In this lesson, David Lantz and Scott Badger discuss how they came together to create an entrepreneurship curriculum, resulting in the their decision to start their company, Generation Self Employed.|
In this video, David Lantz welcomes you the course, Why Have a Business. In this introduction, you'll learn more about how the course is organized, and asks you to consider how you might wish to move forward to start your own business. Please be sure to download the PDF syllabus file for the course to learn more about the learning objectives for each lesson.
In this Xtranormal video, we explore why one needs to take an “ownership mentality” and recognize that “Shift Happens.” Did you know about how the changing global economy means you should become an entrepreneur? In this lighthearted, text to speech animation, we explain why.
|In this lesson, we provide you with an outline of all the lessons and what they are about. Please be sure to download the Syllabus, which is in PDF format.|
Accessing Course Materials
|Section 2: Module 1: Why Have a Business|
|Lecture 6||2 pages|
|In this lesson, we preview the first module, "Why Have a Business?" Please be sure to download the PDF file that accompanies this module.|
In this first lesson, we introduce the three reasons to have a business, and establish the learning objectives for this module.
In this lesson, we examine why work is going online. The three forces that are leading to increased global competition for work are as follows: The Internet allows the creation of a wider and deeper talent pool; technology facilitates the standardization of work processes; and competition drives companies toward leaner, more efficient operations.
In this lesson, we’ll examine a growing trend toward part time and temporary workers. This trend, caused by increased government regulation, is leading many companies to replace W-2 tax filed employees with W-9 business to business contractual relationships.
In this lesson, we explain how, in many cases, having a business allows you to deduct work related expenses which would not be deductible if you were an employee. We’ll also consider different types of business organizational structures, and the tax consequences of each.
In this lesson, we’ll ask you to examine yourself. Are you the type of person who can succeed as a self employed entrepreneur, or do you need others to motivate you to work hard? We’ll recommend a tool to use to evaluate yourself on this topic.
Your Assignment for Session 2
|Section 3: Module 2: Creating Your Mastermind Group|
|Lecture 13||12 pages|
In this lesson, we preview the second module, "Creating Your Mastermind Group." Please be sure to download the PDF file that accompanies this module.
In this lesson, we tackle the number one reason why people fail – at anything: Lack of persistence. No matter what the endeavor, we all know that to “make it to the top,” we must have persistence. We will explore what it means to experience a “Crisis of Confidence.”
Generation Self Employed has a series of courses on entrepreneurship. Occasionally, we use short videos of animated characters talking about creating a business strategy to launch a lemonade stand. In this lesson, Morpheus and Joseph Donnelly discuss a concept we call the “Crisis of Commitment.”
In this lesson, we’ll examine the power of cooperative effort, understanding that no one actually launches their business with no help from anyone. We will define what constitutes a Mastermind Group. And, we will examine the two advantages of such a group: The economic advantage, and the psychic advantage.
In this lesson, we will examine ways in which a Mastermind Group operates. We will examine some “best practice techniques” for how to run such a group, as well as some technology tools that allow you to operate a virtual Mastermind Group. We will see how to apply Proverbs 27:17 (“as iron sharpens iron, so one person sharpens another”) to maximize both the benefits of such a group.
In this session, we will explore how you can leverage social networks to create a virtual Mastermind Group into which you can tab for advice and support. We will explore how Generation Self Employed is creating one such virtual Mastermind.
Assignment for Session 3
|Section 4: Module 3: What Business Structure is Best for You?|
|Lecture 20||1 page|
In this lesson, we preview the third module, "What Business Structure is Best for You?" Please be sure to download the PDF file that accompanies this module.
In this lesson, we will examine the three ways a business gets started. We’ll cover the prose and cons of each type, and ask you to decide what it is you want from a business in order to help you chose the business method start-up that’s right for you.
While there are many legal business structures you might consider, in this lesson, we will talk about the three we believe are best suited to new entrepreneurs: Sole Proprietorship, Subchapter S Corporation (Sub S), and Limited Liability Corporation (LLC). Additionally, we’ll take an in depth look at the first of the three, the Sole Proprietorship.
Case Study: Creating a Sole Proprietorship in Indiana
In this lesson, we will learn why someone might file as a corporation, and examine two specific types: The Subchapter S and the LLC. You’ll learn about the pros and cons of each, and the types of tax forms you might need to file for these two types of corporations. In this lesson, we’ll focus on the Subchapter S Corporation.
|A step by step description on how to file as an S Corporation in the State of Indiana. The lesson has links to web pages where you can find the necessary forms.
In this lesson, we will continue to examine why someone might file as a corporation, and examine two specific types: In this lesson, we’ll focus on the pros and cons of filing as a Limited Liability Corporation (LLC).
|A step by step description on how to file as an LLC in the State of Indiana. The lesson has links to web pages where you can find the necessary forms.|
For each of the three business structures we’ve examined, we’ll consider an example of tax costs under two examples: One if you are a single filer, and one if you are married filing a joint return when your spouse works. After taking this lesson, you will have a better understanding of the tax implications of each of the business structures we’ve covered in this course.
Planning Your Business - An Assignment
|Section 5: Is Entrepreneurship Right for You?|
In this lesson, Scott Badger explains why we are using the DISC Personality Profile and how we came to partner with Uniquely You. Once you review this lesson, we encourage you to access the accompanying text lesson to log into the system and sign up to take the DISC and Spiritual Gifts profile assessment.
|In this lesson, we walk you through the process of registering for Uniquely You's DISC and Spiritual Gifts Assessment.|
|Section 6: Next Steps|
|The course creators, Scott Badger and David Lantz, provide some concluding thoughts and how you might leverage to curriculum and coaching from Generation Self Employed to launch and expand a business of your own.|
We hope you've enjoyed the course. In this lesson, we summarize what has been learned in this course and preview additional courses in the series available from Generation Self Employed. We have 4 more that take you through a detailed, step by step process, to plan and launch your own business.
I have always enjoyed being a teacher. I have taught adult Sunday School classes and small group bible studies for the last twenty years. Outside of the Bible, I am an Adjunct Professor of Business Management and Economics for the University of Phoenix, Indiana Wesleyan University, and several other Indiana colleges, including Ivy Tech. I teach both online and face to face courses. I was named the 2005 Faculty of the Year by the first graduating class of the Indianapolis Campus of the University of Phoenix.
From 1992 to 1995, I was the State Director of the Indiana Christian Coalition, and I’ve served as a political consultant to several political campaigns for statewide office. I’ve worked for such organizations as the Indiana Fiscal Policy Institute and as a Budget Analyst for the Indiana Legislature. And, in 1999, I was privileged to prepare a socio-economic analysis of Central Indiana for Dr. Billy Graham’s 1999 Indianapolis Crusade.
I enjoy writing, and have self-published several books, including two Christian historical novels, The Brotherhood of the Scroll and The Sword of the Scroll, To The Brotherhood of the Scroll, I’ve written a companion course curriculum, “Clash of the Superpowers: A Comparative History Curriculum.”
My wife Sally and I have been married since 1979 and have three adult children, of whom we are very proud. Sarah is 32 and is a Surgeon. Jason is 31, married to his wife Gail and they have a son, Isaac. Josh is 26 and attends IUPUI.
My life verse is Proverbs 15:2, “The wise man makes knowledge acceptable.”