We see a lot of people asking what do they need to learn before launching a business. On one side, we have people saying you don't need to learn anything. On the other hand, we see people listing out skills, like writing code, writing sales copy, branding, SEO, etc.
Putting myself out there, I offer up this answer. Take a look at Coursera's Business Foundations specialization: https://www.coursera.org/specializations/wharton-business-foundations. While these are aimed at MBA student, the four courses selected should provide a good overview of what knowledge you should have before launching. This doesn't mean you need to run out and take the courses, it's more that these 4 courses represent some core concepts that will help you trying to launch.
Introduction to Marketing - This is probably the most relevant course in the specialization. Any entrepreneur needs to be able to market. It's not just selling, though, marketing is identifying a segment, figuring out what value you want to bring to that segment, and then figuring out how to tell that segment why they should buy from you. This is the core of any entrepreneurial endeavor. You could have the world's best mousetrap, but if you can't convince me to buy over a normal mousetrap, don't bother.
Introduction to Operations Management - While this course is not aimed at startups, it's important because it helps you understand how to break your work down and manage it. It can give you some useful tools, but the core value is strategy and planning, and even more, building a mathematical model to those your plans so you can measure them. Any product or service needs to be built; if you can measure how well you're building, you have a firm ground. If you can strategically plan out your work, you can deliver on time.
Introduction to Financial Accounting - When you start, you will probably be on a cash basis, but as you grow, you might need to switch to accrual, and hire an accountant. It's useful to have some knowledge of how business pay and report finances if only to prevent yourself from falling to fraud. You don't need to take the course, however. Just know you do need to have some basic accounting skills.
Introduction to Corporate Finance - Again, you'll probably hire an accountant. The key concept is that financing is more than just "money in, money out". Many factors can influence the value of money. Realizing that money is a tool to be used strategically is the core concept here. It's not just "spend less than you make", it's "spend on what you need". Yes, sometimes taking on debt, even though you have the cash on hand, makes sense.
Let me know your thoughts, thanks.
Putting myself out there, I offer up this answer. Take a look at Coursera's Business Foundations specialization: https://www.coursera.org/specializations/wharton-business-foundations. While these are aimed at MBA student, the four courses selected should provide a good overview of what knowledge you should have before launching. This doesn't mean you need to run out and take the courses, it's more that these 4 courses represent some core concepts that will help you trying to launch.
Introduction to Marketing - This is probably the most relevant course in the specialization. Any entrepreneur needs to be able to market. It's not just selling, though, marketing is identifying a segment, figuring out what value you want to bring to that segment, and then figuring out how to tell that segment why they should buy from you. This is the core of any entrepreneurial endeavor. You could have the world's best mousetrap, but if you can't convince me to buy over a normal mousetrap, don't bother.
Introduction to Operations Management - While this course is not aimed at startups, it's important because it helps you understand how to break your work down and manage it. It can give you some useful tools, but the core value is strategy and planning, and even more, building a mathematical model to those your plans so you can measure them. Any product or service needs to be built; if you can measure how well you're building, you have a firm ground. If you can strategically plan out your work, you can deliver on time.
Introduction to Financial Accounting - When you start, you will probably be on a cash basis, but as you grow, you might need to switch to accrual, and hire an accountant. It's useful to have some knowledge of how business pay and report finances if only to prevent yourself from falling to fraud. You don't need to take the course, however. Just know you do need to have some basic accounting skills.
Introduction to Corporate Finance - Again, you'll probably hire an accountant. The key concept is that financing is more than just "money in, money out". Many factors can influence the value of money. Realizing that money is a tool to be used strategically is the core concept here. It's not just "spend less than you make", it's "spend on what you need". Yes, sometimes taking on debt, even though you have the cash on hand, makes sense.
Let me know your thoughts, thanks.
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