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Business Fundamentals: It Starts With an Idea
Learn the reason that businesses exist and the value that they add to our economyPreview the first lesson free — get full access to all 7 lessons.
Beginner Provider : Terry Cornelison 7 Lessons · 21m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
Businesses exist to solve problems and serve the needs or desires of their customers. They create products that add value to the lives of their customers, but they also create value for their employees and investors. What are each of these three groups expecting to get from engaging with your business? Identifying the needs and desires of customers enables a business to design products, customer service, and experiences that match the expectations of their customers. Knowing what is important to employees about their work environment and relationship with their employer helps a business create salaries, benefits, and working conditions to satisfy and motivate employees to do their best. Understanding the expectations of investors helps a business set financial goals for earning the profits needed to provide investors with the return on their investment that they need. Having this knowledge empowers a business to create goals, develop a plan to reach these goals, and deliver the appropriate value to their customers, employees, and investors.
In the course Business Fundamentals: It Starts with an Idea, you will learn the reasons why businesses exist and how to create value that will attract the customers, employees, and investors needed for success. You will understand the major product categories and how to distinguish business goods from consumer goods, and you will learn the stages of the life of a product from creation to decline. You will also learn the importance of planning and the key elements and content of a business plan.
What You'll Learn
- Describe the fundamental purpose of why businesses exist
- Identify the value expectations of customers, employees, and investors
- Distinguish between business goods and consumer goods
- Explain the typical product life cycle from creation to decline
- Apply value creation and value proposition concepts to attract customers, employees, and investors
- Recognize the key elements and content of a business plan
Key Takeaways
- Businesses exist to solve problems and serve the needs or desires of their customers while creating value for customers, employees, and investors.
- Identifying the needs and desires of customers enables a business to design products, customer service, and experiences that match customer expectations.
- Understanding what employees value helps a business create salaries, benefits, and working conditions that satisfy and motivate them.
- Understanding investor expectations helps a business set financial goals for the profits needed to deliver investors their required return on investment.
- Planning is important, and a business plan has key elements and content that guide a business toward its goals.
Frequently Asked Questions
What will I learn in Business Fundamentals: It Starts With an Idea?
You will learn the reasons why businesses exist and how to create value that attracts the customers, employees, and investors needed for success. You will also understand the major product categories, distinguish business goods from consumer goods, learn the stages of a product's life from creation to decline, and understand the importance of planning and the key elements of a business plan.
What topics does this course cover?
The course covers why a business is in business, value creation and value proposition, what a product is, consumer goods versus business goods, product creation and the product life cycle, and business goal-planning.
What are the learning objectives of this course?
The objectives are to describe the fundamental purpose of business, identify the value expectations of customers, employees, and investors, compare business goods and consumer goods, and explain the typical product life cycle.
Is there a way to check my understanding in this course?
Yes. The course includes a Test Your Knowledge lesson to check your understanding.
