(1.1) Learning Goals
Module Goals
After completing Module 1, you will be able to:
- Help spark the entrepreneurial spirit
- Identify the three entrepreneurial resources – Mind, Muscle, and Money
- Introduce the components of the balance sheet – Assets, Liabilities and Owner’s Equity
- Understand the need for financial literacy in business startups
- Identify the risks to an entrepreneur in the startup phase
- List the rewards of business ownership
- Understand the various types of business structure
- Explain why profit is essential to a small business
- Demonstrate how time management is crucial to a businesses success
- Explain the purpose of goal setting habits
- Analyze financial data that impacts business decision making
- Understand the difference between a business entity and a personal entity
- Introduce the basic accounting equation
- Define economic principles related to business ownership
- Define scarcity and why it’s is an underlying factor to business decision making