Entrepreneurship and Small Business Certification

The ESB certification is built to test and validate foundation-level concepts and knowledge in entrepreneurship and small business management. These core concepts include entrepreneurship; recognizing and evaluating opportunities; planning for, starting, and operating a business; marketing and sales; venture capital and seed funding; and financial management.

Class Objectives are as follows:

  1. The Entrepreneur:
    1.1  Identify the characteristics of entrepreneurs
    1.2  Given a scenario including a self-assessment outcome, identify the strengths, weaknesses, and risk tolerance the self-assessment identifies and how to compensate with services
    1.3  Given a scenario, recognize a business opportunity
    1.4  Identify the risks, benefits, opportunities, and drawbacks of being an entrepreneur
  2. Opportunity Recognition:
    2.1  Identify the benefits and drawbacks of different types of opportunities (e.g., start a new business, buy an existing business, and buy a franchise)
    2.2  Given a scenario, analyze the demand for the goods or service and opportunities in an environment
    2.3  Given a scenario, identify the customers or potential customers for a business
    2.4  Given a scenario, recognize a value proposition
  3. Starting a Business:
    3.1  Identify the purposes and value of a business plan
    3.2  Identify the appropriate legal structure, benefits and drawbacks for different legal structures for a business
    3.3  Given a scenario, identify different types of licenses and regulations that are required
    3.4  Identify the benefits and drawbacks of various sources of start-
    up funding: Equity (friends/family, angels, venture), Debt (bank, credit cards, personal loans), and Grants (government, foundation, corporate)
    3.5  Given a scenario, identify support that is available for the business on a local, state, and federal level
    3.6  Identify the ethical practices and social responsibilities of a business
    3.7  Identify potential exit strategies for a business
  4. Business Operations:
    4.1  Given a scenario, identify key positions and human capital needs (including compensation and benefits)
    4.2  Given a scenario, determine whether work can be completed by the owner or whether employees or service providers are needed
    4.3  Given a scenario, identify the taxes that are required
    4.4  Given a scenario, identify intellectual property issues of trademarks, copyrights, and patents
    4.5  Given a scenario, identify standard operating procedures (e.g., setup, conduct, internal controls, separation of duties)
    4.6  Given a scenario, identify the factors that led to sustainability
    4.7  Given a scenario, identify milestone as part of a growth strategy
  5. Marketing and Sales:
    5.1  Given a scenario, develop a sales strategy and identify characteristics of a successful sale
    5.2  Given a scenario, identify and analyze the costs/benefits of finding customers
    5.3  Given a scenario, identify how to retain customers and develop a relationship with repeat customers
    5.4  Given a scenario, determine value and methods of communication including: web sites, brochures, social media, and advertising
  6. Financial Management:
    6.1  Given a scenario, interpret basic financial statements such as income statements and balance sheets
    6.2  Given a scenario, identify the factors that influence credit ratings and the importance of a positive credit rating
    6.3  Given a list of expenses, identify which are fixed versus variable
    6.4  Given a scenario, identify the factors that impact the price to the customer
    6.5  Given a scenario, identify and analyze cash flow including accounts receivable, accounts payable, inventory, and debt
    6.6  Given a scenario, create a cash flow budget
    6.7  Given a scenario, identify the breakeven point for the business