Rapid Response Entrepreneurship Modules
Rapid Response Entrepreneurship Modules (RREM) are 17 modules designed for adults on the go who need help with a specific topic related to small business planning or management. Topics include:
1. Am I Cut Out to Be an Entrepreneur?
2. Pricing Products and Services
3. Can My Business Idea Support Me?
4. Let Your Numbers Do the Talking!
5. Achieving Sales Projections through a Viable Marketing Plan
6. Tax Planning and Reporting
7. Taking Care of Taxes
8. Bookkeeping Basics
9. Accounting Basics
10. Determining a Legal Form of Operation
11. Enhancing Customer Service: A Practical Approach
12. Human Resources Concerns
13. Managing Time and Stress in Business
14. Business Use of Your Home
Growing My Business: Agricultural Series Modules
15. How to Know What to Grow
16. To Market, To Market, But How?
17. Getting Better All The Time
1. Am I Cut Out To Be An Entrepreneur?
In this module participants identify the personal qualities and skills of successful business owners and other factors that contribute to the success of small businesses. Participants assess their current skills and knowledge of small business ownership and develop a learning plan to assist them in growing successful enterprises. Participants will:
- identify the personal qualities and skills needed to be a successful entrepreneur,
- build knowledge of factors that contribute to the success of small businesses,
- evaluate their ability to be successful entrepreneurs,
- understand the purpose and uses of the business plan, and
- identify their personal learning needs.
2. Pricing Products and Services
Participants identify internal and external factors to consider in setting prices for products and services and learn to estimate potential market share. Business examples demonstrate how to evaluate pricing methods, develop sales forecasts, and measure market potential for products and services. Participants learn to apply these practices to their own businesses by:
- identifying strategies used to price products and services,
- evaluating different pricing methods for sample businesses, and
- identifying connections between pricing and sales forecasting.
3. Can My Business Idea Support Me?
In this module participants develop an understanding of personal budgeting and its relationship to business planning. Exercises identify the kinds of data needed to project the revenue, start-up, and operating costs of a business, and the module introduces breakeven analysis as a tool to assist the entrepreneur in measuring financial feasibility. Participants will:
- use personal assessment tools to help assess the “fit” between themselves and their business ideas,
- identify financial concepts (overhead costs, cost of goods sold, profit contributed per sale) that measure financial feasibility, and
- practice using personal budgeting and breakeven analysis for a sample business.
4. Let Your Numbers Do the Talking
In this session participants learn how to construct realistic cash flow statements by developing good financial assumptions. In addition, participants learn about the role of basic financial ratios in financial analysis and business decision-making. Participants will:
- identify factors involved in developing good financial assumptions,
- construct a projected cash flow statement for a sample business, and
- practice using basic financial ratios to analyze financial statements.
5. Achieving Sales Projections through a Viable Marketing Plan
In this session, participants focus on the marketing plan and the importance of market analysis in projecting sales. Market research information for a sample business demonstrates the connection between a marketing plan and a cash flow statement. Participants identify market segments and use market segmentation to project sales. Participants will:
- analyze the connection between a business’ marketing plan and cash flow statement,
- use market analysis to evaluate the ability of a marketing plan to produce sales, and
- develop a “Marketing/Cash Flow Analysis Worksheets” for a sample business.
6. Tax Planning and Reporting
An important step in staying out of trouble as a business owner is understanding tax reporting responsibilities. In the government’s eye ignorance of the law is no excuse for failing to comply. In this module participants become familiar with tax procedures and forms that owners must file to comply with state and federal regulations for reporting business activity. Participants will:
- learn the importance of tax planning throughout the year,
- understand how careful tax planning and record keeping can make tax reporting less stressful, and
- practice filing state and federal tax forms for a sample business.
7. Taking Care of Taxes
Tax compliance is an essential part of business management. In this module participants become familiar with the procedures and forms required to report sales and payroll tax liabilities. Specifically, participants will:
- experience the process small business owners undertake to comply with sales and payroll tax reporting,
- identify resources available to entrepreneurs regarding tax reporting, and
- prepare tax forms for a sample business.
8. Bookkeeping Basics
Keeping good financial records is a critical step in managing a successful enterprise. This module addresses the financial records needed for good business management. Participants develop systems and practices for collecting necessary information for tax reporting and business decision-making. Participants will:
- demonstrate the connection between cash flow projections and the bookkeeping system created for a business,
- practice posting business transactions to monthly cash receipts and disbursements journals, and
- demonstrate how good bookkeeping practices give a clear snapshot of a business’ health.
9. Accounting Basics
Understanding the importance of basic accounting terms and procedures is essential knowledge necessary for tracking a business’ cash flow. This module helps participants understand basic accounting terms and their relationship to a chart of account. Participants will:
- discuss basic accounting terms,
- discuss basic accounting statements, and
- examine basic journal entries.
10. Determining a Legal Form of Operation
Determining the best legal structure for a business is important because of the varying legal and tax implications. In this module participants will examine the legal structures to determine the one most appropriate to their needs, including Sole Proprietorship, Partnership, Corporation, S Corporation, and Limited Liability Company. Participants will:
- discuss the different forms of legal structures for business enterprises,
- discuss key advantages and disadvantages of each type of structure, and
- identify the process for filing for a particular legal structure
11. Enhancing Customer Service: A Practical Approach
Understanding the importance of overall customer satisfaction is critical to the sustainability of any business. In this module, participants will define strategies needed to get and keep customers satisfied with products and services. Participants will:
- identify the difference between customer service and customer satisfaction and
- develop strategies for enhancing customer service and customer satisfaction.
12. Human Resources Concerns
There are legal ramifications of small business owners not following the laws that apply to hiring and managing employees. In this module participants will identify key human resource concerns, accompanying laws, and essential supervisory skills required as part of an effective set of human resource policies. Participants will:
- discuss basic human resources concerns,
- discuss the impact of HR concerns on a small business,
- discuss which laws apply to a small business, and
- establish guidelines for hiring employees.
13. Managing Time and Stress in Business
As a small business owner who typically must manage every aspect of operations on a daily basis, it is important to manage one’s time efficiently, thus reducing organizational stress. In this module participants will learn about effective and efficient time management strategies. Participants will:
- discuss time management issues for the small business owner,
- discuss time management strategies,
- discuss organizational stress, and
- discuss strategies for handling organizational stress.
14. Business Use of Your Home
In home businesses are becoming popular with small businesses. This module will help you become familiar with procedures and forms required to figure and claim the deductions for business use of your home.Specifically, participants will:
- learn the requirements for qualifying as a home based business,
- identify types of expenses you can deduct,
- learn how to figure the deductions including depreciation,
- identify what records should be kept, and
- receive practice in the preparation of tax forms for simple home based business.
Growing My Business: Agriculture Series Modules Overview
This series of modules focuses on particular needs of the farmers who may be considering value added products and services and using the farm differently. In these modules participants will apply useful tools for product/service selection, pricing the product or service, and appropriate marketing strategies for the products and services. A Mini-Manual for working with agribusiness customers is included with the Agriculture modules.
15. How to Know What to Grow
In order to diversify, farmers must first understand the strengths and weaknesses of their existing operation and then be able to evaluate other potential crops or enterprises that fit well with their operation. The participant objectives of this module are:
- to examine several approaches to choosing an enterprise,
- to evaluate a case study enterprise using the PRIMER method,
- to learn and practice a method of evaluating multiple crops and/or enterprises for profitability and fit with an existing farm operation, and
- to understand the need for accurate and timely production and financial record-keeping and its effect on business operations.
16. To Market, To Market, But How?
In order to diversify, farmers must first understand the strengths and weaknesses of their existing operation and then be able to evaluate other potential crops or enterprises that fit well with their operation. The participant objectives of this module are:
- to explore the features of the major agricultural marketing outlets,
- to evaluate the feasibility of various agricultural marketing outlets,
- to examine the costs of direct marketing for farmers, and
- to practice one method of researching and estimating demand for a farmer’s product.
17. Getting Better All the Time
Successful business owners are always seeking ways to refine their operation and improve customer satisfaction; they make the process of continual improvement part of their culture. For farms to survive as businesses, their owners must adopt this process as well. This Module explores reinvestment (new equipment purchase) and customer service as strategies to improve a business. The participant objectives of this module are:
- to practice making business decisions based on return on investment analysis,
- to explore ways to manage farms more efficiently,
- to gain an understanding of customer service principles, and
- to examine existing customer service practices and identify steps for improvement.
The 14-16 hours Rapid Response Entrepreneurship Workshop provides experiential training in how to deliver the modules. (Note: The complete package of modules and training costs $250 for certified REAL participants; $450 for others and includes the first 8 modules. Additional modules are available for purchase at $25 each.
