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40 Startup Business Ideas to Try in 2024

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Aspiring entrepreneurs are often one brilliant startup business idea away from becoming their own boss. Of course, brilliance is easier said than done when starting a business .

The best startup ideas have business plans that solve a problem, meet an unmet demand or improve upon something already on the market — if not all of the above. Here are 40 ideas to help get your wheels turning as you look to bring a company to life.

40 best startup business ideas

Even startup ideas that seemingly come out of left field can yield incredible success. Read through this list for instant inspiration.

1. Create educational content or activities

Parents are always looking for tools and activities to keep their kids entertained and engaged. Printable activity guides for different age groups, home-school lesson plans or even virtual nature walks or story time could all be viable startup ideas.

2. Offer virtual team-building

Companies need new ways to boost morale and build camaraderie among remote and hybrid teams. Enter the virtual team-builder. Cheesemongers, mixologists, chefs, magicians, artists, historians, master gardeners — almost anyone can create and offer bonding experiences for virtual companies.

3. Start a meal-prep business

The U.S. market for meal kits is expected to grow 14.2% annually between 2023 and 2030, according to market analysis by Grand View Research [0] Grand View Research . Meal Kit Delivery Services Market Size, Share & Trends Analysis Report By Offering (Heat & Eat, Cook & Eat), By Service (Single, Multiple), By Platform (Online, Offline), Meal Type (Vegan, Vegetarian), By Region, And Segment Forecasts, 2023 - 2030 . Accessed Feb 21, 2024. View all sources . Tap into that market and start a meal-prep service to make people’s lives easier and cater to specialized diets (keto, vegan, Whole30).

4. Create a food waste solution

Creating a startup focused on reducing food waste could not only earn you some serious funding, but also positively change the food system and help save grocery stores and restaurants money.

5. Capitalize on plant-based foods

The U.S. plant-based market was worth $8 billion in 2022, with sales of plant-based foods projected to climb 44% over three years, according to the most recent annual report from the Good Food Institute [0] Good Food Institute . U.S. retail market insights for the plant-based industry . Accessed Feb 21, 2024. View all sources . Creating a vegan supermarket or making meat-free versions of traditional foods could be the ticket to success for aspiring entrepreneurs.

6. Start a dropshipping business

The e-commerce business model of dropshipping is especially attractive because it doesn’t require you to purchase inventory upfront. Selling higher-end products with low shipping costs could become profitable quickly if you do thorough competition research.

» MORE: 25 low-cost business ideas

7. Curate subscription boxes

Subscription boxes were a $32.9 billion business globally in 2023 (up from $22.7 billion in 2021), and the industry is still set to grow, according to a market research report by the International Market Analysis Research and Consulting Group [0] International Market Analysis Research and Consulting Group . Subscription Box Market Report by Type (Replenishment Subscription, Curation Subscription, Access Subscription), Gender (Male, Female), Application (Clothing and Fashion, Beauty, Food and Beverages, Pet Food, Baby Products, Health and Fitness, and Others), and Region 2024-2032 . Accessed Feb 21, 2024. View all sources . Pick a niche, and then curate a collection of specialized goods to deliver unique experiences to consumers. Some subscription boxes focus on a mix of products, like makeup or dog toys; others focus on a single item or theme, like shaving or sustainability. Find the right starting point for you and run with it.

Ready to get started? Here's what to do next

Open a business bank account.

Start keeping the books.

Build your website.

Protect yourself from liability.

8. Create an airport-centric app

Creating an all-in-one app that allows travelers tonavigate unfamiliar airports with real-time information is a relatively untapped startup idea. Though various travel applications exist, an app that shows amenities, TSA line wait times, ground transportation options and airport maps could be useful to passengers.

9. Become a destination wedding planner

Planning a wedding is stressful; planning a wedding from afar could fray any couple’s nerves. That creates a niche for a destination wedding planner who can advise on venue and vendor selections, as well as manage wedding and travel logistics for the bridal party and guests. If you love exploring, have expertise in a popular wedding locale and are great under pressure, this could be the startup idea for you.

10. Make local guides

Even if you don’t consider yourself a local expert, creating local guides can get you familiar with your surroundings and help tourists enjoy off-the-beaten-path experiences in your area. Make themed guides, highlight attractions and partner with local businesses for advertising opportunities.

» MORE: 25 side business ideas

11. Create a local grocery delivery service

A grocery delivery startup can come with minimal setup costs — you only need a vehicle and a cell phone to get started. Help older people or others who are too busy to shop by offering this community-friendly service. You can even approach grocery stores in your area to see if they're willing to partner with you to get the service off the ground.

12. Start a virtual event planning company

Virtual event planning is a new booming business as in-person gatherings go online or take a hybrid approach. A skilled planner who can ensure all attendees are engaged, regardless of location, will be in high demand for years to come.

» MORE: Best business credit cards for LLCs

13. Sell zero-waste products

Starting a zero-waste company is more than just a trendy thing to do; it can be an ethical, environmentally conscious decision. Selling sustainable products such as reusable bags, bamboo toothbrushes or products with zero-waste packaging could appeal to a growing number of sustainability-focused consumers.

14. Make products for pets

Create innovative pet products to take advantage of the fact that 66% of U.S. households (about 86.9 million households) have at least one animal companion, according to the annual pet ownership survey by the American Pet Products Association [0] American Pet Products Association . Industry Trends and Stats . View all sources . Developing toys, accessories or clothing for furry friends can help you tap into that expansive market. You can also go the service route and offer pet sitting, walking or virtual dog training. Or develop an app or tech solution that makes pet parents’ lives easier.

15. Create custom clothing

Selling custom clothing or offering a tailoring service could be your winning startup idea. The custom clothing industry is gaining popularity and offers room for long-term growth.

» MORE: How to open an Etsy shop

16. Sell vintage clothing online

Demand for sustainable fashion has helped propel second-hand clothing into a $39 billion industry in the U.S. with projections to hit $70 billion by 2027, according to an annual resale report by online consignment company ThredUp [0] ThredUp . ThredUp Resale Report 2023 . View all sources . Consider selling thrifted, vintage or upcycled clothing on social media, an ecommerce platform or an app such as ThredUp or Poshmark.

17. Begin niche blogging

Find a niche (think e-sports or urban farming) and create engaging content around it. You can earn money through advertising, affiliate links and even product sales once you build an audience.

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18. Become an e-book writer

If you’ve got a way with words, consider becoming a self-published author and selling e-books on virtual platforms.

» MORE: 14 profitable e-commerce business ideas

19. Start ghostwriting

Create content for busy professionals who don’t have the time or the skill to write themselves. If you don’t mind not attaching your name to your writing, ghostwriting is a great way to earn money with little to no startup costs attached.

20. Become a resume writer

Everyone needs a resume, but few people are skilled at or enjoy writing their own. If you’ve got writing experience and are looking to launch a startup with no setup costs, creating a resume-writing service could be the path for you.

21. Open a coworking space

Capitalize on the rising popularity of remote work by creating a modern coworking space that addresses pain points of entrepreneurs. Pick a convenient location and build it out with highly sought-after amenities.

» MORE: 35 businesses that every community needs

22. Become an online coach

If you enjoy helping others achieve their goals and are a people person, this startup idea could be fulfilling for yourself and for your clientele. You can provide wellness, business or life coaching.

23. Flip failing websites

Buy an existing website, make improvements on it and sell it for a profit. You’ll need to understand the market well and have some web development skills, but this can be a profitable pursuit.

24. Become a web developer

The need for custom websites isn’t ever going away, and if you know your way around WordPress or know a programming language or two, you can start a profitable website development startup.

25. Start a podcast

If you’re deeply knowledgeable or passionate about a subject, consider getting into podcast production or hosting. Building an audience takes time, but once established, podcasters can earn money through affiliate marketing, donations and sponsorships.

26. Be a social media influencer

Once you find a niche and build a personal brand, amassing a large following on Instagram or YouTube can lead to a solid source of income through influencer marketing.

» MORE: 30 Instagram business ideas

27. Create online courses

Obscure hobbies can lead to lucrative business ideas if you make them easy for others to learn. If you’d like to teach others but aren’t interested in the coaching route, creating an online course could lead to reliable passive income.

28. Become a marketing consultant

If you’ve got digital marketing chops, help small businesses reach their target audiences by providing SEO, social media or copywriting services.

29. Develop an app

If you’ve got a unique idea and the necessary technical skills, creating an app could be your gold mine. It’s also possible to build an app without extensive coding skills, and once it launches, it can bring in passive earnings.

» MORE: 25 tech business ideas

30. Make a smart appliance

Smart accessories and home appliances are all the rage and becoming an important part of daily life for the average consumer. For inspiration, take note of daily tasks at home or at work that would be easier with a smart appliance.

31. Tap into virtual reality experiences

VR is the future, and the future is now. Create virtual reality experiences or accessories to tap into a global industry that’s projected to grow to a $165.91 billion market by 2030, according to a report by Fortune Business Insights [0] Fortune Business Insights . The global virtual reality market size was valued at $19.44 billion in 2022 & is projected to grow from $25.11 billion in 2023 to $165.91 billion by 2030... Read More at:- https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-market-101378 . View all sources , a market research firm.

32. Make a niche dating site

The stigma around online dating has decreased over the past decade, so take the opportunity to help others find love. With various dating sites targeted to everyone from sea captains to farmers, there is market demand for specialty dating options.

33. Develop a chatbot

Create a chatbot — which uses artificial intelligence to communicate with people — to help businesses improve their communication. Chatbots have become more popular in recent years, and you can create one without knowing how to code.

34. Offer matchmaking skills

This is like creating a dating site but with a personal touch. If you have a knack for knowing what types of people and which personalities get along well, you might be the perfect person to start matchmaking. You can do this online or meet clients in person as well.

35. Be a virtual assistant

Being an online assistant for someone, or starting a company of virtual assistants, can be a huge success. Everyone could use a little extra help, and creating a startup focused around getting people that help for the administrative tasks in their lives, professional or personal, can be a huge moneymaker.

» MORE: Home-business ideas: 40 remote jobs to explore

36. Reinvent exercising

If there's one thing people get bored with, it's doing the same type of exercise day in and day out to stay healthy. Plenty of people have turned the exercise industry on its head, with businesses like CrossFit and Peloton popping up. You can do the same if you have an idea for a new regimen or activity for exercise enthusiasts.

37. Create eco-friendly, health-friendly makeup and beauty products

As people become more aware of the impact their personal choices have on their health and on the environment, they're looking for more health and beauty products that are also eco-friendly. Creating safe and eco-friendly products could be a great startup idea.

38. Open a food truck or restaurant pop-up

Opening a food truck or restaurant pop-up is a great startup idea for entrepreneurs with a knack for cooking. Both options are easier to launch than a full-scale restaurant and allow you to get started with a smaller staff and menu. You can open a food truck that only sells french fries with crazy toppings, for example, or launch a breakfast sandwich pop-up in your neighborhood coffee shop.

» MORE: Best food truck loan options

39. Start an organization business

Shows like "Tidying Up With Marie Kondo" and "The Home Edit" put professional organizing on the map, exposing millions to the magic of a tidy home. If you have a knack for making order out of chaotic spaces, you could start a business offering those services to those who need them. Organizing kitchen pantries, closets, bookshelves and more are all options you could offer customers at your new business.

40. Do interior design for young professionals

Have an eye for decorating? Start an interior design business, offering your services at an hourly rate virtually to young professionals looking for inspiration. It can be as simple as them uploading some images of their new space to your site and you sending back a few links with furniture in their budget and example images of what the room might look like when it's finished.

LLC Formation

How to choose a startup idea

Do your homework before diving headfirst into a startup idea. First, make sure there's demand for the business you want to start, where you want to start it. More than 35% of businesses fail because there isn't a market need for their services or product, according to research from CB Insights [0] CB Insights . The Top 12 Reasons Startups Fail . View all sources .

You also need to write a business plan , which should include your company’s objective, sales plan, market analysis and financial projections. A good business plan can help to keep your business on track. Lenders will also want to see your business plan when considering you for a startup business loan . You should also consider the skills you already have and see how those align with any of the startup business ideas you might go with.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

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• Startup Ideas

46 Best Startup Ideas for Students

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Whether you’re in high school, community college, or university, it can prove challenging to juggle a 9-to-5 job while finishing school. Launching your own startup company as a student offers the flexibility of creating your work schedule to align with a busy school schedule.

The first step involves selecting the right business idea for you based on your interests, the overall startup costs, and the amount of time you can dedicate to your business. This guide highlights the most unique and innovative startup business ideas for students to help you find the right one for you.

Startup Business Ideas for Students

Some of the most successful startups in history were created by students. Even if you are only looking for a little side-hustle income while you study, an innovative concept will undoubtedly set you apart from the get-go. Here are some of the best startup ideas for students we’ve sourced.

1. Tutoring

Are you proficient in a specific subject or do you have a unique skill? If yes, you can help other students by starting your own tutoring business. Any subject in which you excel — like math, English, or science — can provide a potential tutoring opportunity.

Tutoring businesses can charge by the session or the hour. You can easily market this type of business within your school, at the public library, or in community centers. Best of all, this startup idea has virtually no startup costs. 

2. App Development

While it might seem like there’s already an app for everything, the potential to create millions of apps for entertainment purposes or to solve everyday problems still exists. This startup idea can ideally suit tech-savvy students, but anyone can create a popular app with the right support during production and a great idea.

If you don’t currently have an app idea, don’t worry. Start brainstorming ideas by conducting an audit of daily tasks or problems an app could simplify or solve. Many of the most popular apps solve a common problem, making them more likely to have widespread appeal.

3. Freelance Writing

If you’re a skilled or talented writer, freelance writing might provide a great way for you to make money as you pursue your education. Freelance writers of all kinds are in demand by businesses and publications looking for temporary employees to write blog posts, articles, and other content.

One of the biggest benefits of freelance writing at a younger age is that you’ll gain experience that can help you later on as you establish a career. Sites like Upwork® and Writer Access® provide a secure platform for businesses and freelancers to connect.

4. Podcasting

Next up on our list of business ideas for students is podcasting. As the popularity of podcasts continues to grow , it’s an ideal time to start a podcast of your own. In fact, the podcast industry was valued at $18.52 billion in 2022 . The most successful podcasts feature engaging hosts and a specific topic that can attract interested listeners. You also must feel comfortable with interviewing and public speaking before you start a podcast.

Moreover, it’s best to choose a topic for which you have a passion and can see yourself dedicating a good amount of time to researching. For example, if you’re passionate about sustainability, your podcast could focus on interviewing other entrepreneurs who currently work to fight climate change.

5. Tech Support

Do you have a knack for solving technical problems? If so, you may want to consider launching a tech support startup. You can run these types of online businesses entirely from your home and market it by posting flyers at schools, coffee shops, and libraries. You just need a phone, a website, and some technical experience. You also can charge by the job, the hour, or the type of device.

In this type of business, customers typically call or email with a technical issue and you, the tech support person, walk them through how to fix that issue. Alternatively, you can request your customers drop their computers off so you can take a first-hand look.

6. Digital Textbook

Digital textbooks are educational ebooks that provide a much-needed alternative to traditional textbooks in terms of both price and sustainability. With the introduction of ereaders and other devices, the market for digital alternatives to educational materials continues to grow. Whether you plan to write a digital textbook or start a website that’ll house popular digital textbooks, this startup idea can enable you to earn a profit while you provide a service to students and the educational system.

Online learning continued to gain popularity in the past year. Providing additional tools for students — or people who just want to brush up on a subject — by developing an educational technology (edtech) startup can make education more accessible to a larger fraction of society. Startup costs for this business idea can range from $12 to $27,209 , depending on the business model. 

Whether you plan to develop an app, create online courses, or build an online tutoring resource for students, you must first identify your target subject and platform. Additionally, successful edtech startups tend to offer a product that’s both effective and intuitive. Remember to consider those criteria during your product development process.

See our interview below with the co-founders of edtech startup Trashbots !

8. Meal Delivery Service

Faced with fewer dine-in options, people increasingly turned to food delivery services in the past year. In fact, the market is expected to experience a 14.5% compound annual growth rate (CAGR) from 2023 to 2032. Starting your own meal delivery service can help small local businesses meet delivery demand, enable customers to enjoy their favorite restaurants, and provide a business opportunity that’ll work with your busy schedule.

To compete with the big names in meal delivery, connect with your local restaurant owners. Many popular food delivery apps and websites charge a substantial fee to deliver for restaurants. Your business can gain a competitive edge by offering quick delivery times and lower fees.

9. College Care Package Business

Going away to college often represents an exciting adventure. For families and friends seeking to support their favorite college students, a college care package business can take the guesswork out of what to send them with thoughtfully curated packages.

One benefit of starting this type of business is that you can operate it completely online. That’ll reduce your overhead costs and give you more freedom for your busy schedule. Offering a variety of packages for different types of students with customizable options will set your college care package business apart from the competition.

10. Ebook Writing

Today, you can accomplish almost everything virtually — even publishing a book. Ebooks provide an alternative to traditional publishing, making them cheaper for both authors and readers. Moreover, ebooks are far more sustainable than paper books.

To get started, you’ll need writing experience and a topic idea for your ebook. Whether you choose to write a novel or a cookbook, the ebook market offers a huge profit potential while requiring minimal startup and overhead costs. Especially considering that ebooks made up over 10% of book sales in 2022 . That makes this type of business a great choice for aspiring entrepreneurs.

11. Social Media Influencer

A successful social media influencer almost always understands how to create and effectively market a brand. If you think you’re up to the challenge, this can make a lucrative and exciting startup idea. Social media influencers with between 10,000 and 25,000 followers make $100-$250 per post , on average. 

Influencers earn money through brand deals. Because every industry has influencers, you’re more likely to generate a large viewership and build a strong brand if you focus on a specific industry or niche for which you have a passion. In addition, you’ll need to feel comfortable with public speaking and connecting with your audience in order to attract brands that want to work with you.

12. Mobile Coffee Cart

Many students work in coffee shops and cafes while pursuing their education. A mobile coffee cart offers a flexible schedule and the opportunity to network within your community. It also provides a relatively low-cost alternative to opening a brick-and-mortar cafe with many mobile coffee carts costing between $2,000-$5,000 to start. 

Customers typically hire mobile coffee carts to work events like corporate retreats, school events, and even weddings. Make your business stand out by offering a customizable drink menu that can complement customers’ event themes.

13. YouTube Channel

Launching a YouTube channel is next up on our list of startup business ideas for students. YouTube has billions of subscribers worldwide, which means the platform offers a great opportunity for new channels and video content. Starting your own video channel can represent another form of blogging (called “vlogging”) or provide a space for you to teach a skill or share a hobby. If you have a passion for ceramics, for example, you could start an entire channel about your process from clay to kiln.

Social media platforms focus on making connections, and YouTube is no exception. Every industry or hobby has the potential to connect with thousands of YouTube subscribers, which you could parlay into a lucrative business venture. Especially considering the average YouTuber in the US makes $33 per hour on average. 

14. Review Website

Like most people, you probably search online for reviews before you spend your money at an unfamiliar business. Review websites hold businesses accountable by giving people insights about them so potential customers can make an informed decision.

You can easily start and manage this kind of website with a minimal budget, making it perfect for student entrepreneurs. In order to run a successful review website, you’ll need to gain credibility with customers and differentiate your site from larger review sites like Yelp.

15. Social Media Platform

Many social media users seek new platforms to explore so they can connect with others. Starting your own social media platform can provide a space to foster a sense of community as well as a potentially lucrative business venture. Moreover, it offers a flexible schedule — especially during the initial stages of operating your site.

To entice users to join your social media platform, focus on developing ideas that’ll make your site feel distinct from other platforms. For example, you could opt to cater to a specific demographic like gamers or musicians.

16. Livestreaming

If you already spend a lot of time playing video games, why not make it a business venture? Livestreaming essentially involves broadcasting live footage of your game as you play, using a platform like Twitch or Smashcast. Once you obtain the minimum number of followers (e.g., 500 on TWITCH), you can become a partner of the livestreaming site and begin to make money based on the traffic your streams generate.

17. Graphic Design

Many businesses and organizations need graphic designers to create visual branding for use on everything from signage to marketing materials. Because graphic design is a fairly broad industry, having a multifaceted skill set can prove extremely beneficial. For example, proficiency in logo design as well as typography or web design can help you book more clients and build your portfolio.

18. Dropshipping

If you like the idea of an ecommerce startup but don’t have the room to store items to sell, dropshipping could be the perfect solution. Dropshipping startups simply take customer’s orders online, but instead of filling orders themselves, they are sent to a third-party retailer for fulfillment. Essentially, your startup consists of customer experience management, marketing, and curating items for your dropshipping business. On average, dropshippers make $3,414 per month , according to ZipRecruiter. 

19. Affiliate Marketing

Affiliate marketing is a popular side hustle , but it can be a profitable business idea if you do it right. Through affiliate marketing, you will earn a commission on sales you drive for brands you partner with. What makes this idea particularly good for college students is that there is a relatively low barrier to entry. Be sure to pick products you’re already known for, associated with, and to which you have market access. 

20. Website Development

Building websites can be a great way to make money as a student, particularly if you’re studying something related. Almost everyone, from businesses to individual entrepreneurs, needs a website, and if you do a great job on the first few projects, you’ll start getting business through word of mouth. This is another space with a pretty low barrier to entry as there are many open source tools available for developers.

21. Virtual Assistant

You don’t have to be in an office to help businesses and fellow entrepreneurs get organized. A virtual assistant startup is a great business idea for organized, task-oriented individuals. If this sounds like you, it is easy to get started by utilizing sites that can help you find work you’re interested in. Get a competitive edge by diversifying your skill set to make yourself eligible for a litany of job opportunities. Plus, this flexible position brings in $24 per hour on average in the US, according to ZipRecruiter.

22. Web Design

Web designers focus predominantly on the user experience aspect of web pages. If your field of study relates to design (or even if this is just a passion for you), a web design startup might be your best bet for a student business. To really hook the clients, pair up with a friend in the development space and offer your services as a package.

23. Handcrafted Products

Handmade, artisanal goods never go out of style. Plus, the market for handmade goods is expected to see moderate growth from 2023 to 2030 at a CAGR of 4.7% . Selling handcrafted products offers you the flexibility of selling your goods online, in established retailers, or at local markets. The first step involves determining the product(s) you’ll make. This could include food products, pet toys, wooden furniture, or many other items. To successfully sell handcrafted products, remember to focus on product quality and cater to the right niche market.

24. Cleaning Services

Next on our list of the best business ideas for students is cleaning services. You can start a successful cleaning startup in several ways. For example, you could start a house-cleaning business, an office-cleaning business, or a graffiti-cleaning business, among others. 

This type of startup has low initial costs and flexible hours. You can schedule as many clients as you can manage based on your availability. Overhead costs for cleaning services include marketing materials, cleaning supplies, and vehicle expenses, which means it’ll cost very little to launch your cleaning startup. Notably, in the US, cleaning business owners make $127,973 per year on average , making this a lucrative business for students. 

25. Moving Company

If you ask people if they enjoy moving, most will answer with a firm “no.” That can make a moving company startup a potentially lucrative business idea. Not to mention, the industry has grown by 11.4% in 2022, meaning the demand for moving companies is increasing. You’ll need to hire a team and purchase a vehicle large enough to move furniture so this type of business has higher startup costs than other business ideas. But, that initial investment can pay off once you start booking jobs and generating positive reviews.

26. Planner and Journal Business

The right planner or journal can help even the most disorganized people manage their time more effectively. Journals also can serve multiple purposes, making them a valuable tool for many. Starting a planner and journal business can help fulfill the demand for these products while offering you a potentially lucrative business venture.

Planner and journal businesses can sell their products online or in established retailers like bookstores and novelty shops. To make your products stand out, consider giving them distinctive features like including time-management tips inside your planners or manufacturing your journals from recycled materials.

27. Social Media Marketing

If you’re already spending a lot of time on social media platforms and you have a good understanding of the marketing end, why not turn that into a startup? Anyone with a product or service, especially local businesses, to sell today needs to be on social media, and many business people do not have the skills or the time to pull it off well. The multiple free scheduling and design tools available today also make this a pretty low-cost industry to enter.

28. Website Flipping 

Another website-based startup you can try is website flipping. People often allow their websites to go dormant either because they’ve closed their business or just aren’t interested anymore. This is an opportunity for you to purchase this website at a relatively low cost, optimize it, increase the traffic, and flip it at an excellent profit when it is worth far more than it was.  

29. Motivational Apps

Mobile apps are really popular, and if they make you feel good and improve your life, all the better. Apps geared toward motivation do very well in most app stores, and they’re relatively simple to build and maintain. You will need to come up with an innovative idea, though, but thankfully, there are many spaces to work within — meditation, mindfulness, inspiration, and productivity, to name a few. If you plan to develop an app of your own, you can also take advantage of university-led incubators or startup accelerators such as Techstars Mobility or Plug and Play Tech Center. 

30. Organization Service

Few people naturally possess strong organizational skills. If you’re one of those few, an organization service may represent the perfect startup idea for you. Professional organizing services not only help customers tidy up cluttered spaces, but also help them develop the organizational skills they need to maintain order going forward. One of the benefits of starting this type of business is you can operate it either in person by visiting customers’ homes and offices or virtually by conducting video consultations.

31. Errand-Running Service

Busy professionals, small businesses, and seniors typically need help running errands they can’t get to themselves. This could involve going to the post office, picking up dry cleaning, or taking a pet to a vet appointment.

To get started, you just need a vehicle, a phone, and some spare time. You can operate your errand-running business from home and market your services on bulletin boards at community centers, senior centers, or anywhere you can post a flier with your information. While this business idea isn’t the most lucrative, on average, errand runners make $15 per hour . If you can manage a fleet of errand runners, the earnings can add up. 

32. Language Learning Startup

If you’ve learned a foreign language, you know it’s difficult, especially for adults. However, knowing a second language is not only a fun pastime, but it opens up job opportunities and helps people connect with other communities. A language learning startup can be any product or service that helps people learn a new language, such as an app, instructional website, or written guides.

To make your startup stand out, focus on making learning a new language fun for users so that they want to reach for your product or resources again and again. If you opt for a tech-related language learning model, consider utilizing an edtech incubator to help develop your idea such as Berkeley SkyDeck, FasterCapital, or ASU Venture Devils. 

33. Virtual Event Planning

With businesses and organizations grappling with social distancing requirements in the last few years, the virtual events space has exploded, and hosting events online has actually become a game-changer for many businesses. As a result, a new critical skill has emerged: the need to plan these events. If you have great digital skills and you’re pretty good at organizing people, look into virtual event planning as a startup. Again, there are many open-source tools available that make breaking into this space relatively cheap.

34. Clean Beauty Products

Green or “clean” beauty products are increasing in popularity across the US as we learn more and more about the harmful effects of some ingredients in traditional beauty products. In fact, the global clean beauty market is currently valued at $8.3 billion in 2023 and is expected to reach $15.3 billion by 2028 . A green beauty product startup provides a better alternative, whether it’s clean skincare or cosmetics — the key is to create a product that is as effective as traditional products without the same damaging ingredients.

35. Software Startup

A software development startup is responsible for creating, distributing, and maintaining the programs that businesses use every day. This industry is experiencing exciting growth with annual revenue of $238 billion per year and an annual growth rate of 3.9% , which means this startup idea holds a tremendous amount of opportunity for entrepreneurs.

36. Snack Company

Do you have a go-to homemade snack that you know other people would love as well? If so, take your tasty treats to the next level by starting a snack company . Consumers are always looking for delicious new snack options with special ingredients or a twist on a classic snack. Growing your audience can be done by going to farmers’ markets or local events and letting people try your delicious new snack!

37. Robotics Startup

It’s not uncommon for robotics startups to be founded by students or recent graduates, especially if they are studying in the field at one of the more prestigious colleges with well-backed programs and grants for research. College can be an amazing place to discover new technology and brainstorm with fellow students, but you also want to ensure that you understand the industry you’re trying to get into before you get too far ahead of yourself. 

With that said, definitely use the resources at your disposal if you’re in a great robotics program and see where it can take you and your startup. Or, consider joining an incubator or accelerator such as AlleyCorp, MARL 5G Accelerator, or Buildit Accelerator to help develop your startup. 

38. Fintech

If you have a good understanding of both the financial and technology spaces, you may want to consider a fintech startup as your niche. Historically, student fintech startups that have focused predominantly on student financial issues have done really well. It’s vital to understand your market, after all. When you start to delve into the world of finance, though, you’ll need to ensure that you are complying with any state laws that govern the industry. After you’ve ticked that box, your fintech startup will be ready to go. For a startup idea like this, you may want to consider seed stage venture capital firms such as Precursor Ventures that have a history of deploying capital into promising fintech companies. 

39. Marketplace Website

Become the platform your community uses to sell and exchange goods and services by creating a marketplace website startup. Elevate the startup idea by prioritizing user experience and safety protocols. The key to a successful marketplace website is to create a positive experience for users that makes buying and selling items seamless and safe.

40. Sustainable Clothing Line

Fashion is one of the most wasteful industries on the planet. If you’re thinking about starting a clothing line, consider making it a sustainable one! Plus, the demand for these businesses is growing and is projected to continue that trajectory, forecasted to grow from $7.8 billion in 2023 to $33.05 in 2030 . A sustainable clothing line can make an impact by creating thoughtful garments that are long-lasting and ethically made out of sustainable materials such as linen or hemp.

41. Virtual Meeting Platform

With the virtual events space growing so considerably, the need for virtual meeting services has increased proportionately. This might mean anything from scheduling software for end-to-end management or perhaps even add-on apps that assist large companies with the management of various meetings simultaneously. There are several open-source tools available to help you break into this space.

42. Beverage Startup

If you have a great drink recipe or an idea for a special ingredient or function that will entice customers, start a beverage company ! A competitive edge in this industry is well-designed packaging that is catered to a target demographic and, of course, a delicious beverage inside. If you’re more of a connoisseur of beverages, a beverage distribution company is another lucrative startup idea that can be focused on a specific type of beverage such as beer, soda, or wine. Keep in mind that if you start a beverage company, you may benefit from a founder community such as Foodbevy to connect with other entrepreneurs in the space and grow together. 

43. SEO Services

Search engine optimization ( SEO ) is an essential tool for online marketing. However, to achieve a successful SEO service, you need to dedicate time and effort to creating content and staying on top of changes in search trends. Starting an SEO services startup offers customers an opportunity to cash in on this powerful internet marketing tool without spending too much of their own. To create a successful SEO services startup, you will need a deep understanding of SEO tactics and the software to do effective research. 

44. Online Courses

Online courses are a great way to use your existing knowledge to help college students, professionals, or anyone looking to expand their skill set in a niche market. This startup idea, on average, can bring in roughly $82,500 per year , according to ZipRecruiter. To create an online course, you will likely want to join an online course platform such as Udemy or Skillshare and utilize digital marketing strategies to get the word out about your course. However, a great online course can be one of the less laborious but still profitable business ideas for students.

45. Translation Services

If you speak more than one language, offering translation services can be a great way to leverage your skills to start your own business. A translation services business is often responsible for translating various documents while maintaining client confidentiality. This can be done to either provide grammatical and spelling help or to ensure the content of the translation matches the original document.

46. Become a Reseller

With the rise of apps such as Poshmark, Vinted, and Depop, reselling clothing, shoes, and even home goods has become a popular side hustle for students. While some sellers opt to resell items from their own closets, others choose to upcycle garments or scour local thrift stores for deals on items. This idea involves keeping an eye on trends as well as offering items seasonally to ensure you are selling an item when demand is at its peak. 

How to Choose a Business Idea

Starting your own business as a student can mean additional cash and valuable experience. However, choosing a profitable business idea can be challenging, here’s a few tips to find the right business idea for you.

Research Time Dedication

Whether you’re in high school or college, school is your number one priority. Therefore, you need to seek business ideas that will be doable with your current school load. Many online business ideas for students provide time flexibility and allow you to work on your entrepreneurial goals during spare moments.

Pull From Your Skill Set

What are you already well versed in? Pulling from your skill set allows you to build a strong foundation early on and capitalize on your existing knowledge. This could mean launching a tutoring business if you’re highly educated in one subject or doing freelance work doing strategy for other local businesses getting started on social media platforms.

Follow Your Passion

Above all, when you’re starting your own business you should choose business ideas that you’re excited and passionate about. If you are passionate about your business idea, there is a higher chance you will dedicate the time and effort necessary to make it a profitable, sustainable startup. 

Explore More Startup Ideas

• Best Startup Ideas
• Online Startup Ideas
• Startup Ideas for Social Entrepreneurs
• Sustainable Startup Ideas
• Startup Ideas for Education Entrepreneurs
• Startup Ideas for Teens
• Startup Ideas for Animal Lovers
• Tech Startup Ideas
• Startup Ideas for Food Lovers
• Side Hustle Startup Ideas
• Ecommerce Startup Ideas
• Low-Cost Startup Ideas
• Software Startup Ideas
• Profitable Startup Ideas

Further Reading

• What Is a Startup? July 2, 2024
• 8 Best Online Incorporation Services for Startups in 2024 August 14, 2024
• How to Start a Startup in 10 Steps (2024 Guide) July 18, 2024

Topics to Explore

• Startup Basics
• Startup Leadership
• Startup Marketing
• Startup Funding

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VentureWell

13 Class Activities To Stimulate Inventor-Entrepreneurs

We updated this article with new class activities. The article was originally published in September 2017.

How can you bolster and maintain student engagement throughout your course? If you’re in search of ideas, we’ve curated a collection of cutting-edge class activities used by VentureWell Course & Program Grants recipients. These class activities are designed to prepare early-stage innovators in taking the first steps toward transforming their ideas into impactful inventions and ventures.

1) The “If I Knew…” Exercise Aileen Huang-Saad University of Michigan “Each term, I end the class with the “If I knew” assignment. Students are asked to fill out a simple PowerPoint template that asks the following questions:

• When I signed up to take this class, I was expecting…
• This is what I got out of the class…
• If I had only known…
• This is what I would change…

Before class, I go through all of the student responses and aggregate the feedback into the themes. I then present the summary to the students for the last class and we discuss their reflections. This summary presentation is then used to iterate on the course for the following year and is assigned as the first reading for the next cohort of students as their first assignment. This sets the stage for the next class.”

2) The Envelope Exercise Pritpal Singh Villanova University

“I like class activities like the envelope exercise developed by Tina Seelig at Stanford University. In this exercise, the students are asked to plan for a two-hour activity to increase an initial, unknown investment provided to them in an envelope. The amount of money in the envelope is very small – around $2. The students are usually surprised at how little money is in the envelope. Yet, every time I’ve done this exercise, the students have increased the investment money provided to them. The exercise helps students realize how easy it is for them to make money. I was particularly delighted when the students at the Bluefields, Indian, and Caribbean University in Nicaragua came to this realization. These students are generally from relatively poor communities and lack confidence in their ability to make money. When they performed this exercise and realized how easily they could make money, it was really eye-opening and thrilling for them. It was also a very rewarding experience for me.”

3) The Get Out of the Building Exercise Rodney Boehm Texas A&M University

“I provide exercises that get students out of the building. Nothing shapes a student’s perception about their idea or market better than talking with a customer . Most students are uncomfortable when they start a conversation with a potential customer. Once they are comfortable with the skill, it transforms them and their way of thinking.”

4) The Pure Imagination Exercise Laquita Blockson Agnes Scott College

“During the second week of my introductory entrepreneurship courses, I conduct a team exercise to convey the importance of creativity. I first show my students the “ Pure Imagination ” scene from the 1971 film Willy Wonka and the Chocolate Factory, asking them to listen carefully to the lyrics. This prepares them to think beyond normal convention during the exercise. I then provide each team with a common household item—a clothespin, a pill bottle, a cotton t-shirt, for example—and instruct them to think of alternative uses for their item. Once the teams have identified ways their item can be repurposed, I encourage them to contemplate how to deconstruct and reconstruct each item to make it more user-friendly. I find this exercise particularly useful because many of my students are not business or engineering majors, so by inspiring them with a film that they have likely seen, and by using common items, they are able to better internalize the connection between creativity and entrepreneurial opportunity.”

5) The Defining Problems Exercise Ruth Ochia Temple University “In my introductory course, I work on students developing a sense for defining problems. I show pictures that contain many potential issues. The students are asked to define the issues they can see and what questions they would ask or additional information they would want to help define the problems. They always want to start with solutions, but the key is to get them to define the problem better, which is half the work of solving the problem anyway.”

6) The Flipped Classroom Exercise Deb Streeter Cornell University

“I think almost all entrepreneurship professors use class activities to create what is now considered to be a “flipped classroom.”  I’m no different. Students in my courses work to develop business ideas and concepts, go out to understand customers, pivot, pitch, and spend time outside the building to learn and practice Lean Startup concepts. I also try to spark interesting conversations inside my classroom. Sometimes I do that by using short, focused video clips or the Startup podcast. I use the mishaps and adventures featured in the podcast to illuminate important ideas and concepts. The episodes are a perfect match with so many concepts related to entrepreneurship and Lean Startup. The class becomes very invested and opinionated about the founders and the company.”

7) The Business Thesis Exercise Jed Taylor University of Illinois at Urbana-Champaign

“There is a simple business thesis exercise that we use in our I-Corps program that teaches teams to articulate their value proposition and customer segment in a concise way.  It sounds simple, but it always amazes me how challenging it is for students to do at first.  I even crack out this exercise every time that I give a guest lecture across campus.”

8) The Soft Skills Exercise Cheryl Bodnar Rowan University “I use game-based class activities to help students develop their soft skills such as oral communication and teamwork, both of which are critical for entrepreneurs. Each player has a card with various symbols on it, and only one of the symbols on their individual card is defined. Without showing their cards to other players, participants have to decode the symbols and reveal the message on their individual cards, using only oral communication. The end result: all players enter a color on a rainbow-colored game board and the whole class wins.”

9) The Blindfold Exercise Joe Tranquillo Bucknell University

“In some classes I teach, I will hand out blindfolds and ask everyone to put them on. Then they pair up. Their task is to leave the second floor of the engineering building, navigate the campus, find the library, stand in line at the café and order a coffee or tea. The pair only gets to take off their blindfold when they get their beverage. Afterward we deconstruct this activity. The most important insight is that we as educators talk a lot about knowing your customer. Sometimes the only way to really understand a customer is to live in their world. After this activity the challenge is to find ways to become or simulate how to be your customer. Students seem to remember these class activities for a very long time!”

10) The Two-Minute Pitch Exercise Christine E. King University of California, Irvine

“I teach the students how to design websites and we train them how to perform two-minute pitches. I love watching the students get excited about their project, and learn how to understand the big picture. These pitches are then presented at our final symposium to industry judges. We provide the winning team with funding and resources to start their company. Each year, we have 1 to 3 student teams form companies and continue to develop their venture beyond their degree. It creates such an exciting environment to teach in, as what we show them becomes applied immediately into their careers.”

For many student inventor entrepreneurs, their first exposure to innovation and entrepreneurship happens in the classroom. That’s why it’s important to continuously develop and improve upon innovation and entrepreneurship class activities to ensure early-stage innovators are well-equipped to solve the world’s biggest problems. Learning curriculum development ideas and best practices from other faculty in the ecosystem can help educators adopt, implement, and refine their own coursework for maximum impact.

11) The Value in Waste Exercise Taryn Mead University of Arkansas and Western Colorado University

“I teach about various topics related to the circular economy, including regenerative innovation, or the process of developing supply networks for new products using waste materials. With VentureWell’s support, I recently led a class—and later an innovation challenge—in which students had to develop a product and business model to turn waste into new products. The teams have come up with great concepts, and some of them are going to apply for business accelerator programs at the state level.”

Editor’s note: Learn more about Taryn’s work using the waste stream in the classroom .

12) Life Cycle Analysis for Sustainable Engineering Design Nancy Ruzycki University of Florida

“In my exercise, students track an object through its life cycle to understand its impact all along the product journey. This is especially eye-opening for materials engineers, who might not have considered the impact of their materials choices. This gives them something to think about as they move into an engineering design career and start making decisions for a company. I love the life cycle analysis for the impact it has on students in their understanding of engineering materials selection.”

Editor’s note: For more information on materials choices, check out our Tools for Design and Sustainability .

13) The How Might We… Mini-Design Challenge Carlee Bishop Agnes Scott College

“We kick off our Human Centered Design (HCD) course with a mini-design challenge to introduce students to the design process and products. This helps students focus on a larger course project that addresses how to create a sustainable, human-centered intervention in the agriculture space. Our philosophy is to establish a learning environment for students to learn HCD by doing HCD.”

You might also like these blog articles with example class activities you can use:

  6 Virtual Classroom Exercises To Keep Students Engaged

7 Class Exercises To Amplify Innovative Thinking

Activities for Teaching Innovation: Game-Based Learning

Curious to know more about our Course & Program Grants, which offer up to $30,000 in funding to faculty and staff? Learn more .

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Home | Blog | 12 Easy Entrepreneurship Activities For Any Class (Plus 3 Free Lessons)

12 Easy Entrepreneurship Activities For Any Class (Plus 3 Free Lessons)

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Who Are Our Students?

Today’s students are digital natives! Born after 1997, they’re part of Generation Z (Gen Z). The oldest are in their mid-twenties, and the youngest are finishing up their last days of grade school. They’ve grown up with technology and have never known a world without smartphones. This tech-savvy upbringing shapes how they experience the world, behave, and learn.

Gen Z makes up about 20 percent of the U.S. population, which is around 68 million Americans. According to recent Census Bureau data, over a third of them have jobs or are self-employed, while 51 percent are still students. These students’ needs are changing the way you teach. The traditional classroom model, in which a teacher lectures at the front of the class, doesn’t cut it anymore.

Gen Z students want to learn and succeed, but they need to feel connected and see the relevance of what they’re learning. They want to know why you’re teaching entrepreneurship and how it applies to the real world. Making learning relevant is very important to them. Additionally, growing up immersed in technology has given these students a short attention span, making hands-on learning a useful teaching tool that can keep these students engaged.

What Is Entrepreneurship?

There are various definitions of entrepreneurship out there. You’ll notice the word “business” often comes up when discussing entrepreneurship because it’s usually what people first think of when they hear “entrepreneurship.” However, it goes beyond starting a business and turning a profit. Entrepreneurship is a unique way of life and mindset.

Entrepreneurship is about innovation, solving specific problems, and creating value in society. It also plays a crucial role in economic restructuring, driving economies towards more market-oriented processes. The growth of entrepreneurship impacts local, state, and national economies, influencing their ups and downs.

Why is teaching entrepreneurship to Gen Z students important? According to a recent Forbes article , while older generations often view entrepreneurship as a high-risk career choice, many Gen Z individuals feel quite the opposite. In fact, 93 percent of them have taken steps towards exploring business ownership, with 75 percent expressing a strong desire to launch their own business as a career.

Best Practices for Teaching Entrepreneurship

In an article by Professor Patricia Green, of Babson College, she proposes four complementary techniques for teaching entrepreneurship as a method, rather than a process.

1. Starting a Business

Students like learning entrepreneurship through role-playing, and it’s a highly effective method. One of the best practices for teaching entrepreneurship is having students work on starting their own businesses. By pretending to be entrepreneurs, they get hands-on experience in creating real businesses.

2. Serious Games and Simulations

This generation’s fascination with computer games and gaming has become undeniable, prompting educators to find ways of teaching entrepreneurship through games. Serious “games” have defined rules and gameplay that add an element of fun. These simulations merge learning with play, offering students the chance to tackle real challenges in a virtual setting.

There’s a wide range of entrepreneurial simulations available. Here are just a couple:

• Interpretive Simulation’s Entrepreneur is a simulation of running a retail clothing store
• Knowledge Matters’ Virtual Business Entrepreneurship offers various projects like the Shark Project, in which students pitch their business ideas and seek virtual investments from classmates

3. Design-Based Learning

Herbert Simon, an economist and Nobel Prize laureate, believed that hands-on learning through design is crucial for fields like entrepreneurship. Design isn’t just about making things look good; it’s about observing, thinking critically, being creative, and solving problems – all skills that push us to think deeply.

In traditional entrepreneurship classes, there’s often not enough time spent on sparking creativity and generating new ideas. This means students may miss out on learning how to truly think like entrepreneurs – spotting opportunities and turning them into something real. That’s why we think it’s vital to weave basic design principles into education.

It’s not just about finding opportunities anymore; it’s about creating them. By bringing design into the mix, students can flex their creative muscles to dream up solutions, clarify problems, and even launch their own businesses. This approach isn’t only about teaching entrepreneurship; it’s about empowering students to think big and make a real impact.

4. Reflective Practice

Reflection is a crucial way to turn experiences into knowledge. When we reflect, we think about what happened and try to understand it, which often leads to valuable insights. This makes reflection an essential part of teaching entrepreneurship. Entrepreneurship is a constant cycle of action, learning, testing, and experimenting.

Activities for Teaching Entrepreneurship

Now that you’ve learned some best practices for entrepreneurship education, let’s dive into some activities to integrate entrepreneurial skills into any program.

1. The Envelope Exercise

For this activity, print fake money and place small amounts in envelopes for individuals or small groups of students. You can choose to give everyone different amounts of money or keep it all equal. Explain that your students’ goal is to increase their investment — and in doing so, use the collaboration and critical thinking skills that are important in entrepreneurship.

Give students 20 to 30 minutes to brainstorm before having each individual or group share their ideas. Odds are high that they will be surprised by how easy it is for them to make money!

2. Defining Problems Exercise

Entrepreneurs find solutions to problems they see in the world . This means that the ability to clearly define problem s is important in entrepreneurship careers . To help students build this skill, s how them pictures that depict issues (like the one below) and ask them to define the problems they can see.   

Next, ask the students what information they would need to help define the problem better . They’ll want to start coming up with solutions right away but challenge them to focus on clearly defining the issue before trying to resolve it.   

3. Ready, Set, Design!

For this exercise, divide students into groups and give each group a challenge such as thinking of a new way to drink on the go or a new method of communication; keep the challenge open ended. Give each group a bag of everyday materials such as rubber bands, pipe cleaners, and foil. Have students design a product based on the challenge.   

After 15 minutes, have each group present their design and explain why that product meets the challenge. The point of this activity is to get students thinking creatively without getting hung up on the details.  

4. The StartUp Podcast

The StartUp podcast is excellent for sparking conversations about entrepreneurship in class. It illuminates important concepts revolving around entrepreneurial life. You can have students listen to an episode for homework and then facilitate a class discussion on what stood out to them in the episode.  

5. The Business Proposition

This activity will give students practice articulating a value proposition, which is a simple statement summarizing why a customer would choose your business or product. To get started, go over the definition of a value proposition and give students a brief faux business/product idea or have them come up with their own.   

Ask students to express their value proposition in a concise way. It may sound easy but keeping it brief can be challenging. This is a great exercise for helping students develop their entrepreneurial spirit.  

6. Wacky Ideas and 2-Minute Pitch

For this fun entrepreneurship activity, give students any two objects and have them brainstorm ways they can combine the objects into one invention. Then they must define the invention. Have them answer questions such as:  

• What is it?  
• What can it do?   
• Who uses it?   
• How could it be used differently?   

After defining the invention, students have two minutes to pitch it to the class. They should start by introducing themselves, the name of their company, and their invention. Once they’ve made their introductions, have them explain how their invention works and why people need it.  

7. Soda Can Redesign Challenge

For this activity, you’ll need a simple soda can – or pop can, depending on where you live. Have your students work individually or in groups to redesign the can, trying to make it better. Encourage students to think creatively about the changes they would make. If they’re working in groups, they can bounce ideas off each other.

8. Pitch Your Passion

There are many ways to pitch ideas, like the elevator pitch or the one-minute pitch. A great way to get students thinking entrepreneurially is to have them pitch their passion. In this activity, students choose something they’re passionate about, such as a hobby outside of school, an interest, or even a business idea they want to pursue.

9. Marshmallow Challenge

The goal of the Marshmallow Challenge is to build the tallest, free-standing structure possible with a marshmallow on top. Students use uncooked spaghetti, string, and tape to build their structures. Divide students into groups and give them 15-20 minutes to work on their structures. During this time, they’ll problem solve and work together creatively.

11. Free Entrepreneurship Lessons

Realityworks offers a free series of lessons focused on a variety of entrepreneurship-related topics which includes many of the activities mentioned above! These lessons will help teach students about what it’s like to be, think, and act like an entrepreneur. You can teach all three lessons together or choose which ones fit best in your class. These lessons offer an easy way to integrate a brief entrepreneurship program into any CTE course .  

Access your free entrepreneurship lessons

12. Realityworks Contemporary Entrepreneurship Program

Our ready-to-use Contemporary Entrepreneurship Program helps you create an engaging two-to-three-week unit all about entrepreneurship.

Through this entrepreneurship program, students will learn how to be an entrepreneur, generate business/product ideas, conduct market research, consider legal and financial issues, and write their own business plan.  

Looking for more entrepreneurship teaching resources? We suggest these resources:  

• Checking out this in-depth blog post all about our Contemporary Entrepreneurship Program  
• Watching our webinar, “ Best Practices for Integrating Entrepreneurship Into CTE Courses ”  
• And of course, don’t forget to download these three free entrepreneurship lessons .

2 thoughts on “ 12 Easy Entrepreneurship Activities For Any Class (Plus 3 Free Lessons) ”

Hello. I’m a CTE Business and Marketing instructor in Idaho and I’m very interested in purchasing the Contemporary Entrepreneurship course packet. Is it possible to get a quote and a copy of your company’s W9 so my school district can set you up as a vendor?

Thank you for reaching out, Sarah! We’d love to assist you. I will pass your information to our Account Services Team, who will reach out if they need anything more from you to provide the quote. If you have any questions, in the meantime, you can contact them anytime via email ([email protected]), phone (800-830-1416) or by live chatting on our website. Thank you! 🙂

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How to Come Up with an Innovative Business Idea

• 21 Jul 2020

Entrepreneurship is the pursuit of opportunity beyond currently controlled resources. By definition, entrepreneurs seek to fill a need in a new way.

For aspiring entrepreneurs, however, generating strong, novel business ideas can be challenging.

If you’re interested in being an entrepreneur , brainstorming ways you can satisfy needs and solve problems is a good place to start.

Remember the golden rule of brainstorming: There are no bad ideas. As your thoughts flow, jot them down so you can later prune the list to focus on your strongest concepts.

Here are some thought-starters for coming up with innovative business ideas and examples of how entrepreneurs have used them to build successful companies.

Access your free e-book today.

How to Come Up with a Business Idea

Is there an easier way.

One place to start brainstorming potential business ideas is by asking yourself, “What task can I make easier?”

A common denominator for successful businesses is their ability to fulfill customer needs . In this case, the need is to create a product or service that makes people’s lives easier.

Related: How to Identify an Underserved Need in the Market

The most innovative businesses have flourished from simple ideas. For example, HelloFresh has taught people how to cook and provided tools to prepare meals more efficiently. It started with a need to make meal planning and grocery shopping easier. By preparing meal kits that directly fulfill busy people’s needs, this idea has seen major growth.

Check out our video on how to come up with innovative business ideas below below, and subscribe to our YouTube channel for more explainer content!

This method of creating a product to fill a need can be viewed through the lens of Harvard Business School Professor Clayton Christensen’s jobs to be done theory , which he presents in the online course Disruptive Strategy .

“A ‘job to be done’ is a problem or opportunity that somebody is trying to solve,” Christensen says. “We call it a ‘job’ because it needs to be done, and we hire people or products to get jobs done.”

Look for these kinds of opportunities in your own life. Every “job” presents an opportunity to create an easier way to get it done.

By centering your business plan on a particular need, you can increase your chances of building a profitable business.

Related: Jobs to Be Done: 4 Real-World Examples

Can I Make This More Accessible?

There are many useful products and services that aren’t readily available to the entire market, creating an opportunity to produce a similar, more accessible product offering.

The founding of Airbnb by Brian Chesky and Joe Gebbia is an example that HBS Professor William Sahlman uses in the online course Entrepreneurship Essentials .

“Chesky and Gebbia observed how hard it was to find housing during big local events,” Sahlman explains. “They decided to list online three air beds in their apartment for people coming to San Francisco for a design conference.”

From there, they added a third member to their founding team, Nathan Blecharczyk, who built the platform for connecting people with spare rooms to travelers needing a place to stay. They called it AirBed and Breakfast, which later became Airbnb .

Chesky and Gebbia noticed hotel rooms weren’t easy to book during large events, recognized a business opportunity, and devised a solution to fulfill a need for accessible, short-term lodging.

There are countless industries and companies whose offerings are inaccessible to certain market segments or during specific periods. Consider how you might fill those needs.

Related: 10 Characteristics of Successful Entrepreneurs

What Can I Improve About This?

For every successful product offering, there's a multitude of ways to make it better. Think of companies you admire and imagine how you could improve their products. As you do so, consider the following four factors.

1. Delivery Process

Your business idea doesn’t have to be entirely new—it just has to fill a need. If you can identify a more convenient way of delivering an existing service, it could be an opportunity for your business.

Uber is used as an example in Entrepreneurship Essentials . Taxis have existed for decades, but Uber delivered its services in a new, innovative way by linking drivers in their own cars to customers via an app.

This example also shows there are no limits to what type of business you can create. Your business’ ability to fulfill a need will matter more than whether it’s a brick-and-mortar or online business.

Related: 3 Effective Methods for Assessing Customer Needs

2. Location

One of the simplest improvements to a product or service is bringing it to a new location.

Returning to the Uber example in Entrepreneurship Essentials , ride-sharing company Didi was founded in China—a location Uber hadn’t yet reached. Didi used a similar platform and model as Uber but filled a location gap Uber had left open.

What products, services, or concepts have you experienced in other places that you’d like to bring to your community?

One improvement that can make a significant impact is cost. Determining how to make a high-quality equivalent to a leading product and offer it for a fraction of the price has great potential.

Home security brand Wyze was founded using this logic. After four ex-Amazon employees discovered they could produce high-quality security cameras and sell them for one-tenth the cost of leading competitors, they sold one million security cameras in their first year as a company.

It takes testing to ensure product quality isn’t sacrificed for a lower price, but finding a way to reduce the cost of an in-demand item could jumpstart your entrepreneurial journey.

4. Customer Experience

Taking an existing offering and improving the customer experience for all or a segment of the market can be a valuable way to fill a need.

One example of an organization that’s done this well is Wanderful , a platform that, similar to Airbnb, connects travelers to locals who can offer lodging and travel advice—with the provision that all users are women.

Beth Santos, founder and CEO of Wanderful, noticed that female solo travelers made up 11 percent of the travel industry , which failed to take into consideration the safety, gender norm, and cultural concerns of women traveling alone.

She improved this experience by creating a network of women that can be tapped into for lodging, travel advice, or just a friendly face in a new location. Wanderful has since expanded its mission to give female and non-binary travelers voices in the travel industry through conferences, communities, and recognition programs.

If there’s an opportunity to improve the experience of a specific group of people, act on it and see where the opportunity leads.

Related: 6 Questions to Ask Before Starting a Business

Is It Time to Pivot?

When starting a business, you may need to pivot from your original idea as new needs arise in the market.

For instance, Jebbit , a tech startup that originally offered a platform to pay students for the advertisements they watched, saw a rising need for privacy and consent in the consumer data space. It pivoted to create a platform for secure, declared customer data.

Another instance in which it makes sense to pivot is during technological evolution.

In Disruptive Strategy , Christensen explains that technological advancements can be either sustaining or disruptive innovations , depending on how they impact your company.

Take Netflix : The service was created to allow people to watch movies without going to the video store and accomplished this by mailing DVDs to customers’ homes with prepaid return envelopes.

When streaming came on the scene in 2007, Netflix implemented the new technology into its business model and has continued to adapt as it’s evolved. Because Netflix was able to adopt new technology to continue serving its customers, streaming was a sustaining innovation.

In the case of video store Blockbuster , streaming was a disruptive innovation that it tried but couldn’t affordably adopt. It ultimately led the business to shut down.

When technological advancements arise, think of how your current business model could shift to use innovation as a sustaining force.

More Examples of Innovative Business Ideas

As you think of ideas for businesses, take inspiration from the world around you. Analyze the foundational needs other businesses have fulfilled for society and how they’ve adapted to what customers want.

Remember: As a future business owner, it’s critical to understand your company’s core mission. Focusing on that can help align your startup ideas and provide a greater chance for success.

To gain even more insight and inspiration, consider the following examples, which show how diverse your business model and mission can be.

Notarize , the first online platform for legally signing and notarizing documents is just one example of an online startup that discovered an overlooked need. For many, it’s a hassle to find a notary public to sign a document in person. This prompted Pat Kinsel, founder and CEO of Notarize, to make this difficult, but necessary, task more convenient.

"It really struck me that notarized documents are often some of the most important things people sign, and yet, we have this system that’s 100 years old," Kinsel said in an interview with Inc .

Kinsel designed the Notarize app to connect people to licensed notary publics via video chat so they can see their documents signed in real time.

This need for notarized documents seemed to be a common, but overlooked, need for many professionals. By thinking outside the box, Notarize seized a business opportunity and brought it to its fullest potential.

The development of Starbucks under former chairman and CEO Howard Schultz is another example that highlights how to efficiently choose locations for your brick-and-mortar.

“Schultz admired the sidewalk coffee shops he’d visited in Italy and decided he would introduce the same basic idea in the United States,” Sahlman says in Entrepreneurship Essentials. “That venture became Starbucks.”

Now, it’s rare to walk a few blocks without seeing a Starbucks on a corner. Strategic locations within high traffic routes created a customer base that’s made Starbucks an essential part of their lives.

Perhaps one of the most well-known companies in the world, Amazon is a prime example of fulfilling people’s need for convenience.

This e-commerce business made it the norm to buy items online—including books, music, movies, housewares, and electronics—and have them quickly and conveniently delivered.

Think Like an Entrepreneur

Coming up with an innovative business idea isn’t difficult if you’re observant. By asking yourself key brainstorming questions, you can generate a list of business ideas that fill market needs, improve existing products, and make daily life easier and more enjoyable.

Do you want to turn an idea into a viable venture? Explore our four-week Entrepreneurship Essentials course, six-week Disruptive Strategy course, and other online entrepreneurship and innovation courses to discover how you can harness the power of innovation. Download our free course flowchart to determine which best aligns with your goals.

This post was updated on September 19, 2022. It was originally published on July 21, 2020.

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23+ Free Entrepreneur Lesson Plans (Projects, Worksheets, etc.)

By: Author Amanda L. Grossman

Posted on Last updated: December 14, 2022

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Need free entrepreneurship curriculum, lesson plans, and projects? Here's entrepreneur lesson plans for high school, middle school, and elementary.

So, you’re looking for entrepreneur lesson plans to help turn your kids or students into the innovators of tomorrow.

And not just to make them into entrepreneurs, but to benefit your kids and students with the following results of teaching entrepreneurship :

• Improved academic performance
• Increased problem-solving and decision-making capabilities
• Improved interpersonal relationships
• Higher self-esteem

But, exactly how are you supposed to teach entrepreneurship?

Entrepreneurs, among other qualities, need to be able to recognize opportunities in the marketplace. This means finding a need, and figuring out how to solve that need in a profitable way.

This can be as simple as a kidpreneur/kidpreneurship (or kidpreneur-in-the-making) opening a lemonade stand on a smoldering July day near a construction site, and as complicated as creating a machine knob specifically for tea growers in Japan.

And having this ability doesn't have to result in a person starting their own business; it works equally as well for your child if they work for someone else in the form of more merit raises, one-time bonuses for one-off projects, promotions, leverage in salary negotiations, etc.

In fact, the skill of recognizing an opportunity, and seizing it by writing my own job description resulted in me snagging my first job out of college (worth an awesome $40,000 + benefits to me at the time). More on that in a bit.

What are the other skills a child needs to learn to help them as an entrepreneur?

Psst: you'll also want to check out my resource list of youth entrepreneurship programs , entrepreneur biographies for kids , kid entrepreneur kits , and full review of the Teen Entrepreneur Toolbox . 

Article Content

How Do You Teach Entrepreneurship?

Teaching entrepreneurship is a bit trickier than, say, teaching algebra. With algebra, the equations come out with the same solutions, every time. But with entrepreneurship?

There are an endless number of variables that go into it, and an endless number of outcomes that can come out of it.

How are you supposed to teach for that?

One of the best ways to teach entrepreneurship is to choose entrepreneurial projects, activities, and lesson plans that aim at nurturing these entrepreneur skills:

• Ability to identify opportunities
• Self confidence
• At least basic knowledge of business finances/financial literacy
• Knows how to take measured risk
• Vision and creativity

Elementary School Entrepreneurship Curriculum

Excited to start teaching your elementary school-aged kids about entrepreneurship? Let me share some entrepreneurship lesson plans, resources, and curriculum with you.

Also, check out these 3 kid business plan examples .

1. Venture Lab

Who It’s For : Grades 1-12

Financial Aid : ( Free for non-commercial use ) Curriculum that organizations can purchase to use with students

Length of Program : 90-minute lessons

Location : N/A

Venture Lab offers a curriculum suited for 1st – 12th graders (curriculum is divided into lower elementary, upper elementary, and middle school/high school.) This is a course in a box with all of the lesson plans already completed and is meant to be utilized as part of regular coursework, after school programs, or camps.

Its focus is on teaching girls components of entrepreneurship such as STEAM concepts and design thinking.

2. Money Monsters Start their Own Business

Who It’s For : 4th – 8th grade

Students will read through the Money Monsters Start their Own Business book (PDF provided – 51 pages), and then play a game that has them experience the ups and downs of starting a business.

I love how a Toy Store Income Tracker is included so that each student can track their own earnings and see the numbers for themselves.

Psst: you'll also want to check out Federal Reserve Bank's webinar on teaching kids entrepreneurship , which will give you some lesson plan ideas. 

Starting a Business Lesson Plans for Middle School

Do you want to teach your middle school kid (or student) how to start a business, and you need a lesson plan? I’ve actually created a Take Your Child to Work Day printable which will give you lots of ideas for your starting a business lesson plan.

More middle school business lesson plans for how to start a business (all free):

• Federal Reserve Bank's Jay Starts a Business (Grades 3-6; comes with teacher's manual with lesson plans)
• Free Kid Business Plan Templates
• Biz Kid’s Crash Course on Entrepreneurship for Middle School
• EverFI’s Venture Entrepreneurial Expedition (for grades 7-10).
• Small Business Administration’s Young Entrepreneurs course
• Foundation for Economic Education’s Booms and Busts , What is Entrepreneurship? , What is the Entrepreneur’s Role in Creating Value? , etc. (students can earn a Certificate of Achievement)
• TeenBusiness’s Entrepreneur Lesson Videos series
• Parade of Entrepreneurs Lesson Plan
• Lemonade Stand Worksheets , and my best Lemonade Stand Ideas

Psst: Try holding a market day in your class. Here are 22 things for kids to make and sell , 17 boy crafts to sell , and help pricing their products in this market day lesson plan .

Teaching Entrepreneurship to High School Students – Free Entrepreneurship Curriculum

There are some great curriculum and materials out there for teaching entrepreneurship in high school, many of which include entrepreneur worksheets for students.

Psst: you also might want to check out these 5 business books for teens , and 11 business games for students .

1. Alison’s Entrepreneurial Skills Path

Who It’s For : Business students, and people interested in learning about creating a business

Financial Aid : Free

Length of Program : 6 lessons, each between 1 and 3 hours

Alison is a free, online platform with tons of courses, and one of the paths you can go down is an entrepreneurial skills one.

Teachers of the courses include venture capitalists, professors at Harvard, and professional entrepreneurs.

Lessons include:

• Characteristics of the Successful Entrepreneur
• Critical Skills for Entrepreneurs
• Creating an Entrepreneur’s Checklist for Success
• Entrepreneurship – Creating the Business
• Key Elements of Entrepreneurial Success
• Why Entrepreneurs Should Think Big

2. Youth Entrepreneurs

Who It’s For : Students

Financial Aid : Schools pay for this program, with the cost based on how many students get free and reduced lunches

Length of Program : 1 year

With this program, students first focus on economics, then they focus on starting their own businesses.

3. Diamond Challenge Business Curriculum

Who It’s For : Kids and teens

Length of Program : 14 modules

Looking for a video business curriculum with instructional guides? The Diamond Challenge’s program covers the following:

• What is Entrepreneurship?
• Opportunity Recognition
• Opportunity Screening
• Types of Businesses
• Building a Business like a Scientist
• Using a Business Model Canvas

They also offer a Social Curriculum track that’s 6 video modules long, including:

• What is Social Entrepreneurship?
• Wicked Problems and Grand Challenges
• Social Entrepreneurship Processes and Challenges

4. INCubateredu

Who It’s For : 10th and 12th graders

Financial Aid : Free (at schools where it’s available)

Length of Program : 1 year (followed by acceleratoredu for the 2nd year)

Through Uncharted Learning’s program, 10 th to 12 th graders develop their own business, pitch their idea ta a shark-tank style event, and even have a chance at receiving funding.

5. JA BE Entrepreneurial®

Who It’s For : Grades 9-12

Financial Aid : Free for students

Length of Program : 7, 45-minute sessions

Location : Anywhere

Through your child’s school, they can take Junior Achievement’s Entrepreneurial program. The course teaches students how to create a business plan, plus how to start a venture.

Lessons covered include:

• What’s My Business?
• Who’s My Customer?
• What’s My Advantage?
• Competitive Advantages
• Ethics are Good for Business
• The Business Plan

6. JA Company Program Blended Model

Length of Program : 13 classes (2 hours/class), or as a 1-year program with 26 classes (1 hour/class)

Location : Anywhere (online course)

This is an online program that teaches high schoolers how to solve a problem/fill a need in their community through entrepreneurship.

• Start a Business
• Vet the Venture
• Create a Structure
• Launch the Business!
• Run the Business

7. The Mint's Be Your Own Boss

Who It’s For : Teens

Length of Program : 3 lessons

Starting with the Be Your Own Boss Challenge , The Mint takes your teen through the following three lesson:

• Planning Your Business
• Money & Your Business
• The Law & Your Business

8. Wharton High School's Entrepreneurship

Who It’s For : High School students

Length of Program : 50+ lesson plans

These lesson plans go through the following:

• Entrepreneurs and Entrepreneurial Opportunities
• Global Markets
• Business Plans

9. YE$ Youth Entrepreneurship

Who It's for : high school students

Cost : Free

Location : Anywhere (it's a PDF)

Here's a free PDF with tons of entrepreneur lesson plans and research done for educators, that is meant to go along with a 4-H program. You'll find some nuggets in here, plus, it's free!

Now let’s take a look at entrepreneurial projects that can teach your kids and teens all about starting a business with hands-on experiences.

10. Build a Business Plan

Who It's For : Middle School and High School

Location : Anywhere (online)

Check out this plug n' play business plan creator! You could send your students to this page to work through a business idea of theirs.

Then, at the end, they can print out their business plan!

Questions they'll need to answer include:

• Your big idea
• Who will buy
• How you'll spend and make money

Entrepreneur Worksheets for Students

While I would recommend taking on one of the projects below, or one of the hands-on lesson plans from above, there are also entrepreneur worksheets students can use to learn about businesses.

Here's a few of my favorites (all free):

• Lemonade Stand Free Printables (here's my best lemonade stand ideas , too)
• Lemonade Stand Worksheets
• Family Guide to Getting a Family Business Going (kid-centered)
• Small Business Administration's Lean Startup Business Plan
• Take your students through the DECA Idea Challenge (you'll need to pick your own everyday item to challenge students with, as the competition has ended for the year)
• Take your students through the DECA Entrepreneur of Tomorrow Challenge (again, the competition is over, but the PDF is still available for you to set up your own)

Psst: you might want to check out my review on the Teen Entrepreneur Toolbox .

2 Entrepreneurial Projects – What is an Entrepreneurial Project?

Entrepreneurial projects are a smart way to teach entrepreneurship to kids, because, as with any project, it gives them a chance to dive deeper into a topic that interest them (all under the guise of teaching them how to start and run a business).

Entrepreneur Project #1: Winter Beverage Outdoor Tasting Contest

It’s soooooo easy to sit inside all winter long and slowly accumulate cabin fever (plus a few pounds). That's why you've got to look for fun things to do in the winter.

Well today? We’re going to switch things up. I’ve created a family date night for you ( family winter activities !) that has both an indoor AND an outdoor component.

But don’t worry – with this fun winter activity we’ll keep things toasty throughout.

So, what’s the game plan? Each of your kid(dos) will make (rather,  create ) a warm winter beverage recipe  indoors . Then here's the twist: you’re going to host a family taste testing contest around your fire pit in the backyard.

Not only will this make a fun family memory, but your kid(dos) will actually walk away with more money knowledge in the process centered around the all-important lesson of how to make a profit!

Psst: Now that’s a money lesson I could have used as a kid, specifically as I’ve gone into biz for myself as an adult.

Host a Winter Beverage Outdoor Taste Testing

Finding fun things to do in the winter doesn't have to mean you're freezing your tootsies off. There's nothing better to keep you warm outdoors in the wintertime than a toasty drink. Well, a toasty drink around a roaring fire.

Here’s how it’s going down:

Step #1: Choose an Event Date

Build the anticipation for your family by choosing a date 1 to 2 weeks out (so that there’s time for you guys to complete the rest of the prep work).

Fill out the invitation on Page 1 of the free printable, and display prominently on your family’s bulletin board/gathering center in the kitchen so everyone knows the date of the big event.

Set the stage for the competition by having your family read their mission out loud. Other cool factors you can add in: make it a Friday or Saturday family date night, under the stars. Let the kids stay up a little past bedtime to complete.

Step #2: Your Kid(dos) Research Hot Drink Ideas to Enter into the Competition

Your kids are the ones entering the competition. They’ll be in the driver seat of actually creating their own recipe from scratch (with some inspiration from below).

There are lots of toasty, kid-friendly drink recipe ideas to get them started:

• Hot caramel apple cider
• Vanilla steamer with cinnamon
• Harry Potter Warm Butterbeer

They’ll get lots of help not only from looking up recipe examples on sites like Pinterest, but also from the worksheet in the free printable (Page 2).

Step #3: Shop for the Ingredients

Once your budding restaurant consultant has determined possible ingredients they’ll need for their signature drink, they’ll need you, Mama Bear, to purchase them.

Take the list your kid(dos) have created and go to the store (solo, or with them) to make the purchases.

Having trouble coming up with a pool of possible ingredients to buy? Use the lists below for inspiration of what to pick up (a few of these ingredients you probably already have at home) and let your kids create what they can from it:

• Bases : hot cocoa, apple cider, chai tea, milk
• Flavors : cinnamon, nutmeg, vanilla extract, flavor syrups
• Sweeteners : sugar, brown sugar, caramel
• Creamers : milk, half & half, almond milk, heavy cream, etc.
• Top-offs : whipped cream, caramel sauce, orange peels for zesting

Save your store receipt, as your kid(dos) will need this information to price their drinks later on.

Step #4: Your Kid(dos) Tinker + Perfect their Drink

Using the purchased ingredients as well as anything in your home they can find, host a kitchen lab session where your kid(dos) tinker with ingredients and perfect their super-secret, signature recipes (talk about fun things to do in the winter inside!).

They’ll write down the exact portion sizes to each ingredient that they use as they go along, which is important for the next step.

Step #5: Your Kid(dos) Figure Out the Profit Margin of their Signature Drink

Remember, the goal is to create a new drink for this restaurant that not only costs less than $5, but has at least a 60% profit margin for the owner.

Ahem: between you and me, that means their cost needs to come in under $2.00.

So, as your kid tinkers with ingredients, they need to keep price in mind.

Note: this step can seem a bit unwieldy, but is SO important for the whole process. Just know – I’m outlining both how to do this all by hand, as well as giving you shortcuts to online calculators where your kid(dos) will still learn the process by setting up the inputs and thinking through how it all fits together.

Of course, we’re not talking about the cost of the entire ingredient that you’ve purchased. After all, it’s unlikely they’ll use an entire carton of milk to create one drink. We’re talking about the small portion size that they used of the product.

In other words, they’re not going to get the cost of a single drink they’ve created from your grocery store receipt as it is now. They need to do some calculating based on the measurements of each ingredient that goes into each drink.

You need to know how much it costs to create just ONE of your super-secret signature drinks so that you can calculate the profit margin.

What’s a profit margin? It’s the percentage of what you keep as profit from each $1.00. For example, a 20% profit margin means that we earn $0.20 on every dollar. That means that the other 80% or $0.80 are expenses. Remember that Jack, the man from The Yeti Slide, needs a 60% profit margin, or $0.60 on each dollar in profit after expenses are taken out.

Step #1: Write down your ingredients + quantities.

Step #2: Convert each quantity in your recipe to the quantity on the product label.

Divide your ingredients up by dry ones (like cocoa powder), and wet ones (like heavy cream or vanilla extract).

Then use the appropriate table below to convert the amount in your recipe to the amount that’s found on the ingredient’s product label (front of package).

For example, if you used 3 teaspoons of cocoa powder (dry ingredient), then your conversion is to a ½ ounce (the cocoa powder can is in ounces). Or if you used 2 tablespoons of almond milk, you find on the Wet Conversion table that you used 1 fl. Oz. (the almond milk carton is in Fl. Oz.).

Hint: Can’t find the conversion or a little confused? You can plug the exact quantity of your ingredients into  this liquid converter  or  this dry converter calculator  online and convert it into the measurement found on your product label).

Conversion tables:

Dry Conversions

Liquid Conversions:

Step #3: Calculate the cost of each quantity of ingredient used.

Now you need to price each converted quantity of ingredient by figuring out how much each ounce or fluid ounce costs, and then multiplying it by the amount you’ve used.

Hint: A good estimate to use for dashes of spices such as cinnamon or nutmeg is $0.05.

• Write down the overall price of each ingredient used.
• Write down the converted amount you used of it.
• Divide the total amount in the product package by its price to find what each ounce or fluid ounce costs.
• Then multiply that by the converted amount you used.
• Write down the cost. Then add all of the individual ingredient costs to get your total expense to create the drink.

Example: I used 1 tablespoon (tbsp.) of heavy cream. One 8 fl. oz. container of heavy cream at the store costs $2.99. That is $0.37/ounce. I look at the conversion chart below, and see that 1 tbsp. converts to ½ ounce. So, I divide $0.37/2 ounces, and see that this ingredient for just one drink costs $0.186 (you can round up to $0.19).

Ingredient Cost:   $2.99 _ Converted Amount Used:  ½ fl. Oz.  Total Product Amount:  8 fl. Oz.   Cost per ounce:  _$0.37/fl. Oz.  Cost of Ingredient Used:  $0.37 X ½ = $0.186 .

Looking for a shortcut?  Here’s a free online tool for pricing out beverages . You’ll need the converted amounts.

Step #4: Calculate Your Profit Margin

Figure out how high your profit margin is if you sell the drink for $5.00.

Profit on Drink: $5.00 –  total drink cost  = _ $ _________.

Profit Per Dollar:  Your answer from above  \  Cost drink is sold for ($5.00)  =  $ Profit

Profit Margin:  $ Profit  X 100 =  Profit Margin%

Step #6: Taste Judging Begins

By now you’ve set the scene for some fun things to do in the winter outdoors – think a crackling bonfire out in the backyard (or in your fire pit. Heck, you can de-hibernate the grill for some winter outdoor cooking/heating), plus a table/flat surface where your kids can place their super-secret signature creations.

Bust out some blankets, cover straw bales with table cloths…you get the idea. (And if you’re in Houston like we are? Well, a hoodie should suffice).

Have your kid(dos) place their drinks on the tasting mat, as well as fill in how much their drink costs and what the profit margin is (all calculations they’ll be guided through on the free printable).

Now they get to take a break, while the parents taste + score each one!

Included in the printable are both a tasting mat as well as a score card with specific criteria, such as inventiveness, taste, and profit margin.

Step #7: Declare the Winners

There are winners in a variety of categories, and then an overall drink that is chosen for The Yeti Slide's Yeti Roasts:

• Most Inventive
• Best Money-Maker
• Newest Yeti Slide Signature Drink

Looking for fun things to do in the winter? This two-part activity for your child that will leave them understanding profit margins like a pro, plus give your family an awesome family date night under the stars on a winter evening when you might otherwise be watching tv.

What could be better than that? If nothing else, you’ll have created quite the memory.

Entrepreneur Project #2: A System for Your Child to Identify a Need in Your Home + Propose a Solution

We want to encourage your child to come to you with things they see that could use improvement, and ways they could add value or provide a solution for you.

Let's go through how to do this.

Step #1 : Discuss with your child the idea that people need things + services.

Here's a conversation outline for you with a few blanks to fill in (where underlined) :

“People need things and services in their lives. They need things to maintain their health, they need things to make life more enjoyable. They need parts to make repairs to their belongings. They need really cool items to buy as gifts for others. They need better systems or processes to make things work more efficiently, which just means taking less time and less money and getting the same (or better) results. All over the world, people need things. In my own life, three needs that I've satisfied through purchasing something include  X ,  Y , and  Z . By purchasing them, they made my life easier because  <<FILL IN SPECIFIC INFORMATION FOR EACH EXAMPLE YOU GAVE>> . Generally, when people need something, they are willing to pay money for the solution. That's why there are so many companies, all which provide products + solutions for people's needs.”

Pssst: MAN I wish I could go back 17 years and give myself this talk! Would've saved me several adult years of banging my head against the wall trying to understand how to make money.

Step #2 : Task your child with identifying a need around the house/property/car.

What could this look like?

A Few Examples for you + your kiddo :

• Find a more efficient way to organize the “command center” in your home.
• Use Google Maps or another program to find a more efficient route for your commute.
• Organize the wood pile + create newspaper logs that are fireplace-ready.
• Find a better way to organize/clean/maintain the video game center in your home.
• Clean out your car (I used to do this for my parents!) + add a car trash can to the back area so that in the future the kids can just use that instead of throwing things on the ground.
• Introduce a better laundry system for the family's clothes so that they actually  all  end up in the laundry room, sorted, and ready to be washed.

The possibilities are endless, and specific to what needs your child sees in your family life.

Step #3 : Once they've identified a need and come to you with it, you must decide if it's worth it to you to move forward. Don't be afraid if, after they've told you a need they  think  you have but that you don't  actually  have, to tell them that it isn't a current need of yours. Hey, the road to success is paved with failed products! This is excellent feedback so that they start to understand their “customer” and dig deeper. Perhaps they'll even start to ask YOU what you want from them!

Step #4 : What are both of your expectations for this job so that you know when the job is completed correctly?

Let them tell you what they propose to accomplish and what that would look like.

Then you share what you, as a paying customer, expect in results. Hash this out if need be (just like a real negotiation between a biz and their potential client).

This includes a deadline.

Step #5 : Now you need to ask them for a price.

I know, I know. You might be wondering, “why on earth am I going to let my child choose how much I'm willing to pay them for something they want to do around the house? Isn't it MY money?”

I totally get that. But remember that the nature of this lesson is to ignite that entrepreneurial spirit in them. Instead of you offering what you're willing to pay, have them go through the exercise of pricing their efforts. Then the negotiations start.

This sets them up for good negotiation + valuation skills in the future.

Determine the market price you'll pay, which is where their price (the supplier) and your price (based on how much you need what they're offering + a dash of several other things) meets. $__________.

Step #6 : Your child completes the work + notifies you.

Step #7 : Using the checklist you both created, provide oversight and see if everything is as it was supposed to be.

Step #8 : Pay the agreed upon rate once everything is up to par. And if they don't quite complete the project + deliver what they promised, it's up to you whether you want to make a partial payment, or not pay at all (satisfaction guaranteed could be added to this lesson as well).

If your child makes it through this process, then they will have successfully figured out a “market” need, fulfilled it, and gotten paid from their initiative. This is something that will no doubt shape their futures.

And if they don't quite succeed? Well the lessons are vast for all entrepreneurs as they traverse through the mistakes, failures, and successes.

It's really a win-win situation.

Let me show you what I mean, with an example in my own life.

How I Used this Skill Set to Write My Own First Job Offer Worth $40,000 + Benefits

While some of my dorm mates were floundering around trying to find employment, I was busy enjoying my last two months of college before entering the “real world”.

Why is that? Because I had a job waiting for me. And the only reason why I had that job was I spotted a need in a local company, and wrote my way into it.

I had interned for an organization in my small college town, and they ended up building a start-up company set to open its doors sometime around when I was due to graduate. One day I asked them if I could have a full-time job there come June. The director looked at me, and said, “go ahead and write up a job description of what you propose you would do here. Then we'll see.”

So I went back to my college dorm and worked on a job description. I thought about what the company was trying to achieve, and tied this into what I wanted to do with my life (at least what I thought I wanted to do at the time).

I wish I had saved a copy of the actual job description, but my sharp memory tells me it went something like this:

“Amanda L. Grossman will be the International Marketing & Sales contact at Chesapeake Fields. The International Marketing & Sales Person is responsible for researching new markets around the world where Chesapeake Fields' products would be well received. Primary responsibilities include understanding these markets, making contact with potential wholesalers and distributors, sending samples, and being the brand ambassador for Chesapeake Fields within these markets.”

With one minor change − they put sales in front of marketing in my job title − I got an offer from them for $40,000 + benefits to do just that. Within the one year I worked there, I ended up negotiating an initial container load of $27,000 worth of our product to a major food retailer in Taiwan.

Unfortunately, my job AND that company went under not long after my first and only year there. But writing my way into a company right out of college based on a need I saw that I could fill? Well that was enough to impress future employers who then hired me.

See how lucrative learning this skill could be for your child? I'd love to hear below what needs (perceived or actual ones) your child comes up with to fulfill.

• Latest Posts

Amanda L. Grossman

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Thursday 8th of June 2017

Uh, I totally love this post! My hubby and I are both entrepreneurs and want to instill the same in our children... definitely going to use these tips!!

Friday 9th of June 2017

*Squee*! Thanks, Lauren. I'd love to hear what your kiddos come up with:).

11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

• Describe the different purposes of a business plan
• Describe and develop the components of a brief business plan
• Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

• These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
• Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

• You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
• Would you have started the Laughing Man Foundation?
• What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

• What steps should the new restaurant take to create a new business plan?
• Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

• 48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
• 49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
• 50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
• 51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
• 52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
• 53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
• 54 Foodstart. http://foodstart.com
• 55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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Once you’ve found a business idea, Shopify has the tools you need to start, sell and grow.

16 Unique Business Ideas for You To Try This Year (2024)

Standing-out is crucial for first-time entrepreneurs. Find a unique startup idea that actually makes money with our list of the best unique business ideas.

One of the biggest challenges in starting a business is figuring out how to set yourself apart from the competition. If you’re selling a popular, widely available product, you can be sure that demand is high. But with high demand comes a saturated market and more established players.

Alternatively, you might have a completely original product⁠—something no other company is providing. In that case, standing out may be easier—but how can you be sure there’s a high enough product demand to sustain your business?

Balancing these factors is tricky, but it gets easier when you start with a unique business idea.

Unique businesses in more niche industries tend to have less competition, but the competition they do have assures you there’s a market for your products. For any new business, starting from a point of originality can make a world of difference when it comes to setting yourself apart from the competition. Get inspired by our list of unique business ideas, and set your new business up for success.

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Looking to start a business but unsure what to sell? Check out our free Big List of Business Ideas with 100+ trending products.

Unique small business ideas for first-time entrepreneurs

• Virtual interior design
• Dog walking and pet-sitting
• Membership-based online education
• Virtual assistant services
• Niche cleaning service
• Local grocery delivery
• Online zines
• CNC-based business
• Freelance bookkeeping
• Author-preneur business
• Novelty t-shirts
• TikTok personal trainer
• Local travel guides and maps

There are many ideas that fledgling business owners can consider that inspire creativity and make money. If you’re looking for a unique business idea, here’s a rundown of some favorites:

1. Food truck

If you love baking or cooking, an aspiration may be to one day open your own shop or restaurant. But opening a physical store can be costly, and developing a following of loyal customers to sustain your business can take much time and energy. Consider starting a food truck business to help kickstart your food entrepreneur dreams. 

The food truck industry has experienced consistently strong revenue growth , and has outpaced the growth of traditional restaurants. In recent years, food trucks have experienced revenue growth of $2.2 billion , potentially signaling opportunities to entrepreneurs looking to get a foothold in the industry.

A food truck business offers the advantage of mobility, so you can bring your culinary delights to events and locations where you know there will be a lot of foot traffic and hungry customers. Even after opening a restaurant or café, having a food truck can play an important role in your business plan and operations . For example, the truck itself can double as a promotional tool, helping to build other revenue streams.

Cookie business Captain Cookie & the Milkman started as a food truck in 2012 and has since expanded to multiple physical store locations to sell its fresh baked goods. It maintains roving food trucks throughout the Washington, DC, area, in addition to providing its signature trucks for private events.

Learn more:

• How To Write a Food Truck Business Plan (+ Template)
• 13 Profitable Food Business Ideas To Start Today
• How To Sell Food Online: A Step-by-Step Startup Guide

2. Virtual interior design

With more than 152,000 interior design businesses across the US and an increased interest in home décor, this segment of the home industry shows much promise for business newcomers. Recent data estimates the interior design service market will bloom to about $177 billion by 2029, up from the nearly $138 billion expected in 2024. The home décor market is similarly poised for growth .

Combine that with augmented reality and you have a growing virtual interior design industry. This is a unique business idea where online shoppers are able to “see” how furniture and other décor would look in their home.

Virtual interior design remains a relatively new industry, making it prime territory for new brands. There are even online platforms, like Havenly and Spacejoy , which match virtual interior designers with clients looking for their services.

Learn more: How To Sell Furniture Online

3. Dog walking and pet-sitting

Animal lovers might consider starting a dog-walking or pet-sitting business . It’s a great way to get some exercise, build personal relationships with clients, and make all kinds of four-legged friends. A dog-walking business is especially reliant on good customer service , so if you’re a people (and dog) person, dog walking can be a great business opportunity.

Still, dog-walking businesses are highly localized, so the types of services you offer depend on where you’re located. Take Salty Paws , for example. Aside from offering traditional dog-walking and pet-sitting services for pet owners, it also offers adventure walks to locations all along New Hampshire’s seacoast.

Learn more: How To Start a Pet Business (Top 11 Ideas)

4. Membership-based online education

There continues to be a growing demand for online learning and remote teaching. If you create an online course business, you can sell memberships and be a virtual teacher. Online courses teach just about everything a person might want to learn⁠—from cooking to playing the piano—so it’s an industry that offers many possibilities and may be a perfect fit for new merchants looking to establish themselves.

In terms of revenue streams⁠, you could sell access to recorded lessons, tickets to livestreaming sessions, and even relevant, accompanying products in an online store .

Or, take a more hands-off approach. For example, Helm Publishing offers open-book, self-study courses with accompanying tests and textbooks so customers can learn at their own pace.

Not sure what to teach? People tend to turn to Google when they want to know how to do something, so a good way to get your foot in the door of the industry is to perform some keyword research and see what types of lessons searchers would like to learn.

Learn more: How to Create an Online Course in 10 Steps

5. Virtual assistant services

Virtual assistants are contracted workers that provide a wide range of services, including accounting , content marketing , and completing personal tasks like planning trips or managing schedules. You can assist virtually as a full-time job or side business .

Since businesses can hire virtual assistants from anywhere in the world, being a virtual assistant doesn’t restrict you to any specific location. Look to virtual assistant business examples like Fancy Hands and Zirtual as inspiration for your small business.

Related article

How to start a business with no money in 2024 (8 easy steps).

Looking to start a business in 2024 but low on funds? Use these examples and tips to launch your next great idea on a budget.

Learn more: 11 Part-Time Business Ideas to Start in Your Spare Time (2024)

6. Niche cleaning service

Cleaning can be a chore, but if you find it gratifying or enjoy helping others, this could be a good business idea to pursue. There are many reasons someone might wish to delegate cleaning to a professional. Your business might specialize in niche areas such as bereavement home cleaning after the death of a loved one, car cleaning, or provide cleaning services following renovations.

Take PramWash ⁠, a Singapore-based stroller and child-gear cleaning service provider. While stroller cleaning might not be the first thing that comes to mind when you think of cleaning services, it still has a consumer demand, and PramWash has cornered the market.

On top of stroller cleaning, PramWash also offers other services for new parents⁠—like in-home cleaning and disinfection treatments that use pet- and baby-safe cleaning products.

Cleaning services tend to stay in high demand , so pick a business name and get started with your new venture. When you own a cleaning business, you are building potentially long-lasting personal relationships with your customers.

Learn more: 8 Service Business Ideas To Turn Your Expertise into Profit

7. Local grocery delivery

Groceries are a common need, but not everyone has equal access to fresh fruits, vegetables, and other grocery items. Grocery delivery services let shoppers pick out items from the comfort of their homes and have them delivered⁠.

Grocery delivery has to serve at a local level since items like fresh meats and produce can spoil and need to be delivered quickly. That means that there are communities worldwide that have the potential to grow a niche grocery delivery business.

Retirement communities, college campuses, and densely populated areas tend to be perfect for starting a local business delivering groceries. Take, for example, Yummy.com ’s online grocery store and delivery service, which provides fresh fruits, vegetables, baked goods, and other goods to customers throughout the Los Angeles area.

Learn more: Build a Successful Ecommerce Grocery Store with These Strategies

8. Online zines

If you love writing, chances are you’ve thought about founding your own magazine. Zines are small-circulation magazines that typically focus on niche topics. Zines tend to be fairly small and independent, so the industry is more accessible to newcomers.

The subject of your zine can be anything. Whether you’re an artist, designer, or writer, there are ample opportunities to showcase your talent and make money. Chances are, you’ll be more successful covering a topic that you’re passionate about.

Selling digital subscriptions to your zine is easy when using Shopify’s Digital Downloads app. If you want to sell physical copies, you could use a self-publishing app such as Lulu Direct .

You can also hire freelance remote workers to help with content creation.

Learn more: Subscription Business Model: Benefits, Types, and Tips for 2024

9. CNC-based business

A CNC machine (also called a CNC router) is a computer-operated cutting tool that enables you to carve complex shapes out of materials like wood, metals, plastic, and glass. Since it operates via computer, CNC machines are able to mass produce goods in a fraction of the time it would take a professional builder.

Small-scale CNC machines can cost as low as a few hundred dollars or thousands of dollars. This makes it easier for small businesses to mass produce custom-designed products on a shoestring budget from their garages, basements, or bedrooms.

Demand for CNC products tends to be especially high on online marketplaces like Etsy and Facebook Marketplace. There are many products you could make with a CNC machine, including home décor, cooking tools, toys, games, and more.

Take Avocrafts , for instance. Its line of cedar coasters and placemats are cut from a combination of wood and resin in such a way that each individual piece has a unique pattern. Drawing on the demand for uniqueness, Avocrafts offers its customers a high-quality product that’s one of a kind but still easy to mass produce.

Learn more: Putting the Pieces Together: 27 CNC Projects That Sell

10. Freelance bookkeeping

Freelance small business accounting services are typically in high demand, especially for small business owners. Take into consideration startup, overhead, and other operational costs, and you’ll quickly see the necessity of entrepreneurs having a solid financial foundation from which to build their business. Bookkeeping services offer crucial business support, and a freelance bookkeeping business offers you the flexibility to work with a variety of clients and set your own schedule.

As with virtual assisting, bookkeeping is a great home business for people who want to stay mobile, since it’s easy to work remotely. A good bookkeeper should be organized, detail oriented, and capable of multitasking, since they’re likely to be working with multiple clients at any given time. You can search examples of freelance bookkeeping services on sites like Bark.com .

Learn more: Ecommerce Bookkeeping 101 for Small Business: A Step-by-Step Guide

11. Author-preneur business

So many writers dream of being published authors, but the idea of having to spend months negotiating with big publishing companies over the creative direction of their work⁠ (and cut of the profits⁠) can be discouraging.

But you can take the reins and become an author-preneur, which is an author who not only writes their own books but also sells them (and any related merch), cutting out publishing companies to directly engage with an audience. Author-preneurs take full ownership over the promotion of their works, often using social media marketing to build a dedicated fan base.

Whether your genre is romance, science fiction, or guides on how to build birdhouses, establishing an author-preneur business can be easy to start and financially rewarding.

With a number of print-on-demand book options to choose from, you are able to have high-quality copies of your books printed and shipped directly to consumers—so there’s no overhead or need to hold onto boxes of unsold stock in your garage or living room.

Some of the most successful writers to emerge in the past decade have been self-published author-preneurs, like Rupi Kaur .

Rupi is a poet who began sharing snippets of her work on Tumblr and Instagram . Unable to find a publisher for her work, Rupi made the decision to move forward without one, instead focusing on growing and engaging her online fan base. The move paid off: Her first self-published book, milk and honey , became the best selling book in Canada in 2017 .

Along with her books of poetry, Rupi also sells her own merch to fans⁠—such as clothing, prints, stationary, and temporary tattoos featuring her artwork. Creating additional streams of revenue like this on your store can help supplement income, giving you time to focus on writing.

Learn more: How to Print Your Own Book in 9 Steps

12. Novelty t-shirts

T-shirts are one of the most common items of clothing, but they often act as more than just clothing. People use t-shirts to express themselves—their interests, their identities, their values, or sometimes just their favorite bands.

The global custom t-shirt printing market is expected to reach $45.5 billion in 2024 , and is expected to grow at a compound annual growth rate (CAGR) of 11.1% from 2023 to 2030 . You might not think of t-shirts as unique, but the industry is so expansive because the niching possibilities are endless.

Even with a high volume of competitors, no other brand will be selling your exact shirts. Whether they feature catchy jokes, intricate designs, stunning artwork, or rousing political slogans⁠—no other product like yours will exist.

Learn more: Start Your T-Shirt Business: Guide

13. TikTok personal trainer

TikTok is one of the fastest-growing social networks, exposing a large number of potential audience members to your content. It also tends to be an especially personal app, with influencers relying on their personalities to help build relationships with their target audience .

Personal training is, well, personal⁠—meaning building a high-level of trust with your clientele is especially important. Together, you can do what you love and promote your services on a platform to help fast-track your reach. Nurturing client relationships can take time for a traditional personal trainer, but having a dedicated following on a social media network like TikTok gives you a head start on the competition.

Your TikTok marketing could include post-workout routines and tips, engage your audience with fitness challenges, share nutritious recipes, or update people about your day-to-day life.

If you’re looking for inspiration, check out TikTok influencer Ulissesworld . A former professional bodybuilder, Ulisses has grown to become one of fitness TikTok’s most popular content creators⁠. He’s also not afraid of deviating from fitness to show a more fun and personal side as well.

Learn more: How To Make Money on TikTok: 8 Proven Ideas

Get paid by brands you love with Shopify Collabs

Shopify Collabs makes it easy to find brands that match your vibe, build affiliate relationships, get paid for what you sell, and track everything in one place.

14. Life coach

If your best entrepreneurial asset is your ability to build personal relationships with clients, life coaching could be the perfect fit.

Coaches can work with clients facing a number of challenges and may specialize in niches like relationships, career development, dealing with conflict, or just providing support to clients in the midst of overcoming obstacles.

While not a substitute for professional counseling, life coaching can make a significant difference in the lives of your clients—and can be an especially fulfilling online business to pursue.

Life coaching usually focuses on identifying client goals, assessing obstacles to achieving those goals, and developing a plan of action for overcoming those obstacles.

For example, take the life coaches at Gay Man Thriving . They’re relationship experts who work exclusively with gay men, helping them overcome the fear of rejection in the pursuit of love.

By focusing on an underserved community, Gay Man Thriving immediately sets itself apart from competing relationship advice programs.

Learn more: How to Be Successful: Essential Tips for Success in Life

15. Local travel guides and maps

Well-versed travelers know that the best guides are often the local ones. Whether looking for clubs, restaurants, events, or the best hiking trails⁠—it's the people who live in a travel destination that often have the best ideas for how to spend your time there.

If you live in a popular tourist area, chances are travelers are looking for things to do. Why not show them with your own line of local travel guides? Travel guides can take many forms⁠—you could sell audio walking tours, books, maps, or even augmented reality tours.

And you don’t have to live in Paris or New York to create these types of resources. Smaller tourist destinations can also have equally high demand, since fewer tourist resources may be available. TravelBrains is an example of a travel guide business specializing in unique, guided experiences.

Based in Bedford, New Hampshire, TravelBrains offers audio field guides created by local historians that help tourists learn more about the area’s many historical sites.

You don’t have to solely niche by location, either. You can make tourist maps and travel guides for a specific group of hobbyists. For example, MAD Maps offers state and city maps specifically for motorcyclists, detailing the best routes through the US.

Learn more: Top 10 Print-on-Demand Book Services for Self-Publishing

Reach customers everywhere they are with Shopify

Shopify comes with powerful tools that help you promote and sell products on Facebook, Instagram, TikTok, Google, and YouTube from one back office. Make sales on multiple channels and manage everything from Shopify.

16. Podcasts

Podcasting is one of the fastest-growing forms of media. As of 2024, over 135 million people in the U.S. listen to podcasts—and the number of listeners is expected to grow over the next five years.

This leaves ample opportunity for newcomers to start a podcast and build an audience. Podcasting is inexpensive, easy to learn, and one of the few collaborative media projects that can be done from several different locations, making it perfect for working remotely.

It's fairly straightforward to monetize podcasts . A common online business model for podcasters is to offer a shorter, free version of the podcast alongside a longer, more in-depth paid version. You can also develop super niche podcasts that cater to a specific audience willing to pay for unique, exclusive content.

As you start to build an audience for your podcast, you could also monetize by selling merch or doing live recording events.

The podcast Crime Junkie focuses on true-crime storytelling and provides exclusive content through paid, tiered memberships ranging from $60 to $240 a year. Crime Junkie consistently ranks among the top podcasts in the US.

Podcasters tend to have a level of authority with their audience, making popular podcasts widely sought after by brands looking for partnerships.

Learn more: How To Start a Podcast in 11 Steps

Four steps to follow up on your unique business idea

• Come up with a unique selling proposition
• Develop a business plan
• Promote your business through SEO
• Launch your online store

Standing out is no easy task in the world of business, but when you’re trying to get your business off the ground, it’s crucial to set yourself apart from your competitors. Having a unique business idea is a great starting point. Here’s what to do next:

1. Come up with a unique selling proposition

You may have a unique idea, but it doesn’t mean you won’t have competition. A competing business may not have the exact same service as you, but if customers choose them, then you need a way to set yourself apart.

A unique selling proposition is the selling point that makes your business different from competitors. When customers are overwhelmed with options, it helps if they can quickly and easily understand what makes your business different.

That’s why it’s important to develop a unique selling proposition to guide your branding and digital marketing decisions. Focusing on a specific selling point in your marketing will help easily explain what makes your business different to customers, and help create a more memorable idea of your business in your audience’s mind.

Learn more: Win Sales With a Unique Selling Proposition + 9 Examples

2. Develop a business plan

There are many steps to growing your business, from coming up with an idea to hiring collaborators to evaluating startup costs. A good business plan can help you clarify potential roadblocks and secure any resources you might need.

Good entrepreneurs can adapt to change, but it’s still important to have a plan. Take the time to:

• Research your business idea
• Identify potential challenges and pain points
• Consider what you’ll need to grow your business
• Develop a timeframe for putting your business plan into action

Learn more: How To Write a Business Plan in 9 Steps

3. Promote your business through SEO

Search engine optimization, or SEO , involves practices and strategies for bringing search engine traffic to your online store or social media profiles. SEO is especially important for unique businesses since potential audiences are likely to be searching for a solution that your business offers.

SEO best practices include creating web content that’s extracted by Google’s web-crawling algorithm and supports your SEO strategy, and optimizing keywords that existing and potential customers might use in their product search.

As studies have shown, 75% of users rarely click past the first page of search results, so getting the top position on the search engine results page ( SERP ) for your keywords gives your brand a competitive advantage.

Learn more: Complete Ecommerce SEO Guide

4. Launch your online store

When ready to launch your store, assess your level of preparedness to take your business online by asking yourself several key questions:

• Is your payment processor set up correctly?
• Do you have any dead links on your website?
• Are pages easy to navigate?
• Will your customers find what they’re looking for?

To help navigate this step, consider creating a launch checklist to organize your thoughts and streamline all the tasks you’ll need to complete before opening your store.

Learn more: Launch Your Store in 2024: 15-Step Ecommerce Checklist

Stand out from the competition with a unique business idea

Starting your first business can be an incredibly exciting experience, but it also comes with challenges. Yes, coming up with an idea is important, but remember: How you execute the idea is often the deciding factor in success.

Focus on the elements of your business that are unique or solve a common problem in a new way, or on how your product is otherwise different from the competition.

Smartphones were invented years before the iPhone, electric cars existed ahead of Tesla, and Amazon wasn’t the first company to sell products online .

The best business ideas aren’t always completely original—but with passion and a drive for innovation, you too can set your business apart from the competition.

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• 10 Easy and Profitable Crafts to Make and Sell
• What is Social Entrepreneurship? Types and Examples

Unique business ideas FAQ

What are some unique business ideas.

The best business ideas usually either offer a new spin on an existing business or provide service to a niche market that might not be adequately served by existing products and services. To get some inspiration, check out the unique businesses above.

How can you make business ideas profitable?

There’s no easy answer for making a business profitable, but if you’re offering a unique service, it helps to promote your business through SEO and social media marketing , as well as to have multiple streams of income to draw from.

How do you come up with a unique business idea?

To come up with a great business idea , think about successful businesses that you find inspiring. What is it that sticks out to you about these businesses? What sets them apart? Then ask yourself what they could be doing better. Oftentimes, completing a competitive analysis and identifying problems in competing businesses can ignite a new idea for your own successful small business.

What new business can I start?

If you’re looking to find even more business ideas , check out some of these resources:

• 30+ Life-Changing Business Opportunities To Try
• 25 Side Hustle Ideas To Make Extra Money
• Make Learning Fun With 23 Awesome Business Ideas for Kids
• 11 Part-Time Business Ideas To Start In Your Spare Time
• 60+ Small Business Ideas To Start

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How to Start a Business: A Startup Guide for Entrepreneurs [Template]

Published: February 15, 2024

I started a local HVAC business in the summer of 2020, and since then, I’ve learned a lot about which steps are most important for getting a business venture off the ground. To help you make your business idea a reality, I've put together a complete guide that walks you through the steps of starting a business.

The guide covers every step I’ve discovered you need to start a business, from the paperwork and finances to creating your business plan and growing your business online. At the bottom, you’ll find a library of the best free tools and resources to start selling and marketing your products and services.

Use the links below to navigate to each section of the guide:

• What do you need to start a business?

How to Start a Business

How to make a business plan, how to decide on a company name.

• How to Choose a Business Structure

How to Register Your Business

How to comply with legal requirements, how to find funding for your new business, how to create a brand identity for your new business, tips for starting a business, resources to start a business, how to start a business online.

Let's get started.

Every budding entrepreneur wants more visitors, more qualified leads, and more revenue. But starting a business isn’t one of those “if you build it, they will come” situations. So much of getting a startup off the ground has to do with timing, planning, and the market, so consider if the economic conditions are right to start a company and whether you can successfully penetrate the market with your solution.

In order to build and run a successful company , you’ll also need to create and fine-tune a business plan, assess your finances, complete all the legal paperwork, pick your partners, research apps for startup growth, choose the best tools and systems to help you get your marketing and sales off the ground … and a whole lot more.

When I first started my business, I felt overwhelmed by the sheer magnitude of requirements, which is why I’ve summed up the process to make it easier for you.

In brief, the requirements for starting a business are:

• A business plan.
• A business name.
• An ownership or business structure.
• A business registration certificate.
• A legal license or seller’s permit (as well as other legal documents).
• A source of funding.
• A brand identity.

Without these elements in place, you unnecessarily risk your new business’s future. Now let’s go over these basic steps for starting a business.

• Write a business plan.
• Choose a business name.
• Choose an ownership structure.
• Register your business.
• Review and comply with legal requirements.
• Apply for funding.
• Create a brand identity.

Having a great business idea is only part of the journey. In order to be successful, you’ll need to take a few steps to get it off the ground. In order to refine your business idea and set yourself up for success, consider doing the following:

1. Write a business plan.

Your business plan maps out the details of your business, including how it’s structured, what product or service you’ll sell, and how you’ll be selling it. Creating a business plan will help you find any obstacles on the horizon before you jump into running a business.

Pro tip: Remember that part of a business plan is telling investors or funders which specific items you need funding for. Be sure to list what you need to be funded, the reasoning behind items, and how long you will need funding.

Recommended Reading:

• What is a Business Plan? Definition, Tips, and Templates
• How to Build a Detailed Business Plan That Stands Out
• How to Write an Ecommerce Business Plan

How to Become an Entrepreneur With No Money or Experience

• 70 Small Business Ideas for Anyone Who Wants to Run Their Own Business

Jump to: How to Start a Business Plan →

Featured Resource: Free Business Plan Template

Below are the key elements in a business plan template, details about what goes into each of them, and example sections at the bottom. You’ll also learn tips for writing a business plan .

1. Use a business plan template .

The executive summary should be about a page long. It should cover:

• Overview . Briefly explain what the company is, where you’ll be located, what you’ll sell, and who you’ll sell to.
• Company profile. Briefly explain the business structure, who owns it, what prior experience/skills they’ll bring to the table, and who the first hires might be.
• Products or services . Briefly explain what you’ll sell.
• The market. Briefly explain your main findings from your market analysis and product market fit .
• Financial considerations . Briefly explain how you plan to fund the business and what your financial projections are.

Featured Resource: Executive Summary Template

On the marketing side, you’ll want to cover answers to questions like:

• How do you plan to penetrate the market?
• How will you grow your business?
• Which channels will you focus on for distribution?
• How will you communicate with your customers?

Pro tip: Marketing trends change year after year, so be sure to keep up on the latest trends by subscribing to the Hubspot Marketing blog .

On the sales side, you’ll need to cover answers to questions like:

• What’s your sales strategy ?
• What will your sales team look like, and how do you plan to grow it over time?
• How do you plan to scale for growth ?
• How many sales calls will you need to make to make a sale?
• What’s the average price per sale?

Speaking of average price per sale, you’ll want to go into your pricing strategy as well.

Featured Resource: Marketing & Sales Alignment Template

More importantly, it typically doesn’t entail giving partial ownership of the business away. Instead, it’s a way of getting funding not from potential co-owners, but from potential fans and customers who want to support the business idea, but not necessarily own it.

What you give donors in exchange is entirely up to you — and typically, people will come away with early access to a product, or a special version of a product, or a meet-and-greet with the founders.

Pro tip: Choose the right platform for your crowdfunding campaign type. Some platforms are more geared towards traditional investors, while others are for donations. Learn more about crowdfunding here .

5. Venture Capital Financing

Only a very small percentage of businesses are either fit for venture capital or have access to it. All the other methods described earlier are available to the vast majority of new businesses.

If you’re looking for a significant amount of money to start your company and can prove you can quickly grow its value, then venture capital financing is probably the right move for you.

Venture capital financing usually means one or more venture capital firms make large investments in your company in exchange for preferred stock of the company — but, in addition to getting that preferred return as they would in series seed financing, venture capital investors also usually get governance rights, like a seat on the Board of Directors or approval rights on certain transactions.

VC financing typically occurs when a company can demonstrate a significant business opportunity to quickly grow the value of the company but requires significant capital to do so.

Pro tip: A lot of venture capital financing is simply being in the right room with the right people. Make sure to network extensively if this is your approach to financing.

When you’re first starting a business, you’ll need to build the foundation for a strong brand identity. Your brand identity is about your values, how you communicate concepts, and which emotions you want your customers to feel when they interact with your business. Having a consistent brand identity to promote your business will make you look more professional and help you attract new customers.

Here’s what you need to do to develop your brand identity:

1. Design a logo.

Creating the right logo for your business requires careful thought and consideration. It should be representative of your brand’s purpose and target audience, while also being memorable and distinct from competitors.

To start, you need a deep understanding of your business’s mission, values, and target audience. Think beyond what your company does and truly examine why you do what you do and who you do it for. This knowledge will serve as the foundation for your logo.

Conducting market research and identifying current logo trends can help you understand what works well for others and strategize on how to stand out. Then, start brainstorming design ideas that showcase what makes your business unique.

For instance, you could try writing out a list of words that best describe your business and what makes it special and then use those words as inspiration to start sketching ideas and concepts.

Once you have some sketches created, pick which ones you think are the best and share them with stakeholders, colleagues, and buyer personas to gather feedback and refine your design. After narrowing down a design, you’ll want to test its versatility and scalability to ensure it works well in different sizes and formats.

Pro tip: Check out this blog on designing your logo, and then try out different logo design features in Canva’s logo maker .

2. Develop a visual identity.

Your brand’s visual identity doesn’t stop at creating a logo — you’ll also need to establish guidelines for typography, color palette, imagery, and other graphic elements. The more consistent your brand is with its visuals, the more consumers will be able to recognize and trust it.

To get started, consider creating a brand mood board. Ask yourself: What kind of emotions do you want your brand to evoke? Is there a specific visual aesthetic that you want to emulate? This can help you gather visual inspiration that resonates with your brand.

Choose your color palette and typography wisely. Spend some time researching color theory , as color can have a major impact on how people perceive your brand. Make sure your typography is readable and looks good across different sizes and formats.

Additionally, you should create other visual assets such as patterns, shapes, illustrations, and icons that pair well with your color palette and typography.

Pro tip: If design and color palettes aren’t your thing, consider hiring a freelance graphic designer on LinkedIn or Fiverr to help you create your visual identity and incorporate it into your logo and overall design.

3. Craft a tagline.

In just a few words, your tagline should encapsulate your brand’s essence and communicate its value. Think of it as a written or verbal version of your logo. Both elements are created to immediately capture the attention of your audience. Even if consumers don’t remember anything about your product or service, they will remember a catchy tagline.

When crafting your tagline, keep it simple. You want your tagline to be memorable, so aim for a short phrase and focus on key benefits or unique aspects of your brand. Also consider using techniques like alliteration, rhyme, or play on words to make your tagline stand out — just make sure it aligns with the rest of your brand’s voice and tone.

Pro tip: This is another element of starting a business that could benefit from someone with experience. A marketing consultant or a content writer could help you establish a compelling tagline with the next step of developing your voice and tone.

4. Develop your voice and tone.

Your brand voice refers to the personality that your brand adopts in its communication with its audience. It provides direction on what to say and how to say it, allowing you to differentiate yourself and cut through the noise.

A well-defined brand voice helps create a distinct and memorable identity for your brand, allowing you to connect with your target audience on a deeper and more meaningful level.

When determining the appropriate voice and tone for your brand, remember that consistency is key. Ensure that your brand voice and tone align with your brand’s values, mission, and positioning. Alignment between your brand’s personality and its communication style is crucial for building trust and authenticity.

Pro tip: Adapt your voice and tone to suit the preferences and understanding of your audience. Additionally, use emotion and storytelling techniques to engage your audience and resonate with them.

5. Create brand guidelines.

Once you determine all of the previously mentioned brand elements, establish a set of brand guidelines that communicate how to appropriately use them. Having these rules and standards set in place ensures consistent and cohesive messaging and representation for your brand.

Get started by defining the rules for using your brand elements across different channels and applications, such as digital and print media, social media profiles, web design, packaging, and any other relevant materials.

Show practical examples of correct and incorrect usage scenarios to demonstrate the do’s and don’ts of brand representation. This helps stakeholders and users understand the guidelines and their application. You can also offer your team templates or mock-ups to ensure correct implementation.

Once the brand guidelines are set, distribute them to internal stakeholders and relevant external partners. To make sure everyone’s on the same page, take the time to review the guidelines with everyone and consider conducting training sessions if necessary.

As your brand evolves, so should your brand guidelines. Continuously review and update them to reflect any changes or refinements. Keep the guidelines easily accessible and communicate any updates effectively.

Pro tip: A writing style guide is a great place to start when creating brand guidelines. Check out this blog on brand style guide examples.

Starting a business online is a little different from starting a traditional business. Here are some important steps for starting and scaling your business online.

1. Determine your niche and business idea.

Your business niche is the target focus area for your product or service. It’s important to choose a niche because customers like brands and businesses that specifically cater to their needs. Most customers are more likely to purchase products or services from a brand that provides personalized experiences.

When determining your niche and business idea, first identify your target audience and specify everything from their age to their interests. Then, use that information to figure out their principal need. If your product doesn’t resolve a specific need, your business will fail to get off the ground.

Pro tip: You should have a good idea of the market at this point. Use that knowledge to position yourself in a way that differentiates you from your competitors.

2. Conduct market research.

Conduct market research to understand what product or service you should offer, whom you should serve, and where you face the stiffest competition. From physical goods to digital downloads, understanding your target market and competitors will help you determine how to best position your product.

Your research should help you create a strong selling proposition . In other words, what makes your business unique? Why should someone buy from you?

Pro tip: Sometimes, market research is as easy as calling around to competitors and getting a quote on services. Make sure your pricing is competitive but not so low as to be unsustainable.

3. Learn online business laws.

While online businesses may require fewer licenses and permits than traditional businesses, there are still legal requirements that you will need to adhere to. Be sure to check:

• What kind of business license (if any) do you need to start operations?
• What legal structure makes the most sense for your company?
• Are there any permits that you need to obtain?
• Are there any inspections that you need to pass?
• Do you need a sales tax license?
• Are there any specific regulations applicable to online businesses only?
• What are the laws regarding hiring contractors and hiring employees?

Pro tip: Check out this article for more information on starting an online business and navigating online laws.

4 . Make sure your business is insured.

Depending on your business type, you may be required by state law to be both licensed and insured. HVAC businesses have a lot of liability as they involve both plumbing and electricity. I spoke with several insurance agents before deciding on the best insurance for my business needs.

There are also many different business insurance types, such as:

• Liability insurance.
• Worker’s comp.
• Property insurance (think your business location, tools, and equipment you use).
• And more. Be sure to research these different insurance types and purchase the necessary ones.

Pro tip: Check out this article on small business insurance.

5. Create a website.

After handling the research, taking care of legalities, and honing your products or services, it is time to create your website . When creating your website, you will need to choose a strong ecommerce platform that will allow you to sell products online.

Pro tip: Check out Hubspot’s free CMS tool for website building here.

6. Set up shop.

Once your website is complete, it’s time to add products or services to your store. When adding your products, pay attention to product images and descriptions. Having a crisp image and a detailed but concise description will help your audience maneuver your website smoothly.

After you have finished setting up your store, it’s critical to ensure you offer a seamless shipping or delivery experience to your buyers. For example, you can use HubSpot to manage quality control before you ship products out.

Finally, you want to make sure everything is working before you hit the live button on your website. Make sure that everything is clickable and that all pages look good across all devices and browsers. Once you’ve checked that, you are ready to go live.

Pro tip: If you take credit card information on your website, you will need to abide by compliance laws that ensure the safety of sensitive data. Read more on credit card compliance .

7. Create a marketing plan.

You’ve created an awesome product, and now it’s time to get the word out. In other words, it’s time to grow your audience. There are numerous ways to reach your target customer, including:

• Social media : Use hashtags and paid ads to expand your reach.
• Influencer marketing : Send free samples to “celebrities” in your niche.
• Facebook groups : Connect with your target market on this platform.
• Google advertising : Put your products in front of people all over the web.
• Content marketing : Publish blog posts to bring organic traffic to your site.
• Word-of-mouth : Encourage customers to spread the word.
• YouTube videos : Start a channel to showcase your products.

Pro Tip: Google ads and LinkedIn ads regularly offer discounts or free ad money; consider using these promos to try online advertisements out.

8 . Grow your business.

You’ve heard it said that in business, you’re either growing or you’re dying. Here are a couple of tips for growing your business online:

• Reduce the amount of time it takes online viewers to receive value from you and your brand.
• Answer the questions no one in your industry is answering — for example, a lot of companies won’t talk about pricing, forcing customers to keep looking for someone who will.
• Create a dynamic website that changes with the times. Update your images and writing to reflect what’s happening with your business now, and ensure your website isn’t dating you.
• Invest in content and SEO . They aren’t cheap, but they are really important for being found online, organically.

Pro tip: Check out this blog on how to become an SEO expert, according to HubSpot’s SEO team.

9. Watch your income and expenditures closely.

The first year of your business is an essential set point for discovering your overhead and your profit. Have a date in mind of when you want your business to start turning a profit and a solid plan for if you aren’t meeting that goal. Read further on potential exit strategies below.

Pro tip: Use a free business budget template to monitor your finances.

10. Plan for an exit strategy.

If you’re like me, you didn’t consider an exit strategy when thinking up your business. You probably assumed you’d run your business for the foreseeable future. However, economic uncertainty or unexpected success can both impact the end of your business. In fact, 90% of startups fail , which makes it a wise choice to know under what circumstances you would close down your business.

You could also experience unexpected buzz and success and be offered a buyout. A good exit strategy will plan for this as well. What amount of money would make selling worth it? Consider also how long you would have to run your business before considering offers. Some want to sell high and fast, whereas other business owners want to see where things go during a set amount of time.

An exit strategy could also include who you want to inherit your business, maybe family or an employee.

Pro tip: Check out this blog on the importance of having an exit strategy.

Next Steps: Getting Ready to Launch Your Business

I know from experience that being a small business owner isn’t easy, but with the right plan, you can set up your business for success. Be sure to check and know your requirements, have a solid business plan, and submit your legal paperwork before you take your business live. Once you have a solid business plan and the financing to execute your goals, you’ll be well on the path to launching a successful enterprise.

Editor’s note: This post was originally published in August 2019 and has been updated for comprehensiveness.

Don't forget to share this post!

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80 Assignment Topics On Entrepreneurship in 2023

Table of Contents

What is an Entrepreneurship Assignment?

Who studies entrepreneurship, 80 inspiring entrepreneurship topics by categories, 💰 small business entrepreneurship, 👩‍💼 corporative entrepreneurship, 📈 scalable startup entrepreneurship, 🌐 international (global) entrepreneurship, 👨‍💼 social entrepreneurship, 🌳 environmental entrepreneurship, 💻 technopreneurship, 🤑 imitator entrepreneurship , how to choose the right topic and compose an entrepreneurship assignment.

In simple terms, entrepreneurship can be defined as the practice that aims to establish, evaluate, and achieve success with a particular idea, notion, school of thought, or startup. The trick is dealing with innovations and taking the risks. At the same time, in writing about this subject, one must talk about the vision a person has and the tools that may help to achieve success. As the most prominent examples, we can talk about Steve Jobs, Elon Musk, and Bill Gates. As you explore entrepreneurship assignment topics, you may very well become the next person to change the world.

The majority of students that study entrepreneurship relate to Business Management and Marketing. Still, these are only about 50% of college learners that focus on this type of academic study. The other disciplines include Sociology, Political Sciences, History, Anthropology, Environmental Sciences, Journalism, Healthcare, HR Management majors, and Data Science specialists. As long as some ideas must be promoted, the students are free to examine the challenges of entrepreneurship. As a way to help you achieve success, take a look at the 80 assignment topics on entrepreneurship that have been divided by subject.

When you are running a small business, it can be anything from being a freelance translator with several good friends or working as a group of programmers. It’s one of the most popular business assignment topics of entrepreneurship where things mostly go smoothly.

• The ethical standards for small businesses in the United States.
• Should schools and colleges allow students to start a small business?
• The role model in the small business: what social skills must be present?
• The personality of Steve Jobs as an individual through small business entrepreneurship.
• Small business estimation: how to determine available resources.
• Protection of intellectual property when dealing with industry giants.
• The case study of Rickenbacker corporations and the small guitar luthiers.
• The importance of legal knowledge and consulting for small-to-medium businesses.
• The share of responsibilities in small businesses.
• The British style of small business entrepreneurship vs the American way of doing things.

When you are a representative of a large corporation or belong to a company that uses you to promote their services and skills, check these topics for entrepreneurship assignment below:

• Corporate ethics through the lens of political systems.
• The case study of Apple Inc: the role of the luxury brands.
• The personality of Bill Gates: an example of an entrepreneur.
• Socio-cultural aspect of being a part of the corporation.
• Biased attitude of Amazon corporation towards the premium customers.
• The peculiarities of being popular in a digital realm in 2022.
• Corporate solidarity: the pros and cons of behavior patterns.
• Estimation of available resources when dealing with the creation of a brand.
• Historical aspect of customer loyalty and the benefits of large corporations.
• Large companies and division of business branches entrepreneurship.

When you want to change the world and use some startup that will require an investment, it belongs here. It always requires analysis, estimation, and time, which is why you have to scale things down and keep your ideas flexible. Here are some assignment topics for entrepreneurship to consider:

• The most efficient ways to present a startup in 2022.
• The ways how pandemic times have changed the attitude toward startups.
• How can a college student protect an intellectual idea.
• Protection of intellectual property when you are a school student.
• Sharing of royalties when dealing with a successful startup.
• Estimation of budget and resources when dealing with a bright idea.
• American vs British styles of reaching for success.
• The importance of Khan Academy and Udemy free online courses for entrepreneurship.
• Analysis of economic tools that assist small developers to shape their budgets.
• The role of video presentations and content localization.

When you are working globally and implementing sourcing from various countries, you may consider checking international projects or volunteering as one of the options. It’s also possible to consider business communication assignment topics by focusing on global issues.

• The cultural challenges between the Eastern and the Western societies.
• The role of linguistic interpretation when presenting your projects abroad.
• The pros and cons of globalization: India and Great Britain.
• How can college students present their university projects worldwide.
• Role of the developing countries and the transnational corporations.
• How can the local failure in entrepreneurship help to achieve success abroad
• Global initiatives: the case of social media influencers.
• Charity initiatives and the role of international scouting.
• How can being a cosmopolitan individual help to achieve business success internationally.
• The role of music, arts, and culture plays an essential role in humanitarian success.

The purpose here is not to make as much as you can but to serve people. It is a “service to others” type of entrepreneurship where you bring individuals together and work on a project like helping autistic children or addressing domestic violence somewhere in Chili or Texas. Here are social topics on entrepreneurship assignment:

• The use of celebrities to address the problem of domestic violence.
• Promotional movies about heroic actions as a way to highlight the role of the police.
• The problem of child abuse and the case study of Disney movies to discuss the issue.
• ADHD students and the development of special software that helps students learn.
• The social aspect of being an entrepreneur: money versus recognition.
• The role of women in India: empowering the ladies through education.
• The history of Black Lives Matter and the people behind the campaign.
• The social environment in the United States: religion and politics.
• The importance of charity and social initiatives handled by college students.
• The presence of Sociology and Psychology skills for entrepreneurship.

Find the writer according to your requirements

• AssignmentBro is a team of experienced writers in any field of academic research
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When you are fighting for nature and want to save the Amazon forests as one of the projects, you may become an environmental entrepreneur. Here are some ideas that are worth checking for entrepreneurship assignment help if you are planning to write an assignment dealing with this branch:

• The controversy of the Green Energy projects: the money tree.
• How can gas emissions and school education help the environment?
• The role of scouting for the protection of our nature.
• How can recognition of environmental initiatives among corporations help spread the word?
• The challenge of Amazon forests and social media.
• The pollution of the rivers by corporations: why do “solidarity chains” prevent dealing with a problem?
• Cryptocurrencies: the global warming hoax?
• The problem of the Nord Stream and the political resolution of the conflicts.
• The culture of keeping our nature clean: the touristic initiatives.
• How can a social project be estimated when you are a small entrepreneur?

As the title implies, we are dealing with technology, which means that this type of entrepreneurship branch can deal with Facebook and the trends on Instagram among other things. You can also talk about some NASA-based technologies if you are majoring in engineering! You can also consider business management topics if you are dealing with an IT project. See these ideas:

• The use of AI-based tools for voice recognition to help dyslexic students.
• The cons and pros of smartphone use: the role of entrepreneurship to prevent phone addiction.
• The role of athletes is to help introduce technology for the reduction of stress.
• The older generation and the technology gap: the role of advertisement.
• How can the problem of technology access be addressed with the help of entrepreneurs.
• Pandemic times: what have we learned from the use of video conferencing.
• The accessibility factor: when to draw the line when people need to contact you?
• Taking the break from technology: how much rest should an entrepreneur have?
• Financial profits and the morals: how can technology help keep the right balance.
• Technocratic society: what are the cons and pros.

It is one of those educational methods where a student can practice by mimicking the work and tricks of an entrepreneur. You may consider these helpful assignment ideas if you want to write a reflective essay.

• The use of an outline for a charity project.
• The importance of a role model for the modern youth.
• How can college students imitate a successful entrepreneur?
• The use of stylish clothes and accuracy for being an entrepreneur.
• The role of passion and motivation when delivering the message.
• The importance of urgent decision-making.
• Stress management strategies when planning to become an entrepreneur.
• Creation of a business idea: when to narrow things down.
• The role of networking in becoming a successful individual.
• Why rationality is not always the right path for entrepreneurship?

It should be something that inspires you because if you choose something that sounds bleak to you, it won’t bring the passion out of your heart. When you plan to write an assignment based on a certain business, introduce the primary subject and determine what kind of entrepreneurship is being discussed. You may approach business decision-making assignment help online and start with a list of objectives.

Regarding the structure, it depends on your essay type. In most cases, include the following sections:

• Introduction with the main idea (thesis)
• Three to five body paragraphs (your arguments and pieces of evidence to support your idea)
• Counter-arguments paragraph that may solve the challenges that other people have
• Conclusion with a call to action or the moral lesson.

Of course, if you want to consider entrepreneurship topics for research by taking a personal approach or based on your unique idea, keep your tone narrative and keep things chronological to explain your thoughts. Proofread and edit your writing, focus on readability, and add vivid imagery to keep your assignment powerful!

There is no single definition of "business ethics." The concept of business ethics revolves around the moral and ethical principles that guide the decision-making and actions of individuals...

There is no single definition of "business ethics." The concept of...

Psychology is a science that studies the mind, brain, and behavior. It also helps us to understand and explain human behavior. Psychology is a vast field of study and can be divided into...

Psychology is a science that studies the mind, brain, and behavior...

Auditing is an essential part of any business's financial strategy. It provides assurance that the company's books are accurate, its assets and liabilities are being correctly managed, and...

Auditing is an essential part of any business's financial strategy...

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How to Prepare and Write the Perfect Business Plan for Your Company Here's how to write a business plan that will formalize your company's goals and optimize your organization.

By Matthew McCreary May 5, 2021

Are you preparing to start your own business but uncertain about how to get started? A business plan ought to be one of the first steps in your entrepreneurial journey because it will organize the ideas that have been spinning around in your brain and prepare you to seek funding, partners and more.

What is a business plan?

A business plan is a detailed document that outlines a company's goals and how the business, well, plans to achieve those goals over the next three or more years. It helps define expected profits and challenges, providing a road map that will help you avoid bumps in the road.

Stever Robbins writes in an Entrepreneur article titled, "Why You Must Have a Business Plan," that a business plan "is a tool for understanding how your business is put together…. Writing out your business plan forces you to review everything at once: your value proposition, marketing assumptions, operations plan, financial plan and staffing plan." But, a business plan is about more than just reviewing the past state of your business or even what your business looks like today.

Robbins writes that a well-written business plan will help you drive the future by "laying out targets in all major areas: sales, expense items, hiring positions and financing goals. Once laid out, the targets become performance goals."

The business plan can help your company attract talent and funding, because when prospects ask about your business, you already have an articulated overview to offer them. How they react can allow you to quickly understand how others see your business and pivot if necessary.

What should you do before you write your business plan?

It might sound redundant, but you actually need to plan your business plan. Business plans can be complicated, and you'll be held accountable for the goals you set. For example, if you plan to open five locations of your business within the first two years, your investors might get angry if you only manage to open two.

That's why it's essential that, before writing your business plan, you spend some time determining exactly which objectives are essential to your business. If you're struggling to come up with a list of goals on your own, Entrepreneur article "Plan Your Business Plan" offers some questions you can ask yourself to spark some inspiration.

How determined am I to see this venture succeed?

Am I willing to invest my own money and work long hours for no pay, sacrificing personal time and lifestyle, maybe for years?

What's going to happen to me if this venture doesn't work out?

If it does succeed, how many employees will this company eventually have?

What will be the business's annual revenue in a year? What about in five years?

What will be the company's market share in that amount of time?

Will the business have a niche market, or will it sell a broad spectrum of goods and services?

What are my plans for geographic expansion? Should it be local or national? Can it be global?

Am I going to be a hands-on manager, or will I delegate a large proportion of tasks to others?

If I delegate, what sorts of tasks will I share? Will it be sales, technical work or something else?

How comfortable am I taking direction from others? Can I work with partners or investors who demand input into the company's management?

Is the business going to remain independent and privately owned, or will it eventually be acquired or go public?

It's also essential to consider your financial goals. Your business might not require a massive financial commitment upfront, but it probably will if you're envisioning rapid growth. Unless you're making your product or service from scratch, you'll have to pay your suppliers before your customers can pay you, and as "Plan Your Business Plan" points out, "this cash flow conundrum is the reason so many fast-growing companies have to seek bank financing or equity sales to finance their growth. They are literally growing faster than they can afford."

How much financing will you need to start your business? What will you be willing to accept? If you're desperate for that first influx of cash, you might be tempted to accept any offer, but doing so might force you to either surrender too much control or ask investors for a number that's not quite right for either side.

These eight questions can help you determine a few financial aspects of your planning stages:

What initial investment will the business require?

How much control of the business are you willing to relinquish to investors?

When will the business turn a profit?

When can investors, including you, expect a return on investment?

What are the business's projected profits over time?

Will you be able to devote yourself full-time to the business?

What kind of salary or profit distribution can you expect to take home?

What are the chances the business will fail, and what will happen if it does?

You should also consider who, primarily, is going to be reading your business plan, and how you plan to use it. Is it a means of raising money or attracting employees? Will suppliers see it?

Lastly, you need to assess the likelihood of whether you actually have the time and resources to see your plan through. It might hurt to realize the assumptions you've made so far don't actually make a successful business, but it's best to know early on, before you make further commitments.

Related: Need a Business Plan Template? Here Is Apple's 1981 Plan for the Mac.

How to Write a Business Plan

Once you've worked out all the questions above and you know exactly what goals you have for your business plan, the next step is to actually write the darn thing. A typical business plan runs 15 to 20 pages but can be longer or shorter, depending on the complexity of the business and the needs of your venture. Regardless of whether you intend to use the business plan for self-evaluation or to seek a seven-figure investment, it should include nine key components, many of which are outlined in Entrepreneur 's introduction to business plans:

1. Title page and contents

Presentation is important, and a business plan should be presented in a binder with a cover that lists the business's name, the principals' names and other relevant information like a working address, phone number, email and web address and date. Write the information in a font that's easy to read and include it on the title page inside, too. Add in the company logo and a table of contents that follows the executive summary.

2. Executive summary

Think of the executive summary as the SparkNotes version of your business plan . It should tell the reader in as few words as possible what your business wants and why. The executive summary should address these nine things:

The business idea and why it is necessary. (What problem does it solve?)

How much will it cost, and how much financing are you seeking?

What will the return be to the investor? Over what length of time?

What is the perceived risk level?

Where does your idea fit into the marketplace?

What is the management team?

What are the product and competitive strategies?

What is your marketing plan?

What is your exit strategy?

When writing the executive summary, remember that it should be somewhere between one-half page to a full page. Anything longer, and you risk losing your reader's attention before they can dig into your business plan. Try to answer each of the questions above in two or three sentences, and you'll wind up with an executive summary that's about the right length.

Related: First Steps: Writing the Executive Summary of Your Business Plan

3. Business description

You can fill anywhere from a few paragraphs to a few pages when writing your business description, but try again to keep it short, with the understanding that more sections will follow. The business description typically starts with a short explanation of your chosen industry, including its present outlook and future possibilities. Use data and sources (with proper footnotes) to explain the markets the industry offers, along with the developments that will affect your business. That way, everyone who reads the business description, particularly investors, will see that they can trust the various information contained within your business plan.

When you pivot to speaking of your business, start with its structure. How does your business work? Is it retail, service-oriented or wholesale? Is the business new or established? Is the company a sole proprietorship, partnership or corporation? Who are the principals and who are your customers? What do the distribution channels look like, and how can you support sales?

Next, break down your business's offerings. Are you selling a physical product, SaaS or a service? Explain it in a way that a reader knows what you're planning to sell and how it differentiates itself from the competition (investors call this a Unique Selling Proposition, or USP, and it's important that you find yours). Whether it's a trade secret or a patent, you should be specific about your competitive advantage and why your business is going to be profitable. If you plan to use your business plan for fundraising, you can use the business description section to explain why new investments will help make the business even more profitable.

This, like everything else, can be brief, but you can tell the reader about your business's efficiency or workflow. You can write about other key people within the business or cite industry experts' support of your idea, as well as your base of operations and reasons for starting in the first place.

4. Market strategies

Paint a picture about your market by remembering the four Ps: product, price, place and promotion.

Start this section by defining the market's size, structure and sales potential. What are the market's growth prospects? What do the demographics and trends look like right now?

Next, outline the frequency at which your product or service will be purchased by the target market and the potential annual purchase. What market share can you possibly expect to win? Try to be realistic here, and keep in mind that even a number like 25% might be a dominant share.

Next, break down your business's plan for positioning, which relates to the market niche your product or service can fill. Who is your target market, how will you reach them and what are they buying from you? Who are your competitors, and what is your USP?

The positioning statement within your business plan should be short and to the point, but make sure you answer each of those questions before you move on to, perhaps, the most difficult and important aspect of your market strategy: pricing.

In fact, settling on a price for your product or service is one of the most important decisions you have to make in the entire business plan. Pricing will directly determine essential aspects of your business, like profit margin and sales volume. It will influence all sorts of areas, too, from marketing to target consumer.

There are two primary ways to determine your price: The first is to look inward, adding up the costs of offering your product or service, and then adding in a profit margin to find your number. The second is called competitive pricing, and it involves research into how your competitors will either price their products or services now or in the future. The difficult aspect of this second pricing method is that it often sets a ceiling on pricing, which, in turn, could force you to adjust your costs.

Then, pivot the market strategies section toward your distribution process and how it relates to your competitors' channels. How, exactly, are you going to get your offerings from one place to the next? Walk the reader step by step through your process. Do you want to use the same strategy or something else that might give you an advantage?

Last, explain your promotion strategy. How are you going to communicate with your potential customers? This part should talk about not only marketing or advertising, but also packaging, public relations and sales promotions.

Related: Creating a Winning Startup Business Plan

5. Competitive analysis

The next section in your business plan should be the competitive analysis, which helps explain the differences between you and your competitors … and how you can keep it that way. If you can start with an honest evaluation of your competitors' strengths and weaknesses within the marketplace, you can also provide the reader with clear analysis about your advantage and the barriers that either already exist or can be developed to keep your business ahead of the pack. Are there weaknesses within the marketplace, and if so, how can you exploit them?

Remember to consider both your direct competition and your indirect competition, with both a short-term and long-term view.

6. Design and development plan

If you plan to sell a product, it's smart to add a design and development section to your business plan. This part should help your readers understand the background of that product. How have the production, marketing and company developed over time? What is your developmental budget?

For the sake of organization, consider these three aspects of the design and development plan:

Product development

Market development

Organizational development

Start by establishing your development goals, which should logically follow your evaluation of the market and your competition. Make these goals feasible and quantifiable, and be sure to establish timelines that allow your readers to see your vision. The goals should address both technical and marketing aspects.

Once the reader has a clear idea of your development goals, explain the procedures you'll develop to reach them. How will you allocate your resources, and who is in charge of accomplishing each goal?

The Entrepreneur guide to design and development plans offers this example on the steps of producing a recipe for a premium lager beer:

Gather ingredients.

Determine optimum malting process.

Gauge mashing temperature.

Boil wort and evaluate which hops provide the best flavor.

Determine yeast amounts and fermentation period.

Determine aging period.

Carbonate the beer.

Decide whether or not to pasteurize the beer.

Make sure to also talk about scheduling. What checkpoints will the product need to pass to reach a customer? Establish timeframes for each step of the process. Create a chart with a column for each task, how long that task will take and when the task will start and end.

Next, consider the costs of developing your product, breaking down the costs of these aspects:

General and administrative (G&A) costs

Marketing and sales

Professional services, like lawyers or accountants

Miscellaneous costs

Necessary equipment

The next section should be about the personnel you either have or plan to hire for that development. If you already have the right person in place, this part should be easy. If not, then this part of the business plan can help you create a detailed description of exactly what you need. This process can also help you formalize the hierarchy of your team's positions so that everyone knows their roles and responsibilities.

Finish the development and design section of your business plan by addressing the risks in developing the product and how you're going to address those risks. Could there be technical difficulties? Are you having trouble finding the right person to lead the development? Does your financial situation limit your ability to develop the product? Being honest about your problems and solutions can help answer some of your readers' questions before they ask them.

Related: The Essential Guide to Writing a Business Plan

7. Operations and management plan

Want to learn everything you'll ever need to know about the operations and management section of your business plan, and read a real, actual web article from 1997? Check out our guide titled, "Writing A Business Plan: Operations And Management."

Here, we'll more briefly summarize the two areas that need to be covered within your operations and management plan: the organizational structure is first, and the capital requirement for the operation are second.

The organizational structure detailed within your business plan will establish the basis for your operating expenses, which will provide essential information for the next part of the business plan: your financial statements. Investors will look closely at the financial statements, so it's important to start with a solid foundation and a realistic framework. You can start by dividing your organizational structure into these four sections:

Marketing and sales (including customer relations and service)

Production (including quality assurance)

Research and development

Administration

After you've broken down the organization's operations within your business plan, you can look at the expenses, or overhead. Divide them into fixed expenses, which typically remain constant, and variable, which will change according to the volume of business. Here are some of the examples of overhead expenses:

Maintenance and repair

Equipment leases

Advertising and promotion

Packaging and shipping

Payroll taxes and benefits

Uncollectible receivables

Professional services

Loan payments

Depreciation

Having difficulty calculating what some of those expenses might be for your business? Try using the simple formulas in "Writing A Business Plan: Operations And Management."

8. Financial factors

The last piece of the business plan that you definitely need to have covers the business's finances. Specifically, three financial statements will form the backbone of your business plan: the income statement, the cash-flow statement and balance sheet . Let's go through them one by one.

The income statement explains how the business can make money in a simple way. It draws on financial models already developed and discussed throughout the business plan (revenue, expenses, capital and cost of goods) and combines those numbers with when sales are made and when expenses are incurred. When the reader finishes going through your income statement, they should understand how much money your company makes or loses by subtracting your costs from your revenue, showing either a loss or a profit. If you like, you or a CPA can add a very short analysis at the end to emphasize some important aspects of the statement.

Second is the cash-flow statement, which explains how much cash your business needs to meet its obligations, as well as when you're going to need it and how you're going to get it. This section shows a profit or loss at the end of each month or year that rolls over to the next time period, which can create a cycle. If your business plan shows that you're consistently operating at a loss that gets bigger as time goes on, this can be a major red flag for both you and potential investors. This part of the business plan should be prepared monthly during your first year in business, quarterly in your second year and annually after that.

Our guide on cash-flow statements includes 17 items you'll need to add to your cash-flow statement.

Cash. Cash on hand in the business.

Cash sales . Income from sales paid for by cash.

Receivables. Income from collecting money owed to the business due to sales.

Other income. The liquidation of assets, interest on extended loans or income from investments are examples.

Total income. The sum of the four items above (total cash, cash sales, receivables, other income).

Material/merchandise . This will depend on the structure of your business. If you're manufacturing, this will include your raw materials. If you're in retail, count your inventory of merchandise. If you offer a service, consider which supplies are necessary.

Direct labor . What sort of labor do you need to make your product or complete your service?

Overhead . This includes both the variable expenses and fixed expenses for business operations.

Marketing/sales . All salaries, commissions and other direct costs associated with the marketing and sales departments.

Research and development . Specifically, the labor expenses required for research and development.

General and administrative expenses. Like the research and development costs, this centers on the labor for G&A functions of the business.

Taxes . This excludes payroll taxes but includes everything else.

Capital. Required capital for necessary equipment.

Loan payments. The total of all payments made to reduce any long-term debts.

Total expenses. The sum of items six through 14 (material/merchandise, direct labor, overhead, marketing/sales, research and development, general and administrative expenses, taxes, capital and loan payments).

Cash flow. Subtract total expenses from total income. This is how much cash will roll over to the next period.

Cumulative cash flow . Subtract the previous period's cash flow from your current cash flow.

Just like with the income statement, it's a good idea to briefly summarize the figures at the end. Again, consulting with a CPA is probably a good idea.

The last financial statement is the balance sheet. A balance sheet is, as our encyclopedia says, "a financial statement that lists the assets, liabilities and equity of a company at a specific point in time and is used to calculate the net worth of a business." If you've already started the business, use the balance sheet from your last reporting period. If the business plan you wrote is for a business you hope to start, do your best to project your assets and liabilities over time. If you want to earn investors, you'll also need to include a personal financial statement. Then, as with the other two sections, add a short analysis that hits the main points.

9. Supporting documents

If you have other documents that your readers need to see, like important contracts, letters of reference, a copy of your lease or legal documents, you should add them in this section.

Related: 7 Steps to a Perfectly Written Business Plan

What do I do with my business plan after I've written it?

The simplest reason to create a business plan is to help people unfamiliar with your business understand it quickly. While the most obvious use for a document like this is for financing purposes, a business plan can also help you attract talented employees — and, if you share the business plan internally, help your existing employees understand their roles.

But it's also important to do for your own edification, too. It's like the old saying goes, "The best way to learn something is to teach it." Writing down your plans, your goals and the state of your finances helps clarify the thoughts in your own mind. From there, you can more easily lead your business because you'll know whether the business is reaching the checkpoints you set out to begin with. You'll be able to foresee difficulties before they pop up and be able to pivot quickly.

That's why you should continue to update your business plan when the conditions change, either within your business (you might be entering a new period or undergoing a change in management) or within your market (like a new competitor popping up). The key is to keep your business plan ready so that you don't have to get it ready when opportunity strikes.

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Entrepreneurship: the engine of growth driving our economy.

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Benevolent by nature, Kartik is a serial entrepreneur and a pro skydiver. He lives life king-size. Founder & MD of Smartt.Studio .

Entrepreneurship, the art of starting and managing a business venture to make a profit, is the driving force behind our economy's growth.

As a serial entrepreneur, I've witnessed how entrepreneurship is foundational for innovation, job creation and wealth generation. Based on my experiences, here are some ways that entrepreneurship drives the growth of our economy and how individual leaders can become strong contributors to this growth:

Four Ways Entrepreneurship Acts As An Engine Of Growth

Entrepreneurship stimulates competition in the marketplace. When new businesses enter an industry, they often introduce new products or services that can challenge established firms. This competition can lead to lower prices, improved quality and increased innovation as businesses strive to differentiate themselves and meet consumer demand. This healthy competition can ultimately benefit consumers who are able to access a wider range of products and services at more affordable prices.

There are four main ways I see entrepreneurship working to drive our economy; these are areas I think you should keep in mind when starting an enterprise.

Successful entrepreneurs are always looking for new and innovative ways to solve problems and meet the needs of consumers. They are willing to take risks and invest in new ideas that others may not have considered. Through their innovative ideas, entrepreneurs create new products and services, improve existing ones and find better ways to do things.

Job Creation

Entrepreneurship is a significant contributor to job creation. As new businesses are created, they need people to work for them. Small and medium-sized enterprises (SMEs) play a vital role in economies and are a significant source of employment with " two out of every three jobs added to the economy" being from SMEs.

Wealth Creation

Successful entrepreneurs not only create jobs but also generate wealth for themselves and their employees. As their businesses grow and become more successful, they generate profits that can be reinvested to fuel further growth.

Economic Growth

As hinted at with innovation, entrepreneurship ultimately leads to the creation of new industries, products and services that increase economic activity. Entrepreneurs greatly contribute to economic development through their fresh innovations.

Contributing To This Engine Of Growth

Here are some ways that entrepreneurs can help drive this growth.

1. Social entrepreneurship. This blends business goals with social or environmental objectives. I encourage you to create ventures that address pressing issues such as poverty, education, healthcare or climate change. By aligning your business with a social mission, you can create positive change while still pursuing profitability.

2. Ethical practices. I believe that you should also prioritize ethical considerations in your business operations. This includes fair labor practices, responsible sourcing, environmental sustainability and giving back to the community.

By demonstrating a commitment to ethical behavior, you can both build trust with consumers and contribute to a more sustainable future. For example, while I do have a team outsourced in India, I make sure there is a benchmark pay for team members and the agency managing them gets a percentage above it.

3. Collaboration and partnerships. Seek opportunities for collaboration with other businesses, nonprofits or government organizations. By joining forces, you can leverage collective resources, expertise and networks to amplify your impact and address complex challenges.

As a start-up, it is all about capitalizing on the partner ecosystem. You may be surprised at the amount of support that is available: Cloud credits from AWS, a business account with Apple, numerous entrepreneur clubs—just to list a few of the ways that organizations give support and invest in the future.

4. Customer-centric approach. Look to truly understand the needs and desires of your target market. Conduct market research, engage in active listening and seek feedback to ensure that your products or services genuinely meet the needs of your customers.

5. Mentorship and support. Pay it forward by offering mentorship and support to aspiring entrepreneurs or disadvantaged individuals.

I find that mentorship is imperative and a non-negotiable, for it is a very different game when you reach your first thousand compared to when you reach your first million. You need somebody experienced who has been a part of a larger organization and is a subject matter expert. My own mentor has been critical in supporting me when it comes to strategy, helping me outline my vision and craft a road map.

Overcoming Challenges

Of course, entrepreneurship is not without its challenges. Starting a new business requires significant resources, including capital, expertise and time. Many entrepreneurs face significant barriers to entry, such as a lack of funding, regulatory obstacles and market saturation.

The main challenges that I believe we can most immediately solve include a lack of access to resources, education and training. To help solve access to resources, we should advocate for policies and initiatives that provide entrepreneurs with access to funding, business support services and mentorship programs.

As far as education and training, we can prioritize equipping aspiring entrepreneurs with the knowledge, skills and mindset necessary to navigate the challenges of starting and managing a business. This includes utilizing the earlier-mentioned mentorship and partnership programs.

Starting a business can be a challenging and rewarding journey, requiring a combination of hard work, dedication and a willingness to take calculated risks. However, the potential rewards can be immense, not just for the entrepreneurs themselves but for the entire community.

I believe that entrepreneurship is not just about creating wealth; it's about creating value and making a positive impact on society. Entrepreneurs are the ones who identify unmet needs and develop solutions that improve people's lives.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

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Want to Start a Business in Nigeria? Here Are Your Best Ideas for 2024

Nigeria’s economy presents a variety of opportunities for entrepreneurs in 2024. With a population exceeding 200 million people, a rising middle class, and increasing internet penetration, the potential for growth across multiple sectors is substantial.

This article explores the top business ideas for 2024 in Nigeria, with an emphasis on profitability, scalability, and alignment with current market trends.

Why Start a Business in Nigeria in 2024?

Before diving into specific business ideas, it’s essential to understand why Nigeria is an attractive destination for new ventures:

• Growing Population : Nigeria’s large and youthful population offers a vast customer base.
• Expanding Middle Class : The growth of the middle class creates demand for various goods and services.
• Improved Technology Adoption : Increasing internet penetration and smartphone usage provide opportunities for tech-based businesses.
• Government Support : Various government initiatives are aimed at supporting SMEs and entrepreneurship.

Top Business Ideas for 2024

1. agriculture and agribusiness.

Agriculture remains a cornerstone of Nigeria’s economy. With the government’s push for food security and import substitution, agribusiness offers substantial opportunities.

• Crop Farming : Focus on high-demand crops like rice, maize, and cassava.
• Livestock Farming : Poultry, fish farming, and cattle rearing are profitable ventures.
• Agro-processing : Value-added processing of agricultural products like tomatoes, grains, and fruits.

Potential Profit Margins : Depending on the scale, profit margins can range from 20% to 50%.

2. E-commerce

With the rise of online shopping, e-commerce is a thriving industry in Nigeria.

• Niche Online Stores : Focus on specific products like fashion, electronics, or groceries.
• Dropshipping : Partner with suppliers to sell products without holding inventory.
• Online Marketplaces : Platforms that connect buyers and sellers, such as Jumia or Konga, have seen success in Nigeria. Creating a specialized marketplace can be a lucrative venture.

Potential Profit Margins : 15% to 35%, depending on the business model and product selection.

3. Fintech Solutions

Nigeria’s fintech industry has seen explosive growth over the past few years, with a strong demand for financial services that cater to the unbanked and underbanked populations. The rise of mobile money, digital banking, and payment platforms presents significant opportunities.

• Mobile Payment Solutions : Develop apps or platforms that facilitate seamless mobile transactions.
• Lending Platforms : Create platforms that offer microloans to small businesses or individuals.
• Cryptocurrency Exchanges : As interest in cryptocurrencies grows, providing a secure exchange platform could be lucrative.

Potential Profit Margins : Fintech businesses can expect profit margins between 20% to 60%, depending on the model and customer base.

4. Renewable Energy Solutions

With Nigeria’s energy sector facing constant challenges, there is a growing demand for alternative energy solutions.

• Solar Power Installation : Providing solar power solutions to homes and businesses can be highly profitable.
• Inverter Sales and Installation : As an alternative to unreliable grid power, inverters are becoming increasingly popular.
• Energy Consulting : Offer consulting services for energy efficiency and renewable energy projects.

Potential Profit Margins : Margins can range from 30% to 70%, particularly in solar energy projects.

5. Health and Wellness

The health and wellness industry is gaining traction as more Nigerians become health-conscious. Opportunities in this sector are vast, ranging from physical fitness to mental wellness.

• Fitness Centers and Gyms : Establish a fitness center that offers specialized training programs.
• Organic Food Production and Sales : With a growing demand for organic products, entering the organic farming business can be rewarding.
• Health Tech Apps : Develop apps that offer telemedicine, fitness tracking, or mental health support.

Potential Profit Margins : Depending on the business model, profit margins in the health and wellness industry can range from 25% to 60%.

6. Real Estate

Nigeria’s urban population is expanding rapidly, driving the demand for residential and commercial properties.

• Property Development : Invest in the development of residential or commercial properties.
• Real Estate Brokerage : Help individuals and businesses buy, sell, or rent properties.
• Property Management : Offer property management services to property owners.

Potential Profit Margins : Real estate development can offer profit margins between 20% to 50%, depending on location and property type.

7. Educational Services

With the increasing importance placed on education, there are numerous business opportunities in this sector.

• Online Tutoring : Launch an online platform that connects students with tutors.
• Skill Development Centers : Offer training in vocational skills or technology.
• Educational Content Creation : Develop educational materials, including e-books, apps, or online courses.

Potential Profit Margins : Educational services can have profit margins ranging from 30% to 70%, depending on the service provided.

8. Tech Startups

Nigeria’s tech ecosystem is growing, supported by an influx of venture capital and government incentives.

• App Development : Create mobile applications that solve specific problems for Nigerian users.
• Software as a Service (SaaS) : Develop SaaS products for businesses in Nigeria and beyond.
• AI and Machine Learning Solutions : Offer AI-driven solutions to industries like finance, healthcare, and agriculture.

Potential Profit Margins : Tech startups can see varied profit margins, often between 20% and 80%, depending on the scalability of the product.

9. Fashion and Beauty

Nigeria’s fashion and beauty industry is vibrant, with a strong demand for both local and international products.

• Fashion Design : Start a clothing line that caters to local tastes or international markets.
• Beauty Products : Develop or distribute beauty products tailored to African skin and hair types.
• Online Fashion Retail : Open an online store that sells trendy and affordable fashion items.

Potential Profit Margins : Fashion and beauty businesses can enjoy profit margins from 25% to 70%, depending on branding and market reach.

10. Tourism and Hospitality

Nigeria’s rich cultural heritage and natural beauty offer significant opportunities in the tourism and hospitality sector.

• Eco-tourism : Develop eco-friendly tours that showcase Nigeria’s natural attractions.
• Hotel and Resort Management : Invest in or manage hotels, resorts, or guesthouses.
• Travel Agency : Offer travel planning services, including flight bookings, tours, and accommodations.

Potential Profit Margins : Tourism and hospitality businesses can achieve profit margins between 15% to 50%, depending on the location and services offered.

Table: Summary of Business Ideas and Profit Potential

1. What are the most profitable business sectors in Nigeria?

• Tech startups, agriculture, and real estate are among the most profitable sectors.

2. How much capital do I need to start a business in Nigeria?

• The capital required varies depending on the business type. For example, starting a tech startup may require more initial investment than an online fashion retail store.

3. What are the challenges of doing business in Nigeria?

• Common challenges include inadequate infrastructure, regulatory hurdles, and access to finance.

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What We Know About Kamala Harris’s $5 Trillion Tax Plan So Far

The vice president supports the tax increases proposed by the Biden White House, according to her campaign.

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By Andrew Duehren

Reporting from Washington

In a campaign otherwise light on policy specifics, Vice President Kamala Harris this week quietly rolled out her most detailed, far-ranging proposal yet: nearly $5 trillion in tax increases over a decade.

That’s how much more revenue the federal government would raise if it adopted a number of tax increases that President Biden proposed in the spring . Ms. Harris’s campaign said this week that she supported those tax hikes, which were thoroughly laid out in the most recent federal budget plan prepared by the Biden administration.

No one making less than $400,000 a year would see their taxes go up under the plan. Instead, Ms. Harris is seeking to significantly raise taxes on the wealthiest Americans and large corporations. Congress has previously rejected many of these tax ideas, even when Democrats controlled both chambers.

While tax policy is right now a subplot in a turbulent presidential campaign, it will be a primary policy issue in Washington next year. The next president will have to work with Congress to address the tax cuts Donald J. Trump signed into law in 2017. Many of those tax cuts expire after 2025, meaning millions of Americans will see their taxes go up if lawmakers don’t reach a deal next year.

Here’s an overview of what we now know — and still don’t know — about the Democratic nominee’s views on taxes.

Higher taxes on corporations

The most recent White House budget includes several proposals that would raise taxes on large corporations . Chief among them is raising the corporate tax rate to 28 percent from 21 percent, a step that the Treasury Department estimated could bring in $1.3 trillion in revenue over the next 10 years.

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