Entrepreneurship – from ideas to reality
Entrepreneurship – from ideas to reality

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

1 Practice and theory

While it’s tempting to dismiss theory and go straight to creating your product or service, you may quickly run into problems with cash-flow, HMRC, suppliers and customers, amongst others, if you haven’t first established your legal status and your business model. A little planning and preparation now will help those around you to be clear about how to set things up well, and about the contacts and infrastructure you will need. It will also help others to know who they are dealing with and how to respond efficiently.

In Session 2 you concentrated very much on managing the business (remember the three essential activities):

  • Running the business (e.g. those ‘must do’ activities that mean you can create and settle invoices, pay your taxes, comply with regulations and so on)
  • Getting the business (e.g. find, attract and keep customers)
  • Delivering the business (i.e. create the product or service that customers want to use or buy).

In this session you will go into a little more detail about the business model – how it will actually operate and how you will go about getting and delivering the business.

The benefit of the models used in this course is that they can be used in a very practical way as a checklist or framework on which you can quite quickly create a visual outline of your business. This will be useful to build the business and to explain it to others who can support you.

Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to University-level study, we offer two introductory routes to our qualifications. You could either choose to start with an Access module, or a module which allows you to count your previous learning towards an Open University qualification. Read our guide on Where to take your learning next for more information.

Not ready for formal University study? Then browse over 1000 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus371