Starting or growing a business can be challenging, but equipping yourself with the right skills can truly set your business apart. Leadership, marketing, finance, and legal issues have a significant impact on a business’s growth and sustainability. Entrepreneurs who master the basics in each area will confidently navigate a variety of challenges, laying a solid foundation for long-term success.
The J. Orin Edson Entrepreneurship + Innovation institute develops Training and Development Resources (TDR), covering each of these important skills. These online, asynchronous, self-paced learning modules are inclusively tailored to meet the needs of entrepreneurs in diverse development stages, industries, and regions.
In this blog, we’ll explore these four skill areas and share resources available through Edson E+I as well as other sources to support entrepreneurs at every stage of their journey.
Leadership
Effective leadership is the cornerstone of entrepreneurial success. It’s more than just management. It’s about inspiring a team, crafting a winning strategy, and paving the path to achieving ambitious goals. Great leaders lead by example, fostering innovation, clear communication, and a positive work environment that empowers employees and drives the business forward. Here are three resources to help you develop and fine-tuning your leadership skills:
- How can I become a better leader? Acumen’s Academy “Adaptive Leadership: Mobilizing for change and disrupting the status quo” is a free, four-week course to explore adaptive leadership techniques and tackle real-world leadership challenges.
- Is mentorship right for me? This Edson E+I resource explores the benefits of reflective and personalized mentorship. It provides considerations to either become a mentor or seek mentorship depending on your specific entrepreneurial goals or broader life experiences.
- Dare to Lead Podcast with Brené Brown: Brené Brown’s podcast is inspired by her bestselling book, Dare to Lead, and features a mix of solo episodes and discussions with innovators, culture-shifters and disruptors who are making a difference. It’s focused on cultivating courage and transformative leadership across all aspects of life.
Marketing strategy
Marketing is more than just advertising. It encompasses understanding customers, developing suitable products, positioning them strategically, and pricing them effectively. These elements form the core of effective marketing strategies, which are essential for the growth of any business. As an entrepreneur, you’ll often invest considerable time in these areas to boost your brand’s visibility and appeal. Here are some key insights into marketing fundamentals critical for every entrepreneur:
- How will a Go-to-Market strategy help my business succeed? A Go-to-Market (GTM) strategy allows you to connect your product with its ideal market and achieve essential product-market fit. Throughout this module, you’ll learn how to engage customers, understand the sales role of an early-stage founder, and use your GTM tools to effectively build revenue and scale your business.
- How can I get started with digital marketing for my business? This TDR module will be helpful for you if you are a solopreneur, a micro business owner, or an established business owner who knows it’s time to integrate “digital” into your marketing strategy.
- Marketing Skills for Entrepreneurs: How to use a targeted marketing strategy to work smarter, not harder: WeBC, a business resource organization that supports women entrepreneurs along their small business journey, shows us how entrepreneurs can leverage their knowledge of their target market alongside the classic marketing mix (Product, Price, Place, and Promotion) to spark fresh and creative marketing strategies.
- You can find additional TDR modules on marketing strategy in the Your Customer and Your Product or Service collections:
- What is customer discovery?
- Why should I develop customer personas?
- How do I gather and respond to customer feedback?
- How can I market my ecommerce business?
- How can I get started with digital marketing for my business?
Funding and finances
Securing adequate financial resources can determine success of your business. All entrepreneurs, from innovative startups to established businesses, need to understand the funding options available. Knowledge of funding and financial alternatives empowers entrepreneurs to make informed decisions, strategically aligning their funding approach with their business objectives and growth aspirations. If you’re interested in learning more about funding and finance for your business, explore these courses and resources:
- How do I fund my business? The Financing Your Dream course, offered by DreamBuilder, will teach you about different types of capital available and how to secure them. It will also help you identify your business’s needs and which funding sources are a good fit.
- What are my funding options? We adapted the Fund your business guide from the U.S. Small Business Administration (SBA). Remember, there is no one-size-fits-all solution when it comes to funding. This module is available in English and Spanish.
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How much money do I need to start my business? It costs money to start a business. In this module, we have adapted the Calculate your startup costs guide from the U.S. Small Business Administration (SBA). This module is available in English and Spanish.
Legal issues
By understanding potential legal issues before they encounter them, entrepreneurs can safeguard their businesses and avoid risks. From intellectual property rights to contract negotiations, legal knowledge empowers entrepreneurs to navigate regulatory complexities and protect their business interests. Knowledge of legal fundamentals can help them make informed decisions so they can focus on innovation and growth in compliance with laws and regulations. Here are several of the resources for you to explore:
- Entrepreneurship and Small Business Clinic This is an innovative program that matches inventors, entrepreneurs, and emerging companies with teams of ASU Law students. The clinic provides clients with legal services often unavailable to startups and small businesses. These services help clients operate with a stronger legal foundation as they grow and thrive.
- What tax policies and laws apply to my business? There are many regulations to keep track of in different jurisdictions. This TDR module describes different types of taxes to keep in mind as a business owner.
- How do I legally form my business? Explore the different types of legal business structures and the implications of each so that you can make the right choice for you and your venture. We have included helpful content for U.S. and non-U.S. residents.
- You can find additional TDR modules about legal issues in the Legally Speaking collection.
Never stop learning
To be an entrepreneur is to always be learning. As your business grows and your market evolves, you will constantly be trying new things and coming up new ideas. Here are some fantastic general entrepreneurship resources to bookmark and reference now and as your entrepreneurial journey progresses:
- Arizona Commerce Authority Small Business Boot Camp Content Library: Find over 300 webinars serving the needs of entrepreneurs and startups in relevant resource areas such as accounting and finance, leading and managing a business, legal issues, marketing and business sales and services.
- Arizona Small Business Development Center (SBDC): Arizona’s go-to resource to start, grow, or transition a business.
- The Better Business Bureau Serving the Pacific Southwest (BBB) is a hub for business support and provides many resources and events that entrepreneurs can engage with to help their ventures thrive.
- For more in-depth, holistic venture support, check out these options:
- Dreambuilder is an online, self-paced program that can help you create a business plan and determine the steps needed to launch your venture.
- BBB Blueprint is a free, online business incubation program dedicated to helping entrepreneurs develop their businesses.
- Empower by GoDaddy Business Incubator is a 12-week launchpad to ethical growth and explosive success for your small business.
Honing the right skillset is essential for not only launching your business but also ensuring its longevity and success. As an entrepreneur, countless resources are available to you. Discovering what works best for your business model and target customer will help you achieve your goals. Explore and enjoy the journey!
