What is the difference between creativity and innovation in entrepreneurship?

Creativity involves generating original ideas, while innovation is the process of applying those ideas to create value, products, services, or improved business processes.

Why do small businesses prepare pro forma financial statements?

Pro forma statements forecast expected revenue, expenses, cash flow, and profitability, helping owners plan operations and assess financing needs.

What is business format franchising?

Business format franchising lets a franchisee operate under an established brand while following the franchisor’s complete operating system, standards, training, and marketing methods.

Free Course Image Small Business Management

Free online course Small Business Management

Duration of the online course: 3 hours and 26 minutes

4.5

(4)

Manage a small business with confidence—planning, finance, leadership, and e-commerce essentials in a free online course with practical exercises and certificate option.

In this free course, learn about

Advantages of small business ownership and the small-firm operating environment
Difference between creativity (idea generation) and innovation (implementation/value creation)
Strategic planning basics: key strategies such as growth, stability, and retrenchment
Business format franchising: structure, brand systems, and franchisor-franchisee relationship
Common e-commerce misconceptions that mislead new entrepreneurs
Using pro forma financial statements for forecasting, planning, and decision-making
Equity financing trade-offs, including ownership dilution and loss of control
Manager’s primary organizational role and core management functions
Strategic management guides: mission, vision, objectives, and strategy as decision “maps”
HR equal opportunity & diversity-focused hiring practices (affirmative action concepts)
Motivation theory: Herzberg’s two-factor theory and why satisfaction ≠ motivation
Team effectiveness essentials: clear goals, communication, roles, and coordination
Leadership theories: skills, behavioral, LMX, authentic leadership, and adaptive leadership
Team Leadership Model: diagnosing team needs and taking internal/external actions

About the free online course

Running a small business means making dozens of high-impact decisions with limited time, money, and people. This free online course in Small Business Management helps you build the practical management mindset needed to turn ideas into action, steer day-to-day operations, and create a business that can compete, grow, and adapt in a changing market. Designed for aspiring entrepreneurs and current owners, it focuses on the real challenges that show up beyond the initial excitement of starting up.

You will strengthen your ability to think strategically by connecting goals to clear choices, recognizing when to focus, when to differentiate, and when to pursue new opportunities. The course also clarifies the difference between creativity and innovation so you can move from generating ideas to implementing improvements that customers actually value. Whether you are considering a franchise, building your own model, or exploring online sales, you will learn how common misconceptions can derail new ventures and how to evaluate options more realistically.

Financial control is another core theme. You will work with planning tools that help forecast results and reduce uncertainty, including forward-looking financial statements that support budgeting, cash decisions, and investment planning. You will also examine funding trade-offs, including what entrepreneurs may give up when choosing equity financing, so you can weigh capital needs against control and long-term costs.

Great businesses are built by people, not just plans. The course connects essential management roles with practical approaches to hiring, motivation, and team performance, emphasizing fair and inclusive practices. You will also develop a leadership foundation by exploring how effective leaders build relationships, create trust, stay authentic, and adjust their approach when facing complex challenges. Through short checks for understanding and exercises, you will practice applying concepts to situations you are likely to face at work or in your own venture.

By the end, you will be better prepared to run operations, lead teams, and make informed strategic and financial decisions—skills that translate directly into stronger execution and better business outcomes.

Course content

Video class: BUS-401 Module 1 10m
Exercise: In the context of entrepreneurship, which of the following best describes the unique advantage that a small business environment offers to its owner?
Video class: BUS-401 Module 2 09m
Exercise: What is the primary distinction between creativity and innovation in entrepreneurship?
Video class: BUS-401 Module 3 08m
Exercise: What are the three basic strategies in strategic planning mentioned in the context of business management?
Video class: BUS-401 Module 4 09m
Exercise: Which of the following best describes the concept of business format franchising?
Video class: BUS-401 Module 5 09m
Exercise: Which common misconception about e-commerce often leads new entrepreneurs astray, according to the text?
Video class: BUS-401 Module 6 09m
Exercise: What is the primary purpose of creating a proforma financial statement when managing a small business?
Video class: BUS-401 Module 7 09m
Exercise: When an entrepreneur decides to use equity financing, what is a potential disadvantage they might face?

Video class: BUS-101 Module 1 07m
Exercise: In the context of small business management, which role does a manager primarily fulfill within an organization?
Video class: BUS-101 Module 2 07m
Exercise: In the context of strategic management, what is the equivalent of a company's 'compasses and maps' that guide its decisions and actions?
Video class: BUS-101 Module 3 13m
Exercise: In the context of entrepreneurship, which of the following is considered a critical aspect of transforming a business idea into a successful venture?
Video class: BUS-101 Module 4 07m
Exercise: Within the context of managing human resources, which strategy is geared towards ensuring equal opportunity in hiring and employment practices by focusing on increasing diversity in the workplace?
Video class: BUS-101 Module 5 12m
Exercise: Which motivational theory suggests that unmet needs can lead to dissatisfaction, but once those needs are met, they do not necessarily increase motivation?
Video class: BUS-101 Module 6 12m
Exercise: In the context of managing work groups and teams effectively in a retail store environment, what key factor is essential for ensuring smooth team functioning and high performance?

Video class: BUS-356 Module 1 13m
Exercise: According to the skills approach to leadership, which of the following skills is essential for a leader to assist group members in working cooperatively towards common goals?
Video class: BUS-356 Module 2 15m
Exercise: The behavioral approach to leadership suggests that leadership effectiveness is rooted in:
Video class: BUS-356 Module 3 09m
Exercise: Based on Leader-Member Exchange (LMX) theory, how do leaders typically form relationships within a team?
Video class: BUS-356 Module 4 10m
Exercise: Which of the following is a key component of authentic leadership?
Video class: BUS-356 Module 5 15m
Exercise: In the context of adaptive leadership, which of the following best describes the approach leaders take when managing complex adaptive challenges?
Video class: BUS-356 Module 6 15m
Exercise: Which of the following best describes the core principle of the Team Leadership Model as presented in the text?

Free online courses on Small Business Management

Learn aboutSmall Business Management

Explore free online Small Business Management courses and gain practical skills in business planning, finance, marketing, operations, leadership, and growth. Learn at your own pace, build the confidence to launch or manage a successful small business, and earn a certificate with each course to showcase your new expertise.