Economics for Entrepreneurs

Course Handbook

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Sample Certificate

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This is not the economics class you took in University. Economics for Entrepreneurs will take you step by step in the process of starting, and growing a successful business by evaluating market demand, wrestling with pricing strategy, and looking to identify ways to differentiate your business in the marketplace. You will learn to apply the fundamental concepts of economics to critical business decisions and powerful tools to compete successfully
This online course will help you understand how businesses think about pricing and production and equip you to apply powerful ideas like complements and network effects to generate demand. This course also dives into the functioning of markets, the force of competition, and strategies for differentiation.

Gain the Knowledge and Skills Needed to Craft Successful Business Strategy

Economics for Entrepreneurs will enable you to drive critical business decisions. Explore how businesses approach pricing strategy, evaluate market demand, and differentiate their offerings, and how you can apply those learning to compete in the marketplace successfully.

PROGRAM EXPERIENCE

The progression from an individual to a managerial role can be daunting. Mastering the art and science of effective management requires a critical set of skills that can transform the complex task of management into something notably achievable. Economics for Entrepreneurs is essential entrepreneurship training that is designed to prepare you for your new management role and is structured specifically for individuals that are looking to develop their skills to lead high performing teams.

KEY TAKEAWAYS

Understand Your Challenges as an Emerging Entrepreneurs

Recognize what your current and potential challenges are as an emerging entrepreneurs, find effective solutions, and take full advantage of new opportunities.

Develop Your Leadership Style

Harness and evolve your leadership and communication style to successfully lead through rapport and inspire and engage your team.

Become a More Effective Manager

Discover the secrets to effectively time manage and delegate tasks to your team enabling you to prioritize and make quality decisions.

Create Dynamic Teams

Understand how to structure and manage teams for best results, including how to effectively work with and manage geo-distributed teams.

Learn to Hire, Fire, and Manage Talent Without Drama

Learn to successfully identify, assess, attract, and retain talent as well as how to hire and fire quickly and professionally without the threat of a lawsuit.

What You’ll Learn

  • Develop effective pricing strategies
  • Benchmark costs compared to competitors through relative cost analysis
  • Apply conjoint analysis to understand what features customers value most
  • Understand the power of network effects to drive demand
  • Identify sources of competitive advantage through differentiation

Customer Demand

1
Customer Demand
2
The Foundations of the Demand Curve

In this module, we will learn how consumers spend their limited income in order to maximize total utility. Each consumer choice problem yields a consumer equilibrium, showing the combination of goods and services an individual chooses to purchase with their budget, given the individual’s preferences and given the prices of the goods and services available.

3
Price Elasticity of Demand

Price elasticity of demand is a measurement of the change in consumption of a product in relation to a change in its price

4
Elasticity of Demand

The elasticity of demand helps companies predict changes in demand based on a number of different factors, including changes in price and the market entry of competitive goods.

5
Resources
6
Elasticity vs. Inelasticity of Demand: An Overview
7
Theoretical Foundations Demand of Consumer Behaviour

It is absolutely es­sential for marketing managers to be aware of what underlies demand in order to understand, estimate, and forecast the demand for the products they sell. We propose to demonstrate how the demand curve of an individual consumer is derived. We shall also examine the determinants of this demand function.

Business Cost

1
Business Cost
2
Fixed Cost
3
Variable Cost
4
Variable Cost vs. Fixed Cost
5
Examples of fixed costs
6
The difference between fixed and variable costs

Markets

1
Purchase Funnel
2
Market Economy
3
Product promotion

The Product Promotion means disseminating the information about the product, product line, brand and company to the prospective buyers with the intent to generate sales and develop a brand loyalty.

4
Marketing
5
Market Failure

Competition and Differentiation

1
Brand loyalty
2
Product Differentiation
3
Competitive Differentiation

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Enrolled: 17877 students
Duration: 7 Days
Lectures: 21
Level: Advanced

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