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Active as of Fall Semester 2020
I. General Information
1. Course Title:
Entrepreneurship
2. Course Prefix & Number:
BUSN 2101
3. Course Credits and Contact Hours:
Credits: 3
Lecture Hours: 3
4. Course Description:
This course examines the risks and rewards of entrepreneurship with a study of the challenges and opportunities of managing a small business for profit.
5. Placement Tests Required:
6. Prerequisite Courses:
BUSN 2101 - Entrepreneurship
There are no prerequisites for this course.
9. Co-requisite Courses:
BUSN 2101 - Entrepreneurship
There are no corequisites for this course.
II. Transfer and Articulation
1. Course Equivalency - similar course from other regional institutions:
Alexandria Technical & Community College, MKTG1501 Entrepreneurship , 3 credits
St. Cloud Technical & Community College, SAMG2285 Entrepreneurship/Small Business Mgmt, 3 credits
3. Prior Learning - the following prior learning methods are acceptable for this course:
- Written
- Oral
- Demonstration
- Portfolio
III. Course Purpose
Program-Applicable Courses – This course fulfills a requirement for the following program(s):
Business Management, AAS Degree
Entrepreneurship, Certificate
IV. Learning Outcomes
1. College-Wide Outcomes
College-Wide Outcomes/Competencies |
Students will be able to: |
Demonstrate reading and listening skills |
Complete fifteen chapter study guides and quizzes. |
Analyze and follow a sequence of operations |
Complete an evaluation of the components of a business plan. |
Apply ethical principles in decision-making |
Complete the Entrepreneur’s Ethical Dilemma Challenge project. |
2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of
the course:
- Identify entrepreneurial opportunities
- Examine entrepreneurial integrity and ethics
- Analyze startup ideas
- Investigate franchise opportunities
- Evaluate criteria for preparing a sound business plan
- Create business marketing strategies
- Compare different legal forms of business organization
- Explain the importance of supply chain management
- Identify considerations in structuring a distribution channel
- Prioritize multiple sources of financing a new business
- Design strategies for managing risk
I. General Information
1. Course Title:
Entrepreneurship
2. Course Prefix & Number:
BUSN 2101
3. Course Credits and Contact Hours:
Credits: 3
Lecture Hours: 3
4. Course Description:
This course examines the risks and rewards of entrepreneurship with a study of the challenges and opportunities of managing a small business for profit.
5. Placement Tests Required:
6. Prerequisite Courses:
BUSN 2101 - Entrepreneurship
There are no prerequisites for this course.
9. Co-requisite Courses:
BUSN 2101 - Entrepreneurship
There are no corequisites for this course.
II. Transfer and Articulation
1. Course Equivalency - similar course from other regional institutions:
Alexandria Technical & Community College, MKTG1501 Entrepreneurship , 3 credits
St. Cloud Technical & Community College, SAMG2285 Entrepreneurship/Small Business Mgmt, 3 credits
3. Prior Learning - the following prior learning methods are acceptable for this course:
- Written
- Oral
- Demonstration
- Portfolio
III. Course Purpose
1. Program-Applicable Courses – This course fulfills a requirement for the following program(s):
Business Management, AAS Degree
Entrepreneurship, Certificate
IV. Learning Outcomes
1. College-Wide Outcomes
College-Wide Outcomes/Competencies |
Students will be able to: |
Demonstrate reading and listening skills |
Complete fifteen chapter study guides and quizzes. |
Analyze and follow a sequence of operations |
Complete an evaluation of the components of a business plan. |
Apply ethical principles in decision-making |
Complete the Entrepreneur’s Ethical Dilemma Challenge project. |
2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of
the course:
- Identify entrepreneurial opportunities
- Examine entrepreneurial integrity and ethics
- Analyze startup ideas
- Investigate franchise opportunities
- Evaluate criteria for preparing a sound business plan
- Create business marketing strategies
- Compare different legal forms of business organization
- Explain the importance of supply chain management
- Identify considerations in structuring a distribution channel
- Prioritize multiple sources of financing a new business
- Design strategies for managing risk
V. Topical Outline
Listed below are major areas of content typically covered in this course.
1. Lecture Sessions
- Entrepreneurship: a world of opportunity
- The entrepreneurial life
- Small size, great significance
- Small business and entrepreneurship go together
- Can a small company really compete w/big companies?
- The motivation for owning a business
- What do you want your legacy to be?
- Integrity, ethics, and social entrepreneurship
- What is integrity?
- Integrity and the interests of major stakeholders
- The challenges and benefits of acting with integrity
- Building a business with integrity
- Social entrepreneurship: a continuing trend
- Starting from scratch or joining an existing business
- Starting a small business
- Developing startup ideas
- Using innovative thinking to generate business ideas
- Using internal and external analyses to assess new business ideas
- Selecting strategies that capture opportunities
- Screening new business ideas
- Is your startup idea feasible?
- Franchises and buyouts
- What is a franchise?
- The pros and cons of franchising
- Evaluating franchise opportunities
- Buying on existing business
- The family business
- What is a family business?
- Dynamic family businesses
- Family roles and relationships
- Good governance in the family firm
- The process of leadership succession
- Developing the new venture business plan
- The business plan: visualizing the dream
- An overview of the business plan
- Will writing a plan make a difference?
- Begin with the business model
- Preparing a business plan: the content and format
- Advice for writing a business plan
- Pitching to investors
- Resources for business plan preparation
- The marketing plan
- What is small business marketing?
- The formal marketing plan
- Marketing research for the small business
- Understanding potential target markets
- Estimating market potential
- The organizational plan: teams, legal structures, alliances, and directors
- Building a management team
- Common legal forms of organization
- Considerations in choosing an organizational form
- Specialized legal forms of organization
- Forming strategic alliances
- Making the most of a board of directors
- The location plan
- Locating the brick-and-mortar startup
- Designing and equipping the physical facilities
- Locating the startup in the entrepreneur’s home
- E-commerce: locating a startup on the internet
- Understanding a firm’s financial statements
- The income statement
- The balance sheet
- The statement of cash flows
- Evaluating a firm’s financial performance
- Forecasting financial requirements
- The purpose of financial forecasting
- Forecasting profitability
- Forecasting asset and financing requirements
- Forecasting cash flows
- Use good judgment when forecasting
- Financing the small business
- Firm characteristics and sources of financing
- Choosing between debt and equity
- Sources of small business financing: the starting point
- Bank financing
- Business suppliers and asset-based lenders
- Private equity investors
- Crowdfunding
- Government loan programs
- Additional sources of financing
- Planning for the harvest
- The importance of the harvest
- Methods of harvesting a business
- Firm valuation and payment methods
- Developing an effective harvest plan
- Focusing on the customer: marketing growth strategies
- Building customer relationships
- What is customer relationship management?
- Outstanding customer relationships through extraordinary service
- Using technology to support customer relationship management
- Customers as decision-makers
- Understanding psychological influences on customer behavior
- Product development and supply chain management
- To grow or not to grow
- Innovation: a path to growth
- The product life cycle and new product development
- Building the total product
- Product strategy
- The legal environment
- Supply chain management
- Pricing and credit decisions
- Setting a price
- Applying a pricing system
- Selecting a pricing strategy
- Offering credit
- Managing the credit process
- Promotional planning
- Promotion is communication
- Determining the promotional budget
- Promotion using the internet and social media
- Personal selling in the small firm
- Advertising practices
- Sales promotion
- Global opportunities for small business
- Small businesses as global enterprises
- The primary forces driving global businesses
- Strategy options for global firms
- Challenges to global businesses
- Assistance for global enterprises
- Managing growth in the small business
- Professional management and the small business
- Small business leadership
- The small firm management process
- Managerial responsibilities of entrepreneurs
- Personal time management
- Outside management assistance
- Managing human resources
- Recruiting personnel
- Evaluating prospects and selecting employees
- Training and developing employees
- Compensation and incentives for employees
- Special issues in human resource management
- Managing small business operations
- Competing with operations
- The operation process
- Inventory management and operations
- Quality and operations management
- Purchasing policies and practices
- Lean production and synchronous management
- Managing the firm’s assets
- The working capital cycle
- Managing cash flows
- Managing inventory
- Managing accounts payable
- Cash conversion period revisited
- Capital budgeting techniques
- Managing risk
- What is business risk?
- Basic types of pure risk
- Risk management
- Basic principles of a sound insurance program
- Common types of business insurance