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:

There are no prerequisites for this course.

9. Co-requisite Courses:

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 is required 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

 

1. 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
2. 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
3.  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
4. 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
5. 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