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Entrepreneurship (MGT 411 3.0 Cr)
Business & Management

Course Description

The idea of starting a business is appealing to many people. This course will introduce the many aspects required to create a successful new venture. It is however, just a starting point. The outcome of this course will not be a fully researched business plan, ready to implement. The effort required for meeting such an objective would consume many months of a prospective entrepreneur's time. Rather, this course will help give students a feel for what is involved with being entrepreneurial and if the role of entrepreneur is one he or she might find appealing.

The life cycle of a start-up company from the points of view of inventors, engineers or investors includes issues of planning, dealing with legal and tax issues, financial opportunities at different stages, and sources of technical assistance. The course also examines creativity in start-ups and creative gap analysis.

Learning Objectives
After completing this course, students will be able to:

• Apply the entrepreneurial process
• Analyze the feasibility of a new venture business concept
• Evaluate his or her own entrepreneurial tendency and ability
• Brainstorm ideas for new and innovative products or services
• Use a variety of feasibility tests, assess and select prospective new venture concepts for further study
• Conduct focus groups, surveys, and other methods for researching customer reaction to various new venture concepts
• Conduct a variety of secondary research activities to analyze competition, market trends, industry structures, and other issues relevant to specific new venture concepts
• Examine and analyze issues related to intellectual property protection for specific new product concepts, (e.g., patent and trade name searches)
• Create promotional items related to specific new product concepts, (e.g., advertising themes, slogans, etc.)
• Investigate state and federal regulatory requirements for specific industries by contacting relevant agencies
• Describe how to investigate financing alternatives for specific new venture concepts

Breadth of Assignments
This course utilizes a variety of assignment types in exploring the topics of Entrepreneurship including reading, both online and textbook based, individual assignments involving flash and java presentations, online research, writing assignments, and self-assessment exercises, and group projects involving discussions and collaborative research and idea formulation.

Required Resources
Kuratko, Donald F. and Richard M. Hodgetts, Entrepreneurship: A Contemporary Approach, Fifth Edition, South-Western, 2001 ISBN 0-03-019604-3

Course Summary
Entrepreneurship
Business & Management

Module/Topics

Module 1: The Entrepreneurial Process
• Comparing your personal profile with that of a typical entrepreneur
• Surveying and reporting on a selection of online resources for entrepreneurs
• Evaluating the successful business venture of a famous entrepreneur
• Laying the groundwork for a new business venture with your fellow students

Module 2: Brainstorming, Innovation, and Creativity
• Using creative thinking to enhance the success of a new business venture
• Using the brainstorming process to generate new ideas
• Describing the various types of feasibility tests that are used to evaluate new products and services
• Applying feasibility testing to a new business venture with your fellow students
• Using market segmentation to evaluate consumer needs
• Using market segmentation techniques to identify an ideal target market for your group's new business venture
• Using personal interviews, focus groups, and written surveys to evaluate consumer reactions to your group's new product or service

Module 3: Entrepreneurship
• The major components of a business plan
• Describing how a well-written business plan can contribute to the success of a new business venture
• Conducting a competitive profile analysis to compare the strengths and weaknesses of your competitors
• Creating a perceptual map that positions your product and your competitors' products against two competitive criteria
• Developing a supply chain that illustrates all of the organizations your company works closely with
• The importance of industry organizations to new business ventures
• Identifying entry barriers for a new business venture and describe methods for overcoming those barriers
• How entry barriers can be used to prevent competitors from entering your marketplace

Module 4: Developing and Initiating the Plan

• The benefits of different types of advertising media
• The importance of intellectual property (patents, trademarks, and copyrights) to a new business venture's success
• Conducting a basic patent search
• Explaining the differences between retail and non-retail business locations
• Analyzing a potential business location to determine its suitability for a new business venture
• The various regulatory requirements that affect businesses at the federal, state or provincial, and local levels
• The specific regulatory requirements that will face a new business venture in your home area

Module 5: The Launch: Structuring, Capital Sources

• The different types of pricing strategies that are used to determine the unit selling price of a new product or service
• The different types of financial analysis that are used to evaluate new businesses
• Performing a break-even analysis of a new business venture
• The advantages and disadvantages of various types of business structures
• The differences between debt financing and equity financing
• Developing a basic financing plan for a new business venture
• Explaining the advantages and disadvantages of five different commercialization strategies
• Developing a basic commercialization strategy for a new business venture

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