MGT-360 Entrepreneurship & Small Business Management

Course Description:
This course will enable students to develop an understanding of entrepreneurship and small business management by studying entrepreneurial strategies, the identification. and pursuit of new venture opportunities, and the development of business plans. Students will also study the FSM macro environment and how it directly or indirectly influences entrepreneurship and the establishment and growth of small businesses in the FSM

  • This course also meets PLO #(s) 4 of the 3rd Year Certificate in Business Administration program.
  • Prerequisite Courses: BU250(Principles of Finance), BU260(Fundamentals of Management) and BU270(Principles of Marketing)

A.  PROGRAM LEARNING OUTCOMES (PLOs)
The student will be able to:

  1. Demonstrate an understanding of basic concepts in organizational  behavior                          
  2. Demonstrate an understanding of the intricacies of marketing planning and  overall marketing
  3. Demonstrate an understanding of the concepts underlying corporate financial decision making
  4. Demonstrate an understanding of the role of entrepreneurship and small business in the FSM economy
  5. Demonstrate basic knowledge of international business
  6. Demonstrate an understanding of economic development issues
  7. Demonstrate an understanding of statistical methods of sampling and estimating population statistics

B.  STUDENT LEARNING OUTCOMES (SLOs) – GENERAL: 
The students should be able to

  1. Develop an understanding of entrepreneurship and small business and appreciate their role in an economy, particularly in the FSM economy
  2. Develop and demonstrate competence in basic business and marketing planning
  3. Demonstrate competence in identifying opportunities and challenges that entrepreneurs and small business owners/managers face - both in FSM and in general - in trying to achieve their business objectives

SLO

PLO 1

PLO 2

PLO 3

PLO 4

PLO 5

PLO 6

PLO 7

1

 

D

 

M

 

 

 

2

 

D

 

M

 

 

 

3

 

D

 

D

 

 

 

I = Introduced
D = Demonstrated
M = Mastered
C. STUDENT LEARNINF OUTCOMES (SLO)- SPECIFIC:

General SLO 1: Develop an understanding of entrepreneurship and small business and appreciate their role in an economy, particularly in the FSM economy.

Student learning outcome Assessment Strategies
1.1 Explain the nature of entrepreneurship and how it relates to small business. Quiz and  Case Analysis
1.2 Discuss the entrepreneurial opportunities and challenges in a changing environment Quiz and  Case Analysis
1.3 Describe the various types of entrepreneurs and identify motivators and rewards of entrepreneurial careers. Quiz and  Case Analysis
1.4 Explain factors related to readiness for entrepreneurship and getting started in entrepreneurship career Quiz and  Case Analysis
1.5 Describe the factors that comprise internal and external environments Quiz and  Case Analysis
1.6 Explore e,-commerce opportunities and benefits to small firms and discuss criminal and ethical issues related to e-commerce Quiz and  Case Analysis
1.7 Identify ethical issues confronting small businesses and explain the importance and impact of social responsibilities on small businesses Quiz and  Case Analysis
1.8 Examine the FSM macro environment and its influence on small business as an ongoing theme throughout the course Quiz and  Case Analysis

General SLO 2: Develop and demonstrate competence in basic business planning.

Student learning outcome Assessment Strategies
2.1 Explain common legal forms of organization used by small businesses and the factors to consider in choosing among them Quiz, Case Analysis, and Business /Marketing Plan Preparation
2.2 Define a business plan, identify its key sections and state its importance from the perspectives of both internal and external users Quiz, Case Analysis, and Business /Marketing Plan Preparation
2.3 Identify various business plan assistance sources locally available and use them to prepare a simple business plan Quiz, Case Analysis, and Business /Marketing Plan Preparation
2.4 Identify the factors affecting choice of a business location and explain how layout of physical facility and equipment could lead to efficiency Quiz, Case Analysis, and Business /Marketing Plan Preparation
2.5 Identify the assets needed and the financing required for a new venture and evaluate alternative sources of financing such as debt or equity Quiz, Case Analysis, and Business /Marketing Plan Preparation
2.6 Compute a firm's cash flows and forecast a new venture's profitability Quiz, Case Analysis, and Business /Marketing Plan Preparation
2.7 Identify the basic requirements for an accounting system and prepare a simple income statement and balance sheet and explain their purpose Quiz, Case Analysis, and Business /Marketing Plan Preparation
2.8 Explain the importance of - and the options available for - an exit strategy Quiz, Case Analysis, and Business Plan Preparation
2.9 Explain the importance of marketing in small business and describe the components of a formal marketing plan Quiz, Case Analysis, and Business Plan Preparation

General SLO 3: Demonstrate competence in identifying opportunities and challenges that entrepreneurs and small business owners/managers face – both in FSM and in general – in trying to achieve their business objectives.

Student learning outcome Assessment Strategies
3.1 Discuss entrepreneurial options - starting a new business, buying an existing business or acquiring a franchise - and the challenges of each option presents Quiz and Case Analysis
3.2 Discuss family business as a unique institution, its cultural context and the complex roles and relationships involved in family business Quiz and Case Analysis
3.3 Evaluate the performance of a small firm by assessing its liquidity, profitability, and asset management.          Quiz and Case Analysis
3.4 Explain the various types of credit, discuss the benefits of credit and state the factors that affect credit extension Quiz and Case Analysis
3.5 Define risk, explain its nature and identify various ways of dealing with it Quiz and Case Analysis
3.6 Explain key marketing concepts including: consumer behavior and product, price, distribution, and promotion strategies Quiz and Case Analysis
3.7 Discuss the distinctive features of small firm management Quiz and Case Analysis
3.8 Explain the role of human resource management in a small firm - recruitment, selection, training, compensation, motivation and termination Quiz and Case Analysis
3.9 Explain the key elements of total quality management(TQ1VI) programs Quiz and Case Analysis

D.   COURSE CONTENT

3.1 Entrepreneurship a World of Opportunity

3.1.1 The Entrepreneurial Life

3.1.2 Integrity and Ethics of Entrepreneurship

3.2 Starting from Scratch or Joining an Existing Business

3.2.1 Starting the Business

3.2.2 Franchise and Buyouts

3.2.3 The Family Business

3.3 Developing the New Venture Business Plan

3.3.1 Creating Business Plans

3.3.2 The Marketing Plan

3.3.3 The Organization of the Business

3.3.4 The Location Plan

3.3.5 Projecting Financial Requirements

3.3.6 A Firm’s Sources of Financing

3.3.7 The Harvest Plan

3.4. Focusing on the Customer: Marketing Growth Strategies

3.4.1 Customer Relationship

3.4.2 Product and Supply Chain Management

3.4.3 Pricing and Credit

3.4.4 Promotional Planning

3.4.5 Global Marketing

3.5 Managing Growth in the Small Business

3.5.1 Professional Management and Leadership

3.5.2 Human Resource Management

3.5.3 Operations Management

3.5.4 Risk Management

3.6 Understanding What the Numbers Mean

3.6.1 Managing Assets

E.  METHODS OF INSTRUCTION
Lectures, guest speakers, research project, business plan, case analysis, homework, classroom exercises, and various individual and group assignments. Power-point, LCD projections and videos will be used as instructional aid and other teaching materials depending on availability.

F.  REQURIED TEXT(S) AND COURSE MATERIALS
Moore, Petty, Plich, Longenecker, Managing Small Business An Entrepreneurial Emphasis, 14th Edition, Thompson Southwestern Publishing, 2008 (or most recent edition).

G   REFERENCE MATERIALS
None

H.  INSTRUCTIONAL COSTS
None

I.   EVALUATION
None
J.   CREDIT BY EXAMINATION
None

 

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