EntrepreneurshipBack to Course Guide
Entrepreneurship is an opportunity for innovation and creativity, in the form of a new business. Risk and uncertainty are quite possible, especially in the beginning phases; however, through determination, trial, and error, entrepreneurship can be achieved. Profit and growth are opportunities that can be achieved, through time and perseverance. Students taking this course will formulate an understanding of entrepreneurship and learn how to recognize opportunities. Additionally, students will identify approaches to consider for accumulating useful resources to capitalize on ideas towards starting a new business. Whether it is a small business or a large business, various concepts of managing a risk-taking venture will be addressed, such as marketing, finance, and strategic planning.
CAVEAT: No graduate credit will be awarded if BUS4425 has been successfully completed.
UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:
- Defining and outlining the roles of entrepreneurship.
- Detecting approaches on how to start a new business.
- Comparing and contrasting various business models.
- Exploring diversity and the importance of diversity in entrepreneurship.
- Understanding strategic management planning process and identifying ways to approach the proper steps to achieving the strategic management process.
- Creating effective business plans that will identify components such as the purpose of the business, the contribution to the industry, and the required resources.
- Determining how to recognize internal and external market forces.
- Assessing SWOT Analysis and understanding why SWOT is significant.
- Appraising industry market analysis and determining how this analysis is applicable to the success of the new business.
- Discovering valuable marketing and promotion strategies with efforts to capitalize.
- Developing a financial plan and understanding how to create financial reports.
- Demonstrating knowledge in the areas entrepreneurship including accounting, finance, marketing and human resources.
- Exploring the legal environment with efforts to understand the rules and regulations for operating a business.
- Describing the difference between proprietorship and partnership and determining the best forms of ownership when considering a new business venture.
- Defining franchising and discovering the types of franchising.
- Identifying and exploring the five P’s in negotiation (preparation, poise, persistence, persuasion and patience.
- Constructing a business strategy mindful of business ethics and social responsibility.
- Designing a communication strategy for external constituents regarding a new business plan.