MGT-241: Small Business Management and Entrepreneurship

School
Business, Entrepreneurship, and Professional Development
Division
Business & Economics
Department
Management
Academic Level
Undergraduate
Course Subject
Management
Course Number
241
Course Title
Small Business Management and Entrepreneurship
Credit Hours
3.00
Instructor Contact Hours Per Semester
47.00 (for 15-week classes)
Student Contact Hours Per Semester
47.00 (for 15-week classes)
Grading Method
A-E
Pre-requisites
Eligible to take ENG courses at HFC
Catalog Course Description

Examines the role of small business and entrepreneurship in the current economy with emphasis on launching and operating a new business. Also explores the purpose of and need for a business plan, and other important aspects such as financial needs, marketing plans, personnel and operational management, legal issues, and location. Includes the individual creation of a business plan for a start-up company.

Goals, Topics, and Objectives

Core Course Topics
  1. Small Business and Entrepreneurship
    1. Define small business.
    2. Define entrepreneurship.
    3. Appraise the characteristics of a small business.
    4. Describe the characteristics of a successful entrepreneur.
    5. Evaluate the advantages and disadvantages of being self-employed.
    6. Discuss social responsibility, ethics, and strategic planning and the role they play in a small business.
    7. Explain competitive advantage.
    8. Write mission and vision statements.
  2. Small Business Legal Forms
    1. Compare and contrast the forms of business organization.
    2. Compare and contrast franchising, buying an existing business, and starting a new business.
  3. Financial Management
    1. Analyze accounting records and financial statements.
    2. Describe financial recordkeeping for a small business.
    3. Describe methods for financing a small business.
  4. Legal Environment
    1. Identify the laws and regulations that affect a small business.
    2. Explain the types of bankruptcy.
    3. Examine the elements of a contract.
    4. Discuss the protection of intellectual property.
  5. Marketing
    1. Evaluate the product-selection process.
    2. Explain competitive advantage in product and business creation.
    3. Analyze the role of inventory and methods of inventory control.
    4. Describe small business distribution and channels of distribution.
    5. Evaluate the elements for selecting a location.
    6. Identify considerations in pricing.
    7. Perform a breakeven analysis.
    8. Describe promotional mix and the factors affecting it.
    9. Explain how a small business can use and is affected by the Internet.
  6. International Small Business
    1. Identify factors to consider in globalization.
    2. Discuss opportunities for importing and exporting.
    3. Evaluate economic and cultural challenges.
  7. Professional Small Business Management
    1. Analyze management functions, activities, and organizational structures.
    2. Describe the stages of small business growth and the accompanying managerial challenges.
  8. Human Resource Management
    1. Explain a job analysis and its purpose.
    2. Compare and contrast recruitment sources.
    3. Evaluate employee selection tools.
    4. Categorize compensation and benefit systems.
    5. Describe effective discipline and termination procedures.
    6. Discuss employee training and development.
  9. The Business Plan
    1. Create a business plan containing:
      1. Mission Statement
      2. Vision Statement
      3. Description of business and feasibility
      4. Competitive analysis
      5. Market analysis and plan
      6. Sales projections
      7. Location analysis
      8. Formal financial information
      9. Plan for obtaining financing

Assessment and Requirements

Assessment of Academic Achievement

Students will be assessed through tests, quizzes, assignments, and/or class participation, and creation of a business plan individually by each student.

Outcomes

Satisfies Wellness Requirement
No
Effective Term
Winter 2022