MGNT 651: ENTREPRENEURSHIP
Prerequisite: Graduate standing or permission of the instructor.
Credit hours: (3)
This course focuses on starting and managing high growth businesses. Major topics include: identifying potential high growth business opportunities, characteristics of entrepreneurs, developing creativity, evaluating market potential, choosing a legal structure, tax planning, financing strategies, preparing a business plan, operating considerations, choosing an exit or succession strategy.
Detailed Description of Content of Course
Outline of Major Topics
- The Nature of entrepreneurship. The importance of entrepreneurship. Myths of entrepreneurship. Becoming an entrepreneur.
- Characteristics of entrepreneurs. Characteristics of entrepreneurs. Personal assessment. Formulating personal goals and objectives. Identifying unique skills, competencies, and resources. Managing the stress of entrepreneurship.
- Creativity and innovation. How entrepreneurs find ideas. Systematic approaches to identifying business opportunities. The role of innovation in entrepreneurship.
- Assessment and evaluation of new ventures. Why new ventures succeed or fail. Techniques for screening ideas. Determining market attractiveness. Assessing the fit with skills, competencies, and resources.
- Strategy formulation. Generic entrepreneurial strategies. The importance of a competitive advantage. Ways of achieving a competitive advantage.
- Choosing a form of ownership. Legal, tax, and managerial implications of proprietorships, general partnerships, limited partnerships, S corporations, and C corporations for growth oriented firms.
- Tax planning. Tax considerations in starting, growing, and disposing of a high growth firm.
- Determining capital requirements. Forecasting asset requirements. Preparing projected income statements, balance sheets, and cash flow statements. Estimating the type and amount of capital needed.
- Financing high growth businesses. Understanding different types of financing. Identifying sources of financing. Decision criteria used by lenders and investors.
- Preparing a business plan. Components of a business plan. Using personal computer word processing and spreadsheet software to prepare a business plan.
- Succession and exit strategies. Preparing a succession or exit plan. Considerations in going public, selling the business, or leaving the business as an inheritance.
Detailed Description of Course
Primarily a lecture-type course, Entrepreneurship may also include student presentation, research projects, written assignments, analysis of cases, outside reading assignments, guest lecturers analysis of articles in contemporary magazines and journals, and videotape presentations.
The order of topics will be determined by each instructor.
Goals and Objectives of the Course
At the conclusion of the course, the student will be able to:
- Identify opportunities for starting high growth businesses.
- Evaluate potential business opportunities.
- Understand the tax, legal, and managerial implications of various forms of ownership for growth oriented businesses.
- Identify sources of financing for high growth firms.
- Repair a business plan.
Assessment of the student’s success in the course is based on the grades on examinations during the semester, the final examination, and possible term projects and quizzes.
Other Course Information
Personal computer software will be used to facilitate the preparation of business plans.
Approval and Revision Dates
3/17/94 New course proposal
1/27/99 Course number change