The course will develop the students' understanding of the economic and social environment in which small businesses function and the critical role of entrepreneurship cultivates business growth and development. The processes involved in starting new ventures are discussed. Focuses on the operations, marketing, financial, human resources, strategic management, and the small firm's legal and governmental relations. Additionally, detailed treatment of the problems involved in managing specific fields of small businesses in both service and manufacturing will be included.
Prerequisite Courses
Prerequisites
or any 3 credit hours MATH. LIBR 150 may be taken concurrently.
Course Outcomes
After successfully completing the course, the learner will be able to:
- Describe how small business owners and entrepreneurs draw business plans.
- Describe how small business owners can successfully manage their operations through sound delegation practices and oversight.
- Describe the merits and demerits of purchasing an existing small business.
- Describe ways to provide superior customer service.
- Discuss global trade opportunities for small businesses.
- Discuss the advantages and disadvantages of franchising.
- Discuss the crucial levers in small business financial management, including the pivotal role of predictable cash flow.
- Discuss the differences between entrepreneurial and small business approaches.
- Explain the business lifecycle and its relevance to small businesses.
- Explore the merits and demerits of starting a small business.
- Identify processes and procedures for handling ethical issues confronted by small businesses.
- Identify key legal issues for small businesses.
- Identify success influences for small business operators.