BUS1412 INTRODUCTION TO ENTREPRENEURSHIP
3 Credit Hours
This course is open to students on the college level in either the freshman or sophomore year.
BUS1412 - Introduction to Entrepreneurship (3 hrs.)
Starting a business is one of the most challenging projects a person can undertake. Introduction to Entrepreneurship will prepare students for a successful entrepreneurial venture. Students will be exposed to the issues that entrepreneurs face in the business world, as well as the lessons learned from successful and failed business ventures. The course explains the entrepreneurial way of thinking and acting, ways of testing the feasibility of an idea, skills needed, how to raise capital, the means of marketing the product, and how to develop a business plan.
The purpose of this course is to aid students in the development of an understanding of the world of small business. The class is organized around the process of creating a new venture, from the recognition of an opportunity to the launch of the business. Students will be introduced to all of the activities that entrepreneurs undertake.
The student will develop basic knowledge in the areas of planning, financing, starting, and managing a new business venture.
Unit Outcomes for Criterion Based Evaluation:
The following defines the minimum core content, not including the final examination period. Instructors may add other content as time allows.
UNIT 1: What Business Do You Want to Start?
Outcomes: Upon completion of this unit, students will understand the foundations of entrepreneurship and understand the function and purpose of the business plan.
- Explain what entrepreneurs do
- Describe how free-enterprise economies work and how entrepreneurs fit into them
- Find and evaluate opportunities to start your own business
- Explain how profit works as a signal to the entrepreneur
- Know what a business plan is and how to describe it
- Explain the various purposes for a business plan and the audience for it
- Articulate core beliefs, mission, and vision for your business
- Analyze your competitive advantages
- Perform initial viability testing using the “Economics of One Unit”
UNIT 2: Who Are Your Customers?
Outcomes: Understand the elements of a marking mix and how customer service effects sales.
- Explain how marketing differs from selling
- Understand how market research prepares you for success
- Choose your market segment and research it
- Position your product or service within your market
- Combine the “3 Ps”- product, price, place & promotion- into a marketing mix
- Choose your pricing strategy
- Determine the mix of promotion to use for your business
- Use breakeven analysis to evaluate your marketing plan
- Explain the importance of selling based upon benefits
- Analyze and improve your sales calls
UNIT 3: Show Me the Money! Finding, Securing, & Managing It
Outcomes: Understand and costs, financial statements, cash flow and financing.
- Describe the variable costs of starting a business
- Analyze your fixed operating costs & calculate gross profit
- Read & understand income statement, balance sheet & cash flow statement
- Perform financial ratio analysis of an income statement
- Use quick current, & debt ratios to analyze a balance sheet
- Ability to manage and forecast cash flow effectively
- Understand future and present value of money
- Calculate for necessary working capital
- Identify the types of business financing
- Compare pros and cons of debt & equity financing
UNIT 4: Operating a Small Business Effectively
Outcomes: Understand legal issues and management risks, management, leadership, and ethics.
- Choosing a legal structure for your business
- Understand the importance of contracts
- Protect business’ intellectual property
- Choose the right insurance policies for your business
- Understand the significance of operations in a business
- Develop a production-distribution chain for your business
- Able to explain what makes an effective leader
- Recruit, manage and motivate your employees
- Review laws and tax issues affecting employees
- Make sure a business is run in an ethical manner
UNIT 5: What You Need to Know to Grow and Go
Outcomes: Determine if franchising, licensing or harvesting in succession planning.
- Determine how you want to grow your business and exit from it
- Describe how businesses use licensing to profit from their brands
- Explain how a business can be franchised
- Learn methods of valuing a business
- Describe ways to harvest a business
3 Application projects
Contact Bookstore for current textbook.
Students should adhere to the attendance policy outlined by the instructor in the course syllabus.
The grading policy will be outlined by the instructor in the course syllabus.
Maximum class size:
Based on classroom occupancy
The U.S. Department of Education, Higher Learning Commission, and the Kansas Board of Regents define credit hour and have specific regulations that the college must follow when developing, teaching, and assessing the educational aspects of the college. A credit hour is an amount of work represented in intended learning outcomes and verified by evidence of student achievement that is an institutionally-established equivalency that reasonably approximates not less than one hour of classroom or direct faculty instruction and a minimum of two hours of out-of-class student work for approximately fifteen weeks for one semester hour of credit or an equivalent amount of work over a different amount of time. The number of semester hours of credit allowed for each distance education or blended hybrid courses shall be assigned by the college based on the amount of time needed to achieve the same course outcomes in a purely face-to-face format.
Refer to the following policies:
402.00 Academic Code of Conduct
263.00 Student Appeal of Course Grades
403.00 Student Code of Conduct
Disability Services Program:
Cowley College, in recognition of state and federal laws, will accommodate a student with a documented disability. If a student has a disability, which may impact work in this class which requires accommodations, contact the Disability Services Coordinator.