MKTG 2005 - Entrepreneurship Fundamentals

Credits: 3
Hours/Week: Lecture 3
Course Description: This course emphasizes basic elements that potential entrepreneurs must consider in preparation for launching a new business venture. It focuses on the tasks involved with the launch of a business, product, and /or service – financial planning, market planning and research, advertising, and project management. Course topics include investigating ethics, succession planning, and other essentials needed to create a unique business plan. Course assignments and activities provide students with the opportunity to apply their knowledge and expertise in a particular interest area with business potential.
MnTC Goals
N/A

Prerequisite(s): None
Corequisite(s): None
Recommendation: MKTG 2050 and MKTG 2080 (or BMGT 1020).

Major Content

Defining entrepreneurship
1. Who are entrepreneurs and what is entrepreneurship?
2. Trends and their impacts - Internet and e-commerce
3. Process approaches
4. Intrapreneurship - corporate obstacles, strategies, structures and climate
Developing an effective business plan
1. Elements of a business plan
2. Assessment and evaluation of opportunities
3. New venture development
4. Feasibility studies
Entrepreneurial perspectives
1. Entrepreneurial characteristics and behaviors
2. Risk confrontation
3. Steps to creativity and innovation - developing a creative climate
Environmental assessment
1. Assessment and preparation
2. Environmental scanning
3. Regulatory impact
4. Industry analysis
Ethics and social responsibility
1. Ethics and social responsibility
2. Ethical business decisions and managerial rationale
3. Opportunities for ethical entrepreneurial leadership
Financial preparation
1. Financial preparation and statements
2. Operating budgets
3. Capital budgeting
Legal structures
1. Sole proprietorships
2. Partnerships
3. Corporations (S-type & C-type)
4. LLPs and LLCs
5. Franchising
Marketing research
1. Market research techniques
2. Marketing concepts
3. Market planning
4. Consumer behavior
5. Pricing
Legal issues
1. Patents
2. Trademarks
3. Copyrights
4. Bankruptcy
Sources of capital
1. Debt v. equity
2. Venture capital market
3. Risk capital

Learning Outcomes
At the end of this course students will be able to:

describe characteristics, behaviors, and cultures of entrepreneurship and intrapreneurship.
complete an environmental scan, industry analysis, and a market research plan draft.
assess strategic business opportunities at both local, regional, and global levels.
develop financial goals, strategies, and objectives for a written business plan.
explain appropriate quality management/quality improvement strategies for the business.
analyze the dollar value of a business in the event of a buyout, acquisition, or sale.
devise a succession plan for a business.
create a written business plan.
create a draft website for the potential business.

Minnesota Transfer Curriculum (MnTC): Goals and Competencies N/A
Competency Goals (MnTC Goals 1-6)
None
Theme Goals (MnTC Goals 7-10)
None

Practicum hours per week: 0

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