Entrepreneurship/Small Business Management IIENT 231W
Prerequisite: ENT 131; and ACC 121 (or ACC 211 with instructor permission). Must also enroll in MGT 243. Strengthens the entrepreneurial and management skills of those who are already in (or who may enter) business for themselves. Uses small business case studies extensively. Credit may be earned in only one of the following courses: ENT 231W, ENT 132, GB 132, or MGT 132. (45-0)
Outcomes and Objectives
Identify a business opportunity.
- Analyze feasibility study results.
- Decide on a legal structure - sole proprietorship, partnership, or corporation.
- Explore procedures for name registration and licensing.
- Identify the procedures for registering with the IRS and Michigan Department of Treasury.
- Determine the types and costs of insurance required of this business type.
Explain what is required when developing a business plan.
- Explain the importance of writing a business plan.
- Identify the various sections of the business plan.
Research the information necessary to complete the business plan.
- Determine how to select an appropriate management team.
- Select potential areas for the business location.
- Use software to forecast profitability and estimate assets required to open the business.
- Discuss various alternatives to obtaining financial resources.
- Explain how to evaluate the firm's financial performance.
Write a business plan that includes applicable components.
- Create a mission statement and understand why it is a critical element when developing a business plan.
- Write an executive summary that includes a description of the business, the product or service, location description, and the history of the business.
- Expand on the business description in the business description section.
- Identify and describe the target market, conduct a market evaluation, and assess the competition within the marketing plan section.
- Explain the marketing strategy including promotion, price, and distribution.
- Write the management plan which includes a description of the management team, board of directors, organizational chart, resumes, and staffing plans.
- Describe financial history, financial needs, and application of funds.
- Calculate key business ratios in the financial data section.
- Determine projected earnings and potential return to investors including explanations of assumptions underlying the projections.
- Describe the timeline for the business venture.