ENT 131W - Entrepreneurship/Small Business Management I

1. Explore the characteristics of entrepreneurs and their significance to the economy.
   1. Define entrepreneurship and explain why the activities of entrepreneurs are important to the economy.
   2. Explain why entrepreneurship can be viewed as arising out of the intersection of enterprising people and opportunities.
   3. Describe the three basic means for obtaining knowledge about entrepreneurship - observation, case method, experimentation - and the role of theory in the field of entrepreneurship.
2. Understand the cognitive foundations of entrepreneurship: Creativity and opportunity recognition.
   1. Explain why cognitive processes provide an important foundation for understanding creativity and opportunity recognition.
   2. Define creativity and explain the role that concepts play in it.
   3. List several factors that influence creativity.
   4. Explain the role of access to information and utilization of information in opportunity recognition.
   5. Describe various ways in which entrepreneurs can be trained to be better at recognizing opportunities.
3. Conduct an opportunity analysis.
   1. Look internally then externally for business ideas.
   2. Screen business ideas and conduct feasibility study.
   3. Conduct further investigation using scanning and research techniques.
4. Identify the resources entrepreneurs require and learn how to assemble them.
   1. Explain the difference between human capital and social capital and indicate why the founding team of new ventures should be high in both.
   2. Explain the basic principles of financial management including balance sheets, income statements, and cash flow statements.
   3. Explain why it is difficult for entrepreneurs to raise money from external investors and identify specific solutions to this problem.
   4. Describe the different sources of capital for new ventures.
5. Identify the basic elements of a business plan.
   1. Describe the basic nature of a business plan and explain why entrepreneurs should write one.
   2. Describe the major sections of a business plan and the type of information they should include.
   3. Describe the "seven deadly sins" of business plans - errors all entrepreneurs should avoid.
6. Explore legal issues, marketing strategies and how to plan for competitive advantage.
   1. Describe the nature of the founders' agreements and their importance for entrepreneurs.
   2. Describe the basic forms of intellectual property and explain how it is sometimes protected by factors outside the legal system.
   3. Describe the process of marketing in a new venture and several marketing techniques that are inexpensive yet can work well for new ventures.
   4. Define competitive advantage and explain its significance to new ventures.
   5. Describe how entrepreneurs can prevent others from learning about their business ideas and the barriers they can use to prevent competitors from imitating their ideas.
7. Learn how to manage and build a business for lasting success.
   1. Explore the challenges and strategies associated with growing a new venture.
   2. Explain how entrepreneurs can select high-performing individuals as employees.
   3. Describe various ways of enhancing employee motivation and commitment.
   4. Describe various leadership styles and explain why it is important for entrepreneurs to match their leadership style to the situations they face in their new ventures.
8. Understand the importance of exit strategies for entrepreneurs.
   1. Describe various strategies entrepreneurs can use to transfer ownership of their companies.
   2. Describe basic methods of valuing a business including balance sheet methods, earnings-based methods, and market methods.
   3. Describe the basic nature of negotiation and explain the nature of several key bargaining tactics.