Course Number: MGT360
Course Title: Entrepreneurs and Small Business Management
STUDENT LEARNING OUTCOMES
General
The course builds on the basic
management, finance, marketing and accounting knowledge obtained in the
prerequisite courses and/or from prior business experience. Generally, the
student is expected to:
1) develop an understanding of entrepreneurship and small business and
appreciate their role in an economy, particularly in the FSM
economy
2) develop and demonstrate competence in basic business planning
3) demonstrate competence in identifying opportunities and challenges that
entrepreneurs and small business owners/managers face -
both in FSM and in general
- in trying to achieve their business
objectives.Specific
Students will be able to:
1. Explain
the nature of entrepreneurship and how it relates to small business
2. Discuss the entrepreneurial opportunities
and challenges in a changing environment
3. Describe the various types of
entrepreneurs and identify motivators and rewards of entrepreneurial careers
4. Explain factors related to readiness for
entrepreneurship and getting started in entrepreneurship career
5. Describe the factors that comprise
internal and external environments
6. Explore e-commerce opportunities and
benefits to small firms and discuss criminal and ethical issues related to
e-commerce
7. Discuss entrepreneurial
options - starting a new business, buying an existing business or acquiring a franchise
- and the challenges
of each option presents
8. Discuss family business as a unique
institution, its cultural context and the complex roles and relationships
involved in family
business
9. Explain common legal forms of organization
used by small businesses and the factors to consider in choosing among them
10. Define a
business plan, identify its key sections and state its importance from the
perspectives of both internal and external users
11. Identify
various business plan assistance sources locally available and use them to
prepare a simple business plan
12. Identify
the factors affecting choice of a business location and explain how layout of
physical facility and equipment could lead to
efficiency
13. Identify
the assets needed and the financing required for a new venture and evaluate
alternative sources of financing such as
debt or equity
14. Compute a firm's cash flows and forecast
a new venture's profitability
15. Identify
the basic requirements for an accounting system and prepare a simple income
statement and balance sheet and explain
their purpose
16. Evaluate
the performance of a small firm by assessing its liquidity, profitability, and
asset management.
17. Explain the
various types of credit, discuss the benefits of credit and state the factors
that affect credit extension
18. Define risk, explain its nature and identify
various ways of dealing with it.
19. Explain the importance of - and the options
available for - an exit strategy
20. Explain the importance of marketing in small
business and describe the components of a formal marketing plan
21. Explain key marketing concepts including:
consumer behavior and product, price, distribution, and promotion strategies
22. Discuss the distinctive features of small firm
management
23. Explain the role of human resource management
in a small firm - recruitment, selection, training, compensation, motivation and
termination
24. Explain the key elements of total quality
management (TQ1VI) programs
25. Identify ethical issues confronting small
businesses and explain the importance and impact of social responsibilities on
small
businesses
26. Examine the FSM macro environment and its
influence on small business as an ongoing theme throughout the course.