ENTREPRENEURSHIP GOALS AND OBJECTIVES
SEMESTER TRANSITION - 2010
ETR 1010 Introduction to Entrepreneurship 3 credits
An introduction to the creative and innovative managerial practices of successful entrepreneurship. This course reviews the significant economic and social contributions entrepreneurs provide to society, the intense lifestyle commitment, and the skills necessary for entrepreneurial success. Provides an overview of the entrepreneurial process
By the end of this course, Northwood wants students to:
1. Acquire an understanding of the impact that entrepreneurship has on society and living standards;
2. Describe the life style commitment of entrepreneurial activity, and how entrepreneurship dynamics affect the entrepreneur’s family and businesses;
3. Dispel the myths commonly associated with new business creation;
4. List the broad-based managerial skills necessary to create and grow successful enterprises;
5. Understand both part-and full-time entrepreneurship entry paths;
6. Distinguish small businesses from high growth ventures.
ETR 1200 Successful Business Models 3 credits
A survey course of successful entrepreneurial business models and the initial challenges these business models encountered. Students review and evaluate the business models of some of the world’s great entrepreneurs such as Astor, Lowell, Swift, Rockefeller, DeVos, Walton, and Gates. Explores how to use a company's business model to identify resource requirements, focus risks, and diagram revenue streams.
By the end of this course, Northwood wants students to:
1. Define the historical context of entrepreneurial activity and business model evolution;
2. Categorize the impact that entrepreneurial vision, leadership, and individual human will has on successful business model implementation;
3. Identify the key components of successful and unsuccessful business models;
4. Diagram alternative ways to develop business models including parsing current trends, analyzing market opportunities, exploiting new technology, and imitating/innovating existing companies;
5. Develop a business model for a new business, present the model, and revise the models using collected class feedback;
6. Understand the value of developing a business plan has on testing a business model;
7. Explain how supply chains and distribution channels are critical to the success of a new business.
ETR 2010 Entrepreneurial Marketing 3 credits
This course reviews and applies entrepreneurial marketing approaches used by successful entrepreneurs. These include utilizing industry sector trends, identifying emerging customer niches, developing new products/services, using guerilla marketing strategies, and Internet and social marketing strategies. Methods to research industry sector trends, identify emerging needs, develop new product and service ideas, and evaluate their feasibility, competitive advantage, and potential profitability. Explore the relationship between a well-developed marketing plan and successfully raising start-up capital.
Prerequisite: MKT 2080
By the end of this course, Northwood wants students to:
1. Apply alternative marketing approaches, strategies, and alternative implementations first introduced in Marketing 2080 to small businesses and high growth companies;
2. Develop an understanding of the concepts and precepts of entrepreneurial marketing;
3. Conduct industry research to identify sector trends, identify emerging needs, classify new business start-ups, understand current and future business demands, and develop solutions to meet unmet needs;
4. Learn marketing approaches and techniques, which successful entrepreneurs have used to develop and profitably sell new products and services.
5. Evaluate current best practices for marketing new products, formulating achievable business strategies, branding new ideas, developing viral marketing programs, and dominating distribution channels;
6. Demonstrate various creativity techniques to identify product and service ideas, as well as test their feasibility;
7. Compare the success and cost-effectiveness of various ways to generate publicity using public relations, press releases, paid advertising, and guerilla marketing.
8. Present a two-minute elevator pitch for convincing investors or senior managers to fund a new venture concept;
9. Identify and explore technology-based tools to test the feasibility of ideas, monitor marketing effectiveness, and manage customer relationships (CRM).
ETR 2200 Entrepreneurial Distribution Strategies 3 credits
This course reviews and explores the various distribution strategies available to entrepreneurs to deliver products and services in the 21st century. These include traditional layered distribution, franchise development and/or purchase, multi-level marketing, direct Internet, and direct distribution models including 800 numbers and advertising-based response approaches. Also included are the factors to consider when selecting a business location, deciding to build, buy or lease space, as well as tradeoffs and process of signing a lease for company space.
Prerequisite: ETR 2010
By the end of this course, Northwood wants students to:
1. Analyze the evolution and variety of distribution models available today for entrepreneurs;
2. Diagram both direct and non-direct distribution;
3. Compare the pros and cons, costs, risk profiles, and potential effectiveness of various distribution channels;
4. Explain and evaluate franchise opportunities as distributions strategies;
5. Develop an abbreviated 'business plan' to purchase, open, and operate a chosen franchise operation;
6. Identify and predict technologies’ role to help collect and control distribution information, including point-of-sale, inventory management, and customer fulfillment operations;
7. Conduct a study of international options and strategies as a way to understand the pros and cons of integrating distribution operations between different countries;
8. Choose a business location and develop a plan to obtain needed space to operate a potential business.
ETR 3010 New Venture Finance 3 credits
The application of prerequisite accounting and finance course material to the challenges and specific needs of entrepreneurial ventures. The course emphasizes importance of managing cash flows, ratio analysis, pro forma development, and the basics of deal structure and harvesting a business venture. Students will identify and interpret sources of information from company financial reports, financial publications, industry benchmarks, the media, and web sites.
Prerequisite: FIN 3010 or FIN 3210
By the end of this course, Northwood wants students to:
1. Analyze the differences between accounting and finance operations to understand the roles each plays in planning and operating a new business;
2. Break down and document the important connection between marketing and finance operations in business model assessment and predicting revenue, expense, and profit growth;
3. Compare various technology-based tools available from each discipline to organize, dissect, and solve basic entrepreneurial problems;
4. Contrast various options to finance new ventures, both small business and high growth opportunities;
5. Compute time value of money analysis using NPV (net present value) and IRR (internal rate of return) calculations;
6. Differentiate between common used business valuation models;
7. Outline financial principles to maximize improve ownership equity during the typical life cycle of a business (inception to harvest).
ETR 3100 Entrepreneurial Leadership 3 credits
This course explores how to identify and develop solutions to the most common leadership and personal challenges faced by entrepreneurs when starting new ventures or launching new products. Promotes a deeper understanding of what is required to be a successful entrepreneur. Highlights the skills and tools necessary to start a new business and explores alternatives to common pitfalls.
Prerequisites: 60 credits completed
By the end of this course, Northwood wants students to:
1. Understand the interaction between a proposed new enterprise business strategy and the environment in which that business is expected to operate, including industry dynamics;
2. Apply sections of a strategic plan to a new enterprise planning process, from an idea to operating entity;
3. Consider how to applying ethical decision criteria while creating a sustainable business and maximizing wealth;
4. Explore alternative ways to integrate business disciplines, including marketing, sales, accounting, finance, legal considerations, human resources, and technology management;
5. Explain how supply chains and distribution channels are critical to the success of a new business;
6. Generate a list of screening techniques to evaluate and document the business feasibility of an idea on which to build a new business, including product features, market opportunity, customer profile, sales forecast, competitive advantage, and profit potential;
7. Discuss the pluses and minuses of opening a new business, purchasing an existing business, or acquiring a franchise location;
8. Identify common management problems and solutions effecting business growth and ownership succession in family businesses;
9. Continue to improve presentation skills and the ability to manage entrepreneurial teams;
10. Develop time management and budget control techniques.
ETR 3200 Risk Analysis and Business Model Creation 3 credits
This course reviews financial tools and industry benchmarks used to identify and manage start-up risks. Applies completed objectives from core finance courses to the specific needs of entrepreneurial ventures. Stresses the importance of using a company's business model to identify resource requirements, focus risks, and diagram revenue streams. Surveys lessons from successful entrepreneurial business models used by some of the world’s greatest entrepreneurs.
Prerequisites: FIN 3010 or FIN 3210
By the end of this course, Northwood wants students to:
1. Identify new business development risks and ways to successfully manage each;
2. Contrast various options to finance new ventures including equity, debt, and gifts while evaluating the risks of financial-leverage in a new venture;
3. Analyze decision-making techniques including discounted cash flow valuation [NPV (net present value), and IRR (internal rate of return)], capital financing costs and tradeoffs between purchase verses leasing, business valuation models, and industry heuristics;
4. Understand the importance of ratio analysis, pro-forma development, industry benchmarks, and the basics of deal structure and harvesting a business venture.
5. Summarize the importance of cash management and ways to cope with cash shortages;
6. Describe the reasons, tradeoffs, risks, and process of taking a company 'public' (IPO) compared to remaining private or being purchased by another company;
7. Survey successful entrepreneurial businesses to identify successful business models while evaluating common mistakes and approaches to avoid them;
8. Assess the impact of industry dynamics, competition, and the economy on various business models;
9. Design a business model and identify the major resources required to launch a start-up or home-based business;
10. Complete, as part of a team, a business model to identify required resources, categorize risks, propose supply chains and distribution channels, and develop a break-even and other summary financial analysis to predict the potential success of the venture.
ETR 3300 Business Plan Development 3 credits
An introduction to the process of researching, writing, and presenting a business plan. Each student identifies and screens idea using a business feasibility study that describes the product features, market opportunity, customer profile, sales forecast, competitive advantage, and profit potential. Following a successful feasibility study students, may use business plan software, as each writes their own complete business plan. Exceptional students may be granted permission to secure a Small Business Owner to help them develop a business plan that potentially expands the Owner's current business.
Prerequisite: ETR 3010
By the end of this course, Northwood wants students to:
1. Expand some of the objectives completed in ETR 2010 in further researching current and emerging trends within industry sectors and identifying unmet needs to generate innovative new business ideas.
2. Evaluate and document the feasibility of an idea on which to build a new business;
3. Analyze the pros and cons of creating a business plan with the help of a software package;
4. Generate a list of reasons that address why and when to develop a business plan, as well as understand in detail how a business plan enables an entrepreneur to test a business model;
5. Plan how to focus a business plan to satisfy the needs of the intended audience, including how to tailor specific sections to meet audience needs;
6. Write a complete business plan based upon a realistic scenario that significantly advances new venture creation expertise;
7. Assess the degree the completed plan minimizes common content mistakes and addresses critical risks to success;
8. Design and deliver a 10-minute presentation that summarizes the completed business plan.
ETR 3850 Special Topics 1-3 credits
Various topics in entrepreneurship. These may be one-time or occasional course offerings.
Prerequisite: Dependent on specific course content
ETR 3990 Entrepreneurship Honors Internship 3 credits
Exceptional students may apply during their junior or senior year for this real-world-based internship. Students will work with an Entrepreneur, CEO or Executive Manager, or a New Business Incubator or Innovation Project. Their supervisor must monitor and assess a student’s work.
Prerequisite: Department chair approval
By the end of this course, Northwood wants students to:
1. Apply classroom learning in an existing business environment under the supervision of an approved mentor.
2. Formulate and implement an industry-networking plan to create opportunities to meet and identify entrepreneurs, businesses, incubators, and other entrepreneurial activity that could help identify and successfully complete an internship;
3. Interview for and secure a paid or unpaid internship;
4. Create a plan outlining internship duties, learning objectives, timeframes, work products, and supervisor.
5. Summarize time spent, lessons learnt, and objectives achieved in a personal journal using the previously created plan;
6. Synthesize practical experience through on-the-job training, interaction with internship related personnel, mentor discussion, and other internship learning opportunities;
7. Document the internship experience in a written report that contains all internship paperwork, mentor evaluation, and a letter of recommendation.
ETR 4010 Risk Analysis and Sources of Capital 3 credits
This problem and case driven course enhances understanding and applies many of the completed objectives from ETR 3010 and core finance courses to the specific needs of small businesses and high growth start-ups. Financial tools, analysis techniques, and industry benchmarks are used to evaluate, fund, manage, and value entrepreneurial ventures. Valuation options are explored, including the basic valuation techniques imbedded in 'Crystal Ball' or a similar commonly accepted valuation software. Prerequisite: ETR 3010
By the end of this course, Northwood wants students to:
1. Develop techniques for interpreting financial and economic data contained in company reports, financial publications, and the print and on-line media;
2. Assess new venture funding options and associated risks that include equity, debt, and gifts;
3. Evaluate the impact and risks of employing financial-leverage in a new venture.
4. Deduce if Venture Capital and/or Private Equity investments are appropriate, and acquire a basis understanding of how to structuring such a deal;
5. Analyze decision-making techniques including discounted cash flow valuation [NPV (net present value), IRR (internal rate of return)], capital financing costs and tradeoffs between purchase verses leasing, business valuation models, and industry heuristics;
6. Summarize the importance of a cash management plant and strategies to cope with cash shortages;