BUS305: Small Business Management
This course will introduce you to entrepreneurship and business planning. By way of introduction, the word entrepreneur originates from the French word entreprendre, meaning to undertake. Today, we define an entrepreneur as an owner or manager of a business enterprise who attempts to make profits by starting and growing his or her business. In earnest, entrepreneurs are a diverse group of risk-takers who share the same goal of cultivating ideas and developing them into viable business opportunities. Take a quick look at the statistics below to get a sense for some of the (potentially surprising) qualities that have been attributed to entrepreneurs. According to a recent report by the US Census, every day approximately 2,356 Americans are becoming entrepreneurs by starting new businesses. According to 2006 report from Northeastern University’s School of Technological Entrepreneurship, 62% of entrepreneurs in the US claim innate drive as the number one motivator in starting their business. According to a January 2008 report by the Global Entrepreneurship Monitor, women run 33% of small businesses. Lastly, according to an October 2006 report by Northeastern University’s School of Technological Entrepreneurship, 42% of entrepreneurs say they launched their first ventures during childhood (i.e., via a lemonade stand, paper route, etc.). As you can see, the entrepreneurial community is diverse, yet its members share a number of striking similarities. This course is geared towards both the eclectic mix of individuals planning to develop and launch their own businesses as well as those with established small business ventures that they would like to expand. We will begin by reviewing the history of small business and identifying a successful entrepreneur’s characteristics. The course will then coach you in some basic business skills, teaching you how to write a business plan, launch a new venture, identify market opportunities, create a marketing plan, and finance a business. Finally, the course will also review aspects of building a successful team.