BT 250 - Entrepreneurship

BT 113  or WR 115  or designated placement.

WR 115Q  as required.

Course Description: This class expands on the foundation in BA 101Z - Introduction to Business . It acquaints students with the principles related to the field of small business and entrepreneurship. Students will be able to describe the entrepreneur’s mindset; define the characteristics of successful entrepreneurs and debunk common myths about them; and identify sources of successful business ideas. Students will also be able to differentiate among various small business entry strategies, assess marketing techniques used by entrepreneurs, compare/contrast sources of financing, and analyze the advantages and disadvantages of franchising as a means of starting a business. The culminating project in this class is an interview with a local entrepreneur and a formal, written summary of that interview.

Course Learning Outcomes:

• CLO#1: Define entrepreneurship and discuss the most commonly cited characteristics exhibited by successful small business owners.
• CLO#2: Explain the role of business ethics and social responsibility in the current small business climate.
• CLO#3: Compare the rewards of starting a small business venture with the potential drawbacks.
• CLO#4: Explain the pros and cons of the sole proprietorship, partnership, and corporate forms of ownership for an entrepreneur starting a small business.
• CLO#5: Explain the purpose of a business plan, the elements found in one and the benefits the plan provides a small business.
• CLO#6: Summarize the sources of small business financing and compare/contrast the pros and cons of each source.
• CLO#7: Explain the purpose of the balance sheet, income statement, and cash-flow statements used in every entrepreneurial venture.
• CLO#8: Calculate the break-even point of a product/service (given variable costs, fixed costs, and selling price).
• CLO#9: Discuss the advantages and disadvantages of franchising (from both the franchisor’s and franchisee’s point of view) as a method of starting a small business.
• CLO#10: Synthesize the elements of the class by interviewing a small business owner (asking them how they started their business, pitfalls encountered, personal characteristics for success, advice for prospective entrepreneurs) and applying what you learned to your life. (ILO: Communication)