ENTREPRENEURSHIP 355 SPRING, 2013

COURSE NUMBER: COURSE TITLE: MEETING TIME: INSTRUCTOR: E-MAIL/PHONE: OFFICE HOURS: ENTR 355 (HYBRID) ENTREPRENEURSHIP AND SMALL BUSINESS MWF 11-11:50 PM WAYNE A. PAUL WPAUL@TOWSON.EDU/ STEPHENS 118; MONDAY 4:00-4:45 PM OR BY
APPOINTMENT

CATALOG DESCRIPTION The research and planning process needed to start a small business is emphasized. Entrepreneurial management strategies for marketing, finance, and operations are studied. The preparation of a professional business plan is required. Prerequisites: FIN 331, MKTG 341/342, MNGT 361; Major standing. REQUIRED TEXT Entrepreneurship, 8th edition. Robert D. Hisrich, Michael P. Peters, Dean A. Shepherd; McGraw-Hill, 2010. ISBN: 9780073530321. COURSE OVERVIEW This is a practical course in which students work in partnership teams in developing credible entrepreneurial concepts and skills. Students will apply the concepts they have learned in this class and through previous courses to develop professional business plans. Students are guided by the instructor, but are expected to provide the initiative to complete the business plan. To this end, this is a hybrid course maximizing the independent research, analysis and formulation processes by the student partnership team. Course assignments and requirements are also intended to give students an experience that parallels that of entrepreneurs and small business owners. Through this experience, students should become familiar with and appreciate the issues and activities associated with initiating and managing a small business or growing firm. As in a business start-up, success in this course will derive from your independent effort to understand what must be done to start and manage a business.

COURSE REQUIREMENTS

AND

GRADING 75 Points/ 7.5% 375 Points/ 37.5 % 100 Points/ 10% 100 Points/ 10% 300 Points/ 30% 50 Points/ 05% 1,000 Points/100% 77%-79% (770-799 points) 70%-76% (700-769 points) 60%-69% (600-699 points) > 600 points

1. Initial Partnership Business Idea/Concept (written) and Presentation 2. Quizzes (3) 3. Competitive Analysis Memo 4. Draft Financial Section 4. Final Business Plan 5. Presentation of Final Business Plan Total A = A- = B+ = B = B- = 93%-100% (930-1,000 points) 90%- 92% (900-929 points) 87%- 89% (870-899 points) 83%- 86% (830-869 points) 80%- 82% (800-829 points) C+ C D F = = = =

ACADEMIC INTEGRITY A significant component embedded in the Management Departments core values is academic integrity. Toward this objective, the faculty members of the Department will assess that student work submitted for academic credit in the courses taught by them is authentic, as well as consistent with established academic standards. Examples of academic behaviors considered a violation of academic integrity are: abuse of academic materials and multiple submissions, among others. Detailed explanations of academic conduct that constitute such violations of academic integrity and its consequences are found in the Towson University document titled, Student Academic Integrity Policy. Students are urged to review this document at www.towson.edu/provost/resources/studentacademic.asp. ATTENDANCE and TEAM PARTICIPATION Students are expected to be present at all class meetings and actively participate in discussions. There will be a 5 point deduction for each unexcused absence. Sixty two percent (62%) of your grade will be from the efforts of a student team. Each team member is expected to commit to the various assignments, and to communicate and contribute proportionately to the efforts. Teams experiencing any problems should meet with the instructor as early in the semester as possible. Any failures of performance or timeliness are team failures and will affect all team members. Teams should complete assignments on a schedule which allows time for proof-reading and editing prior to submission to the instructor.

OVERVIEW

OF

COURSE ASSIGNMENTS

1. Initial Partnership Business Idea/Concept Presentation (75 Point)/ 7.5%) This assignment involves students forming partnerships of three to four students to identify and give a 5-6 minute presentation on a realistic business startup. It is intended as an experience to develop a business idea or concept with minimal guidance. A two-to-three page executive summary of your business idea or concept should accompany the presentation. The presentation is informal. Dress is casual. The written assignment should address the following questions: >What products/services will your venture provide? >How will your venture be better/different than competitors? >What applicable expertise and experience is present on the team which can be applied to the venture? >Is this business based on invention, innovation, or imitation? >Which market segments, demographics, geography, etc. will your venture target? >Why will this venture be successful? 2. Competitive Analysis (100 Points/10%) (Three to Four pages, single-spaced, memo format, appendices can be added as necessary) The purpose of the memo is to inform your audience of your progress in a 6-8 minute presentation. In the interim memo, your team should: Analyze the industry in which the new venture will operate and identify the ventures potential key competitors. Identify the industry using the NAICS or SIC. Describe the ventures proposed strategy. Determine how the new venture will price its products/services. Analyze the financial condition of the industry. Discuss the strengths and weaknesses of the new ventures proposed strategy in comparison to competitors.

3. Draft Financial Plan (100 Points/ 10%) Each team will prepare a draft Pro-Forma Income Statement including Years 1, 2 and 3 revenue and expense ASSUMPTIONS and PROJECTIONS . Teams will present their draft financial sections in an 7-8 minute informal presentation to the class. Assignment guidelines will be provided in class as part of the Chapter 10 lecture. 4. Final Business Plan (300 Points/30%) This is the main requirement of the course. Student teams will develop a plan for starting a business that will include, but not be limited to, separate plans for marketing, management-organization, operations, and financial projections as per the attached outline This business plan should serve two primary goals: A tool for clarification to the founder in the new venture creation. A potential marketing or communication tool to interface with potential investors and capital/resource providers. Typically, the business plan should be 20-30 pages of double-spaced text with additional pages of appendices and exhibits. Failure to include completed financial projections will result in a grade of zero on this component. 5. Final Business Plan Presentation (50 Points/05%) This is one of the main requirements of the course. Student partnerships will present their plan for starting a business. This presentation should market your ideas and business plan to potential investors and capital/resource providers. Your team should ensure that: State what you are seeking in terms of debt financing and/or equity investment? Review the key points of your business plan. Stress why your venture is a sound risk for lenders or investors. Review your financial assumptions and projections. The presentation is formal and your team will be standing. The presentation must be polished, practiced, and professional. PowerPoint slides must be used to convey your recommendations to the potential lender/investor. Dress is professional. The presentation should be 30-40 minutes. 6. Quizzes (3) (375 Points/37.5%; 125 Points each)

There will be three quizzes each worth 125 points. Dates of quizzes are noted in the Class Schedule. Formats will be reviewed in class.

CLASS CALENDAR Week One: January 28-February1 Introduction and review of course objectives and requirements Assign Student Teams Discuss Start-Up parameters Team Meetings

Week Two: February 4-8 Pathways to Entrepreneurship Lecture: Chapter 1 Review initial assignment Week Three: February 11-15 INITIAL BUSINESS CONCEPT due Monday 2/11 Lecture: Chapter 3 Team presentations

Week Four: February 18-22 Lecture: Chapter 7 Review Business Plan format and structure Lecture: Chapter 6 Week Five: February 25-March 1 QUIZ #1 (Chapters 1, 3, 6,and 7) Monday 2/25 Return Exams Lecture: Chapter 9 Week Six: March 4-8 COMPETITIVE ANALYSIS due Monday 3/4 Lecture: Chapter 8 Team presentations Week Seven: March 11-15 Lecture: Chapter 10 Review Financial Assumptions and Projection development Review Pro-Forma development

Week Eight: March 25-29 Lecture Chapter 11 QUIZ #2 (Chapters 8, 9, 10, and 11) (Wednesday, 3/27)

Week Nine: April 1-5 Return Exams Lecture: Chapter 12 Assessment of Risk

Week 10: April 8-12 DRAFT FINANCIAL PLANS due Monday 4/8 Lecture: Chapter13 Team presentations

Week 11: April 15-19 Lecture: Chapters 14 and 15

Week 12: April 22-26 QUIZ #3 (Chapters 12, 13, 14 and 15) Monday, 4/22 Return Exams Business Plan Presentation (1) Week 13: April 29-May 3 Business Plan Presentations (3) ALL FINAL BUSINESS PLANS DUE WEDNESDAY, 5/1 Week 14: May 6-10 Business Plan Presentations (3)

Week 15: Monday 5/13 Business Plan Presentation (1) RETURN GRADED BUSINESS PLANS Course Wrap-Up

Due Dates For Graded Assignments: *Initial Partnership Business Concept/Presentation (75 Points) *Quiz #1 (125 Points) *Competitive Analysis Memo (100 Points *Quiz #2 (125 Points) *Draft Financial Section (100 Points) *Quiz #3 (125 Points) (300 Points) (50 Points) Monday, 2/11 Monday, 2/25 Monday, 3/4 Wednesday, 3/27 Monday, 4/8 Monday, 4/22 Wednesday, 5/1 4/26-5/13

*Final Business Plan

*Business Plan Presentations