MGMT110 Small Business Management

Department of Business Studies: Management

I. Course Number and Title
MGMT110 Small Business Management
II. Number of Credits
3 credits
III. Number of Instructional Minutes
IV. Prerequisites
V. Other Pertinent Information
VI. Catalog Course Description
This course reviews considerations faced by an individual planning to establish and manage a small business venture in today's complex business environment. It includes a review of legal forms of ownership, financial planning and resources, considerations of management, operations and control, ethical issues, and the importance of social responsibility.
VII. Required Course Content and Direction
  1. Course Learning Goals

    Students will:

    1. demonstrate an understanding of the complex and important role that small business plays in the health and welfare of the American economy and the larger global environment;
    2. demonstrate an understanding of contemporary business concepts, how a business is formed, and why management is the key ingredient to small business success;
    3. demonstrate an understanding of business terminology, financial planning, and resource allocation; and
    4. explain the ethical issues surrounding the ownership and operation of a small business venture and the importance of social responsibility.
  2. Planned Sequence of Topics and/or Learning Activities

    1. discuss business success and the importance of the profit motive within the scope of business ethics and social responsibility
    2. identify the factors of success or failure in any particular business
    3. outline the proper reasons in opting for business ownership
    4. recognize the important factors in purchasing an established business
    5. define and understand the advantages and disadvantages of a franchise
    6. discuss the importance of location
    7. differentiate between various forms of layout in physical facilities
    8. describe the principles necessary in organizing and staffing a business
    9. understand the different types of financing available and what is involved in applying for a loan
    10. examine the critical factors a lender is looking for in a business owner
    11. discuss the rules of risk management and how to insure a business properly
    12. discuss taxes and how they impact a small business
    13. understand the importance of and the necessary steps necessary in building a business plan
    14. identify and define the functions of management
    15. discuss the various policies that should be instituted before the business enterprise begins
    16. outline the marketing functions as it refers to product, distribution, and promotion of the firm's products or services
    17. understand the two types of credit and how to use them for maximum leverage
    18. discuss financial procedures necessary for the welfare of the business
    19. understand the importance of inventory control and how to control crime as it relates to the small business
    20. interpret the key accounting statements and how to use them as a tool for effective management of the business
  3. Assessment Methods for Course Learning Goals

    Course learning goals are assessed using a variety of quizzes, tests, and performance-based tasks.
  4. Reference, Resource, or Learning Materials to be used by Student:

    See course syllabus.

Review/Approval Date -11/98; Revised 11/2011; New Core 8/2015