MGMT110 Small Business Management
Department of Business, Innovation, and Legal Studies: Management
- I. Course Number and Title
- MGMT110 Small Business Management
- II. Number of Credits
- 3 credits
- III. Number of Instructional Minutes
- 2250
- IV. Prerequisites
- None
- Corequisites
- None
- V. Other Pertinent Information
- None
- VI. Catalog Course Description
- This course reviews considerations in establishing and managing a small business venture in today's complex business environment. It promotes application of the entrepreneurial mindset to issues of management, operations and control. Also reviewed are legal forms of ownership, financial planning and resources, ethical issues, and the importance of social responsibility.
- VII. Required Course Content and Direction
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Course Learning Goals
Students will:
- summarize the complex and important role that small business plays in the health and welfare of the American economy and the larger global environment;
- explain contemporary business concepts, how a business is formed, and why management is the key ingredient to small business success;
- discuss business terminology, financial planning, and resource allocation; and
- explain the ethical issues surrounding the ownership and operation of a small business venture and the importance of social responsibility; and
- demonstrate an entrepreneurial mindset and describe the application to small business management.
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Planned Sequence of Topics and/or Learning Activities
The following topics are presented:
- discuss the entrepreneurial mindset as it relates to small business management
- discuss business success and the importance of the profit motive within the scope of business ethics and social responsibility
- identify the factors of success or failure in any particular business
- outline the proper reasons in opting for business ownership
- recognize the important factors in purchasing an established business
- define and understand the advantages and disadvantages of a franchise
- discuss the importance of location
- differentiate between various forms of layout in physical facilities
- describe the principles necessary in organizing and staffing a business
- understand the different types of financing available and what is involved in applying for a loan
- examine the critical factors a lender is looking for in a business owner
- discuss the rules of risk management and how to insure a business properly
- discuss taxes and how they impact a small business
- understand the importance of and the necessary steps necessary in building a business plan
- identify and define the functions of management
- discuss the various policies that should be instituted before the business enterprise begins
- outline the marketing functions as it refers to product, distribution, and promotion of the firm's products or services
- understand the two types of credit and how to use them for maximum leverage
- discuss financial procedures necessary for the welfare of the business
- understand the importance of inventory control and how to control crime as it relates to the small business
- interpret the key accounting statements and how to use them as a tool for effective management of the business
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Assessment Methods for Course Learning Goals
Course learning goals are assessed using a variety of quizzes, tests, and performance-based tasks. -
Reference, Resource, or Learning Materials to be used by Student:
See course syllabus.
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Review/Approval Date -11/98; Revised 11/2011; New Core 8/2015; Approved 01/03/2019