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Small Business Management

BUS-401
SMALL BUSINESS MANAGEMENT
3 Credits

This course is a part of:
Associate's Degree Program
Bachelor's Degree Program

Prerequisite:

BUS-101: Principles of Management

This course will examine fundamental principles, problems and practices of entrepreneurship. The goal of the course is to provide the student with a foundation of small business management skills, with the creativity and knowledge of what it takes to develop a successful business. This course will provide the student with a foundation of marketing strategies and principles including location, pricing methods, and funding. We will also emphasize the strategies an entrepreneur might use to develop a successful business online. Students will learn the elements of a good business plan and other aspects of business ownership.

For the duration of the course, the student will participate in a business simulation which will allow for development of business management skills and practice the techniques learned in the course.

Course Objectives

At the completion of this course, the student will have acquired knowledge of and the skills to:

  • Utilize the nine steps of the strategic planning process to design a strategic business plan.
  • Conduct a feasibility analysis and create a solid business model.
  • Compare the laws, benefits, and drawbacks of various forms of business entities and ownerships.
  • Identify the advantages and disadvantages of buying an existing business and delineate the steps in buying an existing business properly.
  • Employ competitive marketing strategies, including customer focus, quality, convenience, innovation, service, and speed.
  • Utilize the strategies to achieve success in e-commerce, including designing killer websites, and tracking web results.
  • Compare pricing methods and strategies for retailers, manufacturers, and service firms and describe the impact of credit on pricing.
  • Prepare financial statements as well as conduct a break-even for a small company.
  • Create a cash budget and explain the techniques for avoiding a cash crunch.
  • Compare the various sources of funding for a small company and describe the advantages of each.
  • Explain the stages in the location decision: choosing the region, the state, the city, and the specific site and the criteria affecting the decision for location.
  • Run a successful small business, using the principles and lessons from this course.