Penn State Altoona Campus Ph(814) X Downtown Sheetz Center FX(814) Altoona, PA 16602

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1 Syllabus MGMT 431 Entrepreneurship and Small Business Management (3 Credit Hours); Section 001 Fall 2012 August 27, December 14, :50 A.M. 12:05 P.M. TR Sherron Sparks-Hain, Ph.D. sum5@psu.edu Penn State Altoona Campus Ph(814) X Downtown Sheetz Center FX(814) Altoona, PA Learning Objectives/Course Goal: To develop knowledge and appreciation Entrepreneurship and Small Business Management through the study of new ventures, and management of small firms. Class Schedule: 10:50 A.M. 12:05 P.M. Tuesday and Thursday Office Hours: 10:00 p.m. Required Texts: Entrepreneurial Small Business by Jerome Katz and Richard Green ISBN: 13: Stop Working by Rohan Hall ISBN: Suggested Material: Entrepreneur Magazine; The Economist Magazine Course Structure: Class information will be posted on ANGEL; Classes will be interactive with various activities such as discussions, team assignments, case studies, role-playing, as well as other classroom activities. Short quizzes or essay exams will be given weekly to determine the understanding of the material. A team or individual project will be due at the end of the semester with interim deadlines through out the semester. Technological requirements for course: This course is designed to work within the Angel technological Requirements of the Angel Course Management System Information on Angel You will need to have Adobe Acrobat Reader installed on your computer. Academic Honesty and Integrity: All Students are expected to be honest in their academic work and to display integrity in the demonstration of their achieved competencies. o Cheating, which is the willful decision on the part of a student to be dishonest in the representation of his/her work, is unacceptable behavior. o Any academic dishonesty will be reported to the Altoona Campus College of Business Department Chairperson. o A zero for that exam or project will be entered for the grade. o Severe cases of academic dishonesty may include harsher penalties such as suspension. Academic Integrity Definition and Expectations: Academic integrity is the pursuit of scholarly activity in an open, honest and responsible manner. Academic integrity is a basic guiding principle for all academic activity at The Pennsylvania State University, and all members of the University community are expected to act in accordance with this principle. Consistent with this expectation, the University s Code of conduct states that all students should act with personal integrity, respect other

2 students dignity, rights and property, and help create and maintain an environment in which all can succeed through the fruits of their efforts. Academic integrity includes a commitment not to engage in or tolerate acts of falsification, misrepresentation or deception. Such acts of dishonesty violate the fundamental ethical principles of the University community and compromise the worth of work completed by others. Consequences of Academic Dishonesty: The instructor may assign an academic sanction ranging from failure on the assignment to failure of the course. The instructor reports each academic sanction to the Office of Judicial Affairs, which keeps a record. Students can appeal academic sanctions to the Committee of Academic Integrity through the Office of Academic Affairs. In more serious cases of academic dishonesty, the Office of Judicial Affairs may apply disciplinary sanctions in addition to the academic sanctions. These may range from automatic failure of the course to probation, suspension or expulsion from the University. An XF grade is a formal University disciplinary sanction that indicates on the student s transcript that the failure in a course was due to a serious act of academic dishonesty. (Policies and Rules for Students, Section 49-20) GRADE DETERMINATION Assignment Weight Final Average Grade Attendance 10.00% 93+ A Attitude/Participation 10.00% A- Homework 20.00% B+ Quiz 30.00% B Research Project 30.00% B C % C D Below 60 F Statement on Electronic Devices No electronic devices (laptops, cell phones, PDA, etc) are to be visible during exams. In the past some students used programmable calculators as electronic cheat sheets. I reserve the right to clear all memories at any time from any programmable device used during an exam. If the instructor sees any electronic device during a quiz or exam, the student possessing the device is deemed to have committed an act of academic dishonesty. I reserve the right to take any and all Electronic Devices that are used in class. Laptops are permitted for note taking. No student may use the device to check , surf the web, or have any other program open other than recording the session or taking notes. If a student is found to be using the laptop for any other function, laptops will be barred for all students from the class room. I reserve the right to refuse computer access in the class at any time. Cell phones are not to be visible during class and must be turned off. NO TEXTING in class. Professionalism is key in all business classes as it is in the board room or business meeting. Classes will be conducted with this professional attitude. Note to Students with Disabilities: Penn State welcomes students with disabilities into its educational programs. If you have a disability-related need for modifications or reasonable accommodations in this course, please contact the Health & Wellness Center, Disability Services, located in the Sheetz Family Health Center. For more information, call (814) or visit the Disability Services web site at Your instructors should be notified as early in the semester as possible regarding the need for modifications or reasonable accommodations. Class Cancellation Classes are seldom canceled unless they are canceled at the beginning of the semester and noted in the syllabus. If I have access to the Internet and if class cancellation becomes necessary, I will use Angel to send an message to all members of the class. If you do not check ANGEL regularly, you may forward your ANGEL mail to another address.

3 Course Requirements/Grading Criteria: Class Attendance 10% o Attendance in all classes is expected of all students, and course lectures will be conducted with this understanding. o Although occasional absence may be unavoidable, it in no way excuses a student from meeting the requirements of the course. If you have a prior commitment, it must be approved in advance with your professor and the work for that week will have to be made up. o If you have an emergency, the material can be made up within the next class period. It is your responsibility to notify the professor and set up a strategy for completion. o The student is responsible for the material discussed and the assignments given on the day of his/her absence. Attitude/Participation 10% o Participation is mandatory, both online and during the weekday classes. o To ensure that the materials are learned and processed, it is your responsibility to make sure you participate in classroom discussions, case studies, role-playing, etc. o Attitude is key in learning and creating a comfortable culture in the classroom. Support and courtesy to fellow students, the professor and the materials presented is part of the classroom participation grade. Disagreements in key issues or between people is normal, and professional negotiation of the outcome is required. Homework 20% o To help increase understanding and completion of the subject matter, it is necessary to read the materials before the class. The homework is to be completed by the next class or by other agreement in advance with your professor. Quiz 30% o To help increase understanding of the subject matter, weekly quizzes or take home essay questions will be given. Take home essay questions will be given on Friday and expected to be returned by the following Monday or next scheduled class. Research Project 30% o Create a Small Business Venture of your choice including a business plan, marketing plan, financial plan and management plan for its success. o Each student/group will submit a paper that demonstrates his/her ability to apply theoretical concepts learned from the text to support their entrepreneurial endeavor. For example: The background/history of the Industry you have chosen for your business models. Identify and define the different leadership perspectives in your model Synthesize the historic ideas about leadership as it relates to your model Develop a model of your own personal leadership style o You will need to give your subject matter/ title to your professor by week 3. o The paper should include Research and background on your chosen topic Your plan of implementation. Include detail and strategy from first mention to full implementation. o Paper length 5+ pages on the venture, plus formal written business, marketing, financial and management plans o Each student/group will present minutes of their program and plan on the last week of class. Feedback from fellow students and instructor will help shape the paper prior to submission. Extra Credit 5 points o Up to 5 points in Extra Credit can be earned for outstanding attitude and participation that enhances the course for all students. EX: research, presentations, helping/tutoring fellow students, etc. Extra Credit must be discussed and agreed upon between student and professor.

4 Class Schedule and Weekly Requirements: Date: Topic Assignment Wk 1 8/28/2012 INTRODUCTION AND WELCOME!!! Introduce Case Study Teams Week 1 Small Business: Its Opportunities and Rewards BRIE Model Small Business Administration Small Business Development Center Franchise Small Business Myths 4 forms of Entrepreneurship 1. Introductions/Information 2. Class Protocol 3. Elect Class Scribe 4. Read Katz Chapter 1 5. Answer Critical Discussion Questions for each chapter. Turn in as homework by Thursday in Angel 6. Answer Skill Model 1.1 (p5/6) Small Business Online Scavenger Hunt. Turn in as Project Support homework by Thursday in Angel Dropbox 8/30/12 Lexicon Quiz Case 5 The Ambitious College Kid Who Just Couldn t Wait Wk 2 9/4/12 WEEK 2 CH 2 SMALL BUSINESS ENVIRONMENT: MANAGING EXTERNAL RELATIONS Focus on Small Business BRIE Model Build Legitimacy for your org Social Networking Basic Skills for handling crisis 1. Find corresponding chapter current events and turn in clip for homework (put your name on them for credit) 2. Come to class prepared to discuss chapter as well as give insight as to how Globalization affects your life or workplace. 1. Read Katz Ch 2, Ch 3 3. Come to class prepared to discuss Ch 3 - SMALL BUSINESS ENTREPRENEURS: CHARACTERISTICS AND COMPETENCIES Entrepreneur personalities 5 operational competencies Career paths Family business Entrepreneurial teams Late career entrepreneurs 9/6/12 Lexicon Quiz Wk 3 9/11/12 WEEK 3 CH 4 SMALL BUSINESS IDEAS: CREATIVITY, OPPORTUNITY AND FEASIBILITY Entrepreneurial opportunities Evaluating viable ideas Creativity methods of opportunity 5 pitfalls that hinder innovation Strategy 1. Read Katz Ch 4, 7 Dropbox

5 Feasibility studies Internet business Ch 7 Small Business Strategies Imitation With a Twist Know decisions needed as a foundation for strategic planning Forms of imitative and innovative businesses Benefits that win over customers How industry changes can affect strategies SWOT analysis to identify strategic options 9/13/12 Lexicon Quiz Wk 4 9/18/12 WEEK 4 CH 5 SMALL BUSINESS ENTRY: PATHS TO PART-TIME ENTREPRENEURSHIP Full time or Part time Major paths to part time entrepreneurship Finding success with BRIE model How and when to delegate Bootstrapping Ethics of part-time entrepreneurship Part-time to Full-time 1. Read Katz Ch 5,6 CH 6 SMALL BUSINESS ENTRY: PATHS TO FULL TIME ENTREPRENEURSHIP 5 ways to get into small business management Rewards v pitfalls of starting a new business Rewards v pitfalls of purchasing existing business 4 methods of purchasing an existing business Advantage v disadvantage of buying franchise Inheriting a family owned business Hired managers become owners of small business 9/20/12 Lexicon Quiz Wk 5 9/25/12 WEEK 5 CH 8 BUSINESS PLANS SEEING AUDIENCES AND YOUR BUSINESS CLEARLY Why and When to develop a business plan Know how to tell the business plan story Major sections of the classical business plan Focus sections to meet specific needs Identify major pitfalls when creating business plan Master presenting business plan to others 9/27/12 Lexicon Quiz Business Plan - Mini Plan - Vision Statement Wk 6 10/2/12 WEEK 6 CH 12 MARKETING PLAN SAYING HOW YOU WILL GET SALES 1. Read Katz Ch 8 1. Read Katz Ch 12

6 Importance of a Marketing Plan Major methods for marketing research Sales forecasting methods Create a products differ4ential advantage Critical components of a marketing plan 10/4/12 Lexicon Quiz Marketing Plan Wk 7 10/9/12 WEEK 7 CH 10 SMALL BUSINESS PROMOTION: CAPTURING THE EYES OF YOUR MARKET Asses value proposition Segment and further define target audience Different approaches and methods to craft and convey promotional audience Key skills involved in personal selling, especially closing the sale Major approaches to customer relationship management Develop a press relations program Develop a public relations program 10/11/12 Lexicon Quiz Wk 8 10/16/12 WEEK 8 CH 9 PRODUCT AND PRICING STRATEGIES Characteristics of goods and services Define the total product Stages of new product development Product life cycle Why pricing is an important but difficult task for small business Price elasticities, price and psychology, and other influencers and their impact on pricing Different pricing strategies chapter 1. Read Katz Ch 10 chapter 1. Read Katz Ch 9 10/18/12 Lexicon Quiz Wk 9 10/23/12 WEEK 9 CH 13 ACCOUNTING PROJECTING AND EVALUATING PERFORMANCE Basic concepts of accounting Requirements for small business accounting system Content and format of common financial statements Accounting information as a tool for managing your business effectively Develop a complete set of craft budgets for your business Using accounting information to make better business decisions 1. Read Katz Ch Come to class prepared to discuss chapter 10/25/12 Lexicon Quiz

7 Wk 10 10/30/12 WEEK 10 CH 14 CASH LIFEBLOOD OF THE BUSINESS Importance of managing your business money Understand concept of money, cash and cash equivalents Basics of managing cash flow Reconcile bank and company book balances Develop cash budget Strategies for preventing and coping with cash flow problems Strategies for coping with cash shortages Ch 15 Small Business Financing Equity, Debt and Gifts 3 types of capital financing costs and trade-offs Characteristics of a business that determines its ability to raise capital Best type of financing for your business Different needs for financial management at each stage of business life 1. Read Katz Ch 14, 15 11/1/12 Lexicon Quiz Wk 11 11/6/12 WEEK 11 CH 16 ASSETS: INVENTORY AND OPERATIONS MGMT Techniques to manage short-term assets Calculate value of assets of your business Technique for managing fixed assets Advantages of renting or leasing capital equip Techniques to manage and improve operations of your business CH 19 HUMAN RESOURCES Hire part-time or full time How to recruit good employees on your budget Employee training Employee needs and expectations Fair compensation and benefits How to handle family employees 11/8/12 Lexicon Quiz Wk 12 11/13/12 WEEK 12 CH 17 SMALL BUSINESS PROTECTION RISKS MANAGEMENT AND INSURANCE Understand meaning and nature of business risk Specific types of risks associated with different aspects of business operations Techniques to manage risks to stay in level of risk tolerance How insurance can be used to manage business risk Techniques for sharing risk with other businesses and organizations 1. Read Katz Ch 16, Read Katz Ch 17, 18

8 CH 18 LEGAL ISSUES Knowing when you need legal info and how to get it Understand business structures of small business Master the process of negotiation Legal liabilities for your business Contracts, terms and when you need one Intellectual property BREAK 11/15/12 Lexicon Quiz 11/20/12 THANKSGIVING BREAK Have Great Fun!!!!! 11/22/12 Wk 13 11/27/12 WEEK 13 CH 20 ACHIEVING SUCCESS IN THE SMALL BUSINESS Stages of the small business life cycle 4 types of firm-level growth strategies Options harvesting or closing small business Critical Success factors of small business 1. Read Katz Ch Answer Critical Discussion questions. 3. Come to class prepared to discuss the chapter 11/29/12 Lexicon Quiz Wk 14 12/4/12 WEEK 14 FINAL PRESENTATIONS Attendance Mandatory Peer Review Presentations 12/6/12 FINAL PRESENTATIONS Attendance Mandatory Peer Review Presentations Wk 15 12/11/12 WEEK 15 FINAL PRESENTATIONS Attendance Mandatory Peer Review Presentations 12/13/12 FINAL PRESENTATIONS Attendance Mandatory Peer Review Presentations Notes: