Royal Holloway University of London. MN3605 Small Business Management and Growth. Course Outline

Transcription

1 Royal Holloway University of London MN3605 Small Business Management and Growth Course Outline Course Director: Dr. Rachel Doern Office Hours (Autumn Term): Tuesdays 2:00-4:00 Office: Room 111, Moore Annexe 1

2 Small Business Management and Growth, MN3605, Course Outline A. Course Summary B. Aims C. Learning Outcomes D. Required Course Textbook E. Teaching and Learning Methods F. Course Content - Overview of Lecture and Workshop Topics G. Assessment H. Feedback I. Using MOODLE J. Further Guidance K. Reading List A. Course Summary This course serves to enhance students understanding of small businesses and the experiences, ambitions and concerns of the small business owner-manager. It does so by drawing on academic research and business practice around key issues pertaining to small business management and growth, and through interactive in-class discussions, activities, presentations, and individual/group work. B. Course Aims To understand the contributions made by small businesses to the economy, their composition/characteristics/needs, and the challenges they face. To appreciate why people start businesses and some of the processes involved. To understand key concepts and theories as they relate to entrepreneurial/small business processes (i.e. opportunity identification/exploitation, resource acquisition and management, business growth) and apply these. To familiarise students with some of the knowledge and strategies required to manage and grow a new or more established small business. To understand why some businesses grow while others do not. To develop independent and group-work skills as they relate to research and analyses both internal and external to small businesses, problem solving, decision-making, and oral/written communication. C. Learning Outcomes On successful completion of this course, students should be able to: Understand the different kinds of small businesses and entrepreneurs. Understand the kinds of support small businesses require. 2

3 Explain different theories as they relate to entrepreneurial/small business processes. Understand how business growth and the management of human resources, finance and marketing may differ in small businesses as compared to their larger counterparts. Evaluate different strategies for developing the business. Apply knowledge/learning/skills to an existing small business. D. Required Text Book Stokes, D. & Wilson, N Small business management and entrepreneurship (sixth edition). Hampshire: Cengage Learning. Please note: Students will also be requested to read certain book chapters and journal articles which will be available in the university library and on Moodle. Students are also required to read case studies which will be provided on Moodle. This reading is essential and will add a layer of depth to the wider coverage provided in the core text. E. Teaching and Learning Methods Classes take place from 11:00-1:00 on Tuesdays. The course will be taught over 10 weeks through 10 two-hour sessions. The sessions will include BOTH a lecture and a workshop. This format will serve to introduce students to course material and key concepts then apply such through presentations, the discussion of case studies and different individual and group activities. Students must come to class PREPARED unless otherwise indicated. That is, students should read the assigned book chapters, papers and cases, prepare notes on such, and attempt to answer given questions. Students will be required to engage in a number of activities during class time which will assist them in understanding key concepts/issues covered on the course in preparation for coursework and the exam. F. Course Content Overview of Lecture and Workshop Topics Please read ALL of the assigned readings. Additional readings for lectures and workshops may be suggested. Students are encouraged to read beyond that which is assigned in preparation for their coursework and the exam. As well, please note that students, working in groups, will also be required to fill out and hand in worksheets that monitor their progress on the group assignment. 3

4 Week Beginning Lecture Topic, Date and Required Reading 1 Sept 30th An introduction to small businesses and the business environment, Oct 1 st Chapter 1 Stokes and Wilson (2010); Chapter 3 Stokes and Wilson (2010) 2 Oct 7 th The business owner and entrepreneurial behaviour, Oct 8 th Chapter 2 Stokes and Wilson (2010) 3 Oct 14 th The business model, Oct 15 th Additional preparation for class As it is our first lecture, there is no preclass preparation necessary. Read the Global Entrepreneurship Monitor United Kingdom 2012 Monitoring Report Case study Zipcar Book chapter Entrepreneurial business models and processes, Stokes et al. (2010) Chapter will be made available in advance of the lecture. 4 Oct 21 st Small business growth, Oct 22 nd Chapter 10 (Entrepreneurship and Small Firms) Deakins and Freel (2012) Chapter will be made available in advance of the lecture. 5 Oct 28 th Strategies of business growth, Oct 29 th Journal article What Do Entrepreneurs Actually Do? An Observational Study of Entrepreneurs Everyday Behavior in the Start-Up and Growth Stages, Mueller et al. (2012) Journal article Evolution and Revolution as Organizations Grow, Greiner (1972/1998) Case study Barista s Battle Scars Chapter 14 (Entrepreneurship: Successfully Launching New Ventures) Barringer and Ireland (2012) Chapter will be made available in advance of the lecture. 6 Nov 4 th People and networks, Nov 5 th Chapter 11 Stokes and Wilson (2010) 7 Nov 11 th Finance for small business management and entrepreneurship, Nov 12 th Journal article Recruitment in Small Firms, Carroll et al. (1999) Report Financing SMEs and entrepreneurs, OECD (2006) Chapter 13 Stokes and Wilson (2010) Journal article Small Firms Demand for Finance, Howorth (2001) 8 Nov 18 th Marketing methods and strategies for small business management and entrepreneurship, Nov 19 th Chapter 12 Stokes and Wilson (2010) Case study Alpha Florists Journal article Issues which Impact on the Marketing of Small Firms, McCartan-Quinn and Carson (2003) 9 Nov 25 th PRESENTATIONS, Nov 26 th In-class presentations. 10 Dec 2 nd Course summary, revision and in-class activity, Dec 3 rd In-class activity. 4

5 G. Assessment Assessment will be divided into three components: 1. Small Business Project Report 30% - Group report on a small business ( words +/- 10%, NOT including References or Appendices). A. The Mission Students, working in teams, are required to identify and contact a small business of their choice that is located within the United Kingdom. The project groups will be assigned by the lecturer. The groups will be selfmanaged throughout the course. Students will be required to fill in a Peer evaluation form at the end of the course. It is recommended that each group nominate a Coordinator to collect contacts of group members, organise group meetings and keep track of the group s progress. Students are responsible for finding a small business/owner-manager that is willing to participate in their study. The business may operate in any industry and should employ NO more than 50 people; equally, the business ownermanager must employ at least one other person. Students are required to create a profile for the business, and to do so, they must collect background information on the business and industry, and interview the owner-manager. The interview with the owner-manager should be held in person, recorded, transcribed and attached to the back of the report in an Appendix. B. Purpose of the Report To understand first-hand the intentions, behaviours and experiences of small businesses and small business owner-managers, as they relate to business growth and development; to develop skills in the following areas: communications/team building, problem-solving, decisionmaking, report writing, and academic research. C. Structure of the Report and What is Required I) Executive Summary II) Table of Contents III) Table of Figures and Tables (if relevant) IV) The Main Report i. Background to the small business (e.g., Business history, business focus, age, size, location, industry/competitors) ii. Background to the owner-manager (e.g., Business role, business experience, education, age/ethnicity/gender, aspirations of the owner-manager and growth orientation) iii. Current business model and stage of business growth (e.g., What is the value proposition? How does the business bundle products and/or services? What do front/back office operations entail? What kinds of costs/revenues does the business incur? 5

6 Where is the business currently located in the organizational life-cycle? Does the owner-manager have plans for expansion?) iv. Current resource configuration People, Finance, Marketing (e.g., Who makes up the entrepreneurial team and what roles do they occupy? What is the recruitment strategy of the business? What is the funding strategy of the business? What is the financial health of the business? What is the target market and current positioning of the business? What marketing methods, if any, does the business employ?) v. Recommendations for reconfiguring the business model and associated resources, and overcoming barriers, to strengthen the survival and growth prospects of the business V) Student learning (Students are encouraged to discuss briefly, what they learned about small businesses in carrying out this research) VI) References (Harvard Style) VII) Appendices NOTE: Both primary research (the interview) and secondary research (review of the academic literature and relevant business/industry reports/news articles) should enable you to address the different parts of the main report. D. The Literature Students must link the contents of the report, where relevant, to the literature (themes discussed over the course). As much as possible, students should back up their claims with evidence (facts and figures). E. Submission - The reports must be submitted by NO later than 12:00 on Monday December 9 th. One report must be submitted per group. All names (first and last) of group members and their candidate numbers must be provided on a title page. You must submit two copies of the report (one hard copy and one electronic copy to Turnitin). We strongly urge you to keep a copy of the report for yourself. Please consult your School of Management Undergraduate Student Handbook, for the full regulations on the submission of coursework and the penalties for late submission of work. (Students will not receive their results for the report until after the Christmas break). F. Assessment Students will be assessed based on the depth and quality of research they have conducted, their creativity, and whether the report is put together in a clearly structured/presented, professional and coherent manner. G. Copies of the Report Students are encouraged to make a copy of the completed report available to their respective small business owner-manager. H. Other Additional guidance on the project in general and in terms of how to interview the owner-manager in particular, will be provided in Week Small Business Project Presentation - In preparation for the final report students will be required to do a short in-class presentation. 6

7 Working in the same teams, students will be required to present some of their key findings to the class, in the form of a very brief overview of the report. This is a formative, yet compulsory piece of assessment. Everyone in the group must present. Following the presentation, you will receive verbal feedback from the lecturer and your peers. Each group will be given 12 minutes to present (using power point) followed by a Question and Answer period. Power point facilities will be provided in the presentation venue, but any other audio and visual aids will need to be self-arranged. The dress code is smart casual. At the end of all presentations, students will be invited to share any remaining difficulties they are having in collecting/analysing information for the report. All of the group presentations will be scheduled in the normal lecture/workshop time in Week 9 Tuesday, November 26 th, from 11:00-1:00. The order of the presentations will be announced on the day. 3. Written Examination (Summer Term Term 3) 70% Students will take a 2-hour unseen examination paper in the summer term. H. Feedback Students will be provided with formative feedback throughout the 10 weeks of lectures/workshops. During in-class discussions, students will receive verbal feedback on their knowledge and understanding of key concepts discussed throughout the course. Students will also practise teamwork, presentation skills, as well as obtain feedback from their peers. Students will receive verbal feedback on their final in-class presentation and written feedback on their report. I. Using MOODLE Lecture slides will be posted on MOODLE the day before the lecture by 6 pm. Please note that while the slides are meant to be clear and helpful, there is much more to the lectures than the slides and they should not be seen as a substitute for such. J. Further Guidance Lectures and workshops begin no later than 5 minutes past the hour. Do not be late as it is very disruptive. Mobile phones should not be used during sessions. Recording devices should not be used during sessions. Finally, we have ten short sessions together, please take advantage of this and avoid surfing the internet, checking Facebook etc., things that can be done any time outside of class. K. Reading List Textbook: 7

8 Stokes, D. & Wilson, N Small business management and entrepreneurship (sixth edition). Hampshire: Cengage Learning. Other useful textbooks (from which chapters may be drawn upon): Carter, S. & Jones-Evans, D Enterprise and small business: Principles, practice and policy (second edition). London: Prentice Hall. Deakins, D. & Freel, M Entrepreneurship and small firms (fifth edition). London: McGraw-Hill Publishing. Useful monographs: Penrose, E The theory of the growth of the firm. Oxford: Basil Blackwell. Scase, R. & Goffee, R The real world of the small business owner. London: Routledge. Storey, D Understanding the small business sector. London: Routledge. Additionally case studies and journal articles will be relied upon for the different areas. Useful articles: Binks, M. R., & Ennew, C. T Growing firms and the credit constraint. Small Business Economics, 8(1): Brewer III, E On lending to small firms. Journal of Small Business Management, 45(1): Cliff, J. E Does one size fit all? Exploring the relationship between attitudes towards growth, gender, and business size. Journal of Business Venturing, 13(6): Cressy, R Why do most firms die young? Small Business Economics, 26: Davies, C.D., Hills, G.E., & LaForge, R.W The marketing/small enterprise paradox: a research agenda. International Small Business Journal, 3(3):

9 Deakins, D., & Freel, M Entrepreneurial learning and the growth process in SMEs. The Learning Organization, 5(3): Delmar, F., Davidsson, P., & W. Gartner, Arriving at the high growth firm. Journal of Business Venturing, 18 (2): Dodge, H. R., & Robbins, J. E An empirical investigation of the organisational life cycle model for small business development and survival. Journal of Small Business Management, 30(1): Dutta, D. K., & Thornhill, S The evolution of growth intentions: Toward a cognition-based model. Journal of Business Venturing, (In Press): Freel, M. S Towards an evolutionary theory of firm growth. Journal of Enterprising Culture, 8: Gibb, A., & Davies, L In pursuit of frameworks for the development of growth models of the small business. International Small Business Journal, 9(1): Gibb, A., & Scott, M Strategic awareness, personal commitment and the process of planning in the small business. Journal of Management Studies, 22(6): Greiner, L. E Evolution and revolution as organizations grow. Harvard Business Review, 76 (3): (1972 version in Vol. 50, No. 4, pp ). Hills, G. E., Hultman, C. M. & Miles, M. P The evolution and development of entrepreneurial marketing. Journal of Small Business Management, 46(1): Jennings, P., & Beaver, G The performance and competitive advantage of small firms: A management perspective. International Small Business Journal, 15(2): Kazanjian, R. K Relation of dominant problems to stages of growth in technology-based new ventures. Academy of Management Journal, 31(2): Kolvereid, L., & Bullvåg, E Growth intentions and actual growth: The impact of entrepreneurial choice. Journal of Enterprising Culture, 4(1): Krueger, N. J., Reilly, M. D., & Carsrud, A. L Competing models of entrepreneurial intentions. Journal of Business Venturing, 15: Leonidou, L. C An analysis of the barriers hindering small business export development. Journal of Small Business Management, 42(3): Manolova, T. S., Brush, C. G., Edelman, L. F. & Greene, P Internationalization of Small Firms: Personal Factors Revisited. International Small Business Journal, 20(1):

10 Morrison, A., Breen, J. & Ali, S Small business growth: Intention, ability and opportunity. Journal of Small Business Management, 41(4): Pirolo, L. & Presutti, M The impact of social capital on start-ups performance growth. Journal of Small Business Management, 48(2): Sadler-Smith, E. & Chaston, I. & Badger, B Managerial behaviour, entrepreneurial style, and small firm performance. Journal of Small Business Management, 41(1): Stanworth, M. J. K., & Curran J Growth and the small firm: An alternative view. The Journal of Management Studies, May: Wiklund, J., & Shepherd, D Aspiring for, and achieving growth: The moderating role of Resources and Opportunities, Journal of Management Studies 40(8): Additional readings may be drawn from (but are not exclusive to) the following journals: International Small Business Journal Journal of Small Business Management Small Business Economics International Journal of Entrepreneurial Behaviour and Research Entrepreneurship and Regional Development Entrepreneurship Theory and Practice Journal of Business Venturing 10