Graduate Certificate in Entrepreneurship College of Businessand Management Management Department Introduction According to Kauffman Foundation, the apex organization furthering entrepreneurship education and research, there are compelling reasons as to why Entrepreneurship Belongs in College 1. "First, entrepreneurship is critical to success in the contemporary global economy. Second, entrepreneurship is already an expanding area of American college learning. Third, through innovation and commercialization, entrepreneurship is becoming a basic part of what universities themselves do. Fourth, entrepreneurship achieves key goals of a quality American higher undergraduate [and graduate] education. To neglect entrepreneurship distances university learning from the world it is supposed to help students learn to understand." Consequently, leading Universities in the US, in addition to incorporating entrepreneurship curricular offerings in undergraduate business as well as general education programs, are also offering graduate courses at the MBA level in entrepreneurship. Purpose of Certificate: The purpose of the Certificate in Entrepreneurship is to provide students, small business owners and managers of organizations with knowledge of starting up new businesses, creation and discovery of opportunities. This is in line with the mission of CBM to "offer business programs and education based on market needs, which prepare traditional and nontraditional students for careers and/or advancement, in corporate, government, and nonprofit organizations regionally and increasingly nationally and internationally". This certificate program creates an opportunity for CBM to attract small business owners, aspiring entrepreneurs as well as family businesses to our curricular offerings. Because current business owners or individuals who are interested in starting up their own businesses may not be interested in a full-fledged graduate course of study, such as the MBA or MS in Information Systems, a graduate certificate program is an appropriate avenue. In addition to potential students from Illinois, this certificate program would provide a great opportunity to attract international students (for instance, ChinaL who may be interested in learning about the tools and techniques of creating opportunities, bootstrapping resources, developing business plans and understanding the unique management challenges of small businesses as well as administering the needs of small businesses and entrepreneurs from the perspective of Small Business Administration (SBA) or Small & Medium Size enterprise (SME) administration. Occupational and/or student demand Challenging economic environment and low prospects for jobs in the organized sector provide opportunities for entrepreneurial pursuits. An emphasis on small businesses and start-ups will
help add to the recovery of U.S. economy. The Kauffman Foundation of Entrepreneurship routinely publishes research reports on the importance of entrepreneurial ventures including small businesses in relation to the amount of employment generated by new ventures. Further data can also be obtained from the U.S. Census Bureau available at its website at (http://webserver03.ces.census.gov/index.php/). According to the Business Dynamics Statistics, in the State of Illinois approximately 5.25 to 6.72% of the employment is accounted for by young firms (including start ups). Although this percentage is lower than the states in the west coast and the east coast, the report is optimistic regarding the outlook of new ventures in the Midwest. In addition the Springfield Chamber of Commerce has been growing in its membership and influence over the last 3 years through its Q5 initiative to help fledgling businesses as well as innovation in Springfield that is helping generate employment. Relation to degree programs The three courses that make up this certificate will also serve as elective courses for the Master of Business Administration and will be offered on an as-needed basis. Because the courses offered through this certificate program count towards electives, there is a significant potential to attract certificate seeking students to obtain admission to the MBA degree program. Course Delivery Format To better serve the students who are not interested in pursuing a graduate degree (MBA), we will offer the courses in both on-ground (face to face) as well as blended formats. Staffing and resource requirements The implementation of this certificate requires the development of three new courses. These courses are part of the mainstream academia in Management and have wide support in terms of development and delivery in most businessschools acrossthe country. CBM and the Department of Management have the resources to develop the new certificate courses and the Department faculty have the expertise in Entrepreneurship, necessaryto create the new courses. It is expected that these courses and the certificate programs will become self supporting over time. In addition to new student enrollments for the certificate programs, these new courses will be delivered and available as elective courses for students enrolled in the MBA program and may be available to students enrolled in the Liberal and Integrative Studies Masters program. In years past, Entrepreneurship related courses have been one of the most requested programs by students. Thus, CBM will not be constrained to find appropriate qualified faculty to deliver these courses. Details of the proposed certificate Required Courses BUS501- Business Perspectives MGT 550 - Entrepreneurship MGT 555 - Small Business Management MGT 556 - Entrepreneurial Finance TOTAL CREDITHOURS program are presented below. & Family Business 12 sem hrs
MGT SSO -Entrepreneurship This course focuses on how opportunities are created, discovered and recognized. Students are introduced to the concept of "entrepreneurial thinking" and entrepreneurial decision making in both pre-venture stages and also in established firms to build a foundation of study in the area of entrepreneurship. MGT SSS - Small Business & Family Business Management This course explores the role of small business and family businesses (including franchising) in the economy. Topics include distinctive characteristics of managing small business, issues in marketing, finance and sustaining the growth of small business, unique characteristics of family businesses, family business succession and nurturing entrepreneurship beyond the first generation. MGT SSG - Entrepreneurial Finance This course focuses on the financing of new ventures beginning from the start-up stage to IPO stage. Emphasis is placed on the choice of financing to the entrepreneur in addition to the details of venture capital financing from the perspective of venture capitalists. Topics include working capital and cash flow projections, valuation methods, risk adoption and risk dispersion.
MGT 550 -Entrepreneurship This course focuses on how opportunities are created, discovered and recognized. Students are introduced to the concept of "entrepreneurial thinking" and entrepreneurial decision making in both pre-venture stages and also in established firms to build a foundation of study in the area of entrepreneurship. Learning objectives/outcomes Introduction to opportunity creation, discovery of opportunities and exploitation of opportunities. Establish an understanding of theoretical frameworks in entrepreneurship with an emphasis of understanding the difference between entrepreneurial thinking and managerial thinking. Understand the essential of entrepreneurial decision making in both pre-venture stages and within established firms (Intrapreneurship). Develop skills to enhance creativity, innovation, lateral thinking, bricolage, communication and social skills as well as industry analysis, feasibility analysis, financing options, competitive advantage of the new venture and development of a comprehensive business plan for launching and growing a new business. Develop an entrepreneurial passion as well as understanding the overall entrepreneurial process of innovation, and new venture creation. Provide an experiential opportunity (practicum or case method) to take an idea and develop it into a new venture. Pedagogy The above learning outcomes can be achieved through a combination of Lectures Case studies Practical case - Learning from an entrepreneur Guest speakers Developing and assessing business plans Assessment Exams, quizzes, case analyses, business plan development Suggested reading materials / text(s) Robert Baron & Scott Shane, Entrepreneurship - A Process Perspective; Thompson Publishing Donald Kuratko & Harold Welsch, Strategic Entrepreneurial Growth; Thompson Publishing Entrepreneur Magazine
MGT 555 - Small Business & Family Business Management This course explores the role of small businessand family businesses(including franchising) in the economy. Topics include distinctive characteristics of managing small business, issuesin marketing, finance and sustaining the growth of small business, unique characteristics of family businesses,family businesssuccessionand nurturing entrepreneurship beyond the first generation. Develop an understanding Understand of the role of small business in the U.S. and Global economy the core elements of franchising - a growing small business in USA Develop an appreciation for the distinctive characteristics of managing small business - Issues in the functional areas of marketing, finance, operations and Human resources. Understand the unique characteristics of family business - issues related to succession and nurturing entrepreneurship beyond the first generation and raising entrepreneurial families. The above learning outcomes can be achieved through a combination of Lectures Case studies Guest speakers - Local small business Assessment Exams, quizzes, case analyses, class discussion and practical observation operations. of small business Justin Longenecker, Carlos Moore & William Petty, Small Business Management: An Entrepreneurial Emphasis.
MGT 556 - Entrepreneurial Finance This course focuses on the financing of new ventures beginning from the start-up stage to IPO stage. Emphasis is placed on the choice of financing to the entrepreneur in addition to the details of venture capital financing from the perspective of venture capitalists. Topics include working capital and cash flow projections, valuation methods, risk adoption and risk dispersion. Understand the process in which new businesses are created. Understand the means of financing new ventures beginning from the start-up stage to IPO stage with an emphasis on the choice of financing aimed at creating value to the entrepreneur. Understand the details of venture capital financing from the perspective of venture capitalists. Develop skills related to working capital and cash flow projections, valuation methods, risk adoption and risk dispersion. Develop an appreciation for topics related to growth such as scaling, reputation, and legitimacy acquisition of new ventures. Develop ability to analyze financial statements. Gain an understanding of the fundamental principles of financial management as applied to new ventures. Learn valuation techniques to estimate the value of new ventures, including the due diligence process used by Yes. The above learning outcomes can be achieved through a combination of Lectures Case studies Guest speakers - Local small business Assessment Exams, quizzes, case analyses, class discussion and practical observation operations. of small business