Entrepreneurship and Innovation

Instructor: Richard L. (Rick) Smith, MBA

Office: 112 E.O. Building

Office hours: M,W, F 1:00-1:45 PM and arranged

Tel: 294-3865

641-753-5775 (home office)

Web Site: http://www.bus.iastate.edu/rlsmith/

E-mail: rsmith@marshallnet.com, rlsmith@iastate.edu

PLEASE: No caps will be worn in the classroom. Turn off your cell phones.

Prerequisite: Junior standing (not pre-business)

Text Book: Small Business Management: An Entrepreneurial Emphasis, Twelfth Edition. Justin Longenecker, Carlos Moore, and J. William Petty, South-Western, 2003.

Magazines: Inc.

Entrepreneur

Web Sites: http://www.lib.iastate.edu/scholar/bib/entrep.html

http://www.slu.edu/eweb/

http://www.sba.gov/

http://www.inc.com (Inc. Magazine)

http://www.lowe.org/smbiznet/index.htm

http://www.smartbiz.com

Course Description: As you expect from the course title, Entrepreneurship and Innovation, Management 310 examines the entrepreneurial process. We will focus on business start-up but will also address “intrapreneurship” as well as the expectations and behavior of large established firms as they deal with entrepreneurs. We will address the process of creativity and innovation and its impact on the success of business start-up. A presentation of the organization and operation of small enterprises in services, retailing, wholesaling and manufacturing for those aspiring to own, operate and/or manage a small business or to work for an organization serving small businesses. Topics covered include importance, status, problems and requirements of small businesses. This course will serve as a strong foundation for follow-on courses such as Management 313 and 377 for those aspiring to own and operate their own businesses as well as a real-world heads-up course for students who acknowledge that their future with larger businesses could very well include dealing with entrepreneurs/small businesses.

Course Objectives: The purpose of this course is to introduce students to issues related to opportunity recognition, planning, organization, and the launch of a new business. Course content will include materials related to the identification and analysis of market opportunities, the analysis and acquisition of resources required to capture market opportunities and the launch of a new venture. This process will be assessed from the perspectives of the entrepreneur, customers, competitors and investors.

Specific course objectives include nurturing students with the necessary background to:

1) Distinguish between business ideas and business opportunities.

2) Understand the process through which business ideas are evaluated.

3) Allow students to determine the feasibility of new venture opportunities.

4) Allow students to assess their entrepreneurial spirit and potential.

Instructional Method: This is an undergraduate course focusing on small business start-up and operation. Outside speakers will be invited to share their expertise and experiences with students. You will be expected to come to class prepared to participate. A heavy burden will be placed on you in terms of relating your opinions and experiences to other class members. This presents a meaningful opportunity to all class members to share experiences as well as learn from others’ examples and experiences. You will find that “right” and “wrong” are not as clearly defined in this course as in some other courses.

Communication Method: I believe in e-mail! This will be my conduit to you regarding lecture material, speakers and announcements. I encourage you to contact me via e-mail as often as you wish. Since I check my mail frequently, you can expect a prompt reply.

Basis for your course grade: There will be two objective exams during the semester plus a comprehensive objective final exam. Examination questions will be of equal value. There will be approximately 50 points available on interim exams and 75 points available on the final exam (inclusive).

In addition to three examinations, you will be required to submit a paper identifying a need that is currently unfilled or poorly filled in the market place. Your paper must describe how the market currently addresses this need. Then present your idea of a product or service (understandable description) that will satisfy this apparent need. Present how your idea satisfies customer needs. Who are the potential customers? How would you get your idea to potential customers? Expected length is 2-3 pages (double-spaced). Due September 15. Don’t fret about a score or grade for this paper. Your instructor realizes that Mgmt 310 might be your first foray into the world of business. Be Creative; you get 25 points!

There will be neither make-up exams nor extra-credit available.

Grading (+/- grading will be used):

A A- B+ B B- C+

>92% 90% - <92% >88% - <90% >82% - <88% >80% - <82% >78% - <80%

C C- D+ D D- F

>72% - <78% >70% - <72% >68% - <70% >62% - <68% >60% - <62% <60%

Available Point Summary:

Creative Paper 25 points September 15

Exam 1 50 points September 29

Exam 2 50 points November 17

Final Exam 75 points December 8

Total 200 points

Tentative Agenda (although not specifically scheduled, guest speakers will be utilized throughout the course):

Day of Class Chapters Brief Description

August 25 September 1 September 8 September 15 September 22 September 29 October 6 October 13 October 20 October 27 November 3 November 10 November 17 November 24 December 1 December 8 December 15

1 2, 3, 4 5, 6 7 8 9 10 11 12 13 15, 16, 14

Introduction to entrepreneurship. What it is; what it is not. Why entrepreneurship is a popular curriculum. What kind of people become entrepreneurs? Labor Day Holiday, No Class So what is business strategy? Impact of technology on entrepreneurial strategies, Differences between ideas and business opportunities. Start-up and buyouts Franchising, Returning to the family business Loose-ends Exam I Need for a business plan Marketing plan requirements Building outside alliances and inside teams Organizational nuances Location, location, location Bean-counting in one easy lesson so how do you cash-flow this critter? Exam II Thanksgiving Break, No class Distribution chain management, Allowing customers to have credit, Harvest Strategies Final Exam Final Exam Make-up

Any student needing specific classroom accommodations should make her/his needs known to the instructor ASAP.