Small Business Management Concentration
The Small Business Management concentration assists students in preparing to start or manage small businesses, such as franchises, family-owned businesses, virtual businesses, or home enterprises. The following courses are included in this concentration:
Principles of Small Business Management (SBM 212) - This course provides students with an overview of the legal, financial, operational, resource management, and marketing issues associated with starting, managing, and growing a small business. The course also addresses general small business trends, as well as sustainability concerns and the global influence and ramifications affecting today's small business enterprise. Consulting, as a particular type of small business, is also specifically addressed, as are the additional considerations related to service providers
Entrepreneurship (SBM 321) - Using case studies and testimonials, this advanced course analyzes business start-ups-both successes and failures-to determine the key success factors of successful business launches. When to sell-off or, alternatively, how to begin or expand a start-up are also considered on a case basis.
Entrepreneurial Finance (SBM 460) - This course explores the various approaches to financing a new or small, but expanding business. Forms of financing explored include bootstrapping, venture capital, commercial loans, government and private grants, and using money from friends and family. Through case studies and business planning exercises, students will learn how to set clear financial goals for the business, design and use financial statements and dashboard reports, develop revenue and expense forecasts, manage cash resources, and design effective financial exit strategies. Students will also learn how to value a business, and balance the need for financing with personal entrepreneurial goals.
Concentration Eleectives (students pick three of the following):
Franchise Management (SBM 331) - This course encompasses the perspective of the host company, as well as that of the individual franchise operator. It addresses initial and ongoing acquisition and leasing fees, structures, requirements, and insights regarding functioning and other relevant characteristics. The course also covers an overview of the franchise marketplace and the successes and failures of name brand franchise establishments. Students provide a detailed model for a proposed new franchise establishment as a major project assignment.
Homepreneurship (SBM 332) - This course provides students with in-depth study of the operation of significant and successful home-based businesses, as well as conceptual application to developing and testing an actual business plan. Some of the issues covered relate to zoning requirements and other restrictions, typical types of businesses, insurance, and risk management.
Family-Owned Enterprises (SBM 333) - This course emphasizes the stewardship, involvement, and management transfer of family businesses from the perspective of the owner, as well as from interacting family members and other stakeholders. Trends in family business, dynamics of the family as co-workers, and generational differences in management and communication style are also addressed. Students study a particular family business in-depth, providing recommendations and proposals for enhancement or improvement.
Virtual Business Ventures (SBM 334) - Virtual business, whether in its entirety or as a distribution channel within a business organization, entails unique logistical, legal, marketing, and technological considerations. This course addresses those considerations and also challenges students to innovate an existing business or to start a new business through the incorporation of virtual business techniques. Online marketing techniques and social media strategies are also encompassed through the course objectives.
Merchandising and Retailing (SBM 335) - This course covers the operational and marketing nuances of retail businesses. Students examine techniques and environmental manipulation to maximize revenues under various conditions of demand. This course also considers packaging, visual displays, and placement of merchandise to stimulate both intended and impulse buying. A spectrum of retail types is included, with special emphasis on food delivery through retail channels.
Healthcare Opportunities for Small Businesses (SBM 336) - This course provides an overview of the healthcare sector and opportunities for small business to capitalize on this growing industry. Students are introduced to the operational challenges of hospitals, senior living centers, nursing homes, and other healthcare facilities. Particular emphasis is placed on providing quality foodservice to the client/patient. The student will review delivery systems to meet the spectrum of needs for healthcare guests.