Apr 01, 2023
BA 250 - Small Business Management4 Credit(s)
This course is a survey class exploring the many factors involved in successfully starting and running a small business. The range of subjects include start up concerns, entity selection, funding sources, choosing a location, marketing, advertising, insurance, pricing, legal aspects, compliance requirements, budgeting, and business plans.
Prerequisite: BT 123 and BA 223
Upon successful completion of this course, the student should be able to:
- Understand his or her motivations and the reality of owning a small business.
- Be able to analyze and compare the attractiveness of various locations.
- Know the advantages and disadvantages of various sources of funding and be able to evaluate the appropriateness of different funding sources.
- Be able to use the income statement, balance sheet and cash flow statements to improve business decisions and performance.
- Know the major components of a marketing plan and be able to briefly outline a condensed marketing plan.
- Evaluate and select from a variety advertising opportunities.
- Be able to review and determine the appropriate risk management and/or insurance levels.
- Understand the value of beneficial relationships with wholesalers and know how to promote positive wholesaler relations.
- Understand the legal implications of being a business owner and understand the value of being mindful of legal implication while working with operational issues.
- Be familiar with the various compliance requirements from local, state and federal agencies.
- Be able to select the appropriate type of business entity for various business endeavors based on the needs of a business.
- Understand the components, development and use of budgets and be able to prepare simple budgets.
- Understand, outline and evaluate the components of a business plan.
- Identify and monitor emerging and developing trends in the social economy to identify best practices or emerging opportunities and risks. Current topics might include green business growth, paperless office practice and procedures, sustainability, impacts of globalization, and recent legal, tax or social developments.
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