Upon course completion, students will be able to:
1. Recognize the role and scope of small businesses in the United States, identify the personal characteristics of successful entrepreneurs, and the social responsibility of small business.
2. Analyze the factors favoring success and failure of small businesses, and discuss the steps in developing a business plan.
3. Compare the advantages and disadvantages of franchising, buying an existing business, or starting a new business from scratch.
4. Differentiate between the legal forms of business ownership, and identify the major laws affecting small business.
5. Discuss the importance of a marketing plan to a small business, how to choose a location, and how to price products or services.
6. Evaluate the financial status of a small business, identify sources of funds, contrast debt and equity financing, and discuss the purpose and use of accounting information.
7. Identify human resource planning: the human resource management activities, and the key factors for controlling operations.
8. Discuss the ways a small business can operate internationally, and the factors to consider when exporting or importing.
9. Analyze the issues of growth and exit strategies, and the role of leadership and management skills.