Graduate Certificate in EntrepreneurshipCollege of Businessand Management

Management Department

IntroductionAccording to Kauffman Foundation, the apex organization furthering entrepreneurshipeducation and research, there are compelling reasons as to why Entrepreneurship Belongs inCollege1

. "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 whatuniversities themselves do. Fourth, entrepreneurship achieves key goals of a quality Americanhigher undergraduate [and graduate] education. To neglect entrepreneurship distancesuniversity learning from the world it is supposed to help students learn to understand."Consequently, leading Universities in the US, in addition to incorporating entrepreneurshipcurricular offerings in undergraduate business as well as general education programs, are alsooffering graduate courses at the MBA level in entrepreneurship.

Purpose of Certificate:The purpose of the Certificate in Entrepreneurship is to provide students, small businessowners and managers of organizations with knowledge of starting up new businesses, creationand discovery of opportunities. This is in line with the mission of CBM to "offer businessprograms and education based on market needs, which prepare traditional and nontraditionalstudents for careers and/or advancement, in corporate, government, and nonprofitorganizations regionally and increasingly nationally and internationally". This certificateprogram creates an opportunity for CBM to attract small business owners, aspiringentrepreneurs as well as family businesses to our curricular offerings. Because current businessowners or individuals who are interested in starting up their own businesses may not beinterested in a full-fledged graduate course of study, such as the MBA or MS in InformationSystems, a graduate certificate program is an appropriate avenue.

In addition to potential students from Illinois, this certificate program would provide a greatopportunity to attract international students (for instance, ChinaL who may be interested inlearning about the tools and techniques of creating opportunities, bootstrapping resources,developing business plans and understanding the unique management challenges of smallbusinesses as well as administering the needs of small businesses and entrepreneurs from theperspective of Small Business Administration (SBA) or Small & Medium Size enterprise (SME)administration.

Occupational and/or student demandChallenging economic environment and low prospects for jobs in the organized sector provideopportunities 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 Entrepreneurshiproutinely publishes research reports on the importance of entrepreneurial ventures includingsmall businesses in relation to the amount of employment generated by new ventures. Furtherdata 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 byyoung firms (including start ups). Although this percentage is lower than the states in the westcoast and the east coast, the report is optimistic regarding the outlook of new ventures in theMidwest. In addition the Springfield Chamber of Commerce has been growing in itsmembership and influence over the last 3 years through its Q5 initiative to help fledglingbusinesses as well as innovation in Springfield that is helping generate employment.

Relation to degree programsThe three courses that make up this certificate will also serve as elective courses for the Masterof Business Administration and will be offered on an as-needed basis. Because the coursesoffered through this certificate program count towards electives, there is a significant potentialto attract certificate seeking students to obtain admission to the MBA degree program.

Course Delivery FormatTo better serve the students who are not interested in pursuing a graduate degree (MBA), wewill offer the courses in both on-ground (face to face) as well as blended formats.

Staffing and resource requirementsThe implementation of this certificate requires the development of three new courses. Thesecoursesare part of the mainstream academia in Management and have wide support in terms of developmentand delivery in most businessschools acrossthe country. CBMand the Department of Managementhave the resources to develop the new certificate coursesand the Department faculty have theexpertise in Entrepreneurship, necessaryto create the new courses. It is expected that these coursesand the certificate programs will become self supporting over time. In addition to new studentenrollments for the certificate programs, these new courseswill be delivered and available aselectivecourses for students enrolled in the MBA program and may be available to students enrolled in theLiberal and Integrative Studies Masters program. In years past, Entrepreneurship related courses havebeen one of the most requested programs by students. Thus, CBMwill not be constrained to findappropriate qualified faculty to deliver these courses.

Details of the proposed certificate program are presented below.Required CoursesBUS501- Business PerspectivesMGT 550 - EntrepreneurshipMGT 555 - Small Business Management & Family BusinessMGT 556 - Entrepreneurial FinanceTOTAL CREDITHOURS

3 sem hrs3 sem hrs3 sem hrs3 sem hrs

12 sem hrs

MGT SSO-EntrepreneurshipThis course focuses on how opportunities are created, discovered and recognized. Students areintroduced to the concept of "entrepreneurial thinking" and entrepreneurial decision making in bothpre-venture stages and also in established firms to build a foundation of study in the area ofentrepreneurship.Prerequisite: BUSSOl

MGT SSS - Small Business & Family Business ManagementThis course explores the role of small business and family businesses (including franchising) in theeconomy. Topics include distinctive characteristics of managing small business, issues in marketing,finance and sustaining the growth of small business, unique characteristics of family businesses, familybusiness succession and nurturing entrepreneurship beyond the first generation.Prerequisite: BUSSOl

MGT SSG - Entrepreneurial FinanceThis 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 venturecapital financing from the perspective of venture capitalists. Topics include working capital and cashflow projections, valuation methods, risk adoption and risk dispersion.Prerequisite: BUSSOl

MGT 550 -Entrepreneurship

This course focuses on how opportunities are created, discovered and recognized. Students areintroduced to the concept of "entrepreneurial thinking" and entrepreneurial decision making in bothpre-venture stagesand also in established firms to build a foundation of study in the area ofentrepreneurship.Prerequisite: BUSSOl

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 andmanagerial thinking.

• Understand the essential of entrepreneurial decision making in both pre-venture stagesand within established firms (Intrapreneurship).

• Develop skills to enhance creativity, innovation, lateral thinking, bricolage,communication and social skills as well as industry analysis, feasibility analysis, financingoptions, competitive advantage of the new venture and development of a comprehensivebusiness plan for launching and growing a new business.

• Develop an entrepreneurial passion as well as understanding the overall entrepreneurialprocess of innovation, and new venture creation.

• Provide an experiential opportunity (practicum or case method) to take an idea anddevelop it into a new venture.

PedagogyThe 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

AssessmentExams, 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 theeconomy. Topics include distinctive characteristics of managing small business, issuesin marketing,finance and sustaining the growth of small business,unique characteristics of family businesses,familybusinesssuccessionand nurturing entrepreneurship beyond the first generation.Prerequisite: BUSSOl

• Develop an understanding of the role of small business in the U.S. and Global economy• Understand 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 entrepreneurialfamilies.

The above learning outcomes can be achieved through a combination of• Lectures• Case studies• Guest speakers - Local small business

AssessmentExams, quizzes, case analyses, class discussion and practical observation of small businessoperations.

Justin Longenecker, Carlos Moore & William Petty, Small Business Management: AnEntrepreneurial 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 venturecapital financing from the perspective of venture capitalists. Topics include working capital and cashflow projections, valuation methods, risk adoption and risk dispersion.Prerequisite: BUSSOl

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 anemphasis 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 andrisk dispersion.Develop an appreciation for topics related to growth such as scaling, reputation, and legitimacyacquisition of new ventures.Develop ability to analyze financial statements.Gain an understanding of the fundamental principles of financial management as applied to newventures.Learn valuation techniques to estimate the value of new ventures, including the due diligence processused by Yes.

The above learning outcomes can be achieved through a combination of• Lectures• Case studies• Guest speakers - Local small business

AssessmentExams, quizzes, case analyses, class discussion and practical observation of small businessoperations.