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Entrepreneurship Major/Minor
Developing the entrepreneurial abilities and spirit of Canadians is critical in generating a dynamic economy that can compete globally and provide a growing standard of living. The risks of owning a small business are significant and the hours are generally quite long, but there is no better feeling than that which comes from launching a successful new business venture and being respected by one’s fellow citizens for making a contribution to the local community. Opportunities for new venture creation in Canada are very good due to a vibrant economy, a stable political environment, and close proximity to the US market. For creative people with a strong work ethic and a lower aversion to risk, a career as an entrepreneur may be the right choice.
Entrepreneurship Majors will learn to research new business ideas, prepare formal business plans, secure initial financing, and manage small businesses on an on-going basis. After graduation, it is hoped that many students will start-up their own ventures after acquiring some valuable industry experience and saving needed equity capital. A few will also return home to work in the family firm with the hope of eventually taking over.
Entrepreneurial skills are also important to managers in larger organizations. "Intrapreneurs" as they are called do many of the same things that an entrepreneur would — develop new product ideas, prepare business plans and secure financing — without operating their own small businesses. Larger organizations are naturally less innovative than small start-ups due to their bureaucratic nature, so being able to attract managers with strong entrepreneurial skills is critical to their success. Large companies that can create an innovative environment do very well especially when you combine it with their easier access to financing.
Entrepreneurship Major graduates are well qualified to pursue a master degree in the field, and possibly a PhD if they wish to pursue a career in teaching and research.
For those students wanting only an exposure to entrepreneursip, an Entrepreneurship Minor is also available.
Learning objectives
Upon completion of this program, students are able to:
- Develop a market research plan to analyze the business environment and consumer and business-to-business behaviour using appropriate primary and secondary data sources.
- Adapt marketing plans to incorporate the unique operating characteristics of a start-up venture.
- Manage the financial affairs of a small business enterprise.
- Incorporate the taxation of employment, business, and property income including capital gains in business decision-making.
- Create and launch new products and services utilizing effective marketing processes and tools.
- Use e-commerce techniques to aid in the execution of marketing plans.
- Construct and promote a comprehensive business plan for a business opportunity based on thorough market research and accurate financial projections.
- Manage the organizational, operational and financial aspects of starting and managing a small business.
- Perform inside and outside valuation on existing businesses and franchises.
- Demonstrate the skills, values, and attitudes needed for success as an entrepreneur.
Major requirements
The requirements for this program have been revised and are effective beginning in September 2016. Students admitted prior to September 2016 have the option of remaining in their original program or completing the revised program outlined below. Students should contact an academic advisor if they are uncertain of their course selection.
MKTG 3450 Professional Selling (3,0,0) MKTG 3450 Professional Selling (3,0,0)Credits: 3 credits Students will gain an overall view of the professional selling function. They will come to understand the role of personal selling in marketing and society and its application within organizations. Topics include relationship selling opportunities; creating value with a relationship strategy; developing a relationship strategy; communication styles; creating production solutions; buying process and buyer behavior; approaching the customer; developing and qualifying a prospect base; determining customer needs; sales demonstration; negotiating buyer concerns; and closing and confirming the sale.
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ENTR 3710 Marketing for Entrepreneurs (3,0,0) ENTR 3710 Marketing for Entrepreneurs (3,0,0)Credits: 3 credits Students gain an understanding of marketing in an entrepreneurial context in order to develop the right business opportunities in small and medium-sized enterprises (SME). They learn how to design a marketing information system to identify opportunities, understand customers and develop effective marketing programs that allow SMEs to grow in a competitive market. Topics include: marketing in an entrepreneurial context; finding and evaluating the right marketing opportunity; using marketing research to ensure entrepreneurial success; understanding customers and competitors; segmentation, targeting and positioning for entrepreneurial opportunities; developing new products and services; building and sustaining entrepreneurial brand; entrepreneurial pricing, channel development, supply chain management and promotion; and entrepreneurial marketing plans.
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ENTR 3720 Small Business Finance (3,0,0) ENTR 3720 Small Business Finance (3,0,0)Credits: 3 credits Students acquire the knowledge and practical skills needed to successfully manage the financial affairs of a small business and new venture start-up. Topics include the importance of small business finance; evaluation of accounting software, hiring an accountant and/or bookkeeper, applicable taxes, payroll accounting, assessing insurance needs; determination of market size; sales forecasting for existing and new business ventures, pricing scenarios, importance of benchmarking to similar businesses, budgeting capital and operational expenses for start-up ventures and existing businesses, development of pro forma financial statements; development of financial modeling tools using excel for scenario and variance analysis: working capital management; sources of long-term and short-term financing; and bankruptcy.
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MKTG 4412 New Product Development (3,0,0) MKTG 4412 New Product Development (3,0,0)Credits: 3 credits Students develop the conceptual, analytical and decision-making skills and knowledge of industry best practices needed to successfully develop and launch new products and services. Topics include opportunity identification and selection; concept generation; concept evaluation; product/service development and product testing; and marketing testing and managing the product/service launch.
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ENTR 4750 New Venture Creation (3,0,0) ENTR 4750 New Venture Creation (3,0,0)Credits: 3 credits Students develop the skills, values, and attitudes needed for success as an entrepreneur whether starting a new venture from scratch, joining or acquiring an existing business, or creating a new venture inside a larger organization. The primary activity is the development of a comprehensive business plan. Topics include small business entrepreneurs; the business plan; entry modes into small business; writing the business plan; target market, market research, and marketing plan; raising capital and the financial viability of new ventures; operational issues; legal structures and human resource issues; and risk management.
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ENTR 4760 Small Business Management (3,0,0) ENTR 4760 Small Business Management (3,0,0)Credits: 3 credits Building on ENTR 4750: New Venture Creation which takes a new small business from the planning stage to start-up, students examine how to successful operate an up-and-running venture. Topics include spotting entrepreneurial opportunities in small business; buying a business; legal concerns profiling your target customer; learning from the competition-competitive intelligence; pricing and promoting your product or service; distribution and location; the power of numbers; financing your business; risk management issues; and buying a franchise or franchising your business.
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ACCT 3260 Taxation for Decision Making (3,0,0) ACCT 3260 Taxation for Decision Making (3,0,0)Credits: 3 credits Students analyze the general structure of the Canadian income taxation system and its effect on business decision making and financial planning. This course adopts a decision approach to taxation and focuses on the needs of non-accountants. Topics include an introduction to federal taxation; procedures and administration; income or loss from office, employment, business, and property; capital cost allowances; capital gains and losses; other income and deductions; and calculation of taxable income and tax payable for individuals.
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MKTG 3480 Marketing Research (3,0,0) MKTG 3480 Marketing Research (3,0,0)Credits: 3 credits Students develop an understanding of marketing research and its values in analyzing consumers, markets, and the environment. Topics include an introduction to market research, the marketing research industry and research ethics, the marketing research process, secondary data and databases, qualitative research, traditional survey research, primary data collection, measurement, questionnaire design, basic sampling issues, sample size determination, and statistical testing.
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HRMN 3830 Human Resource Planning and Staffing (3,0,0) HRMN 3830 Human Resource Planning and Staffing (3,0,0)Credits: 3 credits Students examine the policies and procedures for the planning, acquisition, deployment, and retention of a workforce of sufficient size and quality to allow an organization to attain its strategic goals. Topics include the strategic importance of staffing; the staffing environment; human resource planning; job analysis and design; recruitment; applicant screening; employee testing; interviews; references; decision making; employment contracts; methods of evaluating the hiring process; deployment; and retention.
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MKTG 4450 E-Commerce (3,0,0) MKTG 4450 E-Commerce (3,0,0)Credits: 3 credits Students examine how the internet is rapidly becoming one of the primary communications, marketing and commercial medium for businesses in almost every industry, and how managers can effectively use this tool to execute their organization's strategic plans. Topics include the E-Commerce business models and concepts; E-Commerce infrastructure; building E-Commerce presence; E-Commerce security and payment systems; E-Commerce marketing and advertising concepts; social, mobile and local marketing; ethical, social and political
issues in E-Commerce; online retailing and services; online content and media; social networks, auctions and portals; and business-to-business E-Commerce.
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Minor requirements
ENTR 3710 Marketing for Entrepreneurs (3,0,0) ENTR 3710 Marketing for Entrepreneurs (3,0,0)Credits: 3 credits Students gain an understanding of marketing in an entrepreneurial context in order to develop the right business opportunities in small and medium-sized enterprises (SME). They learn how to design a marketing information system to identify opportunities, understand customers and develop effective marketing programs that allow SMEs to grow in a competitive market. Topics include: marketing in an entrepreneurial context; finding and evaluating the right marketing opportunity; using marketing research to ensure entrepreneurial success; understanding customers and competitors; segmentation, targeting and positioning for entrepreneurial opportunities; developing new products and services; building and sustaining entrepreneurial brand; entrepreneurial pricing, channel development, supply chain management and promotion; and entrepreneurial marketing plans.
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ENTR 3720 Small Business Finance (3,0,0) ENTR 3720 Small Business Finance (3,0,0)Credits: 3 credits Students acquire the knowledge and practical skills needed to successfully manage the financial affairs of a small business and new venture start-up. Topics include the importance of small business finance; evaluation of accounting software, hiring an accountant and/or bookkeeper, applicable taxes, payroll accounting, assessing insurance needs; determination of market size; sales forecasting for existing and new business ventures, pricing scenarios, importance of benchmarking to similar businesses, budgeting capital and operational expenses for start-up ventures and existing businesses, development of pro forma financial statements; development of financial modeling tools using excel for scenario and variance analysis: working capital management; sources of long-term and short-term financing; and bankruptcy.
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ENTR 4750 New Venture Creation (3,0,0) ENTR 4750 New Venture Creation (3,0,0)Credits: 3 credits Students develop the skills, values, and attitudes needed for success as an entrepreneur whether starting a new venture from scratch, joining or acquiring an existing business, or creating a new venture inside a larger organization. The primary activity is the development of a comprehensive business plan. Topics include small business entrepreneurs; the business plan; entry modes into small business; writing the business plan; target market, market research, and marketing plan; raising capital and the financial viability of new ventures; operational issues; legal structures and human resource issues; and risk management.
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ENTR 4760 Small Business Management (3,0,0) ENTR 4760 Small Business Management (3,0,0)Credits: 3 credits Building on ENTR 4750: New Venture Creation which takes a new small business from the planning stage to start-up, students examine how to successful operate an up-and-running venture. Topics include spotting entrepreneurial opportunities in small business; buying a business; legal concerns profiling your target customer; learning from the competition-competitive intelligence; pricing and promoting your product or service; distribution and location; the power of numbers; financing your business; risk management issues; and buying a franchise or franchising your business.
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