Course Title

Entrepreneurship: Business Development

Course Description

This course will provide students with the fundamental concepts, principles, and ideas needed to become an entrepreneur.

Contact

Gina Hubbard
405-743-5117
ghubb@okcareertech.org

Knowledge and Skills

Financial Management

Define and utilize the financial concepts and tools used in making business decisions

Accounting

Explain accounting standards (GAAP)

Prepare estimated/projected income statement

Estimate cash-flow needs

Prepare estimated/projected balance sheet

Calculate financial ratios

Determine and deposit payroll taxes

File tax returns

Finance

Explain the purposes and importance of obtaining business credit

Make critical decisions regarding acceptance of bank cards

Establish credit policies

Develop billing and collection policies

Describe use of credit bureaus

Explain the nature of overhead/operating expenses

Determine financing needed to start a business

Determine risks associated with obtaining business credit

Explain sources of financial assistance

Explain loan evaluation criteria used by lending institutions

Select sources of business loans

Establish relationship with financial institutions

Complete loan application process

Determine business's value

Money Management

Establish financial goals and objectives

Develop and monitor budget

Manage cash flow

Explain the nature of capital investment

Foster a positive financial reputation

Implement procedures for managing debt

Supervise/implement regular accounting procedures and financial reports

Record keeping

Explain the nature of business records

Maintain record of daily financial transactions

Record and report sales tax

Develop payroll record keeping system

Maintain personnel records

Maintain customer records

Human Resource Management

Understands the concepts, systems, and strategies needed to acquire, motivate, develop, and terminate staff

Organizing

Develop a personnel organizational plan

Develop job descriptions

Develop compensation plan/incentive systems

Organize work/projects for others

Delegate responsibility for job tasks

Staffing

Determine hiring needs

Recruit new employees

Screen job applications/résumés

Interview job applicants

Select new employees

Negotiate new-hire's salary/pay

Dismiss/Fire employee

Training/Development

Orient new employees (management's role)

Conduct training class/program

Coach employees

Morale/Motivation

Exhibit leadership skills

Encourage team building

Recognize/reward employees

Handle employee complaints/grievances

Ensure equitable opportunities for employees

Build organizational culture

Assessment

Assess employee morale

Provide feedback on work efforts

Assess employee performance

Take remedial action with employee

Conduct exit interviews

Information Acquisition

Select sources of business start-up information

Conduct an environmental scan to obtain marketing information

Monitor internal records for marketing information

Determine underlying customer needs/frustrations

Marketing Management

Understands the concepts, processes, and systems needed to determine and satisfy customer needs/wants/expectations, meet business goals/objectives, and create new product/service ideas

Product/Service Creation

Explain methods to generate a product/service idea

Generate product/service ideas

Assess opportunities for import substitution

Determine product/service to fill customer need

Determine initial feasibility of product/service ideas

Plan product/service mix

Choose product name

Determine unique selling proposition

Develop strategies to position product/service

Build brand/image

Evaluate customer experience

Marketing-information Management

Explain the concept of market and market identification

Describe the role of situation analysis in the marketing-planning process

Determine market segments

Select target markets

Conduct market analysis

Explain the concept of marketing strategies

Describe the nature of marketing planning

Set a marketing budget

Develop marketing plan

Monitor and evaluate performance of marketing plan

Promotion

Describe the elements of the promotional mix

Calculate advertising media costs

Select advertising media

Prepare a promotional budget

Develop promotional plan for a business

Write a news release

Obtain publicity

Select sales-promotion options

Write sales letters

Manage online (www) activities

Evaluate effectiveness of advertising

Pricing

Calculate breakeven point

Explain factors affecting pricing decisions

Establish pricing objectives

Select pricing strategies

Set prices

Adjust prices to maximize profitability

Selling

Acquire product information for use in selling

Analyze product information to identify product features and benefits

Prepare for the sales presentation

Establish relationship with client/customer

Determine customer/client needs

Determine customer's buying motives for use in selling

Differentiate between consumer and organizational buying behavior

Recommend specific product

Convert customer/client objections into selling points

Close the sale

Demonstrate suggestion selling

Plan follow up strategies for use in selling

Process sales documentation

Prospect for customers

Plan strategies for meeting sales quotas

Analyze sales reports

Train staff to support sales efforts

Analyze technology for use in the sales function

Manage online sales process

Accountability Measures, Assessments, or Evaluation Procedures

Required Certifications:

• Managing People

• Business Ethics Awareness
• Office Management (U.S.)

Industry Alignments

Curriculum Resources

This Course Found In These Career Majors