Description
During this such a paper about proposed minor in entrepreneurship at the university of utah.
PROPOSED MINOR IN ENTREPRENEURSHIP
AT THE UNIVERSITY OF UTAH
Primary Contact(s)
William Hesterly, Ph.D.
Associate Dean
William Schulze, Ph.D.
David Eccles School of Business
The University of Utah
[email protected]
[email protected]
SECTION I
The Request
The Minor in Entrepreneurship is a plan of study designed for undergraduate students
who are interested in entrepreneurship and believe that such knowledge will complement
their education in their core discipline and may prove valuable in their chosen careers.
SECTION II
2.1 Program Purpose: Over the past 30 years, the US economy has shifted from a
landscape dominated by large manufacturing-oriented corporations to a service and
technology oriented economy populated by a seemingly ever-increasing number of small
to medium-sized new and growing ventures. The transformation to this entrepreneurial
economy has been accompanied by growing interest in entrepreneurship among our
student body, as well as increased recognition within corporate America that
entrepreneurial abilities are becoming increasingly important to their own success. The
purpose of the Minor in Entrepreneurship is to provide University of Utah students with
access to training and education in this developing academic discipline. The education
provided is viewed as a complement to a wide-range of academic disciplines, both within
and outside of the David Eccles School of Business. While DESB currently offers
courses in entrepreneurship, they are not available to students outside DESB. The Minor
in Entrepreneurship will grant them access and, we believe, prove popular with students
from the across the university.
2.2 Program Description: Students in the proposed Minor in Entrepreneurship will
undertake an 18-credit hour program of study aimed at providing students with solid
grounding in the process of conceptualizing and launching new ventures. The core
program of study is comprised of four courses, which include Foundations of
Entrepreneurship, Entrepreneurial Marketing, New Venture Finance, and Business Plan
2
Development. These courses will familiarize the student with the entrepreneurial process
and the tools needed to identify and assess the merits of alternative business
opportunities, determine how to market and finance the venture, and to create a business
plan and launch the new venture. In addition, students will be required to take two survey
courses in Accounting and Finance, unless they have earned credit for the equivalent
courses in DESB for their major. Please see Appendix A for a listing of courses required
by the minor.
2.3 Advisement and Governance: Oversight is provided by the Associate Dean of the
David Eccles School of Business with the support of the DESB’s Undergraduate
Advising Office and the Chairs of the Management, Accounting, Finance, and Marketing
Departments.
2.4 Program Requirements for the Minor
Objectives: Create a program that provides access to education about entrepreneurship
available to students at large in the University community, as well as to students who are
already enrolled in DESB.
Entrance requirements: Acceptance into the Minor in Entrepreneurship is based on an
application process. The student must be in good standing in the University, have a
declared major and a GPA of 3.0 or better. Students enrolled in DESB’s Bachelor of
Business Administration Program (B.B.A.) or entrepreneurship major are not eligible for
the minor in entrepreneurship.
Program requirements for Non-DESB Majors: Students are required to earn a
minimum of 18 credit hours of approved David Eccles School of Business courses to
complete the Minor. Students who lack a sufficient background in Business will be
required to take two “Fundamentals” courses in Accounting and Finance in addition to
the four “core” entrepreneurship courses listed below. (See Appendix A for a complete
course description).
3
Program Requirements for Non-DESB Majors - Students are required to earn a
minimum of 18 credit hours of approved David Eccles School of Business courses to
complete the Minor. The required courses are listed below.
Fundamentals Courses in the Entrepreneurship Minor (6 credit Hours)
FIN 3000 - Fundamentals of Investing and Business Finance (3)
ACT 3000 - Survey of Accounting Fundamentals (3)
Core Courses in the Entrepreneurship Minor (12 credit hours)
MGT 3700 – Foundations of Entrepreneurship (3)
MKT 4700 – Entrepreneurial Marketing (3)
FIN 5300 – New Venture Finance (3)
MGT 5770 – Business Plan Development (3)
Total Credit Hours -- 18 Credit Hours
Program Requirements for DESB Students - Students are required to earn a minimum
of 18 credit hours of approved David Eccles School of Business courses to complete the
Minor. The required courses are listed below.
Fundamentals Courses in the Entrepreneurship Minor (6 credit Hours)
FIN 3040 - Financial Management (3)
ACT 2010 - Financial Accounting (3)
Core Courses in the Entrepreneurship Minor (12 credit hours)
MGT 3700 – Foundations of Entrepreneurship (3)
MKT 4700 – Entrepreneurial Marketing (3)
FIN 5300 – New Venture Finance (3)
MGT 5770 – Business Plan Development (3)
Total Credit Hours -- 18 Credit Hours
4
SECTION III
Need
Demand for entrepreneurship education is soaring across the United States.
In the early 1980s, only 300 universities in the U.S. offered courses in small business and
entrepreneurships, according to a survey released in J une by the Indiana University's
J ohnson Center for Entrepreneurship and Innovation. Today, there are over 2,200 courses
available at over 1,600 schools nationwide, complete with 277 endowed faculty positions,
44 academic journals, and nearly 150 research centers.
Interest in entrepreneurship has also soared at the University of Utah. The David Eccles
School of Business created an entrepreneurship major and founded the Utah Entrepreneur
Center – UTec – to support growing interest in entrepreneurship within our student body,
and to create programs that allow DESB students to polish their skills while helping to
commercialize technologies discovered at the University of Utah. In 2006, a $13.25
million donation by Pierre Lassonde, endowed the entrepreneur center and the name was
changed to the Pierre Lassonde Entrepreneur Center in recognition of his support. Center
programs now include the Pierre & Claudette MacKay Lassonde New Venture
Development Center (formerly known as the Lassonde New Venture Development
Center), the Utah Entrepreneur Challenge, Opportunity Quest, and the Launch Pad.
Today, the Pierre Lassonde Entrepreneur Center is the largest entrepreneur center of its
kind in the United States. The Center currently holds equity stakes in 14 start-up
companies. The Utah Entrepreneur Challenge attracts 600 students per year from
colleges in Utah and Idaho and distributes over $150,000 in cash prizes and professional
services. The Center provides students the ability to practice entrepreneurship and
business development skills while attending the University of Utah. The David Eccles
School of Business is also the host institution for the University Venture Fund, the largest
student-run venture fund in the U.S.
At present, DESB only offers courses related to the existing Entrepreneurship major.
Entrepreneurship education is not available to students outside DESB who are interested
in the topic. Moreover, enrollment within DESB is limited to those who are willing to
major in it. Yet interest in entrepreneurship is widespread, and experts agree that the
education offered by these programs is relevant to students from every discipline – after
all, knowledge about how to launch a new business is needed by those seeking to develop
new product lines in established companies as well as those seeking to start a new firm.
While data from DESB students is not yet available, experience at other universities
suggests it is not unreasonable to expect that 30% of all DESB majors will also minor in
Entrepreneurship. At this time, DESB has approximately 2550 students. About 200
students are enrolled in entrepreneurship courses during a given semester. DESB
currently has 46 entrepreneurship majors. 58% of the respondents to an informal survey
of DESB students considered it likely that many of their friends in DESB would
“seriously consider” or “definitely” enroll in the proposed minor. About 20% of the
5
respondents to this survey indicated they would “seriously consider” or “definitely”
enroll.
SECTION IV
Institutional Impact
We anticipate little to no negative institutional impact with the approval of this proposal.
At the outset, the Minor in Entrepreneurship will rely almost exclusively on classes that
already exist in the David Eccles School of Business, most of which have existed for
several years. At this time, the scheduling of entrepreneurship courses is problematic due
to the relatively low number of students enrolled as entrepreneurship majors. Increased
class enrollments due to the minor should facilitate scheduling and improve student
access to required courses. Over time, and as enrollments rise, we anticipate that the
departments in DESB will eventually schedule sections of core and elective courses that
are specifically designed for Entrepreneurship Minors. Unless or until sufficient demand
materializes, however, we anticipate that Entrepreneurship Minors will be accommodated
within DESB’s existing schedule of classes. Staffing will be added on an as-needed basis.
The Minor in Entrepreneurship will be reviewed by the appropriate committees three
years from the date the program is first implemented by DESB.
SECTION V
Budget
The Minor in Entrepreneurship will be financially self-sufficient and will draw its
instructors, coursework, and facilities from existing resources. The budget each year will
be based on SCH growth income from the previous year’s enrollment. The faculty,
facilities, and software are already in place to serve the existing School of Business
curriculum. We perceive no need for additional resources to start this Program. However,
as the Program grows in student enrollment and reputation, we anticipate that additional
funding resources will accrue.
6
10.4.1. Signature Page to Accompany Proposals Providing Board Notification - This
signature page, with all appropriate signatures included, must be attached to proposals
submitted for Board notification.
Institution Submitting Proposal: David Eccles School of Business
College, School of Division affected: David Eccles School of Business
Department(s) or Areas(s) affected: Management, Marketing, Accounting &
Finance
Change Description: Upon Approval
Proposed Beginning Date: Upon Approval
Institutional Signatures:
William Hesterly, Associate Dean, David Eccles School of Business
J ack Brittain, Dean, David Eccles School of Business
David W. Pershing, Senior Vice-President for Academic Affairs, The University of Utah
Michael K. Young, President, The University of Utah
7
APPENDIX A:
DESCRIPTIONS OF COURSES REQUIRED FOR THE PROPOSED
ENTREPRENEURSHIP MINOR
Fundamentals Courses in the Entrepreneurship Minor (6 credit Hours):
ACCT 2010 Financial Accounting (3) Prerequisite: IS 2010. Provides a broad view of
accounting information's role in supporting an organization's functions. Primary focus is
financial use of accounting information.
or
ACCT 3000 Survey of Accounting Fundamentals (3) A broad survey of important
topics in both financial and managerial accounting for business minors and other non-
business majors
And;
FIN 3000 Fundamentals of Investing and Business Finance (3) Prerequisite: College
Algebra Fulfills Quantitative Intensive BS. Introduction to investing and business
finance: stocks, bonds, financial analysis and valuation, market access, risk and rate of
return. This course is intended for non-Business majors and minors only.
or
3040 Financial Management (3) Prerequisite: ECON 2010 or BUS 2010 and MGT
3440 and ACCTG 2020. Topics include financial analysis, working capital management,
Fisherian economics, financial mathematics, capital budgeting, risk/return, cost of capital,
capital structure, and dividend policy.
Core Courses in the Entrepreneurship Minor (12 credit hours):
MGT 3700: Fundamentals of Entrepreneurship (3) This is a high-level survey course
on the history of entrepreneurship and its role as a transformative force in social,
economic, and technological development. Topics covered include entrepreneurship
theory, entrepreneurs in economic and technological history, and entrepreneurship and
social change. Theory concerning the prevalence, or absence, of entrepreneurship around
the world is also addressed. The class format includes readings, cases, lecture and
speakers.
8
Core Courses in the Entrepreneurship Minor (12 credit hours): (continued)
Marketing 4700 –Entrepreneurial Marketing (3) (Old title was Analysis of Emerging
Business) The content of the course covers two areas: Marketing in resource-constrained
contexts (e.g., startups and small business) and high tech. Each places special demands
on the marketer and neither topic is covered in other marketing classes. The format is a
mix of lectures and cases. The content includes (but is not limited to Marketing Basics
(The 4 P’s), Branding that Works, Savvy Strategies for Marketing New Products, Small
Business Marketing: Viral and Guerilla Techniques, Special Considerations for High
Tech Marketing.
Finance 5300 – New Venture Finance (3) Prerequisite: FIN 3040 or FIN 3000
This course will cover topics involved with raising capital for new and growing
businesses. Topics include venture capital, private placements, initial public offerings
(IPOs), mezzanine debt, preferred stock, warrants, and other forms of venture financing.
MGT 5770 – Business Plan Development (3) From feasibility to a fully developed
plan. Building on the analyses, theoretical foundations, and skills of New Venture
Creation, student teams will develop business plans based upon a previously developed
feasibility study. This course is designed to be very hands-on and experientially based.
The majority of the course load is geared to the research and development of the many
facets of the business plan, and the resulting plans are often entered in business plan
competitions sponsored by the Pierre Lassonde Entrepreneur Center.
doc_915759357.pdf
During this such a paper about proposed minor in entrepreneurship at the university of utah.
PROPOSED MINOR IN ENTREPRENEURSHIP
AT THE UNIVERSITY OF UTAH
Primary Contact(s)
William Hesterly, Ph.D.
Associate Dean
William Schulze, Ph.D.
David Eccles School of Business
The University of Utah
[email protected]
[email protected]
SECTION I
The Request
The Minor in Entrepreneurship is a plan of study designed for undergraduate students
who are interested in entrepreneurship and believe that such knowledge will complement
their education in their core discipline and may prove valuable in their chosen careers.
SECTION II
2.1 Program Purpose: Over the past 30 years, the US economy has shifted from a
landscape dominated by large manufacturing-oriented corporations to a service and
technology oriented economy populated by a seemingly ever-increasing number of small
to medium-sized new and growing ventures. The transformation to this entrepreneurial
economy has been accompanied by growing interest in entrepreneurship among our
student body, as well as increased recognition within corporate America that
entrepreneurial abilities are becoming increasingly important to their own success. The
purpose of the Minor in Entrepreneurship is to provide University of Utah students with
access to training and education in this developing academic discipline. The education
provided is viewed as a complement to a wide-range of academic disciplines, both within
and outside of the David Eccles School of Business. While DESB currently offers
courses in entrepreneurship, they are not available to students outside DESB. The Minor
in Entrepreneurship will grant them access and, we believe, prove popular with students
from the across the university.
2.2 Program Description: Students in the proposed Minor in Entrepreneurship will
undertake an 18-credit hour program of study aimed at providing students with solid
grounding in the process of conceptualizing and launching new ventures. The core
program of study is comprised of four courses, which include Foundations of
Entrepreneurship, Entrepreneurial Marketing, New Venture Finance, and Business Plan
2
Development. These courses will familiarize the student with the entrepreneurial process
and the tools needed to identify and assess the merits of alternative business
opportunities, determine how to market and finance the venture, and to create a business
plan and launch the new venture. In addition, students will be required to take two survey
courses in Accounting and Finance, unless they have earned credit for the equivalent
courses in DESB for their major. Please see Appendix A for a listing of courses required
by the minor.
2.3 Advisement and Governance: Oversight is provided by the Associate Dean of the
David Eccles School of Business with the support of the DESB’s Undergraduate
Advising Office and the Chairs of the Management, Accounting, Finance, and Marketing
Departments.
2.4 Program Requirements for the Minor
Objectives: Create a program that provides access to education about entrepreneurship
available to students at large in the University community, as well as to students who are
already enrolled in DESB.
Entrance requirements: Acceptance into the Minor in Entrepreneurship is based on an
application process. The student must be in good standing in the University, have a
declared major and a GPA of 3.0 or better. Students enrolled in DESB’s Bachelor of
Business Administration Program (B.B.A.) or entrepreneurship major are not eligible for
the minor in entrepreneurship.
Program requirements for Non-DESB Majors: Students are required to earn a
minimum of 18 credit hours of approved David Eccles School of Business courses to
complete the Minor. Students who lack a sufficient background in Business will be
required to take two “Fundamentals” courses in Accounting and Finance in addition to
the four “core” entrepreneurship courses listed below. (See Appendix A for a complete
course description).
3
Program Requirements for Non-DESB Majors - Students are required to earn a
minimum of 18 credit hours of approved David Eccles School of Business courses to
complete the Minor. The required courses are listed below.
Fundamentals Courses in the Entrepreneurship Minor (6 credit Hours)
FIN 3000 - Fundamentals of Investing and Business Finance (3)
ACT 3000 - Survey of Accounting Fundamentals (3)
Core Courses in the Entrepreneurship Minor (12 credit hours)
MGT 3700 – Foundations of Entrepreneurship (3)
MKT 4700 – Entrepreneurial Marketing (3)
FIN 5300 – New Venture Finance (3)
MGT 5770 – Business Plan Development (3)
Total Credit Hours -- 18 Credit Hours
Program Requirements for DESB Students - Students are required to earn a minimum
of 18 credit hours of approved David Eccles School of Business courses to complete the
Minor. The required courses are listed below.
Fundamentals Courses in the Entrepreneurship Minor (6 credit Hours)
FIN 3040 - Financial Management (3)
ACT 2010 - Financial Accounting (3)
Core Courses in the Entrepreneurship Minor (12 credit hours)
MGT 3700 – Foundations of Entrepreneurship (3)
MKT 4700 – Entrepreneurial Marketing (3)
FIN 5300 – New Venture Finance (3)
MGT 5770 – Business Plan Development (3)
Total Credit Hours -- 18 Credit Hours
4
SECTION III
Need
Demand for entrepreneurship education is soaring across the United States.
In the early 1980s, only 300 universities in the U.S. offered courses in small business and
entrepreneurships, according to a survey released in J une by the Indiana University's
J ohnson Center for Entrepreneurship and Innovation. Today, there are over 2,200 courses
available at over 1,600 schools nationwide, complete with 277 endowed faculty positions,
44 academic journals, and nearly 150 research centers.
Interest in entrepreneurship has also soared at the University of Utah. The David Eccles
School of Business created an entrepreneurship major and founded the Utah Entrepreneur
Center – UTec – to support growing interest in entrepreneurship within our student body,
and to create programs that allow DESB students to polish their skills while helping to
commercialize technologies discovered at the University of Utah. In 2006, a $13.25
million donation by Pierre Lassonde, endowed the entrepreneur center and the name was
changed to the Pierre Lassonde Entrepreneur Center in recognition of his support. Center
programs now include the Pierre & Claudette MacKay Lassonde New Venture
Development Center (formerly known as the Lassonde New Venture Development
Center), the Utah Entrepreneur Challenge, Opportunity Quest, and the Launch Pad.
Today, the Pierre Lassonde Entrepreneur Center is the largest entrepreneur center of its
kind in the United States. The Center currently holds equity stakes in 14 start-up
companies. The Utah Entrepreneur Challenge attracts 600 students per year from
colleges in Utah and Idaho and distributes over $150,000 in cash prizes and professional
services. The Center provides students the ability to practice entrepreneurship and
business development skills while attending the University of Utah. The David Eccles
School of Business is also the host institution for the University Venture Fund, the largest
student-run venture fund in the U.S.
At present, DESB only offers courses related to the existing Entrepreneurship major.
Entrepreneurship education is not available to students outside DESB who are interested
in the topic. Moreover, enrollment within DESB is limited to those who are willing to
major in it. Yet interest in entrepreneurship is widespread, and experts agree that the
education offered by these programs is relevant to students from every discipline – after
all, knowledge about how to launch a new business is needed by those seeking to develop
new product lines in established companies as well as those seeking to start a new firm.
While data from DESB students is not yet available, experience at other universities
suggests it is not unreasonable to expect that 30% of all DESB majors will also minor in
Entrepreneurship. At this time, DESB has approximately 2550 students. About 200
students are enrolled in entrepreneurship courses during a given semester. DESB
currently has 46 entrepreneurship majors. 58% of the respondents to an informal survey
of DESB students considered it likely that many of their friends in DESB would
“seriously consider” or “definitely” enroll in the proposed minor. About 20% of the
5
respondents to this survey indicated they would “seriously consider” or “definitely”
enroll.
SECTION IV
Institutional Impact
We anticipate little to no negative institutional impact with the approval of this proposal.
At the outset, the Minor in Entrepreneurship will rely almost exclusively on classes that
already exist in the David Eccles School of Business, most of which have existed for
several years. At this time, the scheduling of entrepreneurship courses is problematic due
to the relatively low number of students enrolled as entrepreneurship majors. Increased
class enrollments due to the minor should facilitate scheduling and improve student
access to required courses. Over time, and as enrollments rise, we anticipate that the
departments in DESB will eventually schedule sections of core and elective courses that
are specifically designed for Entrepreneurship Minors. Unless or until sufficient demand
materializes, however, we anticipate that Entrepreneurship Minors will be accommodated
within DESB’s existing schedule of classes. Staffing will be added on an as-needed basis.
The Minor in Entrepreneurship will be reviewed by the appropriate committees three
years from the date the program is first implemented by DESB.
SECTION V
Budget
The Minor in Entrepreneurship will be financially self-sufficient and will draw its
instructors, coursework, and facilities from existing resources. The budget each year will
be based on SCH growth income from the previous year’s enrollment. The faculty,
facilities, and software are already in place to serve the existing School of Business
curriculum. We perceive no need for additional resources to start this Program. However,
as the Program grows in student enrollment and reputation, we anticipate that additional
funding resources will accrue.
6
10.4.1. Signature Page to Accompany Proposals Providing Board Notification - This
signature page, with all appropriate signatures included, must be attached to proposals
submitted for Board notification.
Institution Submitting Proposal: David Eccles School of Business
College, School of Division affected: David Eccles School of Business
Department(s) or Areas(s) affected: Management, Marketing, Accounting &
Finance
Change Description: Upon Approval
Proposed Beginning Date: Upon Approval
Institutional Signatures:
William Hesterly, Associate Dean, David Eccles School of Business
J ack Brittain, Dean, David Eccles School of Business
David W. Pershing, Senior Vice-President for Academic Affairs, The University of Utah
Michael K. Young, President, The University of Utah
7
APPENDIX A:
DESCRIPTIONS OF COURSES REQUIRED FOR THE PROPOSED
ENTREPRENEURSHIP MINOR
Fundamentals Courses in the Entrepreneurship Minor (6 credit Hours):
ACCT 2010 Financial Accounting (3) Prerequisite: IS 2010. Provides a broad view of
accounting information's role in supporting an organization's functions. Primary focus is
financial use of accounting information.
or
ACCT 3000 Survey of Accounting Fundamentals (3) A broad survey of important
topics in both financial and managerial accounting for business minors and other non-
business majors
And;
FIN 3000 Fundamentals of Investing and Business Finance (3) Prerequisite: College
Algebra Fulfills Quantitative Intensive BS. Introduction to investing and business
finance: stocks, bonds, financial analysis and valuation, market access, risk and rate of
return. This course is intended for non-Business majors and minors only.
or
3040 Financial Management (3) Prerequisite: ECON 2010 or BUS 2010 and MGT
3440 and ACCTG 2020. Topics include financial analysis, working capital management,
Fisherian economics, financial mathematics, capital budgeting, risk/return, cost of capital,
capital structure, and dividend policy.
Core Courses in the Entrepreneurship Minor (12 credit hours):
MGT 3700: Fundamentals of Entrepreneurship (3) This is a high-level survey course
on the history of entrepreneurship and its role as a transformative force in social,
economic, and technological development. Topics covered include entrepreneurship
theory, entrepreneurs in economic and technological history, and entrepreneurship and
social change. Theory concerning the prevalence, or absence, of entrepreneurship around
the world is also addressed. The class format includes readings, cases, lecture and
speakers.
8
Core Courses in the Entrepreneurship Minor (12 credit hours): (continued)
Marketing 4700 –Entrepreneurial Marketing (3) (Old title was Analysis of Emerging
Business) The content of the course covers two areas: Marketing in resource-constrained
contexts (e.g., startups and small business) and high tech. Each places special demands
on the marketer and neither topic is covered in other marketing classes. The format is a
mix of lectures and cases. The content includes (but is not limited to Marketing Basics
(The 4 P’s), Branding that Works, Savvy Strategies for Marketing New Products, Small
Business Marketing: Viral and Guerilla Techniques, Special Considerations for High
Tech Marketing.
Finance 5300 – New Venture Finance (3) Prerequisite: FIN 3040 or FIN 3000
This course will cover topics involved with raising capital for new and growing
businesses. Topics include venture capital, private placements, initial public offerings
(IPOs), mezzanine debt, preferred stock, warrants, and other forms of venture financing.
MGT 5770 – Business Plan Development (3) From feasibility to a fully developed
plan. Building on the analyses, theoretical foundations, and skills of New Venture
Creation, student teams will develop business plans based upon a previously developed
feasibility study. This course is designed to be very hands-on and experientially based.
The majority of the course load is geared to the research and development of the many
facets of the business plan, and the resulting plans are often entered in business plan
competitions sponsored by the Pierre Lassonde Entrepreneur Center.
doc_915759357.pdf