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Entrepreneurship courses put a plan behind business dreams
August 27, 2004 | |||||||
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KOKOMO, Ind.—In business, you must distinguish yourself from the competition, Juan Nieto III said. Nieto learned about the appeal of niche marketing in Indiana University Kokomo’s Certificate in Contemporary Entrepreneurship program. He’ll apply the lesson when he eventually opens his combination computer repair shop/Internet and gaming café. Stephany Woolever’s family-owned company, Northern Indiana Grain Systems, Inc., never had a formal business plan before she developed one in the entrepreneurship capstone course this summer. The plan will provide “direction in the way we do daily business,” she said. With 30 years’ experience in managing businesses, Paul Byrnes said the certificate program courses in basic accounting, business law, economics, and finance “put meat on the bones” of knowledge he’s learned on the job. His business plan, also a capstone class project, will help Byrnes target specific markets and new product offerings for his current business, a water treatment franchise. Ron Sparling, Ph.D., taught the Contemporary Entrepreneurship capstone course, the final course in the 15 credit hour certificate program. Sparling has lectured on business administration in B.S. and M.B.A. programs for 40 years, including time at the IU Kelley School of Business in Bloomington and Indianapolis. In contrast to longer degree training, the Certificate in Contemporary Entrepreneurship program covers a broad, and quickly obtainable, body of knowledge, and can be completed in one year, he said. “The program provides necessary basic information, allowing aspiring entrepreneurs to start pursuing their dreams, while making them aware of potential pitfalls.” Experienced business people can take the classes “to see what they might do better, and to identify and fill some gaps in what they’ve done,” he added. “Many entrepreneurs are so action oriented that they want to dispense with the planning and get on with the start-up,” Sparling said. Business failures are often blamed on inadequate capital, he added. “In most cases, the reason is more likely to be poor planning—failure to recognize the sometimes voracious appetite for capital that successful firms may have.” Sparling offered expert advice and counsel to help his students create individual business plans, addressing six areas of questions to be answered before a business opens: Self-analysis (What are my business strengths and weaknesses? Is my family supportive?) Industry/Market Analysis (What industries are growing?) Marketing Planning (Who needs my product? How do I reach that market?) Capital Needs (How much money do I need for start-up? Where will I find it?) Professional Advice (How do I find a good C.P.A., lawyer, banker?) Management Principles (How do I plan, organize, staff, supervise, and control my business?) Following steps outlined in the course textbook, students estimated inventory and utility costs, researched potential competitors and customers, drew up marketing plans and financial statements. “If you work on the steps, your business plan will more or less fall out, ready to use,” Sparling said. Juan Nieto found the textbook so helpful that, when the class ended, he loaned the book to friends opening a computer store in Rochester. “It’s so good, they can’t get their noses out of it,” he said. About a third of students in the entrepreneurship capstone course took all five classes offered in the certificate program. Most, like Paul Byrnes, have definite plans for developing businesses or improving existing ones. The program has shown him how “to take a little more risk but do it in a thoughtful way, rather than just diving in,” Byrnes said. Others, like Dane Hendrickson, took the class for credit toward a Bachelor of General Studies degree. Someday, she said, she might use what she’s learned to open a restaurant. The Certificate in Contemporary Entrepreneurship program is taught in the ACCELerated Evening College hybrid format; 50 percent of weekly instruction occurs in a classroom setting and 50 percent is presented online. IU Kokomo offers the entrepreneurship certificate program through a partnership between the School of Business and the Division of Continuing Studies. (Coursework does not fulfill School of Business degree requirements.) For more information, call (765) 455-9395 or (800) 991-1459, or visit www.iuk.edu/scs. Small Business Facts • Of the 4.8 million corporations in the United States, 4 million have gross receipts of less than $1 million per year and can be considered “small businesses.” • Each year, around 2 million new businesses start up in the United States; an estimated three-quarters of them have no employees. • Annual start-ups account for about 10 percent of total small businesses. About 10 percent of small businesses close for various reasons each year. • About 40 percent of small businesses fall into three categories: professional services, retail, and construction. Statistical information from the U.S. Census, Statistical Abstract, and the Small Business Administration
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