AEM 3251 - The Business Laboratory and New Venture Management

Spring. 4 credits. Letter grades only.

Prerequisite: At least one business management and entrepreneurship course.

R. Karpman.

This course is a team oriented approach to allow students to understand through a simulation what happens when a new business is launched with funding in place. During the course of the implementation they will be presented with obstacles that often occur in “real-life ” situations and learn how to develop creative ways to solve and overcome those obstacles. By the end of the term, it is expected that each team will have experienced (through simulation) managing a new venture.

Outcome 1: Develop a company mission and vision

Outcome 2: Develop an appropriate budget; manage revenue and seek additional funding sources if necessary.

Outcome 3: Interview and hire employees and consultants.

Outcome 4: Acquire space and negotiate contracts with suppliers.

Outcome 5: Deal with unexpected obstacles i.e. delays in material deliveries, sudden loss of key employees.

Outcome 6: Initiate a marketing plan for the company.

Outcome 7: Project development and achieving milestones.