UNIVERSITY FACULTY SENATE FORMS

 

Academic Program Approval

 

This form is a routing document for the approval of new and revised academic programs.  Proposing department should complete this form.  For more information, call the Faculty Senate Office at 831-2921.

 

 

Submitted by: __Scott Jones________________________phone number_____8278_______

                               

Department:  _Alfred Lerner College of Business & Economics__

email address___sjones@udel.edu

                                                                                                                                                                                                             

 

Action:  ____Add Minor in Entrepreneurial Studies_______________________________________________

(Example:  add major/minor/concentration, delete major/minor/concentration,  revise major/minor/concentration,  academic unit name change, request for permanent status, policy change, etc.)

 

Effective term___________________07F_________________________________________________________________

                                                (use format 04F, 05W)

 

Current degree___________BSBA________________________________________________

                                    (Example:  BA, BACH, BACJ, HBA, EDD, MA, MBA, etc.)

 

Proposed change leads to the degree of: ____________Minor__________________________

                                                                                             (Example:  BA, BACH, BACJ, HBA, EDD, MA, MBA, etc.)

 

 

Proposed name:____  Entrepreneurial Studies__________________________

                                            Proposed new name for revised or new major / minor / concentration / academic unit

                                                                                (if applicable)

 

Revising or Deleting: 

 

Undergraduate major / Concentration:______________________________________

                                                                                    (Example:  Applied Music – Instrumental  degree BMAS)

 

Undergraduate minor:____________________________________________________

                                   (Example:  African Studies,  Business Administration,  English, Leadership, etc.)            

 

Graduate Program Policy statement change:_________________________________

                                                                  (Must attach  your Graduate Program Policy Statement)

 

            Graduate Program of Study:______________________________________________

                                 (Example:  Animal Science: MS  Animal Science:  PHD  Economics: MA Economics: PHD)

 

 

                Graduate minor / concentration:___________________________________________

 

 

Note: all graduate studies proposals must include an electronic copy of the Graduate Program Policy Document, highlighting the changes made to the original policy document.

 

 

 

List new courses required for the new or revised curriculum. How do they support the overall program objectives of the major/minor/concentrations)?

 (Be aware that approval of the curriculum is dependent upon these courses successfully passing through the Course Challenge list. If there are no new courses enter “None”)

 

ECON 350: Economics and Entrepreneurship Focus on entrepreneurship and specifically the economics (micro, fiscal policy, regulatory, and international trade) issues surrounding developing a business. (Previously taught experimental course, to be made permanent) 3 cr.

 

ENTR 460: High Technology Entrepreneurship- Focus on high technology entrepreneurship and the special problems associated with technical product development, intellectual property and venture capital. (Undergraduate version of BUEC 860 offered experimentally in Spring 2006 in conjunction with ELEG 460) 3 cr.

 

ENTR 301: Introductory Entrepreneurship- Focus on developing and launching a business with specific attention to market research, and analysis and business model development.  (Offered experimentally ENTR367 in 2005 and 2006)

 

ENTR 410 Business Venture Competition I (3 cr) and  ENTR 411 Business Venture Competition II (3 cr.): A two semester experiential course where the student researches and analyzes the market, develops the business concept, writes the business plan, and presents the venture in a competition judged by professional investors and service providers.  (The Business Plan Competition was offered in 2005 and 2006 as an extracurricular activity for no credit, see http://www.lerner.udel.edu/ES/BPC/ )  Prereq: ENTR 301.

 

ENTR 364: Internship. Students may receive credit for supervised work in an approved internship with a startup venture or private equity investor.  Prereq: ENTR 301.

 

 

 

Explain, when appropriate, how this new/revised curriculum supports the 10 goals of undergraduate education: http://www.ugs.udel.edu/gened/

 

Conceptualizing, developing, and launching your own business or working within an entrepreneurial venture places the individual in a uniquely challenging environment.  At every instance in time during the creation and early life of a new business (for profit or non-for-profit), the individual is challenged to think about their idea and integrate knowledge from all domains.  The common theme that most entrepreneurs openly discuss is that you have never experienced anything like “making payroll” each and every month.  When people depend on the entrepreneur for survival, the lessons are real and challenging.  Being an entrepreneur is not just about having a good idea, but solving one of the key problems- getting someone to pay for that idea.  This requires understanding people, the global supply chain, and a constant moral reflection on what you are doing and why.

 

 

Identify other units affected by the proposed changes:

(Attach permission from the affected units.  If no other unit is affected, enter “None”)

 

Letters of support from Food & Resource Economics, Leadership, and Hotel Restaurant, and Institutional Management are included with this submission.

 

 

Describe the rationale for the proposed program change(s):

(Explain your reasons for creating, revising, or deleting the curriculum or program.)

 

The last decade of economic activity has created a demand for entrepreneurial education far greater than what we have known in the latter half of the 20th century.  The current college student has grown up in an era where their parents were no longer assured of a lifetime job in corporate America.  The notion of a lifetime job and golden watch at retirement is no longer a reality for the current generation of students.  Furthermore, current college students were in their teen years when the dot-com era peaked.  Many saw young adults opening businesses in their garages and creating successful businesses and entertainment empires.  The attraction of creating your own destiny resonates with today’s youth. 

 

Historically, Lerner College programs have focused educational efforts on training students to be placed in Fortune 500 careers.  While this is still a viable option for many, there is a need to address the development of educational programs in entrepreneurship.  A few students will actually take the leap into their own business upon graduation, and many will contemplate doing so after a few years of business experience.  For these students, we need to offer a perspective and skill set appropriate for being an entrepreneur. 

 

Why is entrepreneurship a different subject?   In one sense, it really isn’t, it is an approach or way of thinking about a problem.  Entrepreneurs still require the functional skills of management, marketing, finance, and accounting.  But to be a successful entrepreneur, you must be able to integrate these subjects and wear many hats simultaneously.  The typical business curriculum emphasizes breadth early, but by the senior year the student’s education is highly functional.  Entrepreneurship focuses the student all of the time on the multidisciplinary nature of starting and managing a new business.  The key focus is to develop the student’s thinking so that they never lose sight of the “vision” for their business endeavor.   In addition, many subjects only briefly discussed in existing coursework need to be emphasized, for example:

• Leadership may be introduced as part of management courses, but little is done to help students develop these traits and evolve as an enterprise grows;

• Accounting and Finance subjects focus largely on public reporting and public equity markets, there is little focus on the issues of private placement and early-stage business finance;

• Law classes spend considerable time addressing contract law, tort law, and the UCC; there is little or no coverage of securities laws as related to private placements, intellectual property law or business formation and structural issues.

 

We believe it is important to offer courses that help students better integrate the business coursework and gain exposure to issues germane to new business formation.  Entrepreneurship programs help the students at least come to grips with the reality of starting and operating a business, and provide a somewhat risk-free environment in which to experiment with their ideas.  Historical enrollment in undergraduate entrepreneurship courses taught by or in conjunction with the Lerner faculty is presented below.

 

Course

1999-2001

2001/02

2002/03

2003/04

2004/05

2005/6

BUAD 444

60

60

72

58

65

50

ECON 367

 

 

 

100

112

50 (05F only)

ENTR 367

 

 

 

 

33

10

ELEG 460

25

Not offered

30

30

30

30

ENTR 467

 

 

 

 

 

2 (06s only)

 

We have experienced noticeable growth in interest in theses courses, which have evolved somewhat detached. The objective of this proposal is to make minor curriculum and course numbering changes, add some new courses, and create an integrated sequence that will allow the Lerner College to offer a minor in entrepreneurial studies.  The proposed minor would be available to all University degree programs upon completion of the Certificate in Business Fundamentals Program, or the equivalent.  The minor is structured similarly to the College’s existing MIS minor.  Students majoring in Business (Management, Marketing, Operations, Finance, Accounting, MIS, economics) or from business like majors (HRIM, FREC, LEAD) could complete the minor in Entrepreneurship Studies with as few as 21 credits.  Students from non-business majors would need to complete the Certificate in Business Fundamentals in addition to the Entrepreneurship studies courses.  ACCT 207 and ECON 151 or equivalent (ACCT 200, ECON 100) are prerequisites for taking required courses in the Minor.

 

Resource impact: Additional resources are not expected to be significant, as the coursework is currently being offered for credit or as non-credit activities.  Enrollment of 35 students per academic year is currently within the budget constraints of the College.  Expansion beyond this level would require additional resources.


 

 

Program Requirements: 

(Show the new or revised curriculum as it should appear in the Course Catalog.  If this is a revision, be sure to indicate the changes being made to the current curriculum and include a side-by-side comparison of the credit distribution before and after the proposed change.)

 

Courses:

Foundation Courses (ACCT 207 and ECON 151 or eqiv.)                           6

Required (ECON 350, ENTR 301, ENTR 410, ENTR 411)                         12

Elective (1 of following ENTR 460, BUAD 444,

or other approved elective)                                                                      3

                                                                                                            Total     21

 

Other approved electives:

LEAD 411 Topics in Leadership Dynamics (permission required)

HRIM 314 Hospitality Entrepreneurship and Value Creation

FREC 430 Establishing and Managing a Food and Agribusiness Enterprise

ELEG 460 High Technology Entrepreneurship

 

 

Curriculum and graduation requirements:

Business College Majors:

ACCT 207, and ECON 151 are part of your core curriculum and should be completed prior to enrolling in ENTR courses. ENTR courses will be generally counted as follows:

 

Accounting Majors:

 

6 ENTR credits will go into free electives

6 ENTR credits will go into "ACCT, BUAD, BUEC, or FINC electives."

3 ENTR credits will be treated as extra credit.

 

Business Administration Majors:

 

6 ENTR credits will go into free electives

6 ENTR credits will go into "ACCT, BUAD, BUEC, or FINC electives."

3 ENTR credits will be treated as extra credit.

 

Finance Majors:

 

9 ENTR credits will go into free electives

3 ENTR credits will go into "ACCT, BUAD, BUEC, or FINC electives."

3 ENTR credits will be treated as extra credit.

 

Economics Majors:

 

15 ENTR credits are allocated to free electives or to related work.

 

Other Majors:

Students in majors outside of the Alfred Lerner College of Business & Economics should check with their College advisors to determine how these credits will be allocated towards graduation.

 

To enroll in the Entrepreneurship Minor, during the first semester of the Sophomore year:

• The student should check with their advisor to understand how the entrepreneurship minor will fit with your anticipated course load and how these credits will count towards graduation.

• Completely fill out the change of minor request form online.

• Submit the application on-line prior to the due date.

• A letter notifying each student of his or her application status (accept /decline) will be sent to the student's permanent address.  Acceptance based on academic standing, motivation for proposed study, and availability of seats.

 

 

 ROUTING AND AUTHORIZATION:        (Please do not remove supporting documentation.)

 

Department Chairperson                                                                                                        Date                                       

 

Dean of College                                                                                                                       Date                                       

 

Chairperson, College Curriculum Committee___________________________________Date_____________________

 

Chairperson, Senate Com. on UG or GR Studies                                                                   Date                                       

 

Chairperson, Senate Coordinating Com.                                                                 Date                                       

 

Secretary, Faculty Senate                                                                                                       Date                                       

 

Date of Senate Resolution                                                                                                      Date to be Effective               

 

Registrar                                                                  Program Code                                         Date                                       

 

Vice Provost for Academic Programs & Planning                                                                  Date                                       

 

Provost                                                                                                                                   Date                                       

 

Board of Trustee Notification                                                                                                                Date                                       

 

Revised 5/02/06   /khs