Strategic Foresight & Entrepreneurship
The Strategic Foresight and Entrepreneurship Concentration of the Master of Science in Leadership program will empower students with in-depth knowledge, technical and business skills necessary to lead visioning, market analysis, strategic operations planning, marketing, and evaluation of new ventures.
- The entrepreneurial process of venture creation and innovation or the art and skill of finding viable new business opportunities and the resources needed to develop and profit from them
- Marketing, management, operations and financial functions needed to successfully start-up a new business
- Analysis of products' movement through the full business planning cycle, from the "primary vision" through market size assessment and strategic operations planning, to the financing, staffing and implementation of new ventures
- Development of an integrated marketing program covering product offerings, pricing, promotion, and distribution and how to perform presentation of a professional business plan
Learners will gain the knowledge and skills necessary to be effective leaders of the entrepreneurial process.
Who Should Pursue This Concentration?
- Individuals who seek to expand their understanding of the leadership of the entrepreneurial process
- Small business owners, venture capitalists, technology managers, "idea people," economic development professionals and chamber of commerce staff
career Impact of This Concentration
Strategic Foresight & Entrepreneurship provides the content-area expertise necessary to continue Indiana's growth in small business start-up and development. In 2008 alone, 199 new businesses were initiated throughout the state of Indiana, 47 of which were located in the 11-county Northeast Indiana region (Schrock, 2008). Trine University provided business incubator guidance to 59 individuals, and 150 people attended small business development workshops, demonstrating that individuals engaged in entrepreneurial activity seek the support of advanced capacity-building opportunities.
Concentration Coursework (15 Credit Hours)
LDR 6403 Fundamentals of Foresight and Entrepreneurship (3)
This course will cover the fundamentals of broad topics in entrepreneurship, including human dimension of entrepreneurship, nature and role of entrepreneurship, economics of entrepreneurship, and corporate entrepreneurship. Students will gain a basic understanding of the entrepreneurial process of venture creation and innovation or the art and skill of finding viable new-business opportunities and the resources needed to develop and profit from them. In addition, students will examine the marketing, management, operations and financial functions needed to successfully start-up a new business whether a sole-proprietorship, partnership or division of a corporation. An emphasis will be placed on foresight, where students will utilize current analytical reports to foresee future events and outcomes, and then acting in accordance so as to arrive at the future in a desired state. They will accomplish this by applying creative and innovative thinking and work as a team to develop new ideas and scenarios around selected contemporary issues. Prerequisites: All LDR Core Courses ? LDR 5003, LDR 5023, LDR 5043, LDR 5063, LDR 5083, LDR 5203 LDR 5223, LDR 5243
LDR 6423 Feasibility Analysis for New Ventures (3)
The course focuses on business start-ups, providing an intensive introduction to business planning from the defining of a "primary vision" through market size assessment and strategic operations planning, to the financing, staffing and implementation of the new venture. Course includes readings on entrepreneurship, case studies of both small and large examples of successful new ventures and student fieldwork. Software available to help business planning will be introduced for hands-on use. Students will each prepare a formal business plan for new ventures. Prerequisites: All LDR Core Courses LDR 5003, LDR 5023, LDR 5043, LDR 5063, LDR 5083, LDR 5203 LDR 5223, LDR 5243
LDR 6433 Qualitative Decision Making in Entrepreneurship (3)
A review of methods used to collect information to support business decisions, such as surveys, focus groups, competitive studies, and benchmarking. Topics include designing procedures to obtain unbiased data, scaling methods, and analysis and interpretation of data to produce credible results and recommendations. Emphasis is placed on intelligence necessary to support strategic planning activities and initiatives. Upon successful completion of this course, a student will be able to discern when to use qualitative techniques and the limitations of qualitative studies, design a study around research questions, choose appropriate samples from the population, and prepare the research instruments, prepare to conduct in-depth interviews and focus groups, analyze data and correlate results of qualitative studies. Prerequisites: All LDR Core (5000-level) courses OR admission to non-degree graduate certificate program
LDR 6443 Business and Marketing Plans for New Ventures (3)
The core of this course provides the theoretical and practical skills required to produce a comprehensive business plan integrating marketing, organizational behavior and financial planning via a flexible corporate strategy and it focuses on marketing planning and emphasizes the analysis of customer needs as well as company and competitor capabilities. This analysis forms the basis of a sound marketing strategy that provides value to customers in a way superior to competitors. Among other topics, students will discuss strategic and managerial analysis and securing start-up financing for new ventures. They will learn how to deliver the marketing strategy through the development of an integrated marketing program covering product offerings, pricing, promotion, and distribution and how to perform presentation of a professional business plan. Prerequisites: All LDR Core Courses LDR 5003, LDR 5023, LDR 5043, LDR 5063, LDR 5083, LDR 5203 LDR 5223, LDR 5243
LDR 6463 Entrepreneurship in a Global Economy Capstone (3)
This course is designed to provide a capstone or conclusion to the Strategic Foresight and Entrepreneurship Concentration. The emphasis in this course is for students to develop the ability to create and grow a global venture. Students will apply the knowledge and skills acquired in their courses to the work environment using the business plan model. Along with the aspects and characteristics of global entrepreneurs and the global entrepreneurship process, concepts of creativity, innovation and opportunity analysis are discussed both in individual and corporate setting as are global ethics, corporate governance, social enterprise and entrepreneurship. Student will develop a specific business idea, then examine the discussed concepts and include political risk, market opportunity, and operating conditions of their international market destination. Business plan is developed using market research options, entry modes, resource allocation, financial projections, and overall strategy for new ventures. Prerequisites: All LDR Core Courses ? LDR 5003, LDR 5023, LDR 5043, LDR 5063, LDR 5083, LDR 5203 LDR 5223, LDR 5243; and Strategic Foresight & Entrepreneurship Concentration foundation course LDR 6403