Course Title: Special Topics in Entrepreneurship Academic Semester: Spring 2017 Semester Course Number (alpha/numeric): PHBA 433 Credits: 3 Prerequisites: PHBA 431 Entrepreneurship in Pharmacy Scheduled Class Meeting Times and Class Location: Online: Scheduled Chat Sessions, and Individual Meetings. Instructor(s) and Office Location(s): Bayer Learning Center Room 321 Office Hours: By Appointment Course Description: This course expands and explores in more the depth the key focus areas of entrepreneurship, which include the following, (1.) Leadership, (2.) Finance (3.) Operations (4.) Law and (5.) Marketing/Planning. These topics will be covered by guest speakers in the Entrepreneurial Pharmacy world and by student presentations during the course. This course is designed to allow students who have completed the Entrepreneurship in Pharmacy course to begin to develop their ideas into a full business plan, which is required for completion of the Entrepreneurial concentration. In an effort to promote and grow the interest in the Pharmacy Entrepreneurship it will be required for every student in the Entrepreneur Concentration to create a blueprint business plan for the development of a future pharmacy business. Business planning is the key process for the development of a new organization and is the living document that helps the future entrepreneur plan for the future, measure your achievements, manage your risks and stay focused. Required Textbooks and/or other Course Materials There are no required texts for this course. Instead students will be assigned readings on the various topics discussed in the lectures of this course. Instructional Strategies: Class meetings will consist primarily of online taped lectures and live chat sessions on the topic areas in leadership, finance, operations, law, marketing/planning and business plan presentations by students. The classes chat sessions and individual meetings will also allow helping students in critiquing and improving their business plan. Each student will in the 14-week period, prepare and polish a formal written business plan, budget, and outline a plan for acquiring venture capital for their new pharmacy business. A written business plan will be submitted at the end of the semester for a course grade. The target length of the written business plan
should be about 20-35 pages long, plus appendices. A formal oral presentation will occur in the fall of their PY4 year to an expert panel of judges. In addition, the students will be required to submit to the course master a one-page weekly progress note on their business plan development. Through out the course students will also be assigned depending on the topic of the week to give a 15-20 minute presentation on the progress of their business plan and how it is related to that week s topic. Students will also have to submit when assigned the answers to discussion questions on the topic of that week. Students will also be required at the beginning of chat session to give email the lecturer one question to answer on the topic discussed that week. Overview of Entrepreneur Business Plan Competition Students will work and develop a new pharmacy business idea. Student will develop a clear idea of what type of pharmacy business they wish to create and have completed some research on the potential issues of the intended business. Students can develop a new pharmacy business idea or create a new innovative business idea for acquiring a current pharmacy business. Each student will, in the 14- week period, prepare and polish a formal business plan, budget, and outline a plan for acquiring venture capital for their new pharmacy business. A written business plan will be submitted at the end of semester. Each plan should address the following elements: 1) A 1-page executive summary that includes an overview of key information. 2) What is the problem, opportunity, or gap that your organization will address? Describe the context of the problem and driving forces. (1 page) 3) How will your organization address, manage, solve or capitalize on the issue described in #2 above? (1 page) 4) What alternatives do your customers/clients currently have? How is your solution different/better than what s already out there? You need to select at least 4 alternatives and identify your organization s comparative strengths and weaknesses. (2-5 pages) 5) What organizational form (e.g. non-profit, foundation, government, NGO, for-profit, partnership organization, hybrid) is the best for your organization? Why? What are the tax/investment implications for your choice? (1-2 page) 6) What is your marketing plan? How will you reach your target market(s)? Include specific information on your clients and funders, including information on the geographic, demographic, and cultural context of your target market. (3-6 pages) 7) What is your financial plan? How will your organization be funded? Include information about cash flows, budgeting, capital expenditures, direct and indirect costs, fixed and variable costs, tax exemptions and expected taxable activities. How do you plan to make the organization to sustainable? (3-5 pages) 8) What is your operational plan? (2-4 pages) You should include: a. Plans for recruiting and retaining staff, volunteers, and Board Members b. Your proposed location and the rationale behind choosing it c. Any partnerships, collaborations or networks you will be involved in 9) How will you measure success and impact? What are your major milestones? What will drive your organization s success? (1-3 pages) 10) What might be your barriers or risks? (3-7 pages) a.what key assumptions are you making about your clients, funding sources,
competitive environment and operations? b. Who might feel threatened by your organization? This may include direct competitors, other organizations that would be effected by your solution, lobbying groups, etc. c. What potential unintended consequences might your solution cause? d. How are you going to mitigate the risks and barriers you will face? 11) What resources do you need in the short term and how will you cultivate them? (1-3 pages) 12) What is your long-term vision for the organization? (1 page) Important Information on Citations Make sure you cite your sources for this course. You need to cite your sources anytime you use or reference someone else s work in the body of your writing as well as a part of your Bibliography. Educational Technology Requirements: This course will use blackboard and also skype technology for guest speakers who cannot travel to campus. Evaluation: Discussion Questions and Class Participation 30% Bi-Weekly Progress Report 20% Written Business Plan Report 50% Grading Policy A=90-100 B= 80-89 C=70-79 F<70 Course Domains, Competencies, Learning Outcomes Course Domains Competencies Learning Outcomes III.Professionalism B. Demonstrate professional behaviors 1. Complete tasks and assignments and fulfill responsibilities 2. Abide by professional dress policies and guidelines 5. Meet assigned deadlines and demonstrate punctuality in terms of attendance C. Participate in selflearning and professional development 1. Use self-assessment and feedback from others to improve learning performance 2. Complete learning activities on an on-going basis for personal or professional development based upon self-determined areas of deficiency
IV. Management V. Fundamental Skill Set A. Manage a pharmacy practice B. Manage a pharmaceutical/healthcare organization C. Manage the human and financial resources of the health care system A. Communicate effectively through writing B. Communicate Effectively Verbally and/or interest 3. Demonstrate an understanding of the importance of active participation in professional organizations and advocating pharmacy as an integral part of the health care system 2. Demonstrate knowledge of the law and regulations applied to practice 3. Demonstrate knowledge of technology and information systems applied to practice 4. Demonstrate the ability to design, market, and implement patient care services that are financially sustainable 1. Demonstrate knowledge of business, marketing, and strategic business planning process 2. Demonstrate knowledge of the financial and behavioral control of organization 3. Demonstrate knowledge of the elements of effective leadership and advocacy 4. Demonstrate knowledge of the American economic system as applied to pharmacy and health care 1. Demonstrate knowledge and understanding of the elements and dynamics of the American Healthcare System 2. Demonstrate knowledge of the requirements for acting collaboratively within the healthcare system. 1. Craft written materials that are cohesive, logical, organized and grammatically correct 2. Construct documents and writings that demonstrate critical thinking and the ability to extract and synthesize information from multiple resources 3. Utilize credible references as sources that are properly cited using a peerrecognized format 4. Deliver information utilizing proper tone, rate, cadence, and pronunciation 5. Evaluate the level of understanding of the target audience by eliciting feedback Learning Outcomes and Assessment Strategy At the completion of this course students will be able to: 1. Ensure the understanding the core elements of a successful entrepreneur, which include knowledge in leadership, finance, law, operations and marketing/planning. Students will participate in live discussion with guest lectures and also provide written reflection in readings and discussion question prior to class. 2. Student will show progress in development and understanding of creation of business idea in pharmacy. Students will submit weekly progress reports on the various topics of the business plan and submit oral questions weekly to course master or entrepreneurial speaker for advice and critique. 3. Students will demonstrate knowledge and understanding of the core elements in the creation, development and implementation of pharmacy business. Student will submit a formal written business plan for evaluation and feedback. Students with the oral presentation business competition will have the opportunity to receive meaningful feedback on their business plan with hope to create a real business in their future pharmacy careers.
Course Objectives Through the development of a formal written business plan; interactive discussion on the special topics in entrepreneurship students should be able to achieve the following objectives: 1. Apply the entrepreneurial process in starting a new pharmacy business 2. Understand in more depth key topics areas of entrepreneurship which include finance, leadership, law, operations, marketing and planning 3. Explain the importance of business planning 4. Analyze the feasibility of a new venture business concept and can his or her idea lead to success and profitability 5. Evaluate his or her own entrepreneurial tendency and ability 6. Brainstorm ideas for new and innovative products or services 7. Examine and analyze issues related to business planning and marketing a new pharmacy business 8. Discuss the unique nature, challenges, resources and opportunities of pharmacy ventures 9. Develop a financially sustainable plan that has quantifiable impact on pharmacy and healthcare 10. Present ideas effectively and persuasively in oral and written form Outline of Course Topics and Lecture Week of: Topic Speaker/Faculty 1 January 16 th The Elevator Pitch: Building a Dr. Maher Business Plan for your Entrepreneurial Venture 2. January 23 rd Creating and Communicating Dr. Maher a Relevant Vision into a Entrepreneurial Business Plan 2 January 30 th Meetings on Business Plan Dr. Maher 3 February 6 th Business Operations: What do Dr. Maher I need to Consider 4 February 13 th Financing Your Business Idea Dr. Maher 5 February 20 th Leadership in Dr. Maher Entrepreneurship 6 February 27th Meetings on Business Plan 7 March 6 th Spring Break Dr. Maher 8 March 13 th Marketing Strategies, Social Media and Beyond Dr. Maher
9 March 20 th Meetings on Business Plan Dr. Maher March 27th Meetings on Business Plan Dr. Maher 10 April To be announced Tentative Value Drug Trip Dr. Maher 11 April 3 rd Insurance, Legal, and Risk Dr. Maher Management 12 April 10 th Meetings on Business Plan Dr. Maher 13 April 24th Tentative Due Date for Business Plan Dr. Maher Administrative Policies Governing All Courses Exam Tardiness Policy Missed Exams Policy Grade Appeal Policy Academic Integrity Policy Services for Students with Disabilities Audio/Visual Taping Policy Students are required to review these policies in their entirety. Complete copies of or links to the policies may be found on the Student Services Blackboard site, Policy and Procedures.