MPEM 5010
Entrepreneurship and Economic Feasibility
Instructor
Craig Ehlert, Associate Professor, Montana State University
Required Background
B.S. in engineering and work experience
Description
The purpose of this course is to help engineers understand the basic concepts of marketing, business organization, management accounting, business finance, and financial feasibility analysis of new business ventures and of new project proposals in established firms. The result is intended to allow the engineer to appreciate the financial risks and rewards expected by key employees and equity investors in new ventures.
Objectives
Discover what New Venture Creation is and why Entrepreneurial Thinking is applicable to the typical engineer's role.
- Understanding how to apply the New Venture Development Process to bring a product from the idea generation stage to operation.
- Recognize Marketing's central role in business planning, implementation, operation, and success.
- Understand the purpose of a viable venture Business Plan and the process required to define and project the required business performance characteristics.
- Understand the Organization of the various business functions required to successfully operate a business and the linkage to Operating Budgets.
- Be familiar with the basics of Business Finance and the Accounting Process used for business ventures.
- Understand Financial Reporting and Managerial Accounting methods and principles.
- Understanding the importance of and methods of Projecting the Financial Requirements of a venture.
- Understand the principles applied in establishing a new venture's Capital Investment Requirements including short-term debt, long-term debt and equity capital in a firm's financing.
- Recognize how firms plan for proactive responses to unexpected circumstances using What-If Analysis.
- Understand the basic business and marketing strategies firms use to select new projects to Expand or Improve their Businesses beyond the original scope of the venture.
- Relate the features of the new venture Financial Feasibility Analysis to the means of performing economic feasibility analysis of new project proposals in established firms.
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