IEORE4550 Entrepreneurial Business Creation for Engineers
3 pts. Lect: 3. Principles of Economics and Finance at the level of ECON W1105 and W2261 or their equivalents, or instructor permission. This course is required for undergraduate students majoring in OR:EMS. The course exposes science and engineering students to knowledge and skills useful in the business world. Students will learn how to evaluate the commercial potential of new technologies and other innovations. Students will also gain an understanding as to what is required to launch a successful new company around an innovative technology, scientific breakthrough, or other new product or service. The course will also expose the student to the basics of venture capital and to the legal foundations of business organizations. Finally, the course will help students develop the skills and professional habits that are highly valued in the workplace, including active listening, presenting, business research, and teamwork. The topics covered include: (1) The external environment of a business, such as: Markets, customers, suppliers, investors, regulatory and legal framework, and financial foundations. (2) The internal environment of a business, such as: Organizational forms and processes, business ethics and law, and organizational behavior. (3) The technology-based business, from research commercialization and intellectual asset management to business start-up to mature business. (4) Case studies of how technology entrepreneurs succeed and fail. (5) Analysis of key issues in entrepreneurship. (6) Cultivation of skills needed to succeed as a science/engineering entrepreneur. The aim of the course is to cover these topics individually and to integrate them so the interdependencies are clear and critical success factors can be appreciated. The special circumstances of small international businesses will be specifically addressed.