Course Description
FRE 302 Small Business Management in Agri-Food Industries introduces students to the principles of business planning and management with an emphasis on the areas of finance, marketing, entrepreneurship, legal structure, risk and strategy. These principles will be presented and applied within the context of small to medium businesses involved in the food and agribusiness sector and will emphasize both fundamental business planning concepts and the unique challenges facing food & agribusiness firms. Students will have the opportunity to apply the course principles through the development of a business plan.
Learning Outcomes
| Module | Upon completion of this course, students should be able to complete the following: |
| Business Planning Basics
|
§ Describe the objectives and elements of the feasibility and business planning process
§ Identify the unique features of food and agribusiness products in the business sector § Outline the correct content, format and style of a professional business plan document § Apply the principles underpinning business planning to a case study to review the feasibility of a product, start-up business or established firm. |
| Entrepreneurship and Start Up
|
§ Understand the challenges and benefits of entrepreneurship
§ Evaluate legal structures available for business start-ups § Develop a workable vision and mission statement for a business. |
| Marketing Analysis & Market Strategy
|
§ Describe and use industry and competitor analysis frameworks to review potential for a product
§ Describe and utilize segmentation analysis techniques in order to develop ideal customer personas and forecasts § Understand options and decisions associated with marketing mix strategy- price, product, place and promotion.
|
| Financial Management & Financing & Risk
|
§ Describe, develop and use the main financial statements of net worth, balance sheet, net income and cash flow to support operations, planning and control of a business.
§ Explain and understand the relationships among the main financial statements § Develop and interpret financial ratios to assess the liquidity, solvency, profitability and efficiency of businesses in various stages of establishment. § Compare and evaluate the different types of business financing. § Describe the time value of money concept and use it to conduct capital investment and loan analysis related to business start-up § Perform risk identification and management for start-up and established firms through use of key principles and tools |