Unique Student Practicum Experience
The Integrated Business Experience (IBE) is a 12-credit hour program. The experience combines Corporate Finance (FIN 320), Principles of Management (MGT 311), Principles of Marketing (MKT 351), and a Business Practicum (BUS 325). Supervised by a faculty team, the purpose of the IBE is to help students better understand the interdependence of the content areas studied as they apply them to actual business experiences. Students can integrate what they learn from other courses in the program into a singular experience of running a business. The program involves a partnership with a local bank that can provide the finances necessary to fund the student-operated business.
Frequently Asked Questions:
The Business Practicum is an applied course that entails developing, launching, managing, and closing a business with the cohort of students enrolled in the class. Students write and present a business plan as they seek financing from a local partnering bank for their start-up company. The business start-up experience creates a real-world context in which students can practice the concepts introduced in MGT 311, MKT 351, and FIN 320. The Business Practicum is part of the UMO- IBE program, and students must enroll concurrently in MGT 311, MKT 351, FIN 320 and the Practicum. Ideally, the four courses would be on the same days.
MGT 311: This course is a study of the basic functions of management, decision-making, communication, authority, and leadership.
MKT 351: Provides a basic understanding of marketing concepts with emphasis on the pricing, promotion, and distribution of need satisfying products and services
FIN 320: A study of the common general types of business with emphasis on the corporate form. This course includes the time value of money, financial analysis and management, stock classifications, bonds, capital budgeting, and working capital management.
Business Practicum: This course requires students to form a business organization, generate a business idea, implement it, run and close the business. In addition, each student must commit to a minimum of 50 community service hours per semester. The first 8 weeks of the semester are spent on forming the business and securing the necessary finances from a partnering bank. The students will present their business plan to a loan officer and ask for a loan of up to $3,000 to be repaid by the end of the semester. The remaining 8 weeks of the semester are dedicated to running the business, paying off the loan, donating the profits to a charitable organization of their choice, and to volunteering hours for community service.
- Gain real life business experience : make choices and experience the consequences of their choices
- Develop interpersonal and group- interaction skills
- Develop leadership skills
- Get involved and provide service to the community