Name of CourseTax Research TechniquesIntroduction
to Entrepreneurship
(TAXTax XXX501Business
501)
Introduction
This syllabus contains the Lesson
Assignments for
the above referenced course. Supporting
materials are included in a separate booklet.
This course is one of the required courses in the University's Master of Science in TaxationBusiness
Administration Program and its Master of Laws in Taxation Program. It has a value of XXXXtwofour
semester units. ItThe
course consists of tenXXXXeightsix
Lesson Assignments and a final examination.
This course must be
completed before any other courses in the Programs. It, along with Directed Tax Research (TAX 512), will
be graded on a “Credit/No Credit” basis. (All other courses will receive a numerical grade.) Other than TAX 512, it is also the only
course that does not require a
proctored final examination.
You should take the time to carefully read this syllabus and the
Student Handbook before you begin the lesson assignments.
The study of taxation can come as a
shock to many
students
because the subject matter is more difficult and the coverage more intensive
than in many graduate business or law school courses. This is one of the major reasons occupational experience is
required for admission to the M.S.T.
Program and recommended for the LL.M.
Program. However, we recognize “occupational” experience does not necessarily mean “research” experience. Hence the need for this introductory course.
The skills taught in this course will
greatly enhance your ability to achieve good grades in the other courses in the
program. Since students come to these
programs with vastly different backgrounds, we have assumed for purposes of the
lesson assignments, you know very little about tax research or case
briefings. However, even
experienced researchers should find the assignments a worthwhile refresher.
In addition to meeting the statutory requirements
of the California Education Code for degree granting institutions, the course has been
prepared to comply with the AICPA
Statement on Standards for Formal
Group and Formal Self-Study Programs for XX30 hours of
continuing education credit. It is
(Rev. 5/04)
University
Tax Research
Techniques
(TAX 501)
Introduction
(Concluded)
also designed to
comply with the Statement on Standards
For Formal Continuing Education Programs as promulgated by the National
Association of State Boards of Accountancy (NASBA) as well as Treasury
Department Circular 230, which deals with continuing education for Enrolled
Agents.
The University is registered with the
National Association of State Boards of Accountancy as a sponsor of continuing
professional education on the National Registry of CPE Sponsors.
The University has also entered into
Sponsor Agreements with the Boards of Accountancy of the states of California, Florida, Georgia, Illinois, Indiana, Kentucky, New Jersey,
New York, Ohio, Tennessee,
Texas, and Washington. A similar
agreement has been entered into with the Office of the Director of Practice of
the Internal Revenue Service.
The State Bar of California has approved the University as
a provider of continuing legal education under Section 9 of the Minimum Continuing Legal Education Rules and
Regulations.
California attorneys should refer to information available from the
State Bar of California for requirements and limitations under the law.
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This introductory course is the
appropriate place to discuss and dismiss many of the myths associated with
entrepreneurs. The Kauffman Center for
Entrepreneurial Leadership has identified ten myths regarding entrepreneurship
which are discussed below.
Myths abound about the
entrepreneurial world and they especially prevail today. Entrepreneurs have once again become the
American heroes. They grace the covers of business journals; they star in
television shows; they write best-selling books. And they perpetuate
bigger-than-life myths. These Paul
Bunyan myths can get in the way of an organization’s or an individual’s
decision making about whether or not taking an entrepreneurial step makes
sense. Thus it is important to explore
these myths and to examine the facts.
Some common
misconceptions or myths could affect attitudes toward undertaking any type of
entrepreneurial ventures. Let us
explore these one by one.
Myth # 1 Business Is Risky
Business is not
intrinsically high risk; but people sometimes take risky actions.
If people choose to put their homes up as collateral for a new venture,
this is their choice, not the business’s.
When a business is properly managed and set up, the risks are
modest. The wise and adept entrepreneur
selects a business and organizes
it in such a way that the risk is manageable.
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University
Introduction to
Entrepreneurship
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To drive the point home:
Hundreds of sound businesses making good profits have been subsequently ruined
when taken over by
new management. The business was not
the risk—it was sound. The new people
were the risk. They were inept, inexperienced, and unmotivated.
Conversely, there have
been numerous turnaround situations in which failing businesses have been taken
over by new, more
adept management to great economic advantage.
There was nothing wrong with the old business, but there was a lot wrong
with the old management. With new management
installed, it was a new ball game.
Thus, the big risk is
the people, not
the business! High-risk businesses can
easily be spotted and avoided.
Moreover, there’s no
relationship between the risks one assumes and the potential rewards for
assuming those risks. Indeed, one of
the most profitable types of businesses one can own is a government-granted monopoly in which
there is little risk. Conversely, most
extremely risky enterprises have very little profit potential.
Myth # 2 Entrepreneurs Take Big Risks
Closely akin to the
previous myth that business is risky is the misconception that entrepreneurs take big
risks. “Risk takers” is a term
economists are fond of using in referring to people who start their own
ventures. Many entrepreneurs love to
think of themselves as “high rollers” and “wheeler dealers,” thus adding to the legend. But studies and observation, when added to
common sense, shatter this myth. Many
studies have shown that entrepreneurial personalities are moderate risk takers
when confronted with simulations in which they are asked to make a choice of
risks and payoffs.
For some reason,
economists harbor the quaint notion that the size of the profit is commensurate
with the risk assumed. That is
generally not so. Most huge risks offer
little reward. Conversely, many
low-risk enterprises pay off handsomely.
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University
Introduction to
Entrepreneurship
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There is no universal
law dictating that one’s rewards in this life are proportional to the risks
assumed. Unlike most manufacturers, the
medical doctor has few risks
but is amply rewarded. Long-shot
players at the track take big risks but generally die broke. One must know the difference between rewards
and risks.
Indeed, one managerial
philosophy of the modern entrepreneur is to furnish the skill for the venture while letting other
people furnish the money. Let others
take the financial risk. The
entrepreneur risks time, effort, and reputation.
The ideal business
requires no investment and has no risk of loss.
Myth # 3 You Need a Great Idea
“I have hundreds of ideas. Get ’em all the time. They pop up like
kernels of corn from a popcorn machine.”
The source of that statement must be credited as the inspiration for our
designation of such people as “popcorn heads.”
They are so in love with their ideas and so impressed with their seemingly endless supply
that they seldom do much more than dream.
They are particularly unlikely to take one of their ideas and turn it
into a profitable business. They often
are so infatuated with their ideas that they are unable to perceive their lack of economic merit. They want nothing so much as to see their
“brainchild” on the market. Never mind
that it may be a loser.
The reverse of the
“popcorn head” is the person who proclaims, “I want to start a new venture, but
I just can’t seem
to be able to come up with a good idea.”
Such people are forever seeking the “Holy Grail,” the “El Dorado”, that
one stroke of genius that will somehow transform them into millionaires. It seldom happens.
The reality is that an
entrepreneur does
not need a great idea on which to base an enterprise. All that is needed is an idea on which to make a profit, an idea
that is attainable.
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University
Introduction to
Entrepreneurship
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There is also the inventor, the person who
holds a special place in entrepreneurial folklore. Many people believe that the model entrepreneurial venture begins
with an invention. In reality, relatively
few new enterprises are based solely on inventions. Moreover, relatively few
inventions ever make a profit.
According to The Wall Street Journal, less than one percent
of inventors ever make a penny from their inventions.
Most new businesses are
based on a tried-and-true product or service whose markets are
well-established. They are carbon copies,
or improvements, of enterprises of proven economic merit.
Entrepreneurs and
investors are critical of ventures based on new inventions for several reasons:
·Inventors can be
difficult to deal with and unrealistic in their business judgments.
Inventors usually feel that the inventions are worth far more than they
really are. Inventors seldom make good
business partners as they seldom have the managerial talents to make their
inventions into successful businesses. Moreover, they usually have little desire to run a
business. Their strength is in
inventing.
·Normally, inventions
will require large amounts of money to bring them to market. Thus, the financial risks are usually
considerable.
·It’s a long time from
the inception of the
venture to the cash break-even point, when the business can sustain itself
without additional investments. Many
years can be involved in this process.
·The market risk inherent
in inventions is significant, even when the best research has been performed. No matter how excellent the invention might
be, or how much it seems to be needed, the market has a way of making
unexpected decisions on such matters and may not respond favorably.
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University
Introduction to
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One of the classic
mistakes in entrepreneurship is the product or service that is looking for a
market. Entrepreneurial dogma insists
that market-driven ventures are far more likely to be successful than
product-driven ones.
Myth # 4 You
Need Considerable Experience
Experience is nice but
not necessary. It is much more
important for the entrepreneur to have the energy and enthusiasm to learn about
a new field, its trade practices, and techniques than to have spent years in
the field. Indeed, coming in with a fresh outlook and a
willingness to learn often keeps the business from falling into status quo or
stagnant traps that can immobilize the person who’s had lots of experience in a
particular area.
The case for experience.
Experience has its advantages
including:
·In every business, there
is much to know. There are trade
practices and business know-how that are often the difference between success
and failure. Seldom can one learn all one needs to know by reading about it. It helps
to have some “battle” experience. One
of the main reasons for the success of many franchise systems is that they
supply the needed experience in capsule form to the franchisee, who is taught
everything the franchiser has learned through the years. When
one is interested in buying a business, it is often wise to work in it for a
while before purchasing it-at least to keep the seller around for a while to
train the new owner.
·One of the keys to a
funder’s decision to finance an entrepreneur is the funder’s appraisal of the entrepreneur’s
ability. And that is usually based on
the entrepreneur’s track record experience.
Entrepreneurs are not likely to attract much money from other people
without some experience.
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University
Introduction to
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·Experience provides some
maturity, which increases the credibility with the people with whom an
entrepreneur must do business. Very
young people, though they may be quite competent, report that they often encounter trouble
gaining the confidence of potential customers who are much older than they
are. While time eventually takes care
of the problem, most people cannot wait for their wrinkles. They find other ways to gain the buyer’s
confidence.
Advocates of the need for
experience are uncomfortable when they read of successes such as that of Steve
Jobs, who was one of the founders of Apple Computer; or Bill Gates, who founded
the huge software firm Microsoft; or Debbie Fields, whose cookies now enjoy worldwide distribution. These people had little business experience
to support starting their enterprises, but this didn’t seem to interfere with
their success. The point is that they
associated themselves with people who had the necessary experience. There
are several ways the entrepreneur can quickly get the experience needed for the
firm to grow and become profitable.
The case for timing.
The following points
support the case for going into one’s own business as soon as possible:
·Many years of experience might be of little
use. It is possible for people who work
for 10 years not to have 10 years’ experience.
They have a month’s experience repeated 120 times. There is no guarantee one really learns what
is needed to know by working for someone else.
But there
are exceptions. Sales experience can be
valuable, not only in acquiring certain techniques and work habits but in
making valuable contacts in an industry.
·Energy and enthusiasm
are key ingredients in entrepreneurial success.
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William Howard University
Introduction to
Entrepreneurship
(Business 501)
·We acquire obligations
as we travel down life’s pathways—mortgages, families, and other demands on our
time. These inevitably conflict with a
business. Starting a business usually requires large amounts
of time. If people are not free
to devote the time and energy required by their new ventures, their success is
remote. Make the play before acquiring
the obligations, when there isn’t as much to lose should things not go well for
the venture.
The founder of a company
that builds boats attributes much of his ability to nurture his foundling
enterprise to its present successful state to his ability to live at home on a
few hundred dollars a month for the first two years of the venture’s existence.
It is often exceedingly
hard for a new venture to generate sufficient cash to support the entrepreneur
and his or her family in the first few years of its existence.
·It usually takes time
for a business to become successful.
Three to five
years is often quoted as the time it takes to bring a business into sufficient
maturity so it can survive. The sooner
entrepreneurs start, the sooner they’ll reach their goals.
·People can learn what
they need to know in a relatively short time. Once they have the knowledge, they can be more
effective. The success of such
decentralized manufacturing chains as Wendy’s Hamburgers proves how quickly one
can be trained to manage such businesses.
In the sale of a business, the former owner often is able to instruct the buyer
about the business in a matter of weeks.
The enterprise decides
how much experience.
Naturally, the nature of
the proposed enterprise strongly affects how much experience is needed to enter
it. It would be folly to go into the
semiconductor
business without knowing a great deal about semiconductors. The famous last
words of many bankrupts when starting their businesses were,
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University
Introduction to
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“What’s there to know about this
business? There’s nothing to it.” There is always something “to it.” It may not be much, but the entrepreneur had
better know “it” or pay a price to learn “it.”
Indeed, the entrepreneur
often later admits that he or she paid a large price for “lessons from the school of hard
knocks.” Thus, the advice is often
given to the young, would-be entrepreneur to let someone else pay for his or
her education. There is merit in this
advice.
Making the decision on
how much experience is needed.
The matter of acquiring
needed experience is no simple decision.
When should one take the plunge?
Only the individual can make that decision. Here are some random observations that may help.
·Many entrepreneurs have
said that if they had known everything they
subsequently learned about the business they started, they would never have
gone into it in the first place. Many
businesses exist only because the owners were ignorant of what they were
getting into. Once in the business,
they were committed. They had to make it work.
·An entrepreneur often
can hire or associate with someone who has the experience he or she feels is
needed in the enterprise. If the firm
needs sales experience, hire it. If the
firm needs accounting controls, hire a CPA or consultant. A
management team that has the experience the venture requires is put
together. Indeed, one school of
entrepreneurial thought holds that assembling the proper management team is one
of the entrepreneur’s main functions.
Myth # 5 You Need a Lot of Money
It’s surprising how
little money is needed to start some ventures, particularly in a corporate
setting where access is available to its resources. Often an idea can be tried
out on a small scale, on a test basis, for very little financial investment. Then, if the idea warrants it, larger amounts
of money can be sought.
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University
Introduction to
Entrepreneurship
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Indeed, business
advisors caution that having too much cash at the beginning of a company’s
existence can be
just as disastrous as having too little.
Management fails to develop needed controls and thus squanders the early
capital that is so desperately needed later.
No one claims running a
business is easy. Money makes things
much easier. But if entrepreneurs haven’t got
it, then they will just have to do without it if they want their own
businesses. There are several
strategies to doing that. Let’s examine
each one.
Go into a low-investment
business.
Some businesses require
so little initial investment
that even those of us without resources can find sufficient funds to
start. Many prospering
landscape-maintenance services began with a borrowed lawn mower.
The principle is quite
simple: If the entrepreneur does not
have much money and cannot get
money, then he or she should choose a business that can be had for the
available money. Many entrepreneurs go
into business in which the key ingredient is their own labor. It’s called “sweat equity.” Equity in the enterprise is built up by hard
work.
A businesswoman decided
to leave the world of medical administration and do what she’d dreamed of for
20-plus years, be a children’s clothing designer and manufacturer. She started with the old sewing machine she
had but soon acquired enough clients to
afford the purchase of a cutting and sewing system. Her business venture was accomplished with determination and hard
work every single day but she’s doing what she enjoys and gets paid for it as
well.
Entrepreneurs not only
can start a business with “sweat
equity” and “bootstrap” financing, they can do it at just about any age, as
long they have the drive, enthusiasm, and physical stamina.
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Introduction to
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Take over a turnaround
situation.
For any number of
reasons, a business can get into more trouble than its management can get out
of. Some managements are inept. Some tired.
Some just don’t care anymore.
Whatever the reason, such enterprises present opportunities for the
entrepreneur who
wants to own a business without investing much money.
There is usually someone
who cares greatly about the business.
Perhaps it is the financial institution that has a large stake in it, a
banker, venture capitalist, or a private investor. Perhaps
it is an absentee owner. Perhaps it is
a group of dissatisfied stockholders who fear the future of their investment.
Whoever they may be, they know the business needs new management. They want to throw out existing management
and put in someone they
trust. Thus, the key to this strategy
is obvious: by some means gain the confidence of those people who control the
company.
Raise the money from
other people.
If entrepreneurs have
sufficient credibility, some collateral, and a sound business plan, they can sometimes get
other people to furnish the funds for their enterprises.
The management of Staar
Surgical Company was able to raise $6 million from the public simply because
the financiers were ophthalmologists.
They recognized the company’s product
as possessing great profit potential and had great faith in the two founders,
Dr. Thomas Mazzaco and Tom Waggoner, whom they knew because both had been
active in the industry.
All sorts of
entrepreneurs have raised money by selling securities of various descriptions. The method that is used depends upon market
conditions and tax laws, but it’s done all the time—entrepreneurs must know
whom to work with in the money markets.
They need to make contacts with the right people in order to play this
game.
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University
Introduction to
Entrepreneurship
(Business 501)
Myth # 6 Big Business Will Ruin the Small One
It is true that big
business has great financial power.
Large businesses have access to the money markets, which make huge amounts of money
available to them at a relatively low cost.
Such sums allow big businesses to dominate markets, either through large
advertising campaigns or by buying companies that have significant shares of a
market.
Big businesses find it
difficult to
compete in the people market. Their
managements prefer to invest in fixed assets, advertising, and things they can
control. They have difficulty
controlling people. Moreover, they
prefer to engage in businesses in which size gives them a decided competitive
advantage. Perhaps that advantage is in
low production costs due to an automated plant.
Perhaps the advantage is
in selling through mass merchandisers backed by large advertising
programs. They are like the government;
they tend to throw money
at their problems. The parent
corporation is a big business, too, so a small venture can compete
equally. Even then, it will be
important to find the niche that positions the venture with a competitive
advantage. Niching is the insurance
that protects the
venture from any competitor, small or large.
One example is a small
defense-electronics company that concentrated on short runs, so small that its
large competitors could not bid on the jobs because their overhead charges made
their bids too high.
Another example is a
specialty job shop producing a narrow line of goods in depth. Large retailers cannot carry lines in much
depth because their inventory costs would soar. They must carry only the best sellers.
Another advantage small
firms have over
large firms is the ability to innovate and respond to market and customer needs
more quickly. Often, small firms are
“hungrier” and can provide better customer service. Here are some rules for competing with business:
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University
Introduction to
Entrepreneurship
(Business 501)
·Find a niche in the
market that is being overlooked by large business.
·Seek businesses in which
size is of little advantage in either costs or attractiveness to the market.
·Seek businesses in which additional added-value
services are important.
Another way to look at
big businesses is that possibly they’re the entrepreneur’s best friend. Many entrepreneurs exist because the big
businesses are their customers. Big businesses
feed the smaller subcontractors
or outsource some activities. Moreover,
big businesses that one fears may ultimately be one’s exit; the entrepreneur
will sell out to them.
Myth # 7 You Will Get Rich Quick
It is a rare
entrepreneur who makes a venture pay off rapidly. It takes
time to develop a product or service, test it, market it, and develop and
expand (grow) the market. Entrepreneurs
should not expect immediate rewards of any significant size. It is very typical for a venture to take at
least five years to break even. Therefore, the business plan of the venture
needs to be very clear in terms of financial projections. It takes dollars and time to make dollars.
Myth # 8 Entrepreneurs Are Born, Not Made
Entrepreneurial patterns
and techniques can be learned. Indeed, the many schools of
business around the country that now teach entrepreneurial education have
gotten great results in helping would-be entrepreneurs learn how to build
successful enterprises.
Planning and analysis
are learned behaviors that can be successfully
taught. Writing a solid business plan
is important for an entrepreneurial venture to be successful and
profitable. During the process of
writing a plan, the entrepreneur learns new objective thought patterns, and
ways to systematically analyze each
decision based on how it affects each part of the
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University
Introduction to
Entrepreneurship
(Business 501)
business, such as the
management team, marketing plan, financial strategy, control and operating
procedures, and
potential growth of the business.
Myth # 9 Entrepreneurs Are Unethical Because of their
Desire to Succeed
There have been many
stories in the media about unethical or immoral entrepreneurs who achieved
success by any means. Unfortunately,
their reputations
have given entrepreneurship a bad name.
However, they are the exception, not the rule. Entrepreneurs must be highly ethical and have moral convictions
that parallel those of our society. If
they do not hold these convictions, their actions will be highly criticized and their reputations
tarnished. Most will not survive.
Myth # 10 Entrepreneurs Have No Personal Life
Many people think that
entrepreneurs work long hours and have no family life. Many do.
And many do not. It depends on
the person and the
situation. It has been observed that
entrepreneurs have more control over their time than do their corporate
counterparts.
Conclusion
Many myths that stem
from the early days of business have been formed about entrepreneurs. These myths can be likened to those about the early
gunslingers. Entrepreneurial myths are
just that—myths that are misleading and often scare away potential
entrepreneurs. The stories about
entrepreneurs cause people to think of them as being mysterious and big risk takers. In reality, they are just driven by a
burning need to control their own destinies and bring their dreams to the
marketplace.
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University
Introduction to
Entrepreneurship
(Business 501)
Tax Research
Techniques
(TAX
501)
Name of Course
(Tax XXX)
The State Bar of California has approved the University as
a provider of continuing legal education under Section 9 of the Minimum
Continuing Legal Education Rules and Regulations. California attorneys should refer to information available from
the State Bar of California for requirements and limitations under the law.
Expected Student Learning Outcomes
After completion of this
course you should understand:
·
the critical role of facts in tax research;
·
the elusive nature of tax questions;
·
how to locate and assess appropriate authority; and
· how to effectively
communicate your findings.
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University
Tax Research Techniques
(TAX 501)
Name of Course
(Tax XXX)
This
course focuses on the concepts,
skills and know‑how,
information, attitudes and alternatives that are relevant for start‑up and early‑stage entrepreneurs,
entrepreneurial managers and the relevant stakeholders. For students enrolled in the University’s
Master of Business Administration
Program with a concentration in entrepreneurship/small business management or
the concentration in professional practice management, it is the foundation
course for the entire program.
It is a complex course with
two fundamental objectives. The first is to teach future
entrepreneurs and entrepreneurial managers to use the entrepreneurial
perspective in order to make better decisions, and thereby increase one's odds
for success, and to minimize the odds, and costs, of blunder. The second aim is to introduce you to effective entrepreneurial and
general management practice from the perspectives of the founder, and the vital
stakeholders that can make a substantial difference in the ultimate success or
failure of the entrepreneurial enterprise.
In examining issues and problems of start-ups, the
course will seek to achieve the following objectives:
1. Identify
and determine what entrepreneurs need to know about the critical driving forces
in a new venture success.
2. Identify
how successful entrepreneurs
and investors create, find and differentiate profitable and durable
opportunities from just "other good ideas," and how opportunities
evolve over time.
3. Evaluate
and determine how successful entrepreneurs and investors create and build value
for themselves, and
others.
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University
Introduction to
Entrepreneurship
(Business 501)
Expected Student Learning
Outcomes
4. Identify
and determine the necessary financial and non‑financial resources available for new ventures, identify the criteria they
use to screen and evaluate proposals, their attractiveness and risk, and how to
obtain start‑up
and early growth capital.
5. Determine
the critical tasks to be accomplished, the hurdles to be overcome during start‑up and early growth, and what has to
happen to succeed.
6. Identify
the future consequences of decisions made by entrepreneurs at each point in
time; options that are precluded or preserved; and the nastier minefields and
pitfalls one has to anticipate, prepare for and
respond to.
7. Determine
decisions that can be made to increase the reward to risk ratio at various
stages of the company's development, and thereby change the odds.
8. Determine
what are the important factors outside the control of the founders, and how critical and sensitive
the current context and timing is to all of these above issues.
9. Craft and
prepare a personal entrepreneurial strategy to identify relevant issues,
requirements, and trade‑offs
in gaining "the apprenticeship for entrepreneuring" and pursuing individual goals.
The course will accomplish
these learning objectives through readings from the required text, analysis of
actual cases and fieldwork.
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University
Introduction to
Entrepreneurship
(Business 501)
Required and Optional Materials
(In addition to the publishers addresses and
telephone numbers below, most materials
are also available from online resources.)
Required MaterialsText:
· The text, Tax
Research Techniques (Sixth Edition), by Gardner,
Stewart and Worsham, Jr.; is included with these materials.
· The outline, Legal Research, Writing
& Analysis by
Peter Jan Honigsberg; and
· The University’s Lexis®-Nexis® Manual for the School of Business.
All are included at
no cost with this syllabus.
For all courses, you must also have access to the Internal Revenue
Code and related regulations. (The
complete Code and regulations are available through Lexisâ. For students
preferring a printed copy, Warren, Gorham, & Lamont offers a paperback version.).
Students
must have access to the Internal Revenue Code and related Regulations.
New Venture
Creation - Entrepreneurship For the 21st Century
Fifth Edition-1999
ISBN #
0-256-19756-3
Jeffry A. Timmons
McGraw-Hill Higher
Education
860 Taylor Station
Blacklick, OH
43004-0545
Telephone: (800)
262-4729
www.McGraw-Hill.com
(Note: You should not
re-sell this textbook until you have completed all courses in the Program. Certain assignments from other courses may
utilize this text.)
(Rev. 5/04)
Optional Reading,
Viewing and Listening:
Many students will
find the following materials to be of interest:
Why
Entrepreneurs Fail
First Edition
ISBN #
0-0715-5125-5
James W. Halloran
McGraw-Hill Higher
Education
860 Taylor Station
Blacklick, OH 43004-0545
Telephone: (800)
262-4729
www.McGraw-Hill.com
What
They Don't Teach You At Harvard Business School
Mark H. McCormack
ISBN # 0-553-34583-4
Bantam Books
400 Hahn Road
Westminister, MD
21157
1-800-733-3000
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University
Introduction to Entrepreneurship
(Business 501)
Required and
Optional Materials
Optional Reading,
Viewing and Listening:
The
Neuropsychology of Self-Discipline
Eight Audio
Cassettes, Study Guide, Planner
SyberVision
Systems
(Unfortunately, this publication was out of
print in March, 1997 but may still be found in some bookstores and
libraries. The publisher has indicated
it may or may not be produced in the future.
It has been rated highly by students in the past.)
Growing
A Business
(The Companion
Volume to the PBS Series)
Paul Hawken
ISBN #
0-671-64457-2
Fireside
Simon &
Schuster Publishing
100 Front Street
Riverside, NJ 08075
1-800-223-2336
The
Neuropsychology of Achievement
SyberVision (Audio
Tapes)
(Check local bookstores
or the public library)
-17-
University
Introduction to Entrepreneurship
(Business 501)
Required and
Optional Materials
Optional Reading,
Viewing and Listening:
Inc.
Magazine
Subscription
Service Dept.
P.O. Box 51534
Boulder, CO
80321-1534
(800) 234-0999
(617) 248-8426
How
To Really Start Your Own Business
(2 hour Video
Program)
Inc. Business
Products
P.O. Box 1365
Wilkes-Barre, PA.
18703-1365
(800) 372-0018
Comment: In the opinion of some individuals, Entrepreneur
magazine is not considered to be a reliable source of useful information. The articles rarely contain verifiable
financial information but often refer to "total sales of..." or
"expects to earn ..... this year".
The manuals sold by this organization vary by business opportunity from
poor to occasionally good. Their annual
franchise issue can be helpful in determining what franchise opportunities
exist but the value of their "rankings" can be suspect. The important point, as in any business
opportunity, is don't accept any claim at face value - verify.
-18-
University
Introduction to Entrepreneurship
(Business 501)
University
Tax Research Techniques
(TAX 501)
Learning Resources
Due to the distance learning nature of
the programs, the University does not maintain a library for student use. Most public and college libraries are
available for public use at no charge.
However, in some circumstances, students may incur library charges for
certain services. Upon submission of a
paid receipt and petition form, the University will reimburse students in an
amount not to exceed $25.00 for library charges paid by a student.
All students enrolled in the School of
Business can access the Lexisâ
/Nexisâ
computer research service through the
Internet. YouStudents
are encouraged to take advantage of this valuable research tool. A "Request for
Lexisâ/Nexisâ Manual"
form is included as Exhibit "D" to the Student
Handbook.
-XX-
University
Name of Course
(Tax XXX)
Communications with Other Students
Due primarily to the fact no two
students from the same geographical area are generally working on the same
lesson assignment at the same time, the University has found the attempted formation
of study groups to be of little practical benefit.
However, the University provides an asynchronous Student Lounge on its website for
student use. You are encouraged to
participate with fellow students in discussions related to University degree
programs.
You may also choose to post your
address, telephone number, and/or e-mail address on the website. By so doing, you will have access to similar
information posted by other students.
University
Tax Research Techniques
(TAX 501)
-19-
University
Introduction to
Entrepreneurship
(Business 501)
Communications with the University
The office hours of the University are
9:00 a.m. to 5:00 p.m., Pacific Time, Monday through Friday. You have several options for contacting
faculty or other student services personnel.
Mail
William
Howard University
201
East Sandpointe Avenue, Office 400
Santa
Ana, CA 92707
E-Mail
student_services@u.eduU.edu (The preferred method of communications.)
Fax
(714) 708-2082
Telephone
(714) 850-4800 (Normal School of Business faculty office
hours are 10:00 a.m. to 11:30 a.m. Tuesdays and Thursdays. You may e-mail or FAX at any time.)
(Rev. 5/04)
-XX-
-XX20-
University
Tax Research Techniques
(TAX 501)
Name of Course
(Tax XXX)
University
Introduction to
Entrepreneurship
(Business 501)
How You Will Be Graded for This Course
Following are six ten Lesson
Assignments, a Course Submission Checklist and
Certification Formertificate of Time Expended, and a
Course Evaluation Form. Continuing
education credits will be earned at the time the Lesson AssignmentsQuiz
Answer Sheet areis
received. The course
is deemed completed when you complete the final examination.
The Lesson Assignments are weighted as follows:
Lesson
Assignment # 1 (Interview ) XX20%
Lesson
Assignment # 2 (Timmons
Model Analysis ) XX10%
Lesson
Assignment # 3 (Fenchel
Lamp Shade Case ) XX20%
Lesson
Assignment # 4 (Business
Plan Analysis ) XX20%
Lesson
Assignment # 5 (Biography
of Entrepreneur ) XX20%
Lesson
Assignment # 6 (Personal
Entre. Strategy ) XX10%
Your grade will be influenced by the accuracy of your
research and the quality of your writing.
The extent of research necessary will vary from assignment to
assignment. Your work product should
not simply consist of quoting from the assigned text.
At
the time you submit the Course Submission
Checklist and Certification Form, and
the Course Evaluation Form Quiz
Answer Sheet for
this course, you will generally be notified of yourthe grade for the course within 510 business days.
Accreditation
standards of the Distance Education and Training Council require that adequate
steps be taken by an institution offering a degree program to assure that a
student has personally fulfilled the course requirements stipulated by the
institution. This assurance is
accomplished through a proctored final examination in most subjects, taken at the end of each trimester.
Accreditation standards of the Distance
Education and Training Council require that adequate steps be taken by an
institution offering a degree program to assure that a student has personally
fulfilled the course requirements stipulated by the institution. This assurance is accomplished through a
proctored final examination in each subject taken at the end of each
trimester.
-21-
William
Howard University
Introduction to
Entrepreneurship
(Business
501)
How You Will Be Graded for This Course (Concluded)
At the time you submit the assignments for
this course, you will generally be notified of the tentative grade for the
course within 15 business
University
Name of Course
(Tax XXX)
How You Will Be Graded for
This Course
days. The grade is tentative in that you must pass
the final examination before the grade becomes official and recorded on the
student’s transcript. The final
examination is graded on a credit/no-credit
basis. When you pass the final
examination, the tentative grade previously awarded becomes the final
grade. If you fail the examination, no
credit is awarded.
The
final examination for this course consists of XX50 objective style questions.
Final examination procedures are set forth on page XX29 of this syllabus and in the Student Handbook.
Course Completion Requirements
The course will be deemed completed
only when all the following has been accomplished:
·
●You
have answeredcompleted
the Review Quiz QuestionsXXsix Lesson Assignments
and
the Quiz Answer Sheet (See page 13) has been received by the
University;they
have been received by the University.
·
You have completed the sample case brief and it has
been received by the University;
·
Your
have completed the research assignment and it has been received by the
University;
·
●You
have completed the Course Submission Checklist and Certification Form
and it has been received by the University. (See page XX14233.); and
·
●You
have completed the Course Evaluation Form and it has been received by
the University. (See page 15XX1334.).
●You have taken the course Final
Examination. (See page
XX29.)
(Rev.
5/04)
-XX22-
University
Tax Research Techniques
(TAX 501)
Lesson Assignments
Name of Course
(Tax XXX)
University
Introduction to
Entrepreneurship
(Business 501)
Lesson # 1 Tax Research in Perspective
StudyRead
Chapter 1 of the text and answer Review Quiz Questions 1
through 7. using the answer sheet found on
page 13.
Lesson # 2 The Critical Role of Facts
StudyRead
Chapter 2 of the text and answer Review Quiz Questions
8 through 10. using the answer sheet found on
page 13.
Lesson # 3 The Elusive Nature of Tax Questions
StudyRead
Chapter 3 of the text and answer Review Quiz Questions
11 through 13. using the answer sheet found on
page 13.
Lesson # 4 Identifying and Locating Appropriate
Authority
Study Read Chapter
4 and 5 of the text and answer Review Quiz Questions
14 through 23. using the answer sheet found on
page 13. Read the Lexis®-Nexis®
Manual and
become familiar with Lexis® research techniques.
Lesson # 5 Assessing and Applying Authority
Study Read Chapter
6 of the text and answer Review Quiz Question
24. using the answer sheet found on
page 13.
Lesson # 6 Communicating Tax Research
StudyRead
Chapter 7 of the text and answer Review Quiz Questions
25 through 27. using the answer sheet found on
page 13.
Lesson # 7 Tax Research in the "Closed-Fact" Case: An Example
Study Read Chapter
8 of the text and answer Review Quiz Question
28. using the answer sheet found on
page 13.
University
Tax Research
Techniques
(TAX 501)
Lesson Assignments (Continued)
Lesson # 8 Research Methodology for Tax Planning
Study Chapter 9 of the text and answer
Review Quiz Questions 29 through 30. using the answer sheet found on
page 13.
Lesson # 9 The Case Brief
Following
a style similar to the technique set forth on pages 81-88 of Legal Research,
Writing & Analysis, prepare a brief of the following case:
Cecil Randolph
Hundley, Jr.
48 TC 339 (1967).
This brief must be prepared
with a word processing program using the Times New Roman font, 12 point, single
space, double space between paragraphs.
Each page must be numbered and your last name and student number
included on the upper left hand corner of each page. Using Lexis®,
print a full text copy of this case and attach it to your brief.
University
Tax Research
Techniques
(TAX 501)
Lesson Assignments
(Concluded)
Lesson # 10 A Short Research Assignment
Research the following question utilizing work paper techniques similar
to the example given in Chapter 8 of the Tax
Research Techniques text. (Beginning on page 201.)
Statement of Facts: Hundreds of universities now offer courses
on-line. These courses are generally taught by
adjunct faculty who generally have no contact with the universities aside
from teaching these courses on-line.
Most
frequently, the adjunct faculty teach the on-line courses directly
from their homes, which may be hundreds or thousands of miles away from the
sponsoring university. ByAs of
January 2003, approximately two-thirds of the universities that hired adjunct faculty to
teach on-line courses treated these adjuncts as
employees of the universities, largely out of fear that otherwise the IRS might
one day fine them for faillureure
to withhold taxes from these adjunct faculty.
By June 2004, the tax status had changed so that now a
majority of schools
offer independent contractor status to their on-line adjunct faculty.
Issue: Are on-line
adjunct faculty different
from ground-based adjunct faculty or full-time faculty, and thuswho teach onli
treated ne courses for a univeas rsity “independent
contractors” rather than or “employees”
under the U.S. Tax Code?
Note: You will find case law indicating that traditional
part-time adjunct faculty should be treated as
employees. However, these cases all were
decided before the advent of the Internet. The courts reasoned that a university could
effectively stop a person from teaching if it terminated the adjunct
relationship. However, in an on-line
environment, the adjunct faculty member can simultaneously
teach courses. Thus no
individual university can “shut down” his or her teaching activities.
Your
assignment is to argue that the on-line component makes a difference, and that
the courts should recognize this difference by upholding the
right of adjunct on-line faculty to work as independent contractors if they so
desire. In particular, on-line faculty
can often derive more profit from “working smarter” and not just “working
harder,” e.g., by structuring exams and other grading
exercises in a manner that enables them to reduce the hours required for
grading.
If examining the
case law precedents leads you to conclude that on-line faculty would
nevertheless be treated as employees, then state the reasons for
your conclusions. Please do not prepare
a general research memo, and then leave it up to the reader to decide which way
the cases indicate a court should rule
on this matter.
This assignment must be prepared with
a word processing program using the Times New Roman font, 12 point, single
space, double space between paragraphs.
Each page must be numbered and your last name and student number
included on the upper left hand corner of each page.
If you choose, you may copy selected
code sections per the example on page 213 of the text.
Lesson # 8 Research Methodology for Tax Planning
Read Chapter 9 of the text and answer Review Questions 29 through
30.
William
Howard University
Tax Research Techniques
(TAX 501)
REVIEW
QUIZ QUESTIONS
Note: All
questions must be answered on the Quiz
Answer Sheet contained on page 13x1 of
this syllabus. All questions are
true/false.
1. Implementation
of rules, policy determination, and advancement of knowledge are three distinct
purposes of tax research.
2. The United
States no longer has what purports to be a self-assessment tax system.
3. Most tax
laws and related administrative regulations are necessarily written in specific
rather than general terms.
4. Authority
in tax matters always begins with directions to tax forms from the Internal
Revenue Service.
5. A major
problem in drafting tax communications is that very
often highly technical questions must be phrased in layman's language.
6. United
States tax laws are enacted by Congress to produce federal revenues and to
achieve designated economic and social objectives.
7. The phrase
"tax research" is commonly used to refer to widely divergent
processes.
8. When a tax
adviser is alerted to the possibility that a further investigation of the facts
may lead to a significantly different conclusion in a tax determination, the
tax advisor has no professional obligation to investigate those facts in
sufficient depth to permit a correct determination.
9. The
determination of the fair market value of a property is probably the most
commonly encountered fact question in all of taxation.
10. A
published decision rendered by any court is, at best, a brief synopsis of those
elements of the case deemed to be most important to the judge.
11. Even a
tax adviser with only minimal technical competence can generally state tax
questions in a very refined manner.
William
Howard University
Tax Research Techniques
(TAX 501)
REVIEW
QUIZ QUESTIONS
(Continued)
12. The tax
adviser with an intermediate level of technical competence often can review a situation
and state the pertinent questions in terms of specific statutory authority.
13. In tax
research, a danger inherent in the statement of the question is the tendency to
phrase the question using conclusions rather than elementary facts.
14. According
to the Constitution of the United States, a revenue bill may originate in the
House or Senate and upon passage is sent to the President.
15. Title 26
of the United States Code contains all federal statutes passed by Congress.
16. Treasury regulations may be divided into
regulations that are almost statutory and those that are interpretive.
17. Letter
rulings generally are official replies given by the Internal Revenue Service to
inquiries by field agents.
18. Disputes
with the Internal Revenue Service which are not settled on the administrative
level, can be litigated only by filing with the United States Tax Court.
19. An
acquiescence or an acquiescence in result only means that the IRS will follow
the holding of the court in subsequent circumstances that have the same
material facts.
20. “Memorandum”
decisions of the United States Tax Court can be used as precedent in future
cases.
21. Tax
services are designed to help locate statutory, administrative, and judicial
authority quickly and to give helpful editorial interpretations of those
primary authorities.
William
Howard University
Tax
Research Techniques
(TAX 501)
REVIEW
QUIZ QUESTIONS
(Concluded)
22. No
treatises on taxation can be cited in judicial decisions. Citations must be to the Code or other
judicial decisions.
23. Some tax
newsletters are published daily or weekly and are, therefore, excellent sources
of the most recent developments.
24. While a
dispute between the IRS and the courts is still in progress, taxpayers with similar
questions are unlikely targets for litigation even if they adopt a position
contrary to that pursued by the IRS.
25. Supporting
documents for tax research conclusions, such as excerpts from or references to
specific portions of the Internal Revenue Code, Treasury regulations or court
decisions, should not generally be
placed in the files since they can be copied at a later date if necessary.
26. Documents prepared by a CPA or Enrolled Agent
relating to a tax issue in the possession of a CPA or Enrolled Agent are always
privileged communications and the Internal Revenue Service has no right to
demand the documents be produced for inspection.
27. Formal
written protest letters are required in all partnership and S corporation cases
without regard to the dollar amount at issue.
28. The
preparation of a well organized working paper file cannot be overemphasized
because it proves that research efforts have been thorough, are logically
correct, and are adequately documented.
29. Structuring
a problem in the form of a "tree diagram" can be useful in tax
research.
30. Reaching
an optimal conclusion in a tax-planning engagement is always the final
objective.
William
Howard University
Tax Research Techniques
(TAX 501)
QUIZ ANSWER SHEET
Instructions:
With a black or blue pen, circle "T" if the answer is true or
"F" if the answer is false.
Tear this Answer Sheet from
the syllabus and return it to the University with your
answers to Lesson Assignments 9 and 10, the
completed Course
Submission Checklist and Certification Form on
page 1x214 and
the Course Evaluation Form on page 1x315.
1. T
F 11. T F 21.
T F
2. T
F 12. T F 22.
T F
3.
T F 13. T F 23. T
F
4. T
F 14. T F 24.
T F
5. T
F 15. T F 25.
T F
6. T
F 16. T F 26.
T F
7.
T F 17. T F 27. T
F
8. T
F 18. T F 28.
T F
9. T
F 19. T F 29.
T F
10. T F 20.
T F 30. T F
Student Name: _______________________________ Date: _____________
Student Number: ____________
CPA License Number: ____________
State Bar Number: ___________
Note to Student:
The course is deemed completed on the date this Answer Sheet, the Course Submission Checklist and Certification Form, and
the Course Evaluation Form are
received by the University. Assignments
may be submitted via "FAX" transmission consistent with the
instructions in the Student Handbook.
Lesson
Assignment # 1 Visit
with an Entrepreneur (Start-Up
Venture)
Read
Chapter 1 of the text.
Complete the exercise beginning on page 18 of
the text. You should carefully review
the recommended steps and questions set forth on page 19 of the text.
In addition to the
instructions contained in the text, you must follow
the instructions set forth below:
●This
interview is to be with an individual who started a business from scratch or
who purchased an existing business.
●Summarize
in a writing approximating 1,500 words the responses to the questions set forth
in the text and any other relevant information obtained from the interviewee.
●You
do not need to choose a
firm with sales in excess of $5,000,000 as stated in the text.
●The
specific name of the business or individual interviewed may, but does not need
to be disclosed in your report.
However, you must include sufficient background information for your
grader to have an understanding of the background of the business and
interviewee.
●It
is recommended, but not required,
you interview an individual with a background similar to yourself. Almost all successful entrepreneurs have,
consciously or unconsciously, gained confidence through identifying with role
models.
This paper must be prepared with a word
processing program using the Times New Roman font, 12 point, single space,
double space between paragraphs. Each
page must be numbered and your last name and student number included on the
upper left hand corner of each page.
This assignment is to be
submitted at the conclusion of the course with the other lesson assignments.
-XX23-
University
Name of
Course
(Tax XXX)
William
Howard University
Introduction
to Entrepreneurship
(Business
501)
Lesson
Assignment # 2
Read
Chapter X2 of the
text.
The Timmons Model
is at the heart of spotting and building the higher potential venture. Many believe understanding its three driving
forces: opportunity, the team, and
resources combined with the concept of fit and balance is crucial. Prepare an analysis of the Timmons
Model. Your
paper should be approximately 750 words.
In your analysis, you may include examples of
companies you know of or are currently in the news. You may comment on where the company or companies are at this
stage of their development. You may include
a chart similar to Exhibit 2.11 in the text.
This paper must be prepared with a word
processing program using the Times New Roman font, 12 point, single space,
double space between paragraphs. Each
page must be numbered and your last name and student number included on the
upper left hand corner of each page.
This assignment is to be
submitted at the conclusion of the course with the other lesson assignments.
-XX24-
University
Name of
Course
(Tax XXX)
William
Howard University
Introduction
to Entrepreneurship
(Business
501)
Lesson
Assignment # 3
Read
Chapters X3
through X7 of the
text.
Analyze the Fenchel
Lamp Shade Company case beginning on
page 252 of the text. Assume the
purchase will take place this year and all data presented relates to this time
period. This analysis should set forth
your opinion and rational on the following subjects:
●What
do you believe Fenchel
could look like in one year under the new ownership? Two years? Five years?
Are the projections reasonable?
●If
you were the loan officer at a financial institution would you lend the money
required under the terms proposed? Why
or why not?
●Based
on the information provided, should Michele and Steve Rogers buy the company?
●Would you want to own and operate this
type of business?
●Do
you see risk factors not disclosed in the case materials?
●Based
on the information provided, do you believe the projected purchase price is
reasonable?
●What
other information would you need to make an informed decision on the value and
potential of the company?
The analysis must be prepared with a word
processing program using the Times New Roman font, 12 point, single space,
double space between paragraphs. Each
page must be numbered and your last name and student number included on the
upper left hand corner of each page.
This assignment is to be
submitted at the conclusion of the course with the other lesson assignments.
-XX25-
University
Name of
Course
(Tax XXX)
William
Howard University
Introduction
to Entrepreneurship
(Business
501)
Lesson
Assignment # 4
Read
Chapters X 8
through XX11 of the
text.
Included in the materials labeled Introduction
to Entrepreneurship (Supporting
Materials) is a business plan for Gold Cup Bowling
Centers. (Exhibit “A”)
Your assignment is to prepare an objective
analysis of this business plan.
Through
outside research, become familiar with the bowling industry as it stands
today. Visit a bowling center and
become familiar with their operations.
What hours are they open? How
many lanes are available? What
ancillary services are available? A
bar? Electronic games? Billiards? Supervised child care?
Based
on independent research, what is the present growth rate of the bowling
industry. Is this consistent with the
information contained in the business plan? (Nexis®
news articles and other internet sources should be helpful.) Who are the major companies in the bowling
industry?
After
reading the complete business plan discuss what you find attractive about the
business plan and what concerns are raised.
What additional information would you need to receive in order to arrive
at an informed decision? Does the
information you obtained from visiting bowling centers seem consistent with the
representations in the business plan?
Your analysis should generally be between 750
and 1,000 words.
The analysis must be prepared with a word
processing program using the Times New Roman font, 12 point, single space,
double space between paragraphs. Each
page must be numbered and your last name and student number included on the
upper left hand corner of each page.
This assignment is to be
submitted at the conclusion of the course with the other lesson assignments.
-XX-
-xx-
University
Name of
Course
(Tax XXX)
-26-
William
Howard University
Introduction
to Entrepreneurship
(Business
501)
Lesson
Assignment # 5
Read
Chapters XX12
through XX17 of the
text.
Select a biography or autobiography of a
successful entrepreneur. The subject
may be either a historical or contemporary person. You may select a book describing the history of a company that is
not a biography or autobiography in the traditional sense. However, the company must be a company that
is identified with a particular founder.
Your
subject person does not need to be famous.
There are hundreds of biographies of entrepreneurs in print. Some of the lesser known entrepreneurs have
been the subjects of excellent reports.
(Amazon.com is a good source for potential subjects.)
You may use all relevant publications as
source material including other biographies or autobiographies. (If your subject is a contemporary person,
the Nexis® news files can
often be helpful.)
Prepare a report on the individual of not less
than 500 words. The report should not
be in the form of a “book report.” You
should describe what attributes or circumstances made this individual
successful. Why
did he or she succeed? (Do not comment on irrelevant facts. Except to the extent it may impact on why
the individual is successful, your grader doesn’t care if the subject played
second base on his Little League team or was a cheerleader in high school.)
The report must be prepared with a word
processing program using the Times New Roman font, 12 point, single space,
double space between paragraphs. Each
page must be numbered and your last name and student number included on the
upper left hand corner of each page.
This assignment is to be
submitted at the conclusion of the course with the other lesson assignments.
-XX-
-xx-
University
Name of
Course
(Tax XXX)
-27-
William
Howard University
Introduction
to Entrepreneurship
(Business
501)
Lesson
Assignment # 6
Read
Chapter xx18 of the
text.
Included in the materials labeled Introduction
to Entrepreneurship (Supporting
Materials) is an exercise in Personal Entrepreneurial
Strategy. (Exhibit “B”)
The
exercise will help you in gathering data, both from yourself and from others,
in evaluating the data you have collected, and in crafting a personal
entrepreneurial strategy.
The
exercise requires active participation on your part. The estimated time to complete the entire exercise is 1.5 to 3.0
hours. Those who have completed the
exercise-students, practicing entrepreneurs, and others-report that the
self-assessment process was most worthwhile.
They hasten to add that completing the exercise was also a most
demanding task. Issues addressed will
require a great deal of thought, and there are, of course, no right answers.
Although
this is a self-assessment exercise, it is useful to receive feedback. Whether you choose to solicit feedback is
your decision. And how much, if any, of
the data you have collected you choose to share with others is also your
decision. Of course, the exercise will
be of value only to the extent that you are honest and realistic in your
approach.
And,
again, a complex set of factors clearly goes into making someone a successful
entrepreneur. No individual has all of
the personal qualities, managerial skills, and the like, indicated in the
exercise. And, even if an individual
did possess most of these, his or her values, preferences, and such, may make
him or her a very poor risk to succeed as an entrepreneur. It is worth
repeating that the presence or absence of any single factor does not guarantee
success or failure as an entrepreneur.
Before proceeding, remember, "It is no
embarrassment to reach for the stars and fail to reach them. It is a failure not to reach for the
stars."
Submit the Personal
Entrepreneurial Strategy forms. Note that it will be necessary to complete a
portion of the Idea Generation
Guide commencing on page 109 of the text. Summarize your Self-Assessment in not more
than 1,000 words.
The report must be prepared with a word
processing program using the Times New Roman font, size 12, single space,
double space between paragraphs. Each
page must be numbered and your last name and student number included on the
upper left hand corner of each page.
This assignment is to be
submitted at the conclusion of the course with the other lesson assignments.
-XX-
University
Name of
Course
(Tax XXX)
-28-
William
Howard University
Introduction
to Entrepreneurship
(Business
501)
Final Examination
Procedures
1. Timing
The final exam should be scheduled when you
have completed all the course work for your current trimester.
Examinations are structured so you may take
all the examinations for a trimester on the same day with the same
proctor. Unless you have obtained an
approved request for an extension of time, all final examinations must be
completed within 45 days of the submission of the coursework for the last
course in a trimester.
2. Proctors
All final examinations must be proctored. There is no exception to this rule. You have the following three options with
respect to proctors:
a. You
may take the final examinations in the offices of the University in Orange
County, California. Under this option,
the University will supply the proctor at no cost to you. Normal testing hours are 9:30 a.m. to 4:00
p.m., Monday through Friday.
b. The
University is a member of the Consortium
of College Testing Centers (CCTC). The CCTC is a group of college and
university testing centers throughout the United States that has come together
to support distance learning. In April,
2001, there were 197 member institutions representing 43 states. CCTC’s website address is
http://testing.byu.edu/NCTA/Consortium/ find.asp. Students are responsible for any proctor fees incurred in
connection with this alternative.
-29-
William
Howard University
Introduction
to Entrepreneurship
(Business
501)
Final Examination
Procedures (Continued)
2. Proctors
(Continued)
c. If
you reside or are employed more than one hour’s drive from the University or a
CCTC testing site, you may nominate a proctor to administer the
examinations. If you do not meet this
criterion but nevertheless want to
-XX-
University
Name of Course
(Tax XXX)
Final
Examination Procedures (Continued)
nominate your proctor, you must petition the
Director of Student Services specifically detailing how utilizing alternatives
(a) or (b) above would constitute an unreasonable burden.
The
nominated proctor must be a responsible individual who has no direct personal
involvement with you. He or she must be
at least 21 years of age, speak English, be of good moral character, legally
competent, not reside at the same address as you, not be an employee of yours,
and not be related to you by blood or marriage. Current or prior University School of Business students may
not be proctors.
Examples of individuals who have been found to
qualify as proctors include Directors of Personnel, Directors of Education,
librarians, counselors, independent CPA’s, attorneys, and high school/college
testing coordinators. Nominated
proctors must be willing to execute, under penalty of perjury, a notarized
certification that the examinations were given consistent with the written
instructions provided to the proctor.
If you choose to nominate a proctor, you
should petition the University at least 60 days before the first
examination. The petition must describe
your relationship to the nominated proctor and the qualifications of the
nominated proctor. The University, in
its sole discretion, may approve or disapprove nominated proctors. You would be responsible for any proctor
fees incurred in connection with this alternative.
-30-
William
Howard University
Introduction
to Entrepreneurship
(Business
501)
Final Examination
Procedures (Continued)
3. Request for Final Examination
It is recommended you submit the Request for Final
Examinations form (included as Exhibit "C" to the Student Handbook) at
least two
months before the first examination date. It must be received by the
University at
least one month prior to the proposed
examination date. The examinations will
be sent to the proctor (if applicable) approximately 10 days before the
examination date.
-XX-
University
Name of
Course
(Tax XXX)
Final
Examination Procedures
(Continued)
4. Content
The final examination for this course will
consist of 50 objective questions. You
will have two hours to complete the exam.
5. Failure to Take Final
Examination
If you fail to take any scheduled final
examination or fail to take final examinations during the final examination
period you will receive an Administrative Dismissal for
that course unless you have:
a.
petitioned the Records Office to withdraw from the course without
prejudice and such petition was submitted prior to the first day of the 12th
month of the academic year, or
b.
petitioned the Director of Student Services for an incomplete or for a
make-up examination and such petition
has been approved.
-31-
William
Howard University
Introduction
to Entrepreneurship
(Business
501)
Final Examination
Procedures (Continued)
6. Make-Up Examinations
Eligibility. No make-up examination is permitted unless
you have a justifiable reason for failing or missing the regularly scheduled
examination.
Procedure. A make-up examination will be scheduled only
upon approval of a petition. Such
petition must establish your eligibility and the reason for your inability to
take the regularly scheduled final examination and must be heavily justified
and documented (e.g., physician's
written opinion of your state of health at that time.) The deadline for make-up examination
petitions is 5 business days after the missed examination date or 5 business
days after receipt of your grade report, which ever comes first.
Fees. There will be a fee of $75.00 for each
make-up examination payable upon scheduling of the make-up exam.
-XX-
University
Name of
Course
(Tax XXX)
Final
Examination Procedures Concluded)
Failure
To Take Make-Up Examinations. Such
failure will result in an automatic “F” for the course involved.
7. Final
Examination Rules
Final examination rules are set forth in the Student
Handbook.
8. Students With
Disabilities
If you have any disabilities which require
special attention you must notify the University
well in advance of the final examination
period and petition for special arrangements.
-XX-
-xx32-
University
Name of CourseTax
Research TechniquesIntroduction to
Entrepreneurship
(Business XXXTAX
501501)
Course Submission Checklist and Certification Form
(Important: This form must
be submitted with
your completed Lesson AssignmentsQuiz Answer Sheet and the Course
Evaluation Form set
forth on pages 34 13 and
15 of
this syllabus.)
Enclosed for faculty review are the
following Lesson Assignmentsis mythe Quiz Answer Sheet and my answers to Lesson
Assignments 9 and 10..:
Lesson
Assignment # 1 (Interview ) ____
Lesson
Assignment # 2 (Timmons
Model Analysis ) ____
Lesson
Assignment # 3 (Fenchel
Lamp Shade Case ) ____
Lesson
Assignment # 4 (Business
Plan Analysis ) ____
Lesson
Assignment # 5 (Biography
of Entrepreneur ) ____
Lesson
Assignment # 6 ( Personal Entre.
Strategy ) ____
_____
__________________________________________________________
I certify under penalty of perjury that the
completed Lesson AssignmentsQuiz
Answer Sheet and
assignments returned
to the University areis the product of my efforts.
Signature of Student: _____________________________________________
Student I.D. Number: __________
Date:
________________
I declare that I am the person who executed the
foregoing Course Submission Checklist and Certification Form, which execution is my act and deed.
Signature of Student:
_____________________________________________
-XX33-
University
Tax
Research Techniques
(TAX 501)
Name of CourseIntroduction to Entrepreneurship
(TaxBusiness XXX501)
Course Evaluation Form
(Page 1 of 3)
Instructions:
This form must
be completed by all students and
returned to the School of Business with the Course
Submission Checklist and Certification Formertificate
of Time Expended. This information is extremely important in
assisting the School in assessing the quality of the course materials,
evaluating services to students, and ascertaining the degree to which stated
learning outcomes have been achieved.
Please circle
only one response for each item.
Indicate as accurately as possible your opinion by responding to each
statement on a scale of from five to one.
Five means you “Strongly Agree” and one means you “Strongly
Disagree.” If you feel the statement is
not applicable, or you are not able to give a knowledgeable response, circle
N/A.
This form
will only be reviewed after your grade has been issued. Accordingly, it cannot affect your grade for
the course. The School thanks you for
your assistance.
Course
Design and Materials
1. The course
syllabus was excellent.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
2. The text, NEnter Name of Textew Venture Creation –
Entrepreneurship For the 21st Century Tax Research Techniques (XX6th5th Edition) was appropriate for this course and contributed to
my understanding of the subject.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
3. The outline, Legal
Research, Writing & Analysis, was
appropriate for this course and contributed to my understanding of the subject.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
43. The course
appears to have been carefully planned.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
54. Expected
student learning outcomes have been expressed clearly in the syllabus.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
65. In my case,
the stated student learning outcomes have been achieved.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
76. The
assignments are clear and cover material or skills emphasized in the course.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
87. Many of the
materials presented in the readings and the assignments were new to me.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
98. This course
provided me with an effective range of challenges.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
109. The methods
being used for evaluating my work (submitted assignments) are reasonable.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
(Rev.
5/04)
-XX34-
University
Introduction
to Entrepreneurship
Tax Research Techniques
(TAX 501)
(Business 501) Name of Course
(Tax XXX)
Course Evaluation Form
(Page 2 of 3)
Student
Services
1. I received
the course materials in a timely manner.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
2. Financial
transactions (credit card charges, deposit of postdated checks) were handled by
the School in a proper manner.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
3. My
contacts with administrative personnel have been positive.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
4. I found
the School’s website communication alternatives to be useful. (E-mail, The
Student Lounge.)
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
5. I found
the Lexisâ/Nexisâ
research service useful.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
6. The Student
Handbook
provides me with a clear understanding of School policies, systems, and
procedures.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
Personal Efforts
1. I have put
much effort into this course.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
2. I
communicated with other students about some course topics.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
3. I found
communications with other students to be useful.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
4. I
discussed some of the course assignments with colleagues.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
5. I am
satisfied with my accomplishments in this course.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
6. I estimate I devoted approximately ____
hours to the completion of this course.
-XX35-
University
Tax Research Techniques
(TAX 501)
Name of Course
(Tax
XXX)
Introduction to Entrepreneurship
(Business 501)
Course Evaluation Form
(Page 3 of 3)
Overall Impression of the
Course
1. The stated
goals of the course were consistently pursued in the assigned coursework.
Strongly Agree 5
4 3 2 1 Strongly Disagree N/A
2. This
course has provided me with an effective range of challenges.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
3. I consider
myself to be a better
tax
consultantbusinessperson as a
result of this course.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
4. The course
has contributed significantly to my professional growth.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
5. I would
recommend the course to other individuals with similar goals.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
6. The
directed independent study methods utilized by the School are effective for me.
Strongly
Agree 5 4 3 2
1 Strongly Disagree N/A
Please
write on a separate sheet any changes you would make and any other comments you
may have on the course.
____________________ _____________________ ________ ___________
Printed Name Signature Student # Date
This
evaluation must be
returned with the
Lesson Assignments and
the
Course Submission Checklist and/ Certification Form
to the
Records Office.
-XX36-
IName of Coursntroduction
to Entrepreneurshipe
(Tax XXXBusiness
501)
Copyright,
1991, 1994, 1995,
1997, 1999, 2001, 200219XX
American
Education Foundation, Inc.
All
rights Reserved. No part of this
publication may be reproduced or transmitted in any form or by any means,
electronic or mechanical, including photocopy, recording, or any information
storage and retrieval system, without permission in writing from the copyright
holder.
-i-
IName of Coursentroduction
to Entrepreneurship
(Tax XXXBusiness
501)
University
Name of
Course
(Tax XXX)
Introduction
to Entrepreneurship
(Business 501)
Table of Contents
Introduction X1
Expected Student Learning
Outcomes X14
Required and Optional
Materials X16
Learning Resources X19
Communications with Other
Students X19
Communications with the
University 20X
How You Will Be Graded
for this Course 21X
Course Completion
Requirements 22X
Lesson Assignment #
1 (Visit
with an Entrepreneur ) 23X
Lesson Assignment #
2 (Timmons
Model Analysis ) 24X
Lesson Assignment #
3 (Fenchel
Lamp Shade Company Case ) 25X
Lesson Assignment #
4 (Gold
Cup Bowling Centers Business Plan ) 26X
Lesson Assignment #
5 ( Biography of an
Entrepreneur) X27
Lesson Assignment #
6 ( Personal
Entrepreneurial Strategy ) 28X
Final
Examination Procedures 29X
Course
Submission Checklist and Certification Form 33X
Course
Evaluation Form 34X
-ii-
|
|
MICHAEL
A. S. GUTH, Ph.D., J.D.
|
Financial Economics Homepage ||
Attorney at Law
Homepage