BARUCH COLLEGE - zicklin : school of business - CUNY

BARUCH COLLEGE
OF
THE CITY UNIVERSITY OF NEW YORK
PROPOSAL TO ESTABLISH A PROGRAM IN ENTREPRENEURSHIP
LEADING TO THE
MASTER OF SCIENCE DEGREE
Effective FALL 2009
SPONSORED BY THE DEPARTMENT OF MANAGEMENT
ZICKLIN SCHOOL OF BUSINESS
APPROVED BY
BARUCH COLLEGE GOVERANCE
Department of Management, Letter of Intent, March 28, 2008
Zicklin Graduate Curriculum Committee, Letter of Intent, April 2, 2008
Zicklin Faculty, Letter of Intent, April 17, 2008
Baruch College President and Provost, Letter of Intent, September 29, 2008
CUNY, Letter of Intent, November 10, 2008
Department of Management, Proposal, March 28, 2008
College Representative:
Contact:
Dr. Edward Rogoff, Chair, Department of Management
Dr. Ramona Heck, Department of Management
Telephone: 646-312-3649
Fax: 646-312-3620
Email:
Ramona.Heck@baruch.cuny.edu
Provost Signature: ___________________________________________________
1

BARUCH COLLEGE
CITY UNIVERSITY OF NEW YORK
PROPOSAL TO ESTABLISH A PROGRAM IN ENTREPRENEURSHIP
LEADING TO THE
MASTER OF SCIENCE DEGREE
TABLE OF CONTENTS
TITLE PAGE...................................................................................................................................................1
TABLE OF CONTENTS ................................................................................................................................2
ABSTRACT ....................................................................................................................................................3
PURPOSE AND GOALS................................................................................................................................4
NEED AND JUSTIFICATION.......................................................................................................................6
STUDENTS.....................................................................................................................................................8
A. Interest/Demand..................................................................................................................................9
B. Enrollment Projections .....................................................................................................................12
C. Admission Requirements..................................................................................................................13
CURRICULUM ............................................................................................................................................13
COST ASSESMENT.....................................................................................................................................17
A. Faculty ..............................................................................................................................................17
B. Facilities and Equipment ..................................................................................................................20
C. Library and Instructional Materials....................................................................................................20
D. Budget ...............................................................................................................................................20
EVALUATION .............................................................................................................................................23
APPENDICES
APPENDIX A: LIST OF MS IN ENTREPRENEURSHIP PROGRAMS IN U.S. .....................................27
APPENDIX B: COURSE DESCRIPTIONS FOR REQUIRED COURSES ...............................................36
APPENDIX C: PROGRAM REQUIREMENTS (SED Format) .................................................................43
APPENDIX D: SAMPLE PROGRAM SCHEDULING (SED Format) .....................................................47
APPENDIX E: FACULTY TEACHING ASSIGNMENTS (SED Format) ................................................50
APPENDIX F: PROJECTED EXPENDITURES (SED Form) ...................................................................57
APPENDIX G: PROJECTED REVENUE (SED Form) .............................................................................59
APPENDIX H: PROJECTED CAPITAL EXPENDITURE (SED Form) ...................................................61
APPENDIX I: FACULTY CURRICULA VITAE.......................................................................................63
APPENDIX J: LETTERS OF SUPPORT ....................................................................................................78
APPENDIX K: EVALUATION REPORTS ................................................................................................84
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BARUCH COLLEGE
CITY UNIVERSITY OF NEW YORK
PROPOSAL TO ESTABLISH A PROGRAM IN ENTREPRENEURSHIP
LEADING TO THE
MASTER OF SCIENCE DEGREE
ABSTRACT
Baruch College proposes to offer a new degree program: Master of Science (MS) in Entrepreneurship. A vital
aspect of our economy engages Entrepreneurship which offers numerous business opportunities as well as income
and wealth for diverse groups within our population, especially in the New York City metropolitan area. This
proposed MS in Entrepreneurship, relative to the city market’s potential, can place Baruch College as a major player
for new Entrepreneurship students and builds upon, yet augments, our existing MBA and BBA, with existing faculty
and resources. Research suggests that about one third of the population consists of “nascent” entrepreneurs and 10
percent currently own businesses. Both nascent and current entrepreneurs desire and need advanced education and
could be better served with this proposed MS degree which is appropriate given its shorter duration and lower costs.
Students will engage in a concentrated program designed to meet the needs of those who have backgrounds in
entrepreneurial ventures, are part of family businesses, or are interested in starting their own businesses. The
program is interdisciplinary and offers courses in management, human resources management, marketing, finance,
and law as well as offers students: internship opportunities; assistance with business start-ups, access to the Baruch
College Entrepreneurship Competition (BCEC); student clubs; and other related programs/networks. The
curriculum will prepare students with the technical training, skills and encouragement to become entrepreneurs in
their own right. Whatever business or industry they choose to pursue, graduates of the program will be excellently
situated to begin successful careers and/or new and regenerated ventures in the Entrepreneurship arena.
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PURPOSE AND GOALS
Baruch College proposes to offer a new degree program: Master of Science (MS) in Entrepreneurship. Increasing
numbers of institutions and business scholars around the world are turning their attention to the study of
Entrepreneurship. In addition, Entrepreneurship is increasingly recognized by business schools internationally as
one of the most dynamic, important, and widely applicable segments of business education. Moreover,
Entrepreneurship permeates our economy and accounts for a majority of our national Gross Domestic Product and
the wealth in the US. Entrepreneurship is a major aspect of our economy that offers many business opportunities as
well as income and wealth accumulation for diverse groups within our population, especially in the greater New
York City metropolitan area. However, graduate level training of technical and managerial skills in
Entrepreneurship can be obtained only by those who can afford the high tuition fees associated with an MBA in
Entrepreneurship as currently offered at Baruch College and other local institutions. In addition, there is no public
or private institution of higher education in the New York area that offers entrepreneurship-specific education in the
form of an MS in Entrepreneurship.
Since its launch in 1993, the Lawrence N. Field Center for Entrepreneurship at Baruch College has been one of the
great successes of the City University of New York (CUNY) system. What began with just one course and one
faculty member has grown into a full-fledged program with seven tenure-track and tenured faculty
members/positions, including three endowed chairs. In 2008, the Lawrence N. Field Center for Entrepreneurship
have become an endowed Program -- the Lawrence N. Field Programs in Entrepreneurship -- that conducts research,
offers undergraduate and graduate curriculum including BBA and MBA degrees, and also serves more than 1,000
small business clients annually. First, we engage in a wide-ranging research and publication agenda; our minority
entrepreneurship research is unique within the Entrepreneurship field of study and has gained national prominence
and recognition. We have recently received the 2008 Award for Exceptional Contribution to Entrepreneurship
Research from the Global Consortium for Entrepreneurship Centers. Second, with almost 500 enrolled students in
undergraduate and graduate majors, the Lawrence N. Field Programs in Entrepreneurship have also recently
received national recognition via a joint survey by Entrepreneur magazine and The Princeton Review ranked Baruch
College 18 th among undergraduate entrepreneurial colleges in the nation in 2006. In 2008, our graduate academic
program has been ranked within the top 25 programs by this same ranking survey. And third, we offer an array of
counseling/consulting and training services via the Lawrence N. Field Center (now part of the overall Field
Programs) which includes our highly ranked and award winning SBDC, along with a strong local networking
environment. Local, regional and national conferences, workshops, trainings, and lectures are regularly offered.
From its beginnings to now, the Lawrence N. Field Programs in Entrepreneurship has been making great strides in
establishing itself as a national and international leader in the study of Entrepreneurship. The Zicklin School of
Business has recruited several outstanding Entrepreneurship professors and the Lawrence N. Field Programs in
Entrepreneurship are internationally-renowned recognized for their excellence in this area. Baruch College’s
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Entrepreneurship programs are unique within CUNY, positioning Baruch College at the forefront of this growing
and vibrant field of study.
We envision this new MS in Entrepreneurship augmenting effectively our current MBA in
Management/Entrepreneurship and Small Business Management. In fact, all the required course choices within its
proposed major are being currently taught within our existing MBA, either as a required course or as electives.
Some students simply prefer the MBA degree due to its higher status in the marketplace and their desire to complete
a graduate degree with greater breadth. In contrast, this proposed MS in Entrepreneurship consists of 10 courses (5
required and 5 electives) or 30 credits (15 required and 15 elective) as opposed to the 57 credits for our MBA. Thus,
we do not expect any significant shift of current MBA students to the new offering.
This MS in Entrepreneurship is similar to the other seven MS degree programs at Baruch College, for example, the
MS in Marketing and the MS in Real Estate. MS programs are designed for students who seek a concentrated focus
on a particular subject area and in this case Entrepreneurship. Overall, this new proposed MS in Entrepreneurship
will increase our course enrollments with both MBA and MS students in the same classroom when appropriate and
as experienced by other MS programs in Marketing and Real Estate. This proposed MS moves us forward in our
graduate programming per our recent external review of the Entrepreneurship program here at Baruch College.
Finally, we believe that this proposed MS in Entrepreneurship, in the context of the New York City market’s
potential, can place Baruch College as a major player for new Entrepreneurship students.
The training offered by the MS in Entrepreneurship program will enable graduates to develop the skills needed to
build and sustain successful careers in Entrepreneurship--an important outcome for the New York metropolitan
region’s economy. This program will provide students with advanced core skills in Entrepreneurship as well as the
required training in the management, operation, growth and continuation of entrepreneurial firms. We will
demonstrate in the next section that student demand for the MS in Entrepreneurship is very high, especially in the
greater New York area, because there is currently no existing MS in Entrepreneurship degree offered by any public
or private institutions of higher education. Therefore, there are currently no skill-focused programs for those
interested in developing concentrated knowledge in the area of entrepreneurship through participation in a shorter,
less costly program. The establishment of such a program at Baruch College can further advance our ties with
leaders in the entrepreneurial business community in New York and around the nation. Moreover, members of these
business communities have been consulted in the development of this program proposal and have expressed great
enthusiasm and support for this proposed program. See Appendix J for a list of supporters and their supporting
letters and Appendix H for the evaluation by an external academic reviewer.
Given the expertise and professionalism of Baruch College’s current faculty members, the interest of the student
population in the proposed degree program, the support of the industry and of the Lawrence N. Field Programs in
Entrepreneurship -- established by CUNY at Baruch College to offer Entrepreneurship programs and promote policy
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debates in the New York area--and the current scarcity of graduate-level Entrepreneurship programs in the nation
that are both affordable and academically strong, Baruch College’s MS in Entrepreneurship program is in the
position to rise to national recognition. The MS in Entrepreneurship is well-suited to Baruch College’s mission, to
the College’s potential student population, to its stakeholders, and to its resources to develop and maintain a
nationally-ranked program that both provides for an identifiable population and brings further recognition to the
institution.
NEED AND JUSTIFICATION
Demand for students with an MS degree in Entrepreneurship originates from all industries. Startups now require
advanced knowledge in many subject matter areas as well as technical product knowledge. The changing nature of
the economy demands more sophisticated analyses and the ability to work with people in the financial and
investment sectors (such as investment banks, mortgage securities brokers, and investment trusts) as well as a
variety of venture capitalists. Successful candidates looking to pursue cutting-edge business ventures in these
current conditions must develop (or at least understand) a cadre of expertise including finance, marketing, and
management, to name a few. Even traditional avenues in the Entrepreneurship sector (such as dot.coms, consulting,
and buying and regenerating an existing business) have evolved and now require founders/owners to employ
sophisticated analytical tools in their daily activities.
To substantiate this need, we gathered information on similar MS programs currently offered within the US, paying
particular attention to universities and colleges in New York City and the greater region. Our first finding is that
currently, there is no public or private institution of higher education in the New York area that offers
entrepreneurship-specific education in the form of an MS in Entrepreneurship.
Nationwide, we surveyed six universities that offer high-quality MS in Entrepreneurship programs: University of
Florida; Southern Methodist University – Cox; University of South Florida; Western Carolina University;
Northeastern University; and University of Texas at Dallas. For each university, we gathered information on the
program title, length of program, enrollment, tuition, program design, courses offered, and the school or college
within that particular university that offers this Masters program. We first searched the website of each university
for basic information about its Entrepreneurship program. When there were deficiencies, we attempted to search
further via the department, faculty members or student websites for additional information. The general information
on these programs is summarized in Table A-1 of Appendix A. More specific information on each program’s design
and courses offered is summarized in Tables A-2 and A-3 of Appendix A.
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The comparative information reported in Table A-1 clearly shows that the demand for Entrepreneurship education at
the MS level is strong. In the New York area and the surrounding states, Baruch College’s new MS in
Entrepreneurship will be a unique offering although Northeastern University does have a one-year program but
enrollment figures could not be obtained. The MS in Entrepreneurship programs at University of Florida and SMU
by their respective schools of business, have healthy enrollment levels with similar course credit levels.
Regionally, the Lawrence N. Field Programs in Entrepreneurship have many local contacts among academics and
local business enterprise and both suggest that there is great industry demand for an MS program in
Entrepreneurship. At this moment, professional entrepreneurial opportunities often draw on graduates from basic
finance, marketing, and management programs to create, manage and grow ventures that could be better handled by
graduates trained in skills technically and subject matter-specific to the field of Entrepreneurship. Several industry
supporters and other academics have encouraged Baruch College to establish an MS in Entrepreneurship degree
because currently they see a void in the economy and marketplace for graduates with an academic Entrepreneurship
background. These supporting letters are included in Appendices J and K.
Currently, MS in Entrepreneurship training in the New York area is nonexistent and in the Northeast area is limited.
Nationally, these programs are available only to those who are able to pay high tuition fees, such as University of
Florida and SMU-Cox (see Table A-1). Clearly, high quality Entrepreneurship education in the form of an MS
graduate level is not available to the general public in the greater New York area. Baruch College has the ability to
meet the needs of these New York residents by developing an MS program in Entrepreneurship. Importantly, the
College can expect to benefit from this new MS program which will strengthen the College’s ties with the regional
Entrepreneurship community.
Primarily, students who complete the MS in Entrepreneurship will possess all the skills and knowledge necessary to
start and grow a business. Many are anticipated to already own a business or have a specific start-up idea. For still
other students, there are entry-level management positions in Entrepreneurship, a rapidly growing field. The MS in
Entrepreneurship delivers not only core business skills, but also emphasizes knowledge that is specific to the
entrepreneur. This combination offers students numerous business opportunities for their own self-made
employment and careers. Secondarily, the strong core business training and specific Entrepreneurship knowledge
will equip graduates for many varied and lucrative positions: entrepreneurship development firms, appraisal and
consulting firms, accounting firms, insurance companies, pension funds, banks and financial institutions, investment
banks, entrepreneurship investment trusts, mortgage security brokers, commingled entrepreneurship funds,
regulatory agencies, and firms with large entrepreneurship holdings. These positions require not only general
business knowledge and management skills, but also knowledge and technical training specific to the
Entrepreneurship field. The MS degree in Entrepreneurship proposed by Baruch College is positioned to provide
this type of education. We have garnered supporting letters (included in Appendices J and K) from Baruch alumni,
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community business owners, organizers and leaders which address the business/employment opportunities this new
MS in Entrepreneurship will offer students.
The MS in Entrepreneurship program is an advantageous and attractive step in the context of the Zicklin School of
Business’s efforts to establish a nationally renowned Entrepreneurship program. By facilitating faculty research
opportunities, as well as cooperation and collaboration with key business leaders, the Entrepreneurship program is
the heart of Baruch College’s plans to strengthen its reputation and profile as a leader in business education and
scholarship in Entrepreneurship. The establishment of an MS in Entrepreneurship program will attract additional
national attention to the Entrepreneurship program and help the Zicklin School of Business be recognized as a leader
in this field. The Zicklin School of Business and Baruch College have long been dedicated to the goal of creating
nationally recognized Entrepreneurship programs with significant impact on the Entrepreneurship industry in the
New York metropolitan area. Vital to that goal is the development of rigorous programs of graduate study in
Entrepreneurship. Thus, the creation of the MS degree in Entrepreneurship will help the College and the School to
achieve this goal.
STUDENTS
This proposed MS in Entrepreneurship is appropriate for various student populations and a number of situations,
particularly given its shorter duration and lower costs. Research suggests that about one third of the population is
continually engaged in “nascent” entrepreneurial behaviors and about 10 percent of the U.S. population currently
own businesses. Both nascent and current entrepreneurs desire and need advanced education and could be better
served with this proposed MS degree. Further, some U.S. students already have an MBA in another subject –matter
area but wish to complete additional in-depth course work as a second graduate degree. Some international students
already have a foreign graduate degree but wish to complete a U.S. graduate degree. Additionally, this proposed
MS in Entrepreneurship is a synergistic addition to the six international locations (such as Taiwan) where other
Baruch College MS degree programs are currently being administered through the International Programs Office.
Students of the proposed MS in Entrepreneurship will be engaged in a concentrated program of Entrepreneurship
courses. As suggested above, the MS in Entrepreneurship is designed to meet the needs of students who have
backgrounds in entrepreneurial ventures, are part of family businesses, or are interested in starting their own
businesses when they graduate. The program is interdisciplinary and also includes courses in management, human
resources management, marketing, finance, and law.
The curriculum will prepare students with the technical training, skills and encouragement to become entrepreneurs
in their own right. Whatever business or industry they choose to pursue, graduates of the program will be excellently
situated to begin successful careers and/or new and regenerated ventures in the Entrepreneurship arena. Students
will also have greater access to high-level technical and analytical careers within entrepreneurial firms as well as
8

positions on Wall Street or high-venture startup firms, and will be qualified for management-level positions in
development and consulting firms.
The proposed MS in Entrepreneurship program builds upon the existing MBA in Entrepreneurship program and the
BBA in Entrepreneurship program. These MBA and BBA programs currently offer and the new MS will also offer:
• Internship opportunities within the Lawrence N. Field Center and with local entrepreneurial firms
• Entrepreneurship job-placement assistance
• Baruch College Entrepreneurship Competition (BCEC), annually
• Baruch Entrepreneurship Network - A mentoring program that matches students with executives in New
York City entrepreneurial firms and Baruch College alumni
• Entrepreneurship Club for students
• Distinguished Lecture Series and non-degree courses offered by Lawrence N. Field Center
• Executives on Campus program
These existing programs greatly enhance students’ interactions with various industries and help them to find suitable
positions and/or ventures upon graduation. The proposed MS in Entrepreneurship affords these opportunities,
increasing students’ potential successes in this challenging and rewarding field while offering a shorter and costeffective
alternative to the MBA when the student’s circumstances and desires warrant such.
A. Interest/Demand
The current student demand for Entrepreneurship related courses is strong. At this moment, Baruch College
regularly offers four Entrepreneurship-related courses for MBA students who major in Entrepreneurship and Small
Business Management. Baruch College has approximately 150 MBA students enrolled in Entrepreneurship required
courses each year (see Table 7). As reported in Table A-1, although charging over $40,000 in tuition for the degree,
University of Florida, as an example, attracts approximately around 50 students to its MS in Entrepreneurship
program offered by the Hough Graduate School of Business.
Relative to the existing MBA Students and Program, the MBA in Management/Entrepreneurship and Small
Business Management is designed to meet the needs of students who have backgrounds in entrepreneurial ventures,
are part of family businesses, or are interested in starting their own businesses when they graduate. The program is
interdisciplinary and includes courses in management, accountancy, economics/finance, marketing, computer
information systems and law.
MBA students can major in Entrepreneurship and Small Business Management by completing 12 credits or four
courses which include 9 required credits and 3 elective credits. Thus in Table 2, MGT9860 is required and two
additional required courses can be chosen from a set of three courses (MGT9861, MGT9865, and MGT9867) listed
below:
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Table 2: MBA Required Courses
MGT 9860 Entrepreneurial Strategy and Cases 3 credits
Choose two from:
MGT 9861 Managing the Entrepreneurial Venture 3 credits
MGT 9865 Researching and Developing Entrepreneurial Ventures 3 credits
MGT 9867 Managing the Family Business 3 credits
MGT9860 is an overview course and MGT9861 is an operations-oriented course in which students perform a
consulting project. In MGT9865 students produce business. Finally, MGT9867 is a family business course.
Further, MBA students need one elective from the courses listed below to complete the requirements for the major.
Table 3: MBA Elective Courses
ACC 9804 Intermediate Financial Accounting 4 credits
ACC 9806 Financial Statement Analysis and Reporting 3 credits
CIS 9444 E-Business Principles and Technologies 3 credits
FIN 9781 Managerial Finance 3 credits
LAW 9708 Law and E-Business 3 credits
LAW 9800 Intensive Survey of Business Contracts and Law of Corporations 4 credits
MGT 9400 Human Resource Management 3 credits
MGT 9862 Entrepreneurial and Small Business Experiences 3 credits
MKT 9701 Advertising and Marketing Communications 3 credits
MKT 9702 Marketing Research 3 credits
MKT 9716 Consumer Behavior 3 credits
MKT 9750 Marketing Strategy 3 credits
MKT 9781
(MGT 9866)
Internet and Small Business Entrepreneurship
3 credits
All course descriptions for required courses and some electives (those included in the proposed MS in
Entrepreneurship) are listed in Appendix B for further information.
As stated at the beginning of this STUDENTS section, the number of students interested in Entrepreneurship is quite
high. Below Figures 4, 5, 6, and 7 show course enrollments in MGT9860, MGT9861 and MGT9865 from 2002
through 2006 as well as total course enrollments for these three MBA required courses. Because MGT9862 has
been taught less frequently and MGT9867 has only recently (fall 2008) entered the set of required courses within the
MBA, their enrollment histories are not presented here.
Similar to the undergraduate program, Baruch College graduate students are commuters as well they tend to have
established careers and/or established businesses. Course enrollment will vary from semester to semester depending
on the time when courses are offered.
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Figure 4: Management 9860 Enrollment
Entrepreneurial Strategy and Cases
12 0
10 0
80
Enrollment
60
40
20
MGMT 9860
0
2002 2003 2004 2005 2006
Year
Source: Baruch College, Registrar’s Office
Figure 5: Management 9861 Enrollment
Managing the Entreprepreneurial Venture
35
30
25
Enrollment
20
15
10
5
MGMT 9861
0
2002 2003 2004 2005 2006
Year
Source: Baruch College, Registrar’s Office
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Figure 6: Management 9865 Enrollment
Entrepreneurial Ventures
35
30
25
Entrollment
20
15
10
5
MGMT 9865
0
2002 2003 2004 2005 2006
Year
Source: Baruch College, Registrar’s Office
Figure 7: Total Graduate Course Enrollment
Grad uat e C o urse Enro llment
Enrollment
18 0
16 0
14 0
12 0
10 0
80
60
40
20
0
2002 2003 2004 2005 2006
Year
Source: Baruch College, Registrar’s Office
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B. Enrollment Projections
Given the fact that Baruch College’s proposed MS in Entrepreneurship program will be significantly less expensive
and a significant portion of the courses will be taught by full-time business faculty members, we anticipate that we
should dominate the local market. In addition, since our program will place more emphasis on our existing
Entrepreneurship courses (i.e., the 5 required courses), the program will attract even more entrepreneurship-oriented
students who might not otherwise seek advanced training. We also intend to build on the reputation of our current
MBA and educational programming offered by the Field Programs. Consequently, we anticipate that 40 students
will enroll in our MS in Entrepreneurship program in the first year, similar to the recent MS in Real Estate forecasts
of student numbers. We hope to have 60 students in the second year, 80 students in the third year, and 100+
students after the 4 th year, as shown in the table below:
Table 1: Estimated Students Numbers for Proposed MS in Entrepreneurship
1 ST YEAR 2 ND YEAR 3 RD YEAR
4 TH AND
5 TH YEARS,
ONWARDS
40 60 80 100+
C. Admission Requirements
Admission into this proposed MS in Entrepreneurship will be the same as the current MBA in
Management/Entrepreneurship and Small Business Management. Admission to Zicklin's MS in Entrepreneurship
degree is offered to applicants whose management potential and academic credentials are competitive with current
standards. All applicants must have a regionally accredited bachelor's degree (or its recognized international
equivalent) and meet the criteria that are currently used by other MS degree programs offered by the Zicklin School.
CURRICULUM
Table A-2 and A-3 report the required and elective courses of existing MS programs offered by six universities
around the nation: University of Florida; Southern Methodist University–Cox; University of South Florida; Western
Carolina University; Northeastern University and University of Texas at Dallas. We grouped all the required
courses offered by those six programs into five distinct groups in relation to our proposed required courses in the
MS in Entrepreneurship.
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From the remaining 10 groups of elective courses listed in Table A-2, we established a 10-course curriculum (one
course from each group of courses in Table A-2) for our MS in Entrepreneurship program. We also propose a
degree program with 30 credit hours requirement (10 courses) from those 15 courses. This 30-hour requirement is
similar to that of the other MS programs offered in the Zicklin School of Business. For the 30 hours requirement, 15
hours are required courses and 15 hours are electives. When compared to other programs, our program allows for
more electives.
The proposed curriculum for the MS in Entrepreneurship is also reflective of the thinking by leading
Entrepreneurship founders and executives who are familiar with industries’ demands. When developing this new
and proposed program, Baruch College consulted with founders and executives in top entrepreneurial firms in New
York. These professionals’ names along with their titles and affiliations are listed in Appendix J and include new
and established business owners as well as community development professionals and leaders. We also consulted
faculty members from outstanding Entrepreneurship programs around the country. As such, this proposal also
represents the best current thinking of the Baruch faculty in Entrepreneurship and suggestions from the top
academics in the field. Note the academic evaluations by two outside reviewers along with their respective vitae in
Appendix K.
The MS in Entrepreneurship major consists of five required courses and five electives. The required courses focus
on entrepreneurial strategy, management, case applications, research and development of business plans for
ventures, and family businesses. The electives allow students to explore a variety of issues related to
Entrepreneurship, including venture capital and entrepreneurial finance, managerial finance, internet businesses,
human resources management, selling and negotiating, advertising and marketing communications and marketing
strategy as well as a special topic seminar course. To summarize, the requirements to obtain an MS in
Entrepreneurship are:
Required courses
Elective courses
Total:
15 credits (5 courses)
15 credits (5 courses)
30 credits (10 courses)
Students can fulfill the 15 hours of required Entrepreneurship courses by taking MGT9860, MGT 9861, MGT9862,
MGT9865, and MGT9867. Students will then take five electives from a list of thirteen courses (CIS 9230, FIN9774
FIN9781, LAW9708, MGT9400, MGT9490, MGT9864, and MGT9866, MGT9868, MGT9875, MKT9701,
MKT9750, MKT9764). The required and elective courses are reported in Table 8 on the following page. Within
Appendix A, it is further noted that these required and elective courses are similar to other MS in Entrepreneurship
degree programs around the country, as noted in Table A-1 and Table A-2.
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Table 8: Proposed MS in Entrepreneurship Program
Required:
Existing
Course
Credits
MGT 9860 Entrepreneurial Strategy and Cases Yes 3
MGT 9861 Managing the Entrepreneurial Enterprise Yes 3
MGT 9862 Entrepreneurial and Small Business Experiences Yes 3
MGT 9865 Researching and Developing Entrepreneurial Ventures Yes 3
MGT 9867 Managing the Family Business Yes 3
Subtotal of Required 15
Electives:
Existing
Course
Credits
CIS 9230 Globalization and Technology Yes 3
FIN 9774 Venture Capital and Entrepreneurial Finance Yes 3
FIN 9781 Managerial Finance Yes 3
LAW 9708 Law and E-Business Yes 3
MGT 9400 Human Resource Management Yes 3
MGT 9490 International Human Resource Management Yes 3
MGT 9864 Seminar in Entrepreneurship Yes 3
MGT 9866
(MKT 9781)
Internet and Small Business Entrepreneurship Yes 3
MGT 9868 Entrepreneurial Communications: Selling and Negotiating Yes 3
MGT 9875
(RES 9980)
Real Estate Entrepreneurship Yes 3
MKT 9701 Advertising and Marketing Communications Yes 3
MKT 9750 Marketing Strategy Yes 3
MKT 9764 Internet Marketing and Global Business Yes 3
Subtotal of Electives Take 15 out of 39
Among these 18 courses, ten are existing management graduate courses: MGT9860, MGT9861, MGT9862,
MGT9865, MGT9867, MGT9400, MGT9490, MGT9864, MGT9866, MGT9868, and MGT9875.
Relative to other departments, one course, CIS9230, is an existing offered by the Department of Statistics and
Computer Information Systems; two courses, FIN9774 and FIN9781, are existing courses offered by the Bert W.
Wasserman Department of Economics and Finance; one course, LAW9708, is an existing course offered by the
Department of Law, and three courses, MKT9701, MKT9750 and MKT9764, are existing courses offered by the
Department of Marketing and International Business.
Appendix B lists the course descriptions of the 18 required and elective courses. Appendix C contains the detailed
program requirements relative to all courses, their possible pre- or corequisites. And Appendix D shows examples
of program scheduling over the next four years.
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As previously noted, admission into this proposed MS in Entrepreneurship will be the same as the current MBA in
Management/Entrepreneurship and Small Business Management. Often the admitted students will have had an
undergraduate degree similar to Baruch College’s BBA in Entrepreneurship and Small Business Management or an
equivalent degree. In addition, the MS in Entrepreneurship features 6-credit preliminary requirements:
Credits
ACC 9110 Financial Accounting 3
MKT 9703 Marketing Management 3
Students with prior academic backgrounds can waive these preliminary course requirements, in full or in part, if
equivalents have been completed successfully. ACC9110 can be waived based on three credits of undergraduate
financial accounting completed with a minimum grade of B-. MKT9703 can be waived based on three credits of
undergraduate marketing management completed with a grade average of B-.
Thus, in total, two courses or six credits (or their equivalents), one Financial Accounting course and one Marketing
Management course will be required of students prior to entry into the MS in Entrepreneurship or while they
complete the required courses in their program. Specifically and related to these preliminary requirements listed
above, the pre- or corequisite for the required course MGT9865 is ACC9110 (or its equivalent), the required course
MGT9860, and MKT9703 (or its equivalent). Two required courses require no pre- or corequisites—MGT9860 and
MGT9867, and the other two required courses, MGT9861 and MGT9862 have the first required course MGT9860
as a pre- or corequisite. Again, the required courses with their respective pre- or corequisites (or their equivalents)
relative to this MS in Entrepreneurship are somewhat similar in number and type/intensity to other MS programs
within the Zicklin School, such as the MS in Marketing, MS in Finance, and MS in Real Estate. All of these preand
corequisites are listed among the course descriptions in Appendix C and summarized in Table C-1. Also, the
typical semester program planning allows time for these prerequisites to be completed, see Appendix D.
Depending on the elective course choices, additional pre- or corequisites may be required (or their equivalents);
namely, Finance, Human Resource Management, and Marketing courses all have additional prerequisites (see
Appendix C. For example, students who might choose either FIN9774 and/or FIN9781 as electives will need to first
take FIN9770 which is the prerequisite for both courses (note that STA 9708 is a prerequisite for FIN9770). Six of
the other electives have assorted prerequisites or their equivalents. Note that once a student has completed or is
currently enrolled in MGT9865, that same student might choose to complete the two Marketing electives that have
MKT 9703 as a pre- or corequisite and these electives are: MKT9701 and MKT9750; or the student might take
MGT9875.
Finally, five electives have no pre- or corequisites (in one case, department permission is required) and these
electives are: CIS9230, LAW9708, MGT9864, MGT9868, and MKT9764.
16

It should also be noted that the proposed MS in Entrepreneurship is a flexible time program. That is, students can
take up to six years to complete the course requirements. However, the Entrepreneurship faculty in the Department
of Management will offer enough courses to allow students to graduate within one year if they desire to do so.
COST ASSESSMENT
A. Faculty
The Entrepreneurship faculty at the Zicklin School is broad and multidisciplinary. Currently, there are seven full
time faculty members in the Entrepreneurship Program of the Management Department, the department in which the
unit is situated. These members consist of three senior chaired positions, one senior position that is the Lawrence N.
Field Programs’ Academic Director, two junior tenure-track faculty members, a seasoned lecturer and an
experienced adjunct lecturer. The analysis of the Entrepreneurship faculty presented in Table 9 identifies the faculty
and provides some descriptive information about their backgrounds.
Table 9: Entrepreneurship Faculty
Name Rank Highest
Degree
Institution from which
Highest Degree was Earned
& Year
Years of Experience
Baruch Industry
Ramona Heck 1 Ph.D. Purdue, 1978 7 5
Thomas Lyons 1 Ph.D. University of Michigan, 1987 2 9
vacant 1 Ph.D.
Edward Rogoff 1 Ph.D. Columbia University, 1980 16 24
Micki Eisenman 3 Ph.D. Columbia University, 2006 3 6
vacant 3 Ph.D.
Robert Foskey 4 MBA Fordham, 1975 35 45
Allison Lehr 5 MBA Baruch, 2002 6 9
Rank: 1=Full professor; 2=Associate Professor; 3=Assistant Professor; 4=Lecturer, 5=Adjunct Lecturer
Note: Professor Ramona Heck is the Peter S. Jonas Chair of Entrepreneurship, awarded in 2000. She assumed the role of
Academic Director of the Lawrence N. Field Programs in Entrepreneurship in August of 2008. Professor Thomas Lyons is the
Lawrence N. Field Family Chair of Entrepreneurship, awarded in 2006. Professor Edward Rogoff is the Chairman of the
Department of Management and served as the Academic Director of the Lawrence N. Field Programs in Entrepreneurship from
1998–2002 and again from 2004 to 2008. The Lawrence N. Field Chair of Entrepreneurship is currently vacant and a search is
being conducted.
Entrepreneurship extends beyond these eight faculty members/positions, as 61 faculty from other groups and
departments participate in the diverse and multidisciplinary course offerings that are part of the Entrepreneurship
curriculum at the Zicklin School.
The vast majority of the faculty (65%) who teach course offerings that are part of the Entrepreneurship curriculum at
the Zicklin School are full time faculty members. Of these, 61% are tenure track faculty with PhDs from the
nation’s leading institutions (see Table 10: Degree Granting Institutions for Full Time Faculty). This high
percentage, indicative of the high level of academic training our faculty has, is one of our key strengths. An
additional 4% of the faculty are full time lecturers, also with advanced degrees (Master’s level), but are not in tenure
track positions. Finally, an additional 34% are adjunct faculty members.
17

Table 10: Degree Granting Institutions for Full Time Faculty
Degree Granting
Institution Number %
NYU 6 13.64
Columbia University 5 11.36
University of Michigan 3 6.82
Baruch College 3 6.82
Purdue 2 4.55
University of Pennsylvania 2 4.55
Cornell 2 4.55
Others 21 47.73
Total 44 100
Vita for all the faculty members teaching courses related to the Entrepreneurship major are included in Appendix I:
Faculty Curricula Vitae.
Overall, the faculty teaching Entrepreneurship have the appropriate background to teach and interact with students
of Entrepreneurship as they have numerous cumulative years of academic and industry experience. Table 11:
Tenure Track Faculty by Rank, shows the breakdown of the tenure track faculty members by rank. Together, they
have published about 700 academic publications and have 115 cumulative professional society memberships.
Table 11: Tenure Track Faculty by Rank
Rank at Baruch Number %
Professor 16 39.02
Associate Professor 13 31.71
Assistant Professor 12 29.27
Total 41 100
Our faculty (both full time and adjunct) are mostly very experienced teachers (average years of experience is 16
(sdv=11)). In addition to the information presented above, many faculty members bring years of business experience
to their positions. Table 12: Average Years Industry Experience by Rank, shows the average years of experience by
faculty rank and Table 13: Faculty Industry Background, describes the more frequent industry backgrounds our
faculty draw from. We believe that the faculty at Baruch College provides students with a rewarding experience
based both on their academic insights and the richness of their industry experiences. It is also important to note that
our full time faculty are involved in the administrative life of the college. Together, they have contributed an
average of 16 years of service assignments (sdv=11).
Table 12: Average Years Industry Experience by Rank
Rank
Average Experience in Industry (yrs)
Full Professor 8
Associate Professor 8
Assistant Professor 5
Lecturer 29
Adjunct 24
Total 74
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Table 13: Faculty Industry Background
Industry Background Number %
Marketing, Advertising, & Media 17 25.37
Law 12 17.91
Consultant 9 13.43
Finance 6 8.96
Others 17 25.37
None 6 8.96
Total 67 100.00
Finally, it is important to note that the core entrepreneurship faculty members are adequately compensated. Three of
the senior positions are chaired positions; the fourth full professor is Chair of the Management Department. The two
junior faculty members receive compensation that is at the median of salaries as derived by a comparison study
using data from 27 nationally comparative public universities. As such, the core faculty of the Entrepreneurship
Program is financially satisfied with their positions, which increases the likelihood of the school retaining them.
In summary, at the present time, the current capacity of the faculty resources in Entrepreneurship and the Zicklin
School of Business is sufficient to teach the existing courses in the proposed MS in Entrepreneurship program.
Table E-1 in Appendix E lists the current faculty members who are able to teach the 15 proposed courses. It should
be noted that we list the name, title, and qualification of a total of eight Entrepreneurship and three Management
faculty members for the eight Entrepreneurship courses and three electives within the total of 15 courses. Except for
two faculty members, all others have a terminal degree in their fields. Table E-2 in Appendix E reports the
employment status and teaching loads of those faculty members. The table shows that all the eight instructors who
teach the required and elective courses and who are either full-time or adjunct faculty members at Baruch College.
Finally, Appendix I reports the detailed curriculum vitae of the seven regular Entrepreneurship faculty members and
two adjunct faculty members in the Department of Entrepreneurship as well as a Management faculty who will teach
the Entrepreneurship course, MGT9868 were examined.
Any additional student numbers and/or course sections relative to the MS in Entrepreneurship courses will be
managed with the current Entrepreneurship faculty lines (two current vacancies will be filled with current
resources). Overall but independent of implementing this new MS in Entrepreneurship, it is also expected that the
Entrepreneurship program will grow and additional faculty members will be needed in the future. In fact, the
Department of Management will be recruiting three tenure-track faculty members within the next three years. In
addition, three current Baruch College faculty will be assigned to this newly endowed Lawrence N. Field Programs
in Entrepreneurship over this same period. It is anticipated that, by fall 2011, the Entrepreneurship faculty will have
at least a total of ten tenured or tenure-track faculty members, with an additional three faculty from other
departments associated with the Entrepreneurship program.
19

B. Facilities and Equipment
The MS in Entrepreneurship program will not require any additional facilities or space. The College is fortunate to
have available space in the Newman Vertical Campus building to house Entrepreneurship faculty, student activities,
and computer hardware. Currently, all Entrepreneurship faculty members are housed in the Management
Department. The Office of the Department of Management and their seminar room (which can also serve as a
classroom) are also located in the existing Newman Vertical Campus building. Presently, there is enough computer
equipment for current and future faculty offices to support the proposed MS in Entrepreneurship.
C. Library and Instructional Materials
The Newman Library and the Baruch Computing and Technology Center are both committed to maintaining a stateof-the-art
library and computer technology facility to support this program. Over the last decade, the library has
augmented its collection of print and electronic resources in the interdisciplinary field of Entrepreneurship to support
the instructional and research needs of students and faculty. In addition, the Computing and Technology Center has
worked with the Zicklin School of Business and the Lawrence N. Field Programs in Entrepreneurship to implement
the most current hardware (i.e. server) and software needed by students and faculty for accessing, analyzing,
gathering and synthesizing information and other data for research purposes. With continued financial support from
the college, the library and computing technology facility will be able to ensure library and computing resources
remain current and comparable to other peer institutions in the field.
D. Budget
Because we have existing faculty lines within the Department of Management, the initial staffing of the courses in
the MS in Entrepreneurship program will be handled, for the most part, within the teaching capacity fulfilled by the
current existing faculty lines. However, we may need to utilize several very capable adjunct faculty candidates with
advanced degrees who can teach some of the Entrepreneurship courses. Thus, the courses within this program will
be staffed partly by regular faculty members and partly by distinguished lecturers and adjunct faculty members.
Over the next four years, it is expected that new staffing will be funded by the anticipated growth in enrollment
revenues as well as existing and earmarked endowments made to the Entrepreneurship program at Baruch College.
In addition, the recent Field gift will allow the recruitment of three tenure-track faculty members within the next
three years.
At the outset, existing faculty and staff in the Department of Management will provide administrative support
including academic advice, career advice, and guidance to students. Lawrence and Eris Field can be expected to
support future growth of the Entrepreneurship programs. Their most recent gift to Entrepreneurship at Baruch was
one of $10 million.
20

Below, Tables 14, 15, and 16 outline the projected number of courses to be offered, the projected enrollment, and
the projected expenditures and revenues for the program from Fall 2009 through Spring 2014. It is estimated that
within this period, the tuition revenue from the MS in Entrepreneurship program will substantially exceed direct
program costs. As reported in the previous STUDENTS section, we project that there will be 40 students in the
2009-10 year, 60 students in the 2010-11 year, 80 students in the 2011-2012 year, and 100 students thereafter (Table
1). Based on these enrollment estimates, we project net revenues of $137,195 in the 2009-10 academic year. This
number can be expected to grow to $555,017 by the 2013-14 academic-year (Table 16, Column 7).
To calculate the net revenue numbers, we first projected the number of courses offered each semester. The number
of courses offered should be sufficient to allow students to satisfy the program requirements and graduate within one
year if they desire to do so. Information on the projected number of courses offered is provided in Table 14.
Table 14: Projected Number of Courses Offered, Fall 2009 to Spring 2014
Academic
Year
(1)
Fall
Semester
(2)
Spring
Semester
(3)
Total Number
of Courses per
Year
(4)
Number of
Required
Courses per
Year
(5) *
Number of
Elective
Courses per
Year
(6) **
2009-10 7 8 15 5 10
2010-11 10 10 20 10 10
2011-12 13 14 27 15 12
2012-13 15 15 30 15 15
2013-14 15 15 30 15 15
* derived from the 5 required courses for the MS degree program.
** derived from the 13 elective courses for the MS degree program.
It is shown in Table 14 that students should be able to graduate in one year if they desire (since all the 18 courses are
offered from the first academic year). We will increase the number of courses offered based on the projected
increase in student populations (see STUDENT section, Table 1 for the projection of student population). The total
number of courses offered in each year is reported in the fourth column of Table 14. Special attention is paid to the
number of required courses offered each semester to make sure that all courses are available to students throughout
the year. The fifth and sixth columns report the number of required courses and the number of electives offered
during the five-year period. The detailed program schedules (which list the titles of the courses offered in each
semester) for the first four years are reported in Table D-1 of Appendix D.
Since each student enrolled in the MS degree in Entrepreneurship will have to take ten courses to satisfy the
program requirements, we can calculate the total demand for courses by these students. Table 15 estimates the total
number of students that may take Entrepreneurship courses.
21

Table 15: Projected Number of Students in Entrepreneurship Courses, Fall 2009 to Spring 2014
Academic
Year
(1)
Total
Number of
Students
(2)
Number of
Courses
per
Student
(3)
Total Number of
Students in All
(Required/Elective)
Courses
(4)
Number of
Courses
Offered
(R/E)
(5)
Number of
Students
per Required
Class
(6)
Number of
Students
per Elective
Class
(7)
2009-10 40 10 400 (200/200) 15 (5/10) 40 20
2010-11 60 10 600 (300/300) 20 (10/10) 30 30
2011-12 80 10 800 (400/400) 27 (15/12) 27 33
2012-13 100 10 1,000 (500/500) 30 (15/15) 33 33
2013-14 100 10 1,000 (500/500) 30 (15/15) 33 33
The second column in Table 15 reports the number of projected students in each academic year (see STUDENTS
section Table 1 for a discussion of the estimation of student population). Assuming that each student takes a total of
ten courses to fulfill the degree requirement in one year (as reported in the column 3 of the Table 15), the fourth
column summarizes the total demand for Entrepreneurship classes from the estimated student population. The
column also provides information on the demand for both the required courses and elective courses.
The fifth column reports the number of courses we will offer in each year during the five-year period (see the fourth
column of previous Table 14). The information on the number of both required courses and elective courses are also
provided in parentheses. From the fourth and fifth columns, we can calculate the projected number of students in
each required or elective course offered in each year during the 2009-2014 period. This information is reported in
the sixth and seventh columns. The information in these columns shows that the average student number ranges
from 20 to 40 during the period. This means that the numbers of courses offered are adequate to satisfy the student
demand.
From the numbers provided in Table 14 and Table 15, we can estimate the net revenues of the proposed program in
each year during the 2009-2014 period. Table 16 summarizes this result.
Table 16: Projected Expenditures and Revenue (in dollars per year), Fall 2009 to Spring 2014
Academic
Year
(1)
Faculty
Costs
(2)
Equipment
Costs
(3)
Other
Costs
(4)
Total
Costs
(5)
Tuition
Revenue
(6)
Net
Revenue
(7)
2009-10 199,350 10,000 18,855 228,205 365,400 137,195
2010-11 273,780 20,000 25,894 319,674 548,100 228,426
2011-12 380,673 30,000 36,006 446,679 730,800 284,121
2012-13 435,660 40,000 41,207 516,867 913,500 396,633
2013-14 448,740 50,000 42,443 541,183 913,500 372,317
22

We first estimate the faculty costs. Faculty costs are calculated as a weighted average of both regular faculty
member and adjunct faculty member salaries. We use $90,000 as the average salary of a faculty member. For each
faculty member, we add 33% to cover fringe benefits and administrative supports. Consequently, the total salary
cost for a faculty member is $90,000 * 1.33 = $119,700 per year. If we assume that each faculty member will teach a
total of six courses per year, the average cost per class taught by a faculty member is $119,700 / 6 = $19,950.
Adjuncts will be hired either to teach the courses or to fully replace full–time faculty members teaching in the MBA
or BBA programs. Faculty costs, therefore, are projected as if each course were taught by an adjunct at an average
cost of $3,300 per section. (This estimate includes fringe benefits at an average rate of 10% since only a portion of
adjunct faculty members will be eligible for fringe benefits.) Assuming a 60/40 ratio of full-time to adjunct faculty,
a 3% annual increase in salaries, and an increasing number of courses being taught (from Table 15, Column 5), the
faculty costs are annually aggregated in Table 16, Column 2.
As discussed in COST ASSESSMENT section, there is little concern or need for additional facilities and equipment.
However, we did budget estimates of $10,000, $20,000, $30,000, $40,000, and $50,000 each year for the next five
years. This information is reported in the column 3 of Table 16. We assume that other costs will be 10% of the
faculty costs. The other costs (see column 4 of Table 16) include additional secretarial support, additional supplies,
and additional supervision resources. The total cost is the sum of faculty costs, equipment costs, and other costs.
This information is provided in the fifth column of Table 16.
The sixth column reports the tuition revenue based on the information (total number of students in each year)
provided in the second column of Table 15 and an estimated tuition. The estimated tuition per credit is calculated on
the assumption that approximately 15% of students will be out-of state ($500 per credit) and 85% in-state ($270 per
credit), yielding an average tuition per credit of $304.50. If a student desires to graduate in one year and take a total
of ten courses during the year, this estimate yields an average tuition revenue per student of $9,135 per year. The
first year tuition revenue, therefore, is estimated to be $9,135 * 40 = $365,400. The net revenue is the difference
between the tuition revenue and the total costs and is reported in the seventh column of Table 16.
EVALUATION
Internal evaluation and outcomes will be monitored via: 1) trends in student enrollments; 2) student achievements;
3) the number of newly generated businesses by graduates; and 4) faculty performance. For our current BBA and
MBA degrees, learning goals have been identified and declared by the Entrepreneurship faculty. Currently,
evaluation measurements for these same learning goals are being developed. Similar learning goals and their
associated measurements will be utilized to evaluation this new MS in Entrepreneurship. The Department of
Management and the Dean’s Office of the Zicklin School of Business will assist in this process of evaluation.
23

Externally, Entrepreneurship faculty members of the Department of Management developed this MS program by
searching the websites of all the leading business schools offering similar programs as MS degrees in
Entrepreneurship and MBAs in Entrepreneurship. A summary table of the courses offered was established and
circulated among Entrepreneurship faculty members in the Department of Management. The Entrepreneurship
faculty also consulted founders, experts and business leaders in the industry about the program. We targeted our
students and Field Center clients who are currently operating businesses as well as those who are employed in
traditional workplaces such as Wall Street firms. The Entrepreneurship faculty and other Baruch faculty, business
owners, and industry supporters as well as outside academic Entrepreneurship colleagues have all expressed their
views of this proposed program and curriculum as an outstanding and important new effort which will well serve the
New York City, surrounding regions, and potential national student populations nation-wise. As mentioned above,
some of these business founders/owners and industry experts that we consulted wrote letters of support for the
program (see Appendix J). Also attached is the academic evaluation by Dr. Stanley W. Mandel, Executive Professor
and Director of the Angell Center for Entrepreneurship in Babcock Graduate School of Management at Wake Forest
University, and Dr. Howard E. Van Auken, Bob and Kay Smith Entrepreneurship Fellow and Professor of
Management in the College of Business at Iowa State University (see Appendix K).
Once we compiled all information on competing MS in Entrepreneurship programs and consulted experts in the
industry and our own faculty members, the Curriculum Committee of the Department of Management reviewed and
approved this proposal and the curriculum of this proposed MS in Entrepreneurship program. We believe that the
curriculum is entrepreneurially rich and reflects the best recommendations and suggestions about Entrepreneurship
graduate-level education in today’s world.
24