MGMT 414 consists of two parts. In the first part, class members team up to choose a business. The teams then create a business plan. By maintaining the books of the firm, students see the financial impact of their decisions. This format emphasizes how day-to-day decisions add to or detract from corporate liquidity and profits or losses. The second part of the course comes from the professors many years of business experience. Topics include developing and recognizing business opportunities; using teamwork to organize a business; building a realistic business plan; raising capital and borrowing money; interviewing, hiring, and managing people; determining cost structure; analyzing margins; pricing; making decisions in groups; considering ethics; identifying industry characteristics; evaluating financial statements; negotiating; dealing with labor unions; creating a successful business partnership; understanding the banking system and how it works globally; and developing a philosophy of business.pre-rec: All 300 level BSM core courses, junior standing or above.