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Small firms and family businesses make a significant contribution to the economic development of national economies around the world. According to latest statistics, 96 percent of Australian private sector enterprises are small firms while approximately 67 percent are family-controlled businesses. Just as a small firm is not a little ‘big’ firm, an unlisted privately-owned family business is not a ‘clone’ of a publicly-listed business. Therefore it is important to have an understanding of the issues faced in growing and managing a firm from the small and family business perspectives.

As a consequence, the overarching objective of this course is for students to understand how business-related issues (such as marketing, management, finance, law and accounting) are applied and / or addressed in the small and family business contexts.

1. Define and differentiate between what is meant by the terms ‘small firm’ and ‘family business’ and describe their significance and contributions to national economies;
2. Describe the alternatives to commence working in (or owning) a small firm or a family business and identify their relative advantages and challenges;
3. Formulate a business plan which outlines a firm’s objectives, business and marketing strategy, management structure, sources of finances and projected financial results.
4. Identify the family, ownership and business issues that need to be considered when developing a strategic plan for a family business;
5. Evaluate the appropriateness of a range of interrelated decisions associated with managing an growing a small firm and a family business;
6. Identify the alternative legal structures available to small firms and choose the most appropriate form according to the objectives and needs of the owners;
7. Evaluate the appropriateness of a firm’s management structure and processes in place based on its stage of development and growth;
8. Identify the issues that need to be addressed when planning for succession to the next generation;
9. Describe common reasons why firms become financially distressed and identify what steps can be taken to enact a turnaround;
10. Develop an ability to apply the course concepts, both independently and cooperatively, to current and future problems.

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b) Additional readings: some of the readings for this course have been taken from alternative sources. These are listed in the detailed course timetable. Rather than students having to purchase these texts (or borrow and photocopy the relevant sections from the library), electronic copies of these readings will be made available for download from the course’s MyUni website.

c) Mikes Bikes (Intro) – in order for students to get a realistic ‘experience’ in managing a small business, this course uses an online business simulation game. Each student will be provided a licence (at no cost as it has been paid by the University) to the online game and will be allocated to a group where together students will manage their company and compete with other groups in the class. More details about this online simulation game will be provided under assessment summary (section 5.3 of this course information) and during the semester via lectures and MyUni.

• Burns, P. (2011), Entrepreneurship & Small Business: Start-up, Growth and Maturity (3rd Ed), Palgrave Macmillan, New York.
• Hatton, T. (2011), Small Business Management: Entrepreneurship and Beyond, South-Western.
• Mazzarol, T. (2011), Small Business Management: An Applied Approach (2nd ed.), Tilde University Press, Prahran, Victoria.
• Longenecker, J.G., Petty, J.M., Palich, L.E. & Moore, C.W. (2009), Small Business Management (15th Ed), South-Western.
• Scarborough, N.M. (2012), Effective Small Business Management: An Entrepreneurial Approach (10th Ed), Pearson, New Jersey. 

This course contains three main avenues for learning (apart from assessment). These are:

1. The weekly two-hour lecture (uploaded to MyUni each week): Lectures provide students with an overview of how business-related issues (such as marketing, management, finance, law and accounting) are applied and / or addressed in the small and family business contexts. The format of the lectures will vary from week to week as we will also have guest presenters from industry and DVD case studies of small business start-ups.
2. The weekly tutorial questions: tutorial questions provide students with the opportunity to clarify concepts and principles introduced in the lectures. Students should view the lecture and undertake the reading prescribed for the topic before attempting the associated tutorial questions. Students are encouraged to email the lecturer (chris.graves@adelaide.edu.au) their answers to tutorial questions on a weekly basis. The lecturer will provide written feedback within 7 days of receipt of the student’s tutorial work.
3. Mikes Bikes online simulation game: – a weekly activity to give students to get a realistic ‘experience’ in managing a small business in a competitive environment. Students will be allocated by the course coordinator to a group of up to 4 students and collectively will manage a virtual business and compete with other groups in the course. See section 5.3 of this booklet for more information. 

• To pass this course students must achieve 50% of the overall course assessment.
• All assessment tasks are compulsory and none are redeemable.
• The exam / tests are conducted under closed book conditions and no materials whatsoever will be permitted to be taken into the exam / tests (with the exception of a calculator that cannot store text). Dictionaries of any kind are NOT permitted.