Business Management in STEM

School of Hotel Administration

School of Hotel Administration

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Who should attend

  • Entrepreneurs
  • Tech industry professionals
  • Researchers and academics
  • Scientists
  • Engineers
  • Clinicians
  • Graduate and Ph.D. candidates seeking to move into business
  • Individual contributors looking for career advancement opportunities

About the course

Many professionals initially build a career based on expertise in a specific functional domain. Yet to advance to more senior levels of management, it is often necessary to gain exposure to a more expansive view of business operations.

In this certificate program, you will build a broad foundation of business language in seven essential areas of business management specifically important for those in technology, science, and engineering. As you progress through courses in accounting, finance, human capital, sales, marketing, strategy, and legal concepts, you’ll have the opportunity to apply key business approaches in real time in your organization to deepen your understanding of these core business topics through a technology-focused lens. By the time you complete this program, you will have gained the confidence to engage in business conversations and ultimately be better prepared to make the leap to a management role.

This program draws on examples especially relevant to the science and technology industries and is a great fit for tech professionals.

Accounting

When supplied with financial information in the workplace, it can be difficult to understand what you're looking at if you aren't familiar with the terminology and purpose of the document. You want to be able to understand the information you've been given and be able to provide both insight and input. Using examples from the technology arena, this course will provide you with the fundamental principles and concepts of accounting that will enable you to comprehend the data in front of you and grasp its implications. You will explore the accounting concepts of cash and accrual and the different forms of profit. Additionally, you will analyze financial statements and projections, and identify strategies to remain in compliance and avoid accounting mistakes. These are common pieces of financial information that most people encounter during their career. At the end of this course, you will be armed with the knowledge to interpret financial information and make informed recommendations.

Finance

Working in the technology industry, there are times when you might be asked to review and provide input on certain financial aspects of your business. This may be especially critical when trying to raise capital for R&D or new initiatives. When that time comes, it is important that you are able to comprehend and evaluate the information given to you. By supplying you with foundational knowledge about key financial concepts such as capital structure (equity and debt), net present value (NPV), and the different types of investments, this course will allow you to feel confident when reviewing your organization's financial reports. Not only will you feel comfortable, but you will have the basic understanding of these concepts in order to offer input into conversations about raising capital, structuring the ownership of a company, and investing the company's assets to create value.

Managing Human Capital

People are the backbone of every organization. In the tech arena, this is even more true, as research, design, and intellectual property are all people driven. Additionally, you may engage a larger number of contractors or temporary staff than other industries. In this course, you will explore practices for recruiting, hiring, and firing employees and subcontractors. You will also define and find ways to influence a culture that will enable you to meet your business objectives. Finally, because the tech space has varying temporary and contract-based employment needs, you will explore the legal issues that may impact your employees and subcontractors.

Sales

Working in the tech field, you will undoubtedly encounter sales and your internal sales team on some level. If you don't have much experience in the field of sales, however, it can feel overwhelming. In this course, you will develop a foundation in core sales concepts to enable you to manage an internal sales process. You will be introduced to the key roles within a sales team, the steps in the sales process, what makes a sales lead qualified or unqualified, and how to identify your target customer persona. From there, you will identify the different aspects of sales negotiations and best practices for them. How do you manage all of the information for your sales? You will explore customer relationship management (CRM) systems, how they help with your sales process, and how best to select and manage one for your needs. Finally, you will delve into how to compensate your sales team, what the roles and responsibilities of the sales team are, and how to keep them motivated.

Marketing

In any organization, sales and marketing go hand in hand. Like sales, unless you are well versed in the marketing field, it can feel foreign to you. At some point in your career, you may be asked to provide input for your organization's marketing efforts. While just about anyone can give feedback, knowing the core concepts that go into marketing can help your input be more effective and comprehensive.

In this course, you will explore the relationship between an organization's brand and the value of the products it offers. You will examine the product's life cycle and the importance of market research. You will identify the roles within marketing teams and how these can vary based on the size and age of an organization (startup vs. established). From there, you will dive into identifying your customer base and crafting your marketing message.

Once you are ready to go to market with your product, you need to develop your go-to-market strategy and determine how to reach your target customers. When going to market, it is important to consider your product's pricing by exploring the various revenue models and pricing tactics to identify which ones can help you reach your product goals. And how will you monitor the performance of your product once it is on the market? That is where key performance indicators (KPIs) come into play. You will explore their importance and how best to use the information gathered from them.

Strategy

When researching an organization as a whole, one of the aspects to look at is how well the organization is positioned in the competitive environment. How can you participate in the discussions about the company's future trajectory and the objectives of the company? This course will give you the foundational knowledge to be able to meaningfully participate in conversations about an organization's strategy. Using Porter's Five Forces framework, you will evaluate what happens when a new product enters the market and determine its threat level. You will then focus on the specifics of the technology industry and how innovation plays an important part in the strategy a tech company designs. Building from here, you will discover the opportunities that exist for new, innovative approaches in your industry and how to capture the value of innovation. Finally, you will discover the aspects of different business models and how many facets of the business play a role in developing the model for your business.

Legal

It is important to be aware of and understand the legal components that impact organizations and know when to leverage legal counsel. This is especially true for technology companies in relation to employees, contractors, corporate inventions, intellectual property, and the different corporate entities and their corresponding governance. In this course, you will evaluate the different methods to protect intellectual property, patents, copyrights, and trademarks. You will also look at the principles of contracts between corporations and employees and subcontractors, as well as the different legal considerations that corporations take into account for their employees. While this deep dive into the legal aspects of employment will not replace your need for legal counsel, it will prepare you for those conversations and make you aware of legal considerations when negotiating with workers. Finally, you will identify the different corporate entities and the corresponding governance that goes with each.

KEY COURSE TAKEAWAYS

  • Report financial projections and performance accurately
  • Communicate effectively to raise capital and to structure the ownership of an organization
  • Analyze the financial risk and reward of projects to make go/no-go decisions
  • Comply with HR employment laws to efficiently hire and supervise a team
  • Create an internal sales process and staffing plan
  • Drive business strategy around your organization’s objectives and future trajectory
  • Identify key legal components that impact organizations

WHAT YOU'LL EARN

  • Business Management in STEM Certificate from Cornell SC Johnson College of Business
  • 70 Professional Development Hours (7 CEUs)

Experts

Tom Schryver

Tom Schryver teaches entrepreneurship at Johnson, where he serves as the David J. BenDaniel Faculty Advisor for BR Ventures. An experienced entrepreneur and angel investor who has served as a startup founder and senior executive of high-growth companies, Tom has successfully structured new compan...

Andrea Ippolito

Andrea Ippolito is a Lecturer and Executive Director of the Engineering Management Program at Cornell University. She recently completed her role as the Director of the Innovators Network at the Department of Veterans Affairs and she previously served as a Presidential Innovation Fellow at the VA...

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Business Management in STEM at School of Hotel Administration

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Disclaimer

Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with any business school or university.

Full disclaimer.

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