Minor in Business, Science and Entrepreneurship (ERMIN2017)
The Minor in Business, Science and Entrepreneurship (ERMIN2017) was created to provide UTM science students with the opportunity to learn business principles in an offering that recognizes business concepts with examples drawn from the sciences. It will provide students pursuing an Honours Bachelor of Science degree at UTM with fundamental business knowledge that will complement their science education and support their future success.
Those who are accepted into the minor will be exposed to more than one field of study (Fundamentals of Accounting, Human Resources, Marketing, Finance, Strategy, Operations), hence making themselves more marketable for endeavors they choose to pursue post undergraduate studies. Students will have two skill sets to utilize in the workplace as having a strong knowledge of a specific science discipline coupled with the fundamentals of business will allow students the opportunity to evaluate and make decisions while taking into account both the science as well as the business imperatives that typically drive these organizational decisions.
Frequently Asked Questions
- When is the Business Minor available to students?
- What are the admission requirements for the Business Minor?
- How are the Business Minor courses different from other Business courses?
- Are there deregulated fees associated with the Business Minor?
- What are the requirements for the Business Minor?
- Who will teach the courses?
- Will there be a co-op or internship component?
- Business Minor Course Descriptions
Students are eligible to enroll in the Minor in Business, Science and Entrepreneurship subject post as of March 13, 2017 (first day to request Subject POSts on ACORN at UTM) with courses commencing the Fall of 2017.
Students applying for admission to the Business Minor will need to have completed 4.0 credits, have applied for, or be enrolled in a Science Specialist or Major Subject POSt and have achieved a minimum grade of 63% in ECO100Y5. The Business Minor is a Type 3 Subject POSt program with a limited number of spaces (50) per year. As a result admission to the program will be based on applicants CGPA. Amongst the applicant pool, the 50 students with the highest CGPA will be offered admission.
Spots will also be reserved for students planning to complete ECO100Y5 in the summer of 2017 and apply for admission to the Minor during the second round of Subject POSt admissions.
If interested in being considered for the Business Minor, you must make your requests between March 13 - May 1. Those who plan to take summer courses in order to fulfill program admission requirements must also apply during this period. Students who are completing S or Y courses in Summer to fulfill program requirements will be refused during the first round and should put in a request again during the second request period (June 13 - August 26). See the Office of the Registrar 2017-18 Registration Guide OR Guide to Subject POSt selection for more information on program selection.
Once enrolled in the Minor in Business, Science and Entrepreneurship, students will be required to maintain enrolment in a Science Specialist or Major Subject POSt, otherwise they will be removed from the program.
In the 2017-2018 academic year, the 200 level Business Minor courses will be offered. Both the 200 and 300 level courses will be offered as of the 2018-2019 academic year. As a result, the minor is not recommended for those students who plan on completing their undergraduate studies in the 2017-2018 academic year given they won't have the opportunity to complete all the 300 level courses.
The courses offered by the Minor in Business, Science and Entrepreneurship will be distinct from the structure of current undergraduate Management course offerings.
The Commerce and Management programs have been designed to allow students to become subject matter experts and pursue professional careers in the fields of Accounting, Finance, Marketing, Human Resources or Management. The courses that make up these programs are building blocks that taken as a whole, provide a deep knowledge foundation for a career in the particular discipline.
On the other hand, the Business Minor has been designed for students whose primary focus is a science discipline, but who recognize that obtaining an understanding of the fundamentals of business, will provide them with a competitive advantage and distinguish them from other applicants for both summer jobs and after graduation.
In addition, the courses in the business minor are being structured so that they tie back to science oriented business scenarios. For example, an accounting course may involve analysis of resource statements of pharmaceutical or chemical companies. Similarly, a strategy course may involve the analysis of how companies have effectively introduced a new drug to the mass consumer market.
Students enrolled in the Business Minor will not be charged deregulated fees. Business Minor students will not have access to the variety of additional resources and support offered to students enrolled in the Commerce or Management programs at UTM.
The Minor in Business, Science and Entrepreneurship will require students to complete the following 4.0 credits:
- ECO100Y5 (EXISTING - Introduction to Economics) – potentially in first/second year
- IMI201H5 (NEW – Fundamentals of Marketing) – potentially in second/third year once accepted into the minor
- IMI202H5 (NEW – Principles of Human Resource Management) – potentially in second/third year once accepted into the minor
- IMI203H5 (NEW – Essentials of Accounting: Financial & Managerial) – potentially in second/third year once accepted into the minor
- IMI301H5 (NEW – Essentials of Finance) – potentially in third/fourth year once accepted into the minor
- IMI302H5 (NEW – Managing Projects, Operations & Preparing a Business Plan) – potentially in third/fourth year once accepted into the minor
- IMI303H5 (NEW – Technology Strategy) – potentially in third/fourth year once accepted into the minor
In addition to ECO100Y which is already regularly offered by the Department of Economics, only the three 200 level Business Minor IMI courses will be offered in the 2017-2018 school year. In the 2018-2019 school year all six of the new 200 and 300 level IMI courses will be offered.
Although not required, it is strongly recommended that students complete the IMI2XX level courses before enrolling in the IMI3XX level courses.
Courses will be taught by Department of Management faculty. The course design process will be led by Department of Management faculty, with consultation and input from various Science faculty at UTM.
The Business Minor will not have a co-op or internship component.
First Year: (1.0 credits)
ECO100Y5 Introduction to Economics
A survey course with emphasis on the basic concepts and techniques of macro and micro economic theory. The concepts introduced will include: national income and its determination; monetary and fiscal techniques; the derivation and use of supply and demand schedules; the theory of the firm; and principles of comparative advantage and foreign exchange fluctuations.
Upper Years: (3.0 credits)
IMI201H5 Fundamentals of Marketing
An introduction to the fundamentals of market definition, consumer behaviour, and the principal marketing functions: product line development, pricing, distribution, promotion, salesforce management, advertising, research, and planning.
IMI202H5 Principles of Human Resource Management
Human Resource Management involves everything related to the employer-employee relationship and is about supporting and managing the organisation’s people and associated processes.
IMI203H5 Essentials of Accounting: Financial & Managerial
Financial accounting revolves around the preparation and understanding of financial statements, including income statements, and balance sheets which help management and other stakeholders understand the state of affairs within an organization. Managerial accounting provides management with information, analysis and reports that support management's decision making.
Recommended Preparation: completion of any MAT or STA course
IMI301H5 Essentials of Finance**
The two main fields of finance are investments and the financing of corporations. In the investments segment, students first learn how individual investors decide on their investments based on the time value of money and risk and return trade-offs. In the corporate finance segment students will build on the insights from the investments segment to understand the financing of firms within the context of capital markets.
Recommended Preparation: completion of any MAT or STA course
IMI302H5 Managing Projects, Operations & Preparing a Business Plan**
Every business needs to formulate the strategies by which it will compete successfully in the market place, and plan for the implementation of these strategies, which may include joint ventures, strategic alliances, etc. This requires operational capabilities, the preparation of business plans and project management skills.
Recommended Preparation: completion any MAT or STA course
IMI303H5 Technology Strategy**
Businesses typically want to grow and compete. Science oriented businesses rely on innovation, protected by intellectual property rights and patents, to gain and sustain competitive advantage. Entrepreneurial science-based start-up ventures especially need a strong intellectual foundation, and they need to raise capital.
**Please note that the 300 level IMI courses will not be offered in the 2017-2018 school year. They will begin to be offered in the 2018-2019 school year. As a result, the minor is not recommend for those students who plan on completing their studies in the 2018 school year.