This post was edited by Donald Reed on Jun, 2010
Be strategic -- weigh the landscape at your institution -- be involved in setting campus policy (do not listen to the "experts" as the field is changing too quickly for anyone to be an expert). Do not follow the rules, but question them, bend them and seek opportunity by questioning the status quo -- be nibble, flexible, quick and innovative.
Pick your course with care, do no consider it a onetime event, but consider the long-term implications for professional development. Develop a personal four year plan for planning, development, testing, evolution, marketing (both the course and your efforts as scholarship), and implementation. Direct your effort to cover all three faculty responsibilities: teaching, scholarship and service. Market your course and effort, both on campus, within your system, and internationally. Seek financial resources for online development and plan how to leverage your effort to the benefit for everyone, students, department, institution, and you (the latter professionally and personally).
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