Course Outline Spring 2013

Introduction

Course Description

Goals of the Course

Learning Outcomes

Course Structure

Project:

Guest speakers:

Entrepreneur Interview: Safdar Nazeer +92-321-5387759 nazeersafdar@gmail.com

Readings and Cases:

Learning and Teaching:

Introduction
Entrepreneurship is an approach to management that emphasizes the pursuit of opportunity regardless of resources currently controlled. Whether you plan to start a new venture at some point in the future or to pursue a scientific career, the ability to display entrepreneurial behavior has never been more important. The aim of this course is to provide you with an exciting introduction to the theory and practice of entrepreneurship and new venture creation. The course assumes no prior knowledge of the subject and will equip you with much of the knowledge required to launch and manage a high potential new venture. Although the course is based on the latest academic research its emphasis is on the development of practical skills. Class participation is actively encouraged by the tutors and speakers.

Course Description
Studies how entrepreneurs think and act in organizing, motivating and leading high performance teams, and introducing and selling innovative science and technology-based products and services into national and international markets. Examines how entrepreneurs create and capture revenues and profits by recognizing, assessing, and marketing opportunities for new products or services based on science and technology; developing new strategies and business models; validating markets; and selling into industrial enterprises and markets. The Course imparts knowledge about Entrepreneurial and Intrapreneurial process business cycle and general guideline for establishing a new business enterprise at a small or large level in a Dynamic Business Environment. This course also focuses on ways in which entrepreneurs recognize opportunities, generate ideas, and organize resources to plan successful ventures that enable them to achieve their goals. New Business Ventures focuses on the process of converting a venture opportunity into a sustainable, revenue generating business. The course essentially deals with the issue of how to start a business from scratch as opposed to what opportunity to pursue. Students will create a venture plan for a school-based or student-run business. Through hands-on experiences, students will have opportunities to develop the values, traits, and skills most often associated with successful entrepreneurs. The course combines case studies of entrepreneurial firms, guest speakers currently launching their own business, in-class exercises, of the new venture creation process, interviews with entrepreneurs and a term project. Student teams can choose to work on their own venture idea for the term project or compare and contrast the founding stories of two existing ventures. At the end of the course, participants should be able to understand the key strategic and organizational decisions, trade-offs, and challenges involved in launching a new venture and making it succeed in a particular market space. They should feel comfortable about embarking in an entrepreneurial career or working with entrepreneurial firms

Goals of the Course

The goal of this course is to provide students with an understanding of the wider role of entrepreneurial processes and practices in developing and growing science and technology ventures. The course aims to develop this understanding through class discussions of theories, frameworks and techniques, case studies and a hands-on project.

Course Outline Spring 2013

Learning Outcomes
By the end of this course it is expected that the student will be able to: 1. Analyze the characteristics and contributions of enterprising people; 2. Compare the characteristics and contributions of various entrepreneurs 3. Assess own entrepreneurial and enterprising potential 4. Explain the importance of invention and innovation to venture creation 5. Analyze various methods of generating ideas and identifying opportunities to satisfy needs and wants 6. Generate realistic new ideas and identify possible opportunities for a school-based or student-run business 7. Conduct primary and secondary marketing research to evaluate the idea or opportunity for their proposed venture 8. Describe the role of entrepreneurship in developing and growing science and technology ventures and outline why risk and uncertainty are inherent to the process. 9. Identify entrepreneurial techniques, models and strategies used in developing and growing science and technology ventures internationally. 10. Apply entrepreneurial processes and practices to plan and execute research commercialization in science and technology ventures. 11. Communicate in written and verbal formats plans for how to develop and grow science and technology ventures to the satisfaction of various stakeholders. 12. To acquaint the students with the virtues of entrepreneurship for the society so as to enable them to consider it as one of the early or late career options 13. To appreciate the role of entrepreneurship in economic growth and there by personal career growth of business managers. 14. Assess the importance of having a venture plan 15. Analyze the structure and content of a venture plan 16. Explain how to evaluate and revise a venture plan 17. Analyze the resources required to run their chosen venture 18. Complete the components of an effective production plan for their chosen venture 19. Complete the components of an effective marketing plan for their chosen venture 20. Complete the components of an effective financial plan for their chosen venture 21. Produce, using appropriate software, a venture plan for their chosen venture

Course Structure
The course focuses on the process of venture creation from the moment entrepreneurs identify a business opportunity to the moment that their new venture becomes a viable organization (defined as being cash flow positive in a defensible market position). Each session will provide learning points and frameworks that participants can use in their own venture project. It is important to note that the issues facing entrepreneurs typically tend to be multifaceted and require a holistic perspective. So, while there is an important role for conceptual frameworks and tools, they are to be applied only to the extent that they help entrepreneurs make good decisions and realistic action plans to implement those decisions.

1. Learning and Teaching:

The class will meet for 3 hours weekly and 30 minutes group discussion (discussion will be on individual groups time and schedule will be preset). Class time will be used for a combination of lectures and discussions of case studies and current events. In addition to attending classes, students should be prepared to spend about another 10 hours per week on activities related to this course.

2. Readings and Cases:

The pedagogical materials used in the course will familiarize you with the many dimensions of the venture creation process. The readings provide ideas and suggest ways of thinking about entrepreneurial challenges. Case discussions and assignments build the intuition for how entrepreneurs go about launching new markets and organizations, and what pitfalls they ought to watch out for. Use the Harvard Business School Cases that is available on required time with instructor. Cases will be presented in the following pattern 1. Read the case very carefully 2. Prepare 15 mints presentation including all important areas of each case. 3. Present at least 2-5 new and innovative business ideas from each case 4. Prepare Power point Presentation for case presentation

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5. No written assignment is required to submit Note: (Case analysis will be graded on point 2 and 3) Base your new business ideas from the case study information additional research is required in group discussion.

3. Guest speakers:
Based on their experience, invited speakers will discuss some of the issues they face in the start-up process. Some of them will bring real-time issues to class, which they are currently grappling with in their entrepreneurial ventures. Others will bring their years of experience as entrepreneurs and mentors to discuss the challenges of engaging in an entrepreneurial career.

4. Entrepreneur Interview:
The goal of the entrepreneur interview is to get a glimpse of the motivations, experiences and key learning involved in building a company from the perspective of someone who has been through that experience. You need to interview an actual entrepreneur/founder for this assignment. The goal of the assignment is to understand the experiences, motivation, and lessons learned by someone who have founded a business before. You can choose anyone who has previously founded a new venture. The only restrictions are that he/she cannot be one of your class colleagues nor one of the class invited speakers, nor an entrepreneurs already interviewed by one of your colleagues. You can choose an entrepreneur from your own circle of friends and family contacts. However, it is more useful if you use this opportunity to establish a new relation with an entrepreneur in an industry/area that you are interested to pursue. This will allow you to extend your network of contacts and even win a mentor to help you with your entrepreneurial projects. I will compile all interviews and distribute them electronically before the final session. This will provide a very useful repository of entrepreneurial experiences that will allows us to understand better the attitudes of entrepreneurs and the challenges of venture creation. The deliverable activity is a 3 to 4 pages paper (one and half line space) with the following structure: (you can include other topics that you feel are relevant but please address the below points) Entrepreneur information: Name, Nationality, Gender, Age, Background, etc. Name, date of founding and brief description of the founded company. Does it still exist? Founding story: why this venture, why that particular time, what motivated to make the jump? Who helped in the process? What were the entrepreneurs greatest fears and desires? What were the most surprising things and most important lessons learned about founding and running a company? What were the greatest difficulties? What were the key reasons why the venture succeeded or failed? How important (if at all) was the entrepreneurs skills at building relationships (e.g. with potential customers, investors or suppliers) for the success / failure of the venture? If s/he were to give you two tips for effective relationship building skills what would it be? What were the most important personal lessons learned by the entrepreneur? At the end, please add a paragraph describing the two most interesting or useful takeaway for you from this interview.

5. Project:
The course project is an important vehicle for promoting first-hand insight into the entrepreneurial process. You will be given the opportunity to think through the strategic and organizational foundations for your own venture idea or to enhance your learning of the entrepreneurial process by analysing the developmental path followed by two new ventures from conception to an operating organization. Venture teams may be composed of three to five people. No person can belong to more than one team. The team selection is irrevocable, so ensure that every member of the group is comfortable with the contributions each member is expected to make. The project report should be under 40 pages (guideline is one-and-half space, inclusive of all appendices and references in any 11 point Times New Roman font with a one-inch margin). You may choose one of two alternative project formats: A- New Venture Design OR B- Analysis of existing Start-Up. In both cases, please email to nazeersafdar@gmail.com the details of your project by 10 am on 2nd week of the semester. You should include the following information in the body of the e-mail: A title for the project A list of who is on the team Depending on the choice of project:

Course Outline Spring 2013

A. A brief explanation of the unfulfilled need that your new venture seeks to satisfy and a brief description of the product/service concept. Also describe your plans for data collection and analysis. Option A- New Venture Design. Develop a strategy and organization plan for a new venture that explores a business opportunity that interests you. This option is particularly useful for students who would like to launch their own venture and intend to develop. The goal of the exercise is to lay out the central design and implementation details for a new business venture, focusing on strategic and organizational issues. The project is an opportunity for you to: 1) Explain the source of the opportunity and why it is attractive 2) Clarify the specific market addressed / customers targeted and why 3) Indicate the ideal composition of the founding team and how it will be formed 4) Suggest a business model and explain why it is attractive and superior to other options 5) Indicate which identity and positioning will be adopted for the new venture 6) Explain which activities will be done inside the firm and by which priority 7) Explain which activities will be done outside the firm and how partners may be attracted 8) Identify potential competitors to the new venture and explain how they may be dealt with 9) Identify key bottlenecks for the growth of the firm and how they may be addressed 10) Indicate how much funding will be required and how it can be obtained 11) Identifying the central assumptions made in the venture plan and how they will be verified B. Name of the company that the team will be studying, date of founding, brief description of product/service concept, and key challenge/decision that the team will analyse (if already selected) Option B - Analysis of existing Start-Up. The goal is to critically analyse a recent start-up (less than 5 years old) and discuss the challenges faced by the founding team in establishing the new organization. You should focus on the venture design and implementation steps and address indepth one current business challenge of the start-up. Ideally, the data collection should include a few interviews with the members of the founding team and the data analysis should use some of the frameworks discussed in class. The report should cover the following areas: 1) Explain the source of the opportunity and why it is attractive 2) Clarify the specific market that was addressed and why. Did it change over time and why? 3) Describe the business model and explain why it is superior to other options 4) Indicate composition of the founding team and how it was formed 5) Explain which activities are done inside the firm and which activities are done outside the firm through partners Describe how partners were identified and attracted. 6) Identify existing and potential competitors to the new venture and explain how they are being dealt with 7) Identify key bottlenecks for the growth of the firm and how they are being addressed 8) Identify the central assumptions made in the early days of the venture and how they were verified 9) In addition, about 50% of the report (8-10 pages) should be devoted to an in-depth analysis and your recommended solution to a current challenge or decision that the entrepreneurs are facing (the chosen challenge could be suggested by the start-ups managers or could be a choice of the project team). In addition please schedule a meeting with me. This will be an opportunity to discuss the status of your project and receive feedback. Naturally, we can meet more often if you wish. You should submit a brief project document, signed by and the team members. The document should be submitted to the instructors on 2nd last week of the semester. As time is limited, your report must be 1. Concise-but-thorough 2. Produced in an appropriate professional style and format 3. Not more than 30 pages in length (excluding references). If essential to your arguments, your report may be supplemented by not more than 15 additional pages of supporting evidence and exhibits. 4. You will submit: (a) one bound copies of your report including the following i. One hard copy of your presentation slides ii. A digital copy of your report on CD

Course Outline Spring 2013

iii. Please submit hard copies to instructor one week before the final presentation

Materials
1. Textbook WWW.THOMSONLEARNING.COM.AU/FREDERICK Robert D. Hisrich, Michael D. Peters, and Dean A. Shepherd ENTREPRENEURSHIP: 6th Edition. (New York: Irwin-McGraw Hill, 2001). 4th 5th and 6th Edition of this book is equally good! Effective Small Business Management, by Hodgetts and Kuratko [Wiley]

Introduction to Entrepreneurship Bruce R. Barringer R. Duane Ireland

2. Reference Books The Entrepreneurial Mindset by Rita Gunther McGrath and Ian MacMillan, Harvard Business School Press Entrepreneurial Management by Galvin, McGraw Hill Executive Robert D. Hisrich, ed. Entrepreneurship, Intrapreneurship, and Venture Capital. (Lexington, KY: Lexington Books, Inc., 1986). Donald L. Sexton and Raymond W. Smilor, eds., Entrepreneurship 2000. (Chicago: Upstart Publishing Co., 1997). Robert D. Hisrich and Candida Brush, The Woman Entrepreneur. (Lexington: Lexington Books, Inc., 1986). Rosabeth Moss Kantor, The Change Masters. (New York: Simon & Schuster, 1983). Mark Van Osnabrugge and Robert Robinson, Angel Investing. (San Francisco: JosseyBass Publishing Co., 2000). Many other books are also available in the market (and library).

3. Reading Materials Reading materials will be given to the CR of the class who would be responsible to take all types of reading material from the teacher and make it available to every student. Study Topics by Week Week Topics to be Covered

An introduction to the CONCEPTS! Entrepreneurship: an introduction (Comparison with Business and New Week 1 Venture Creation Concepts) The Nature and Importance of Entrepreneurship Week 2 The Entrepreneurial and Intrapreneurial Mind Week 3 The Individual Entrepreneur Technological Revolution and Small Business Week 4 Week 5 1st Mid Term Exam Opportunities for getting into BUSINESS! Creativity and the Business Idea Week 6 Starting a new firm or Buying an existing business Week 7 Operating a Franchise Opening a Home Based Business

Course Outline Spring 2013

Week 8 Week 9 Week 10 Developing a Business Plan The marketing plan The organizational plan 2nd Mid Term Exam

Managing OPERATIONS! Sources of Capital Week 11 Determining location and layout Selecting the legal form of an organization Understanding the Market Week 12 Pricing for Profit Week 13 Promotion and Personal selling Customer Credit Financial statements and record keeping Week 14 Financial analysis and budgeting Entrepreneurial Strategy: Generating and Exploiting New Entries Week 15 Week 16 Final Exam

Changes to Syllabus This syllabus is subject to change during the semester. This will depend on the class attitude, teachers perception of the mindsets of the students, and campus policy! Materials from different books will be discussed during the class. Announcements in class take precedence over any other communication or procedure.

Suggested Web Sites:

www.shell.livewire.com www.tameer.org.pk www.smeda.org www.intilaqa.org http://mauritius.shell-livewire.com

Online Magazines
Canadian Business www.canadianbusiness.com Entrepreneur Magazine www.entrepreneur.com Nelson Thomson Business website www.business.nelson.com Realm Magazine www.realm.net

Government of Canada Resources

Business Development Bank of Canada www.bdc.ca Business Plans www.businessplans.com Canada Business Service Centers www.cbsc.org Human Resources Development Canada www.hrdc-drhc.gc.ca Statistics Canada www.statcan.ca Youth Employment Information www.youth.gc.ca

Online Newspapers
Globe and Mail www.globeandmail.com National Post www.nationalpost.com

Video
Starting Your Own Business Copyright 1998 National Foundation for Teaching Entrepreneurship Entrepreneurship for Canadians: The Spirit of Adventure, a CFEE project

Movies
Social network

Course Outline Spring 2013

Web Resources
Entrepreneurship Focused Periodicals
Periodical American Venture Entrepreneur Fast Company Home Business Magazine Inc. Industry Week Information Week Minority Business Entrepreneur MIT Technology Review Private Equity Week San Jose Mercury News Small Business Opportunities Wired Web Site Address www.avce.com www.entrepreneur.com www.fastcompany.com www.homebusinessmag.com www.inc.com www.industryweek.com/ www.informationweek.com www.mbemag.com www.technologyreview.com www.pewnews.com/ www.mercurynews.com/ www.sbomag.com www.wired.com

Entrepreneurship Focused Web Sites (general information)

Web Site All Business BizStats.com Bizwomen.com Business 2.0 BusinessFinance.com Business Owners Toolkit Business Resource Center Business Week Small Business Center for Womens Business Research Entrepreneurship (Kauffman Foundation) Global Entrepreneurship Monitor Harvard Business School Entrepreneurs Idea Caf Making It! Web Site Address www.allbusiness.com www.bizstats.com www.bizjournals.com/bizwomen www.business2.com www.businessfinance.com www.toolkit.cch.com www.morebusiness.com www.businessweek.com/smallbiz www.womensbusinessresearch.org www.entrepreneurship.org www.gemconsortium.org www.hbs.edu/entrepreneurs www.businessownersideacafe.com www.makingittv.com

National Federation of Independent Businesses www.nfib.com Peerspectives Red Herring www.peerspectives.org www.redherring.com

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SEC Filings Small Business Advisor Small Business Resources Small Business Trends STVP Educators Corner (Stanford) U.S. Small Business Administration The Wall Street Journal Small Business Yahoo! Finance www.sec.gov/edgar.shtml www.isquare.com www.smallbusinessresources.com www.smallbiztrends.com http://edcorner.stanford.edu www.sba.gov www.startupjournal.com http://biz.yahoo.com/ic/index.html

Entrepreneurship Focused Web Sites (specific information)

Web Site BizPlanIt BizStats Board Member BPlans Business Plan Archive Business Plan Writing Help Center BusinessFinance.com Business Owners Idea Cafe Center for Business Planning Center for Rural Entrepreneurship Collegiate Entrepreneurs Organization E2 Environmental Entrepreneurship Coolbusinessideas Evan Carmichael Fambiz.com (family business) FindLaw Franchise.com Franchise Direct Franchise Opportunities Garage Technology Ventures Inc. 500 International Franchise Association InternetNews.com Marketwatch From Dow Jones MegaLaw Money Tree Report NASDAQ Web Site Address www.bizplanit.com www.bizstats.com www.boardmember.com www.bplans.com www.businessplanarchive.org www.growthink.com/helpcenter.html www.businessfinance.com www.businessownersideacafe.com www.businessplans.org http://www.energizingentrepreneurs.org/ www.c-e-o.org www.e2.org www.coolbusinessideas.com www.evancarmichael.com www.fambiz.com http://biz.findlaw.com www.franchise.com www.franchisedirect.com http://www.franchiseopportunities.com/ www.garage.com www.inc.com/resources/inc500/index.html www.franchise.org www.internetnews.com/bus-news www.marketwatch.com www.megalaw.com www.pwcmoneytree.com www.nasdaq.com

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National Business Incubation Association www.nbia.org/ National Collegiate Inventors & Innovators Alliance www.nciia.org National Inventor Fraud Center National Venture Capital Association Service Corps of Retired Executives SiliconValleyWatcher Startup Review The Capital Connection The Center for Venture Research Tradepub U.S. Patent and Trademark Office Valuation Resources Yahoo? Finance www.inventorfraud.com www.nvca.org www.score.org www.siliconvalleywatcher.com www.startup-review.com www.capital-connection.com http://wsbe.unh.edu/cvr http://internet.tradepub.com www.uspto.gov/ www.valuationresources.com http://finance.yahoo.com

Entrepreneurship Focused Blogs

Blog A VCMusings of a VC in NYC Action Talk Ask the VC Be Excellent Ben Casonocha Campus Entrepreneurship Canadian Entrepreneur Duct Tape Marketing Blog EarlyStageVC Entrepreneur Magazine Feld Thoughts Grade A Entrepreneurs Guy Kawasakis Blog Innovation.Net Weblog John Battelles Searchblog Life Beyond Code Outside the Valley Paul Allen Redeye VC Seth Godin Blog SiliconBeat Small Business Labs Web Site Address http://avc.blogs.com http://actionstalk.com/ http://www.askthevc.com/blog/ http://sixdisciplines.blogspot.com http://ben.casnocha.com/ http://campusentrepreneurship.wordpress.com/ http://canentrepreneur.blogspot.com/ http://www.ducttapemarketing.com http://earlystagevc.typepad.com www.entrepreneurs-journey.com http://www.feld.com/wp/ http://delbourg-delphis.com/ http://blog.guykawasaki.com/ http://venture2.typepad.com/innovationnet http://battellemedia.com http://www.lifebeyondcode.com/ www.outsidethevalley.com www.paulallen.net http://redeye.firstround.com www.sethgodin.com/sg/ www.siliconbeat.com http://genylabs.typepad.com/small_biz_labs/

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Social Entrepreneurship Blog Start-Up Guide Texas Startup Blog The Entrepreneurial Mind (Dr. Jeff Cornwall) The Heart of Innovation Up and Running (Tim Berry) Vartornews TV VenturBeat www.socialroi.com http://startupguide.typepad.com http://texasvc.weblogswork.com http://www.drjeffcornwall.com/ http://www.ideachampions.com/weblogs/ http://upandrunning.entrepreneur.com/ http://vator.tv/news www.venturebeat.com

VentureBlogA Random Walk Down Sand Hill Road www.ventureblog.com YoungEntrepreneur www.youngentrepreneur.com/blog

Entrepreneurship Focused Podcasts

Podcast Harvard Business IdeaCast Inc. Inside the Issue Innovate Killer Innovations Small Business Trends Stanford Educators Corner Startupnation.com This Week in Technology Time Business Podcast Venture Voice Web Site Address http://hbsp.libsyn.com/rss www.inc.com/podcasts http://innovate.blogspot.com http://www.techtrend.com/blog/ www.smbtrendwire.com http://ecorner.stanford.edu/podcasts.html www.startupnation.com www.twit.tv www.time.com/time/podcasts http://www.venturevoice.com

Entrepreneurship Focused Scholarly Journals Journal Web Site Address Entrepreneurship & Regional Development Entrepreneurship Theory & Practice Frontiers of Entrepreneurship Research Journal of Business Venturing Journal of Small Business Management Small Business Economics Strategic Entrepreneurship Journal The Journal of Product Innovation Management Venture Capital http://www.tandf.co.uk/journals/titles/08985626.asp www.blackwellpublishing.com/journal.asp?ref=1042-2587 www.babson.edu/entrep/fer/ www.sciencedirect.com/science/journal/08839026 http://www.wiley.com/bw/journal.asp?ref=0047-2778 http://www.ingenta.com/journals/browse/klu/sbej http://www3.interscience.wiley.com/journal/113412125/home? CRETRY=1&SRETRY=0 http://www.blackwellpublishing.com/journal.asp?ref=07376782 http://www.tandf.co.uk/journals/titles/13691066.asp