Dickson Spring 2009 Bus 272

BUS 272 A
STRATEGY IN ENTREPRENEURIAL FIRMS

Spring 2009
COURSE SYLLABUS
General Course Information
Class Hours: Tuesday/Thursday 12:00 to 1:15 p.m.
Class Room: Kirby 101
Professor: Pat H. Dickson, Ph.D.
Office Hours: Tuesday/Thursday 11:00-12:00; 2:00-3:00 (These are my official hours. I will be
glad to meet at other times by appointment and either virtually or by cell phone at any time)
Contact
Information:
Email
dicksoph@wfu.edu
Phone
336-758-4629 (office)
336-464-6718 (cell)
Office
315 Kirby Hall
Required
Materials:
Strategic Management by Dess, Lumpkin and Eisner. ISBN 0-390-85223-6
(This is a custom text developed for this course and available in the
bookstore)
Strategic Management Case Book by various authors. ISBN 0-390-85198-1
(This is a custom readings book available in the bookstore)
these
Other required reading materials will either be handed out or will be made
available on BlackBoard. Visit https://blackboard.wfu.edu/ to log in for
materials and other important course files.
The Course
BUS 272, Strategy in Entrepreneurial Firms, is the study of the interdisciplinary nature of
management decision making in entrepreneurial firms. Comprehensive cases are used to
familiarize students with the analysis of industry trends, internal operations, and the external
environment under conditions of uncertainty. Domestic and international dimensions of strategy
formulation and execution in entrepreneurial firms are examined.
Course Philosophy
This course is designed to provide a broader view of the issues of entrepreneurial firms than
would a course concentrating solely on such functional areas as accounting, finance or
management practice. The functional area knowledge that you have gained thus far in your
university studies will serve you well in this course, but to be completely successful you must
forget any labels by which you define yourself (i.e. accountant, manager, systems information
specialist). BUS 272 cuts across the whole spectrum of business and management. The center of
attention is the entrepreneurial firmthe industry and competitive environment in which it
operates, its long-term direction and strategy, its resources and competitive capabilities, and its
prospects for success. This course is designed to stress both problem formulation and problem
solving.
Calloway School of Business and Accountancy BUS 272 Syllabus, Spring 2009
Knowledge Objectives
In this course we will cover the core integrative content required in any strategy course. In
addition, we will explore unique strategic management issues for startup and growth-oriented
new ventures, such as: the development of initial resources; the generation of competitive
position at startup; entry strategies for differing industry environments; life cycle issues faced by
growing ventures; and the financial challenges associated with growth.
This course is intended to provide an understanding of the following:
The resource-based view of the firm
The importance of understanding the firm as a system with highly interrelated and
interdependent functional parts both internal and external to the firm
The critical importance of the vision and mission of the firm and how entrepreneurial
firms develop core competencies and sustainable competitive advantages
The tasks required to develop, implement and execute entry strategies and ongoing
business level strategies
The role of governance and strategic leadership in the entrepreneurial firm
The every changing and evolving nature of entrepreneurial firms and their industries
Application Objectives
This course is intended to assist the student in developing:
The ability to critically analyze the attributes of the firms external environment and the
strengths and weaknesses of the firms internal capabilities
The ability to solve complex and ill-structured problems
The ability to synthesize diverse information into meaningful analyses
The ability to craft successful business strategies for entrepreneurial firms
The ability to present well-supported oral and written arguments
Course Structure
This course will be taught in case analysis format. As listed in the class schedule portion of this
syllabus, many of the class sessions revolve around a detailed case provided in your case readings
pack. The Socratic Method will be used to determine your understanding of the relevant
theoretical and practical issues of each case. In addition to the detailed case discussions relevant
information will be provided through limited class lecture sessions. An important component of
this course is the team process. Early on in the course we will begin to form teams that will
function throughout the semester.
The Rules
Class Involvement
BUS 272 will probably be unlike any course you have taken thus far. The course in many ways is
reflective of the subject matter it covers. The development of successful business strategies is by
necessity a collaborative process. No single individual within an organization has all of the
necessary knowledge and skills to develop successful strategies. Similarly, no single
individual in this class has all of the knowledge and skills necessary to successfully analyze the
cases that are central to this study. It is therefore absolutely essential that each person involved in
this class contribute to the process. Accordingly, a significant portion of your final course grade
will be based upon your contribution to each class discussion.
Class Conduct
Attendance. You can not contribute if you are not in class. Class attendance is
encouraged and expected. If you must be absent from class, prior approval is required to
avoid a reduction in your participation score. Students are expected to be present for the
scheduled exam. Make-up exams are not given. If you have a valid reason for missing
the mid-term exam (see the University guidelines) and have given me prior
notification, you will be allowed to take the exam prior to the regularly scheduled
date (no make-up exams are given after the originally scheduled exam date). It is
truly in your best interest to take the exam when scheduled unless providentially
hindered.
Class assignments. Assignments are not accepted late. Due dates and details of the
various assignments are included in this syllabus.
In-class behavior. Cell phones, PDAs, iPods and laptop computers must remain off
and put away during class. All slides and notes utilized in class will be posted to
BlackBoard following each class session. Students are expected to give their undivided
attention to the class discussions that will be a part of every class session.
Academic Honesty and Student Rights. Students are expected to adhere to the University
policy on academic dishonesty. Academic dishonesty includes: a) cheating, b) fabrication
and falsifications, c) multiple submissions, d) plagiarism, and e) complicity in academic
dishonesty. Proven cases of academic dishonesty will result in the penalties published in
the Universitys statement of student academic rights and responsibilities that may be
found in the University catalog. All individual and group analyses are expected to be
original work prepared by you or your team.
Course Assignments and Grading Procedures
Assignment Description and Weighting
Assignment
Type
Class Contribution
Individual
Exam 1
Individual
Exam 2
Individual
Strategic Audit Project Part 1
Team
Strategic Audit Project Part 2
Team
Grading Weight
20%
20%
20%
20%
20%
Grading: A traditional grading scale will be used in this class. A = 90-100, B = 80-89.9,
C = 70-79.9, D = 60-69.9, F = Below 60. The +/- grading system will not be used in this class
due to the team-based nature of the class. Please note that 40% of the grade you will earn in this
class will be team-based and 60% will be based on individual work.
Class Contribution
BUS 272 is a class in which significant student contributions are both necessary and expected. A
significant contribution to the class goes beyond mere attendance and participationit requires
involvement both in your teams and in the class that is substantive. Class participants are
expected to seek out opportunities to be involved in class discussions and to ask questions, make
comments and share information that is relevant and thought provoking and that helps all
participants arrive at an understanding of an issues causes, consequences and strategic
ramifications. In order to make this kind of contribution students will need to thoroughly prepare
for each class in advance. Please see the Case Discussion Preparation materials provided in
Addendum A for suggestions on how to prepare for case and class discussions. I will grade class
contributions at the conclusion of each class period. I use a 0 5 grading scale and all scores are
averaged over the semester to arrive at a final class contribution score. If you do not attend a
class your participation score for that day is 0. Class contribution counts 15% towards your
final course grade.
Exams
Exam #1 will be given as part of BUS 272 prior to the mid-point of the course. Exam questions
will be drawn from reading materials assigned prior to the exam date as well as in-class
discussions and lectures. The exam will include multiple choice, short answer and discussion
type questions based on readings and class materials (not cases). You will be asked questions that
require analysis and reasoning as well as questions that require you to have an opinion supported
by both the strategic frameworks we have discussed in class as well as your own logic and
reasoning. Exam #1 will include Chapters 1, 2, 3 and 5 plus all readings (not cases) assigned
prior to the exam date.
Exam #2 will be a similar exam covering Chapters 8, 6, 13 and 7 plus all readings (not cases)
assigned after exam 1 and prior to the final exam period.
Each exam will count 20% towards your final grade.
Team Class Assignments
Two live cases will be utilized in this course along with the cases contained in your readings
pack. Teams will be provided with specific research and analysis homework assignments
associated with some (but not all) of these cases. Due dates for these assignments are either listed
on the class schedule part of this syllabus or will be assigned. Specific information regarding the
requirements of these assignments will be given prior to the due date. Completed assignments
will be reviewed and are considered when assigning final team project grades.
Strategic Audit Project and Report (Delivered in two parts see Addendum B)
This is the major project for the course. The project is intended to provide students with an
opportunity to integrate both what is learned in this course as well as to a great extent their full
experience in all course work taken thus far. The key objective of this project is to allow students
to gain experience in performing a comprehensive strategic analysis. The project requires both
extensive research and careful analysis and will be completed in two sections. The specific
requirements for this project as well as recommendations for completion are contained in
Addendum B. The project is divided into two key written reports accompanied by oral
presentations in the class. Each part of the project will count 20% towards your final course
grade.
Peer Evaluations
Effective teamwork is critical to the successful completion of BUS 272. Forty percent of your
grade will be a direct result of the performance of your team and your performance as an effective
and efficient team member. It is assumed that all team members will put forth an equal effort in
the completion of team projects. Team members will be provided a peer evaluation form and
will be REQUIRED to complete and submit the evaluation prior to the end of the course. All
team members will evaluate not only the performance of fellow team members but their own
performance as well. I reserve the right to raise or lower an individuals team project grade up
to one letter grade based on the collective evaluation provided by their fellow team members
and my analysis of that evaluation.
Special Communications and Exceptions
The class rules, processes and assignments previously outlined and the class schedule following
are subject to change in the event of extenuating circumstances. Any changes will be announced
in writing and communicated to the class via email.
Contingency plans for completion of course projects have been developed in the event of an
outbreak of flu or other emergencies that might require campus closure during the spring term.
Complete student contact information will be kept on file until the end of the semester and in the
case of any event that might require class cancellation and in order to avoid any delay in
graduation students will be provided with materials outlining course projects and processes for
completing the course.
Periodically during the semester I will post messages, additional readings and updates to you
either via email or on BlackBoard. Typically I will post the PowerPoint slides utilized in class
lectures to BlackBoard immediately following the class session.
Calloway School of Business and Accountancy BUS 272 Syllabus, Fall 2009
Class Schedule, Readings and Assignment Due Dates

Topic/Reading Assignment
Project Due
Strategy in Entrepreneurial Firms: The Process &
Class
Reading: (Text) Chapter 1
Industry and Competitive Analysis (I&CA) for
Team Assigned
Entrepreneurial Firms
I & CA for Entrepreneurial Firms
Ind/Company Preference
list (team)
Reading: (Case) XM Satellite Radio (A)
I & CA for Entrepreneurial Firms
Live Case: Polytorx
Reading: Research TBA
Evaluation Entrepreneurial Firm Resources
Project Contract (team)
Date/Day
Session 1
Thursday
January 15
Session 2
Tuesday
January 20
Session 3
Thursday
January 22
Session 4
Tuesday
January 27
Session 5
Thursday
January 29
Session 6
Tuesday
February 3
Reading: (Case) Drawn and Quarterly
Session 7
Thursday
Revisit Live Case: Polytorx
Resource Analysis
February 5
(team)
Session 8
Tuesday
February 10
Reading: (Case) TiVo in 2003 (A)
Session 9
Business Level Strategy for Entrepreneurial Firms
Thursday
February 12
Session 10
Tuesday
February 17
Reading: (Case) SportsBusiness Journal
Session 11
Thursday
February 19
Exam Review
Session 12
Exam #1
Exam #1
Tuesday
February 24
Session 13
Entrepreneurial Strategy and Competitive
Thursday
Advantage
February 26
Session 14
Live case analysis (team)
Tuesday
Advantage (Live Case: Polytorx revisited)
March 3
Session 15
Thursday
Advantage
March 5
Reading: Live Case Continued/Research TBA
Date/Day
Session 16
Tuesday
March 17
Session 17
Thursday
March 19
Session 18
Tuesday
March 24
Session 19
Thursday
March 26
Session 20
Tuesday
March 31
Session 21
Thursday
April 2
Session 22
Tuesday
April 7
Session 23
Thursday
April 9
Session 24
Tuesday
April 14
Session 25
Thursday
April 16
Session 26
Tuesday
April 21
Session 27
Thursday
April 23
Session 28
Topic/Reading Assignment
M&A Activity; Divestiture in Entrepreneurial
Firms; Growth and Diversification issues
Team Day
Team Presentations
Project Part 1 Analyses
Project Due
Project Part 1
Paper Due
(Team)
Team Presentations
Team Presentations
Team Collaboration Meetings
M&A Activity; Divestiture in Entrepreneurial
Firms; Growth and Diversification issues
Reading: (Case) Crocs
Strategic Dimensions of Corporate Entrepreneurship
and Innovation
Strategic Dimensions of Corporate Entrepreneurship
and Innovation
Reading: (Case) Internal Entrepreneurship at Dow
Going Global: Entrepreneurial Strategies for
Internationalization
Reading: (Text) Chapter 7/ Handout
Going Global: Entrepreneurial Strategies for
Internationalization
Reading: (Case) Innocent Drinks
Team Day: Team meeting times TBA
Team Presentations
(Special evening session TBA: 04/27, 04/28 or
04/29)
Exam #2
Project Part #2 Due

04/28
Peer evals due
Exam #2
Wednesday
05/6, 2:00 pm
ADDENDUM A
Case and Class Discussions in BUS 272
Strategy in Entrepreneurial Firms is a course of study related to a core foundation of
knowledge but more importantly, unlike many courses you may have taken during your college
career, Strategic Management takes you beyond study to practice. The success of the course,
and subsequently the quality of your experience, is completely depended upon your total
involvement in the conduct of the class. A critical component of the course is the in-depth
analysis and discussion of detailed cases. The cases utilized in this course will likely be more
comprehensive than any you have encounter thus far. You will be expected to enter class
thoroughly prepared to discuss each case and to provide not only your opinions but detailed
evidence to support your ideas and recommendations. The Socratic Method will be utilized in
this course. That means I will question, poke, prod, and push you to think critically about the
issues contained in each case. It does not mean that I will provide you with the analysiswhat
you get out of each case discussion will depend solely upon what you and your fellow classmates
bring to the discussion. I will expect every student to enter each class discussion prepared to
contribute and therefore I will not hesitate to call on students randomly and regularly.
Advanced preparation is a key to success in the class participation portion of this course.
With that in mind I make the following suggestions for case preparation:
Form study teams and meet regularly to discuss each case prior to class. These are
detailed casesa study group will help you share the load as well as to test out your
ideas prior to each class discussion.
Several days before the case is assigned do a quick read, establish the key issues of the
case, and set out your research needs.
Prior to your study team meeting analyze the case carefully. Set out the facts in an
organized fashion. Determine the problem presented by the case. Carefully differentiate
between the symptoms and the causes.
Gather all evidence needed to support your analysis. Remember that evidence includes
not only the facts of the case and your relevant research but also logical reasoning and
examples and theory.
The following suggestions will help you in developing a superior contribution:
Expect the class to do most of the talking with me taking the role of questioner and
listener.
Back up your position and solutions with evidence. Expect me to probe for reasons and
supporting analysis.
Look beyond the printed story and make logical conclusions as to future
problems/opportunities.
Expect and tolerate challenges to the views expressed and be willing to submit your
conclusions for scrutiny and rebuttal.
Fairly and thoroughly critique other class members analysis and solutions.
Be willing to alter your analysis and solutions when the evidence strongly supports doing
so.
*See also Key Financial Ratio supplement on BlackBoard for additional tools.
Note: Participation points will not be allotted simply for showing up. Reading the case and
stating opinions is also not enough. I expect you to participate by providing informed
opinions, facts, and questions that move the case discussion forward. Showing up having read the
case gets you 3 points, 4 points for clearly demonstrating an understanding of the case, 5 points
will only be allocated if you provide insightful comments and push well beyond the case materials
provided.
ADDENDUM B
Strategic Audit Project
The class will be divided into three tracks (Track A, Track B, and Track C); each Track is
identified by a specific industry and a specific entrepreneurial firm within that industry. All firms
studied will be pre-IPO entrepreneurial firms.
The project will unfold as follows:
1. Students will be randomly assigned to project teams by the professor.
2. Two teams will sign up for or be assigned to each Track.
3. One team in each Track will conduct research, write a paper, and make a presentation to
the class on Industry and Competitive Analysis. The second team will conduct research,
write a paper, and make a presentation to the class on a Company Analysis.
4. Following the presentations, the teams in each Track will collaborate with each other to
facilitate for each other a greater understanding of the industry and company in their
Track.
5. Then each team will write a final paper and make a presentation on Issues,
Recommendations, and Implications for the company in its Track.
Each team should consider its written report as an "executive briefing." The body of the report
should provide a concise summary of the status quo, but should concentrate on the conclusions
and implications of the analysis your team has done. In the discussion the conclusions and
implications should be supported with strategy theory, your own logic, and evidence. Do not use
space within the strict page-limits to merely recite facts; use exhibits to display relevant data and
important facts or calculations.
The following provides guidelines for what is expected in each part of this project. See writing
assignment guidelines in syllabus for information on formatting and font size.
Part 1
One team will work on the Industry and Competitive Analysis, and one team will work on the
Company Analysis.
Industry and Competitive Analysis
The Industry and Competitive Analysis section of the project is to be a maximum of 4 pages
(before charts and exhibits). Equal balance should be given in the report to industry analysis and
competitive analysis. This report should include:
Industry analysis
The Industry Analysis section of the written report should be 2 pages (before charts and
exhibits). The following dimensions should be included in your analysis:
You will need to carefully consider how to define the boundaries for your industry
analysis, and you should provide a cogent rationale for your decisions.
Use the five forces framework to do an industry structure analysis for the industry.
Articulate your conclusions on 1) overall driving forces and 2) key success factors.
Explain why the key success factors you identify evolve from your industry analysis.
This part of the report should emphasize your assessment of overall industry attractiveness,
the driving forces in the industry, and the key success factors which any company must attend
to if they wish to succeed. A rule of thumb for this section is to spend half of the allotted
pages on analysis, and half on the conclusions you draw from your analysis.
Competitive Analysis
The Competitive Analysis section should be 2 pages (before charts and exhibits). This part of
the report should:
Identify the key competitors within the industry, and provide a brief description of
each competitor's strategy and value chain.
Using key success factors or other critical dimensions, include strategic map(s) to
show where important competitors are arrayed in "strategic space" and draw relevant
conclusions from this analysis.
Evaluate and compare financial statements (when available), and draw insights on
strategy from these comparisons. The insights should not simply be recitations of
fact that are evident in the statements themselves, but based on comparative analysis
and interpretation of such statements.
This part of the report should emphasize the kinds of strategic approaches that appear to be
working best, the weaknesses exhibited by certain companies, and the strategic opportunities
that may or may not exist in the industry.
Company Analysis
The Company Analysis section of the project is to be a maximum of 4 pages (before charts
and exhibits). This part of the report should include:
Strategy
Articulation and description of the company's entry strategy and present operational
and growth strategies.
Careful discussion of its value chain and how this may/may not support its strategy.
Careful discussion of its advantage-producing resources, and its core competence.
Performance
Assessment of how well the strategy is working. This should cover not only its
performance versus competition (both operationally and financially), but its
performance in delivering superior returns to its current owner(s).
Part 2
Each team will develop its own final paper and presentation on Issues, Recommendations and
Implications for the company.
Issues, Recommendations & Implications
The final section encompasses Issues, Strategic Recommendations and Performance
Implications; these build off the first two sections.
10
Each team must place itself in the position of the management of the company and devise its
own solutions to the problems and strategic issues the company is facing. In its research each
team will no doubt encounter others recommendations; it need not be bound by these - in
fact, it should question and challenge them based upon its own independent evaluation of the
industry and company.
This section should
Articulate and thoughtfully discuss key issues the company is facing, and why these
are key.
Outline key strategic recommendations for the company.
Provide a cogent rationale as to how the recommendations build on the value chain
and resource positions of the company, or will require building valuable new
positions.
Outline expected goals and competitive performance implications of
recommendations.
Detail the financial ramifications of the recommendations both the benefits and
costs.
Estimate the effects on stakeholders of the recommendations.
The final report should be a maximum of 4 pages (before charts, exhibits, and addendums).
Description of project written and oral presentation
Written Reports
Each team (whether doing an industry and competitive analysis or a company analysis for
Part 1 of the project will submit their written reports on March 24 th. The written report for Part 2
of the strategic audit project, recommendations and implications will be due from all teams on
April 28th.
Oral Reports
For both parts 1 and 2 of the strategic audit project, teams will orally present and defend their
analysis. These presentations will be no more than 20 minutes in length and will be followed by a
5 minute Q&A session. See the class schedule for presentation dates. All team members must
be present on the assigned date to receive a project grade and no make up dates are
provided.
Additional Notes
Research and Analysis
A superior Strategic Audit Project requires extensive research and analysis. Teams are expected
to dig deeper than the articles contained in the popular press to locate information provided by
individual companies, industry associations, and analyst familiar with the industries and
companies. Your research should go beyond printed materials to include interviews with both
company leaders and key informants familiar with the industry and companies. Be careful and
precise in providing the sources for all information cited and referenced in your report.
11
ADDENDUM C
Cases and Case Review Questions
The following study questions are provided in order to help you begin thinking through the issues
relevant to each case. These are by no means the full range of issues that we will discuss.
Think broadly not only about the facts of each case but also the underlying problems. Carefully
consider the strategic issues driving the decisions made and the causes and ramifications.
Consider carefully what you would do in the same situation and what your recommendations
might be for the company moving forward.
Case: XM Satellite Radio (A)
What is the key value proposition of XM to different consumer segments? Which do you
think should be the primary consumer target for XM?
What is the core competency of XM? Who Are XMs primary competitors? Does XMs
core competency provide a competitive advantage over these competitors?
What are the key bases upon which companies compete in this industry and how does
XM stack up?
How would you characterize the external business and political environment for XM?
What are the key issues that XM must be aware of to be successful?
What would be your recommendations to Acker regarding how to position XM in the
industry?
Case: Drawn and Quarterly
What are the core competencies of Oliveros and Drawn and Quarterly?
What are the growth opportunities for D&Q?
How do these opportunities fit with the entrepreneur (Oliveros) and his values and
preferences?
Do you think the decision to change the format of the D&Q anthology is a good one?
Why or why not?
Case: TiVo
What are TiVos competitive advantages?
How does TiVo fit into the home entertainment value chain? Who are TiVos allies?
Enemies? Why?
What should TiVos strategy be going forward? (Be certain to take a look at the numbers
to determine profitability of different potential strategies).
Will TiVo be able to sustain a position in the entertainment value chain?
Case: SportsBusiness Journal
What are the core competencies of the SportsBusiness Journal (SBJ)?
What are the key strengths and weakness of SBJs business model?
How would you characterize the early business strategies employed by SBJ?
What are the key issues facing SBJ in terms of growth?
What strategies do you believe will be most successful for SBJ going forward?
12
Case: Crocs
What are Crocs core competencies?
How do they exploit these competencies in the future? (growth by acquisition, growth by
product extension, etc.)
To what degree do these alternatives fit the companys core competencies
How should Crocs plan its product and inventory?
Case: Internal Entrepreneurship at Dow Chemical
What is the relevance of a small project like e-epoxy in a large multi-billion dollar
company like Dow?
Is e-epoxy the right use of Telfords entrepreneurial talents?
Should Dow tolerate the kind of antics that Telford engages in?
Must there be a shock to the system for a large company to change?
Is Telford the hero or is it de Fitte? Or others?
Is entrepreneurial behavior critical to large businesses or is it a threat?
Case: Innocent Drinks
Why has Innocent Drinks succeeded?
Should Innocent expand its geographic territory to Europe or the U.S.? Should it extend
its current product line?
If Innocent chooses to expand internationally what might be the potential strategies it
might employ?
How would you value Innocent at the time of the case? Should the company consider a
purchase offer at this time?
What other options might the company explore?
Case: Levis Personal Pair Jeans (A)
What opportunity in the market place is Levi Strauss attempting to address?
What impact will the Personal Pair system have on Levi Strausss value chain?
What value will the system deliver to the customers of Levi Strauss?
Is the Personal Pair system a strategy that should be expanded to other Levi Strauss
products?
How do you think other manufacturers might respond to this strategic move by Levi
Strauss?
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BUS 272 A

STRATEGY IN ENTREPRENEURIAL FIRMS

Class Schedule, Readings and Assignment Due Dates

Project Part #2 Due

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