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University of Management Sciences
MGMT 481 – Entrepreneurship
Fall Semester 2017
Instructor Dr Muhammad Shehryar Shahid
Room No. 310
Office Hours TBA
Email Muhammad.shehryar@lums.edu.pk
Telephone +92‐42‐35608425
Secretary/TA Muhammad Rehman
TA Office Hours TBA
Course URL (if any) http://suraj.lums.edu.pk/~ro/
COURSE BASICS
Credit Hours 3
Lecture(s) Nbr of Lec(s) Per Week 2 Duration 1 hr 15 mins
Recitation/Lab (per week) Nbr of Lec(s) Per Week Duration
Tutorial (per week) Nbr of Lec(s) Per Week Duration
COURSE DISTRIBUTION
Core ‐
Elective Elective
Open for Student Category Junior/Senior (university‐wide)
Close for Student Category
COURSE DESCRIPTION
“Entrepreneurship is about turning an idea into a valuable enterprise under a certain level of uncertainty by remaining in control of
what you want to achieve and how you want to achieve it”
Welcome to be a part of the entrepreneurial revolution that has literally ‘infected’ the contemporary global thinking! No other
jargon has so much in use in recent times as entrepreneurship, and it is certainly for a reason. That is, perhaps no other thing can
be so powerful, sustainable and thrilling as the phenomenon of ‘new venture creation’ for its ability to solve the prevailing problem
of the mankind in its entirety. It is an introductory course on entrepreneurship intended to enhance your ‘willingness’ to set out on
an entrepreneurial journey and give you a chance to think about alternative career options available to you in an economy so full of
unmet needs and so short of innovative solutions. In this semester we will assess, explore, critique and celebrate the phenomenon
of entrepreneurship.
This course will approach entrepreneurship as a mindset, an attitude and a behaviour to undertake value‐creating initiatives in
situations with a certain level of uncertainty that is expected to lead to the creation of a new business entity, be it a new start‐up or
a launch of new product or service within a large corporation. The course is designed in six modules with almost equal focus on the
students’ development of both hard and soft entrepreneurial skills. The discussion in the first three modules will predominantly
revolve around the cognitive part of the entrepreneurship process, which will allow the students to understand and challenge the
very ‘logic’ of how expert entrepreneurs usually make decisions as opposed to a stereotypical manager working under a very
different scheme of things. The last three modules of the course will then deal with some contemporary analytical tools used in the
entrepreneurship education, coupled with certain ‘tricks of the trade’, in order to generally improve the students’ skills to develop
a more innovative and sustainable business model for whatever entrepreneurial pursuit they ever plan to undertake. This course,
therefore, promises a unique form of logic, which might at times be antagonistic to the conventional principles of management,
but then it is what entrepreneurship is all about.
Given the nature of the subject, the curriculum of this course will also ensure a substantial exposure to the living practice of
entrepreneurship through certain assignments, case study discussions and the guest speaker sessions that will be organized in the
university. Students will get an adequate chance to interact with different practicing entrepreneurs at different points along the
course in order to validate their classroom learning and refine their business ideas. In short, this course promises a blend of fun
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and learning.
COURSE PREREQUISITE(S)
None
COURSE LEARNING OBJECTIVES
The course attempts to:
1. Enhance the ‘entrepreneurial intentions’ of students by improving their natural willingness to start a
business and inspire them to seek this alternative career option.
2. Enable students to learn the characteristics of the ‘entrepreneurial mindset’ by understanding the
differences between the managerial and entrepreneurial thinking.
3. Develop the analytical skills of students with regard to various stages of the entrepreneurship process,
starting from opportunity identification and idea generation to business model development
4. Provide students with an extensive hands‐on experience of launching and running an entrepreneurial
venture in the form a micro‐business and learn the challenges as well as the rewards of being an
entrepreneur.
UNDERGRADUATE PROGRAM LEARNING GOALS & OBJECTIVES
General Learning Goals & Objectives
Goal 1 –Effective Written and Oral Communication
Objective: Students will demonstrate effective writing and oral communication skills
Goal 2 –Ethical Understanding and Reasoning
Objective: Students will demonstrate that they are able to identify and address ethical issues in an organizational
context.
Goal 3 – Analytical Thinking and Problem Solving Skills
Objective: Students will demonstrate that they are able to identify key problems and generate viable solutions.
Goal 4 – Application of Information Technology
Objective: Students will demonstrate that they are able to use current technologies in business and management
context.
Goal 5 – Teamwork in Diverse and Multicultural Environments
Objective: Students will demonstrate that they are able to work effectively in diverse environments.
Goal 6 – Understanding Organizational Ecosystems
Objective: Students will demonstrate that they have an understanding of Economic, Political, Regulatory, Legal,
Technological, and Social environment of organizations.
Major Specific Learning Goals & Objectives
Goal 7 (a) – Program Specific Knowledge and Understanding
Objective: Students will demonstrate knowledge of key business disciplines and how they interact including
application to real world situations.
Goal 7 (b) – Understanding the “science” behind the decision‐making process (for MGS Majors)
Objective: Students will demonstrate ability to analyze a business problem, design and apply appropriate
decision‐support tools, interpret results and make meaningful recommendations to support the decision‐maker
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Indicate below how the course learning objectives specifically relate to any program learning goals and objectives.
PROGRAM LEARNING GOALS AND COURSE LEARNING OBJECTIVES COURSE ASSESSMENT ITEM
OBJECTIVES
Goal 1 –Effective Written and Oral Provide students with an extensive hands‐
Communication on experience of launching and running MyStartup exhibition & presentations
an entrepreneurial venture in the form a Idea pitch workshop
micro‐business and learn the challenges Class participation
as well as the rewards of being an
entrepreneur.
Goal 2 –Ethical Understanding and Develop the analytical skills of the
Reasoning students with regard to various stages of Interview with the entrepreneur
the entrepreneurship process, starting Class participation
from opportunity identification and idea
generation to business model
development
Goal 3 – Analytical Thinking and Problem Develop the analytical skills of the
Solving Skills students with regard to various stages of Interview with the entrepreneur
the entrepreneurship process, starting MyStartup exhibition & presentations
from opportunity identification and idea Class participation
generation to business model
development
Goal 4 – Application of Information Provide students with an extensive hands‐
Technology on experience of launching and running MyStartup exhibition & presentations
an entrepreneurial venture in the form a Idea Pitch presentations
micro‐business and learn the challenges MyStartup execution
as well as the rewards of being an
entrepreneur.
Goal 5 – Teamwork in Diverse and Understand the process nature of
Multicultural Environments entrepreneurship and learn the ways to
manage it by working individually in the MyStartup project
class and in the form of groups outside
the class to conduct multiple field
assignments.
Goal 6 – Understanding Organizational
Ecosystems Inspire the students to seek ‘alternative’
career opportunities by making them Interview with an entrepreneur
evaluate their respective social and MyStartup project
economic environments.
Goal 7 (a) – Program Specific Knowledge Educate the students about the
and Understanding theoretical underpinnings of the Class participation
entrepreneurship subject with the aid of Quizzes
practical assignments and projects
Goal 7 (b) – Understanding the “science” Provide students with an extensive hands‐
behind the decision‐making process on experience of launching and running MyStartup project
an entrepreneurial venture in the form a Progress review meetings
micro‐business and learn the challenges
as well as the rewards of being an
entrepreneur.
Develop the analytical skills of the
students with regard to various stages of
the entrepreneurship process, starting
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from opportunity identification and idea
generation to business model
development and managing venture
growth
LEARNING OUTCOMES
Upon successful completion of this course, students should be able to:
1. Explain clearly the difference between two competing models of entrepreneurship and evaluate their
application in the Pakistani context
2. Describe the varying motives of being an entrepreneur and what it takes to be one particularly from the
point of view of starting a new business
3. Critically identify the key differences between the entrepreneurial and managerial thinking
4. Find a creative business idea and analyze how it is different from an opportunity
5. Use different analytical tools to translate a business opportunity into an integrative and sustainable
business model
6. Perform a critical analysis of a given business plan and formulate their recommendations with respect to
its operational, market and financial feasibility
GRADING BREAKUP AND POLICY
Component % of Total
Class Attendance 5%
Class Participation 15%
Assignment: Interview with an Entrepreneur 5%
Quizzes (4‐5) 10%
My Startup 65%
1. Idea Pitch Presentations 10%
2. Business Concept Statement + Division of Work + 05%
Rollout Plan 10%
3. Mid semester Progress Review Presentations 15%
4. Progress review meetings 20%
5. Final Presentation (16%)
a. Round 1: MyStartup Exhibition * (4%)
b. Round 2: Panel Assessment of My Startup** 5%
6. Peer Evaluation
Total 100%
*Round 1 will be exclusively judged by external panelists
**Only the qualifiers of Round 1 will present in Round 2
ATTENDANCE AND CLASS PARTICIPATION POLICY
Attendance:
Please be on time. You will be allowed to attend the session, but marked absent for the day if you enter after 10 mins.
You will be marked absent for the day if you remain away from the class for more than 10mins at any point during the
session.
Marking policy
o 3 or less absences: full marks (5/5)
o 4 absences: 3/5
o 5 absences: 2/5
o More than 5 absences: ZERO
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Class Participation:
There are 10 CP session as highlighted in green in the course outline. For every session, each student will be graded
between 0‐5 points depending on the quantity and quality of his/her contribution
In order to score a CP please wait for instructor’s call by raising your hand, uncalled for CPs will not be counted for grading
at all and may lead to negative marks.
Failure to respond to “cold calls” may result in negative marks.
Not every student is guaranteed a chance in every CP session. In case, you are not given a chance for CP in 2 consecutive
sessions, you shall mention it to the instructor at the start of the next session to secure a chance on that day.
PROJECTS & ASSIGNMENTS
Interview with an Entrepreneur: It is a group assignment. You will work with your MyStartup group to choose an entrepreneur
within the same industry in which you intend to execute your venture. The objective of the assignment is to understand the
evolution of a small business, motivations to be an entrepreneur, challenges faced in starting and running a small business and,
most importantly the rewards of being an entrepreneur. It is also a great opportunity for your group to learn from an experienced
entrepreneur about he ‘dos and don’ts’ of your startup.
My Startup
My Startup is the spirit of the Entrepreneurship course. It requires students to work in a group of 3‐4 members each and get
practically involved in launching, running and terminating a business venture over the course of 10‐12 weeks. Each group will be
required to pool in the initial investment of Rs10,000 from their own pockets, which will be complimented by the instructor with an
‘interest‐free’ loan of Rs20,000 provided to each group. The disbursement of the funds will be done through TAs or by the
instructor himself. Each group at the end of the project must duly return the loan provided by the instructor from the profits
generated by the groups. The remaining profits will all belong to the groups that they can use to celebrate the success of their first
entrepreneurial venture!
Each group should work on only ONE business idea at a time for My Startup.
1.Idea Pitch Presentation:
Each group will present for 7mins followed by a 5mins of Q & A outlining the following aspects of their business idea:
o Slide 1: Team Profile: Introduction of the team members and their respective roles in the execution of your
business venture. You must clearly jot down ‘who is responsible for what’ for the due course of the project.
o Slide 2: Business Logo and Name
o Slide 3: Unique Value proposition: What is your product/service (the business concept)? What pain or problem
does it solve for the customers? What is different and valuable about your product/service? How is it better than
similar businesses (products/services) currently serving your target market?
o Slide 4: Type and size of target market: Demographic and geographic segmentation of the target market? Size
estimates of the target market, i.e.
Total Attainable Market (TAM) for your business idea
Percentage of customers you will cater through your startup
Estimated revenue/customer & the total revenue you can potentially earn through your startup in the
due course
o Slide 5: Total STARTUP CAPITAL Required: Break‐up of the total investment you would need to start your
business. It will include all the expenses (marketing, inventory, traveling etc.) that you may have to incur in order
to LAUNCH your business. It must not exceed Rs20K that will be provided by the instructor in the form an
interest‐free loan that must be paid back at the end of the project.
o Slide 6: Critical Risk Factors: What are the critical risk factors that may hinder the success of your business
venture & what is your plan B in order to deal with such contingencies?
No excuses permitted: it is a MANDATORY session for each group member. All those who are unable to attend will be
marked zero in this component.
2. Business Concept Statement & Role Identification Sheet:
Within a week after the Idea Pitch presentations, each group will submit their final Business Concept Statement and
the division of work amongst the group members, clearly describing the role and responsibilities of each group member with
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regards to the launch and execution of My Startup. It is very important at this stage for the groups to assign the functional tasks of
each group member in a very precise and clear manner because any ambiguity at the end can have serious implications on grading.
Each group member is expected to take the lead in at least one functional task (purchasing, selling, marketing (online or offline),
operations/production, accounting etc.) throughout the execution of their business venture and will be hold responsible for the
group’s performance in that particular area.
Overall Evaluation Criteria for MyStartup:
1. Innovation: Innovation is the essence of entrepreneurship. It is very important for the spirit of MyStartup that whatever venture
you may like to endeavor must entail a substantial element of innovation. Innovation in this case, however, does not only mean the
creativity of the product/service, but can also be demonstrated in any other aspect of your business model, e.g. how you go about
marketing your business venture, bundling your product/service, managing your supply chain or delivering your product.
2. Profitability: The profitability of the venture will be measured in terms of the absolute profit made by a particular group.
3. Execution (consistency & hard work): In addition to innovation and profitability, you will also be evaluated in terms of how
efficiently and consistently you execute your business venture. Groups showing a periodic progress on their venture throughout the
execution phase will score higher than the ones who will attempt to do the bulk of the work in the last few weeks. The quality of
execution and the amount of hard work being put into the venture will mainly be judged during Progress Review Meetings.
EXAMINATION DETAIL
Yes/No: Yes
Combine Separate: Combine
Midterm
Duration: 75‐90 mins
Exam
Preferred Date: TBA
Exam Specifications: Short analytical questions/MCQs/Case study
Yes/No: No
Combine Separate:
Final Exam Duration:
Exam Specifications:
COURSE OVERVIEW/SCHEDULE
LECTURE/ RECOMMENDED OBJECTIVES/
TOPICS
MODULE READINGS/ACTIVITIES APPLICATION
Overview of the course outline,
methodology and grading scheme
Imperatives of entrepreneurship in
Session 1
Pakistan
Importance of entrepreneurship in your
eyes?
Module 1: The Entrepreneurial Mindset
Session 2 FILM/DOCUMENTERY SESSION
Characteristics of the entrepreneurial Case Study: The students will learn the basic
mind JBnJaws: Decoding the characteristics of an entrepreneurial
Entrepreneurial DNA personality with special focus on what
Session 3
The Entrepreneurial DNA sets them apart from a typical manager
Videos (optional) with regards to their “motives” to
Motivations and ambitions of Steve Jobs: The pursue an entrepreneurial career.
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entrepreneurship commencement speech
Entrepreneurial Vs. Managerial Thinking Readings: Part Two:
What to do when you This session will help students to learn
Effectual Vs. Causal logic of take action in the face the underlying principles of
entrepreneurship of uncertainty (Book: entrepreneurial thinking and that how it
Just Start) contrasts with the conventional logic of
Session 4 Principles of effectual entrepreneurship managerial thinking. Understanding
o The bird‐in‐hand these principles can help students
principle Film Review: The address many of their typical fears with
o The crazy quilt principle Chef regards to entrepreneurship.
o The lemonade principle
o The affordable loss
principle
Session 5 Meet the Entrepreneur
Module 2: Idea Generation and Feasibility Analysis
Idea Generation & Opportunity Class Activity In this session the instructor will bring 2‐
recognition 3 business ideas in the class and
Session 6
Due in class: students will analyze their feasibility.
Assignment 1
Idea Generation & Opportunity Lecture slides This session will discuss the critical
recognition difference between an ‘idea’ and an
The Art of the Start, by ‘opportunity’. The students will learn
Session 7
Guy Kawasaki: about the characteristics of a good
Chapter: The Art of business opportunity and the ways of
Starting (V2) identifying one.
Feasibility Analysis Lecture slides This session will further delve on the
process of opportunity recognition and
TBD: Feasibility will help the students develop an
analysis checklist analytical framework to judge the
Session 8 financial, organizational, market and
personal feasibility of a given business
idea. The same framework will be used
by them to develop ideas for their
course project.
Session 9 Idea Pitch Presentations I
Session 10 Idea Pitch Presentations II
Module 3: Business Model Development
Business Model Canvas Lecture Slides & Class Discussion Students will learn about the
building blocks of a business
Session 11
Submission: Revised Business model with the aid of a latest
Concept Statement + Division of tool – business model canvas
Work + The Role out Plan – that they will use to design
(Timeline of Activities) their respective business
models in the course project
Session 12
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Module 4: Marketing Essentials for Startups
Branding and Positioning a The Art of the Start, by Guy Students will learn the basic
startup Kawasaki: principles of branding and
Chapter: The Art of positioning for startups
Positioning (V1)
Session 13
Chapter: The Art of
Branding (V1)
Guerilla Marketing The Art of the Start, by Guy Students will learn how to
Social Media Marketing for Kawasaki: design an effective social
Startups Chapter: The Art of media campaign for startups
Session 14 Socializing and apply those principles on
their respective ventures.
*Launch of MyStartup’s Social
Media Page(s)
Session 15 1st Progress Review
Submissions: BMC (Version 1.0); Sales/Purchase Ledger; Future Action Plan
Session 16
Session 17 Guest Speaker: Branding & Digital Marketing for Startups
Module 5: Special Topics for Startups
Bootstrapping: The art of The Art of the Start, by Guy Techniques for avoiding a cash
conserving cash Kawasaki: crunch in a small company
Session 18
Chapter: The Art of
Bootstrapping (V1)
The Art of the Start, by Guy Students will learn the
Team building and hiring for Kawasaki: fundamental principles for
Session 19
startups Chapter: The Art of hiring employees in the
Recruiting (V1) context of a startup
Session 20 Meet the Entrepreneur
Session 21
2nd Progress Review (in‐class presentations)
Submissions: BMC (version 2.0); Sales/Purchase Ledger; Future Action Plan
Session 22
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Partnering for startups The Art of the Start, by Students will be oriented with the
Guy Kawasaki: importance of finding a co‐founder and
Chapter: The Art how they should go about finding one
Session 23 of Partnering (V1)
3rd Progress Review
Session 25
Submissions: BMC (version 3.0); Sales/Purchase Ledger; Future Action Plan
Raising venture capital The Art of the Start, by Students will learn about the ‘dos and
Guy Kawasaki: don’ts’ of raising capital from outside
Chapter: The Art investors.
Session 26
of Fund Raising
(V2)
Informative session with the Executive Director of LUMS Centre for Entrepreneurship (LCE)
Success Stories of LCE
Session 27
Basics of VC/Angel Funding
Admission to LCE
Session 28 My‐Startup Exhibition
TEXTBOOK(S)/SUPPLEMENTARY READINGS
Required Text:
All the recommended readings and case studies in the course outline will be available in the instructor’s course pack.
Other Reference Books:
The Art of the Start by Guy Kawasaki – Version 1.0 & 2.0
Business Idea Websites:
http://www.springwise.com/
http://www.kickstarter.com/
http://smeda.org.gov
Supplementary Websites:
http://www.startupsecrets.com/
http://www.sethgodin.com/sg/
http://www.entrepreneur.com/
http://www.effectuation.org/