MHR Entrepreneurial Management

Transcription

1 MHR Entrepreneurial Management Stefan Koehler Fall 2011 Office: 5275 Grainger Hall skoehler@bus.wisc.edu (best way to reach me) Phone: (608) Time: 11:00 am 12:15pm (Section 1); 1:00 pm 2:15 pm (Section 2), Tuesday/Thursday Classroom: 1170 Grainger (Section 1), 1180 Grainger (Section 2) Office Hours: Tuesdays and Thursdays: 12:15 pm to 1:00 pm. Course Webpage: READINGS: 1. Readings at the Harvard Business School (HBS) Website Cases and Readings. Will a link to the website. 2. Readings on Course Website COURSE OBJECTIVES: 1. To identify the role of entrepreneurial ventures in the U.S. economy. 2. To identify the processes involved in starting a new venture. 3. To identify the processes involved in funding and investing in a new or growing entrepreneurial venture. 4. To understand methods for organizing and managing an entrepreneurial venture. 5. To understand methods for advising owners/managers of entrepreneurial ventures. 6. To suggest small business ownership, advising or financing as a possible career course. COURSE ASSIGNMENTS AND MATERIALS: 1. Reading Assignments. Reading assignments should be completed before the session of their discussion. Copies of readings will be provided on the course webpage or on the Harvard Business School Website. 2. Cases. Case analysis is used to simulate the role of one who initiates, manages, or advises a small or medium size venture. As you would expect, the role and the cases are quite complex. Study questions will be provided, but you should start with your own analysis and then frame your answers within the questions. Cases assigned should be type-written, single-spaced, 12-point font. The length of your answer is limited to 2 pages. Organize your case report under questions asked and use appropriate subheadings. You should proof your case report before it is submitted, since typographical errors, misspellings, and omissions are distracting and appear unprofessional. SEE MORE DETAILS ON CASES AND CASE QUESTIONS AT THE END OF THE SYLLABUS. 1

2 3. Entrepreneur Interview Your major project for this course is the interview of a Founder/Entrepreneur. Such an interview will provide your group with significant information about the organization as seen through the founder s eyes, especially the issues faced throughout the stages of the company. You will form teams of three students to do this project. The interview should include the following topics: 1. Who is the entrepreneur? What is their business or venture? When did they start it? 2. How effectively does the founder/entrepreneur feel he/she was adequately prepared for starting and running a business? What experience would have been invaluable to obtain prior to starting the business? 3. How was the idea conceived for the business? 4. What process did the founder follow in developing the business? For instance, did the founder write a business plan, search for financing, etc? 5. Was the process successful? What would the entrepreneur have done differently at the initiation of the venture? 6. What have been the biggest issues the entrepreneur has faced at different stages of the venture? How did he/she deal with these issues? 7. What are the major personal goals and organizational goals that the entrepreneur has going into the next several years? 8. Identify the key takeaways from this conversation. 9. Some other guidelines: a. Conduct the interview in person. b. Note the critical milestones that the entrepreneur has achieved. c. Don t just report the interview, but also critique the entrepreneur s process (e.g., do you agree with the way the entrepreneur launched the business? What should he/she have done differently? If it was an effective process, why?). d. Include Direct Quotes. e. Schedule the interview ASAP. Time is of the essence for the owner. DELIVERABLES: 1. A Well-written 5-page paper that summarizes the questions above (singlespaced; 12-font). 2. A 5-minute presentation in class of the company and the interview. The presentation should address the questions above. You do have the option to develop a video of the interview for class presentation or a Powerpoint or Keynote presentation. You are required to rehearse your Presentation with a fellow team (peers) prior to your in-class presentation. In addition, you are required to have your peers review your paper. 4. A lottery will be held in class on to determine the due date for this assignment. Five minutes of class time will be allowed for your in-class presentation and discussion of this project. It is expected that you will use PowerPoint or Keynote 2

3 to facilitate your presentation and discussion. Please practice so that you do not run over the time limit. Be sure to facilitate class discussion as part of your session. This project will be done teams of three students (the same teams as the Entrepeneur Interview). The Presentation: Select an article related to one or more of our course topics from any published source. Present a brief synopsis of the article to the class drawing the main points of the article and its relation to topics in class. Compare and contrast the article s content with class discussion. On the last slide, develop one discussion question that summarize the key points. You are required to rehearse your presentation with a fellow team (peers) prior to your in-class presentation. Your peers will provide you with feedback to improve your presentation. Your assignment is to be submitted electronically as a PowerPoint or Keynote document together with a copy of the peer review (Word document) at least two days before your in-class presentation date. Here s are some sources for you but don t feel you are limited to them: o Inc. Magazine o Entrepreneur magazine o Journal of Small Business Management o Entrepreneurship Theory and Practice o New York Times Business Section Small Business segment o Wall Street Journal Small Business Section o Business Week Smal Business section o Financial Times Entrepreneur section o Journal of Business Venturing o The Kaufmann Foundation Website: o Harvard Business Review o Strategic Management Journal o California Management Review Many of these are available online. 5. Elevator Pitch Every entrepreneur should have a short, concise speech ready whether they step onto an elevator or prepare to travel on an airplane. You never know who is going to be sharing the ride with you. The key words to keep in mind while crafting this message are: quick, powerful, and condensed. You won't have the investor's attention for long so condense this message. For this project you will present an entrepreneurial opportunity to the class as an elevator pitch. You will be evaluated on the effectiveness of your delivery and the quality of the opportunity. As the basis for your opportunity you canyou re your own business idea or a business plan from someone else. E.g. you can find business plans on the internet or in the Business School Library created as Ventrue Development Plan for local businesses in prior Entrepreneurship classes. You are allowed exactly 90 seconds for your pitch and will be asked to stop at that point, so you need to be concise and well-rehearsed. You are 3

4 required to rehearse your Pitch with the members of your team student prior to your in-class presentation. They will provide you with feedback to improve your Pitch. 5. Examinations. One mid-term examination will be given towards the middle of the semester; a final exam will be given at the end. The examinations will cover the content of readings, lectures, and cases. 6. Discussion /Participation: Your grade will be based on your contribution to the class culture. Since consulting, unlike some of the functional classes you have taken, is a group-participant and highly interactive sport, it is helpful for you to think about your level of contribution in the class or in your groups using the following framework. Outstanding contributor A. In-class contributions reflect exceptional preparation. Good contributor A/B. In-class contributions reflect thorough preparation. At a minimum, I expect and hope that all class members to fall at least into this category. Adequate contributor B. Contributions reflect satisfactory preparation. Ideas offered sometimes provide useful insights, but seldom offer a major new direction for discussion. Unsatisfactory contributor - C. Contributions in class reflect inadequate preparation. Non-participant C/D. The person has said little or nothing in this class to date and so has not contributed anything, bordering on detracting from the overall quality of the session. 7. Grading Entrepreneur Interview Paper - Group 10% Entrepreneur Interview Presenation - Group 10% Pick-One Presentation - Group 10% Elevator Pitch 10% Written Case Analysis 5 written cases 20% Class Participation 10% Midterm Examination 10% Final Examination 20% CONFIDENTIALITY POLICY Throughout the Weinert Center for Entrepreneurship classes and events, students will be exposed to proprietary information from other students, guest lecturers and faculty. It is the policy of the Weinert Center that all such information is to be treated as confidential. 4

5 By enrolling in and taking part in the Weinert Center s classes and activities, students agree not to disclose this information to any third parties without specific written permission from students, guest lecturers or faculty, as applicable. Students further agree not to utilize any such proprietary information for their own personal commercial advantage or for the commercial advantage of any third party. In addition, students agree that any legal or consulting advice provided without direct fee and in an academic setting will not be relied upon without the enlisted opinion of an outside attorney or consultant, without affiliation to the Center. Any breach of this policy may subject a student to academic integrity proceedings as described in the University of Wisconsin - Madison University Governance Policies and procedures and to any remedies that may be available at law. The Weinert Center, the School of Business, and the University of Wisconsin - Madison disclaim any responsibility for the protection of intellectual property of students, guest lecturers or faculty who are involved in Entrepreneur Program classes or events. Receipt of this policy and registration in our classes is evidence that you understand this policy and will abide by it. CASE ANALYSIS GUIDELINES Review the Questions by the instructor prior to reading the case Each case is a potential 20 points. You have to hand in 5 Case Analyses. Be prepared to discuss all cases in class including the cases you do not hand in. o o o o A you've done an exceptional job of putting in the extra time in answering the questions thoughtfully, concisely, and in a well-written fashion (grammar, logic, typos). Your analyses clearly draw on class material, show good analyses of key strategic issues and offer strong ideas about how to take action. AB You've read the case and answered the questions well. Your comments reflect basic understanding of key material, and your effort to apply them to the practical setting. B, BC or lower you've read the case but put modest thought into answering the questions or thinking how to use the strategic ideas. 0: Incomplete or not handed in. Take the point of view of the protagonist as you read the case put yourself in the place of the character identified in the case or study questions as the decision maker. Don t repeat the facts of the case, use the facts to complete your analysis providing support for your argument. Take a definite stance and support it. ONLY use the information in the case. There is not a right answer but there is usually a better answer than others. More 5

6 important is to provide your answer and provide support for it. USE BULLET points for each question. With each point, provide the supporting case facts with it. Also, be concise, the grades for cases will not be provided based on how much the analysis weighs or how many words are in it. Don t be afraid to ask questions in class. Have fun with them. All aspects of this syllabus, including the class schedule, are subject to revision. 6

7 CLASS SCHEDULE Class Date Topics Readings / Cases / Assignments Due # 1 Sept 6 Introduction and Class Overview Prepare and submit Student Information Sheet SBA Frequently Asked Questons Reading on Course Website # 2 Sept 8 Entrepreneurship Overview Organizational Characteristics / Typology # 3 Sept 13 Guest Speaker: Roy Elkins (Broadjam) How to Succeed as an Entrepreneur Reading from The Economist on Course Website An Organizational Strategy Typology Reading on Course Website Review Guest Speaker Background # 4 Sept 15 R&R Case Case on Harvard Business School (HBS) Website Submit Teams, Peers for Team Projects, and Peers for Elevator Pitch # 5 Sept 20 Entrepreneurial Pathways Icedelights Case # 6 Sept 22 Business Plans Evaluating Opportunity # 7 Sept 27 Business Plan for Room for Dessert Case # 8 Sept 29 Small Business Marketing # 9 Oct 4 Boston Duck Case # 10 Oct 6 Guest Speaker: Michael Aguilar - (Innocorp / FatalVision): Capturing a Niche Market # 11 Oct 11 Pitching your business # 12 Oct 13 Guest Speaker: Erica Gruen (former President/CEO, Food Network) Entrepreneurial Leadership # 13 Oct 18 Compensation Strategies / Selection and Staffing Nanogene Case #14 Oct 20 Legal Structures of Entrepreneurial Firms Intellectual Property Management and Licensing Mason Shepherd Case Writing a Business Plan The Basics (HBS Website) Customer Development Process Reading on Course Website Review guest speaker background Submit Entrepreneur Interview Checkup How to Master Your Elevator Pitch Reading on Course Website Review guest speaker background Submit Idea for Entrepreneur Pitch Legal Forms of Corporations (HBS Website) The Legal Protection of Intellectual Property (HBS Website) 7

8 #15 Oct 25 Negotiation Strategies and Tactics for the Entrepreneur # 16 Oct 27 Midterm Examination # 17 Nov 1 Elevator Pitches # 18 Nov 3 Financial Projections # 19 Nov 8 Financial Analysis for Entrepreneurial Firms: ROE, ROAI, CCC # 20 Nov 10 Financial Analysis Cont d: NBP, SGR # 21 Nov 15 Crunch Case # 22 Nov 17 New Venture Financing # 23 Nov 22 Guest Speaker: Bill Checovich (UW Madison Medical Innovation Office): Private Equity Financing # 24 Nov 29 Gordon Biersch Case Setting Your Negotiation Goals and Expectations Reading on Course Website Submit Peer Review of Elevator Pitch How to Write the Financial Section of a Business Plan Reading on Course Website Reading on ROE, ROAI, CCC on Course Website Reading on CCC, SGR on Course Website New Venture Financing (HBS Website) Review Guest Speaker Background # 25 Dec 1 Business Valuation A Note on Valuation of Venture Capital Deals (HBS Website) Submit Peer Review of Entrepreneur Interview Presentation and Paper # 26 Dec 6 Buying and Selling Businesses Guest Speaker Keith Steckenbach (Pharmacy OneSource) via skype Jim Southern Case # 27 Dec 8 Entrepreneur Interview Presentations # 28 Dec 13 Guest Speaker: Chad Sorensen (Sologear/FlameDisk). Key Lessons from an Entrepreneurial Career # 29 Dec 15 Course Summary: Review of Key Concepts Course Evaluations Dec 17 Final Examination Section 1 (Sat) 2:45PM - 4:45PM Dec 20 Final Examination Section 2 (Tuesd) 2:45PM - 4:45PM Review Guest Speaker Background Early Career LBOs Using the Search Fund Model (HBS Website) Submit Entrepreneur Interview Presentation Slides Submit Entrepreneur Interview Paper Review guest speaker background 8