Lahore University of Management Sciences. MGMT 481 Entrepreneurship

Transcription

1 MGMT 481 Entrepreneurship Spring Semester ( ) Instructor Anjum Fayyaz Room No. 311 above PDC Office Hours 14:00 hours to 16:00 hours (Wednesday) & 12:00 hours to 14:00 hours (Thursday) Telephone 8134 Secretary/TA 8325 TA Office Hours Course URL (if any) Course Basics Credit Hours 4 Lecture(s) Nbr of Lec(s) Per Week Duration 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 Open for Student Category Close for Student Category Elective Junior & Seniors (University wide) Preferable for Seniors COURSE DESCRIPTION 1. Conceptual Framework of the course (What will the student know, be able to do as a result of taking the course) The course will start with an understanding of traits and behaviors of entrepreneurs. The students will interview an entrepreneur in groups as per guidelines provided by the instructor and bring learning points to the class room. They will try to differentiate between the traits and the behavior of an entrepreneur. Next step would be to evaluate an opportunity, structure a deal and select the partners. First few sessions will revolve around these basic understandings. Then the course will move towards making and refining a business model with some understanding on how to pitch these models to the investors. Third level of understanding in the course would be the challenges which new ventures face during their early years and how to develop the exit strategy. It might also include different structures and type of companies that could be formed while setting up new companies. While looking at the challenges of the early years of venture and deal structure, the course will finally move towards the concept of Intrapreneurship in large companies for the students who would be willing to join large corporations aspiring to become leaders with entrepreneurial traits and behaviors. 2. Description of the course The course has been developed around the concepts of entrepreneurship and intrapreneurship to facilitate students who are not only willing to pursue their careers as entrepreneurs but also those who are willing to work as innovators and risk takers in large companies. 1

2 COURSE PREREQUISITE(S) Pre requisite for the course is a group assignment where students in groups (6 8 members / group) will interview an entrepreneur as per guidelines provided by the instructor and bring learning points to the class room. First two sessions will be on the key learnings from this exercise. Groups assignments will be evaluated on the basis of the traits and the behaviors of entrepreneurs and articulate these traits and behaviors with the interviews conducted by the group of students. The objective is to understand who is an entrepreneur and why a person can be called an entrepreneur? It will provide an opportunity to the students to do soul searching, why they would like to be entrepreneurs in future? COURSE OBJECTIVES Specific Learning Objectives The course will be well knitted around the material, cases, video clips and guest speakers to add value to the students. One of the major learning objectives of this course would be to articulate major functional areas such as research, marketing, selling, budgeting, leading and managing to develop an idea of a new venture while also interacting with the practitioners in the market. It would help participants change their risk profile to conceptualize an idea and develop sellable business plan to mobilize resources and translate that idea into a workable model. It might also help participants to nurture their leadership qualities while working as intrapreneurs in large companies. Learning Outcomes It is expected that students would be able to focus on risks and rewards of entrepreneurship, the difference between an idea and an opportunity, and how to get the odds in your favour. Students would be able to learn about some of the practical questions such as: What does an entrepreneurial career take? What is the difference between a good opportunity and just another idea? Why do some firms grow? What are some of the critical tasks and hurdles in seizing an opportunity and building the business? How much is the financing need, when, where and how to get that? What are the minimum resources required to grab an opportunity? Do I need a business plan? When and how to develop one? What to do to achieve positive cash flow? What are the critical transitions in entrepreneurial management when firms grow? What problems I should perceive or anticipate before starting a venture? How critical is the timing during the process of decision making? How to translate an idea into a real opportunity? How to mobilize resources to initiate a business venture? What are ethical issues related to entrepreneurship? What mind set is required to become an entrepreneur? How to become an intrapreneur? How to handle ambiguity vs. planning, creativity vs. disciplined analysis, organization vs. flexibility, innovation vs. systemization and risk avoidance vs. risk management? 2

3 Grading Breakup and Policy The course will be a mix of cases, compulsory readings, additional readings, lectures, video clips and guest lectures by entrepreneurs in Pakistan associated with the field of entrepreneurship and small businesses. The following instruments of evaluation shall be used to assess the individual performance. 1) Class Participation 15% 2) Quizzes (surprise) 10% 3) Concept Paper on Business Idea (Assignment) 10% 4) Mid Term 25% 5) Project Report (Business Plan) / Final Presentation 40% Final project report (business plan) and the presentation will help evaluate how well the students would be able to utilize their knowledge and models learned during the lectures to the practical situations. Examination Detail Midterm Exam Yes: Separate: Duration: 2 hours Preferred Date: TBD Exam Specifications: TBD Generation of Business Idea by mid term (pre requisite for final project report and final presentation) Final Exam No: Group Project Reports (Business Plans) and Final Presentations: COURSE OVERVIEW Module 1: Who is an Entrepreneur? What is Entrepreneurship? Live Examples Week 1 Recommended Topics Readings Lecture 1 Lecture 2 Understanding An Entrepreneur Interview an entrepreneur as per instructions by the instructor Analysis of group assignments.. Understanding An Entrepreneur 1. Who is an Entrepreneur, by William B. Gartner, Entrepreneurship Theory and Practice, Summer The Compleat Entrepreneur, by Daryl G. Mitton, Spring Who is an Entrepreneur, by William B. Gartner, Objectives/ Application To highlight the traits and behavior of entrepreneurs and articulate these traits and behaviors with the interviews conducted by the group of students. The objective is to understand who is an entrepreneurs and why a person can be called an entrepreneur? To highlight the traits and behavior of entrepreneurs and 3

4 Analysis of group assignments..continued Module 2: The Entrepreneurial Revolution Week 2 The Entrepreneurial Revolution Entrepreneurship Theory and Practice, Summer The Compleat Entrepreneur, by Daryl G. Mitton, Spring 1989 One articulate these traits and behaviors with the interviews conducted by the group of students. The objective is to understand who is an entrepreneurs and why a person can be called an entrepreneur? Set the stage for the topic by discussion on entrepreneurial revolution in the context of US and Global Economy for the 21 st Century. Lecture 3 Lecture 4 Case Study Outdoor Scene, Inc. Module 3: Define Entrepreneurship and Entrepreneurial Process Week 3 The Entrepreneurial Process Two Lecture 5 Lecture 6 Case Study P.C. Build Talking about entrepreneurs as creators, innovators and the leaders who give back society as philanthropists, directors and trustee; change the way people live, work, learn, play and lead. Learn how entrepreneurs and their companies are the engines of job creation. Students would be able to define entrepreneurship and understand entrepreneurial process, especially Timmons Model of entrepreneurial process Learn myths & realities about entrepreneurship Module 4: The Opportunity Week 4 Lecture 7 Lecture 8 Ideas recognition and creative process in entrepreneurship Ideas recognition and creative process in entrepreneurship Three Three Students would be able to learn about creating, shaping and recognizing an opportunity Differentiate between ideas and opportunity; Idea generation guide & exercise 4

5 Week 5 Lecture 9 Case study Roxanne Quimby Idea generation process Lecture 10 Screening venture opportunities Module 5: Entrepreneurs to Netrepreneurs Week 6 Lecture 11 Lecture 12 Week 7 Lecture 13 Lecture 14 Evolution of internet for creating opportunities Group work on the generation of Business Idea (6 8 members/group) Group work on the generation of Business Idea (report + presentation) Mid Term Module 6: Entrepreneurial Mindset and Attitudes Week 8 Entrepreneurial mind, strategies, Lecture 15 approaches and attitudes Lecture 16 Entrepreneurial mind, strategies, approaches and attitudes Module 7: Entrepreneurial Managers Week 9 Who are entrepreneurial managers? Lecture 17 Stages of growth of an entrepreneurial venture and what is the role of Lecture 18 entrepreneurial managers during stages of growth Module 8: Vision & Team Building Week 10 Role and significance of teams in building successful new venture Lecture 19 Four Five Six Six Seven Seven Screening methodologies Venture opportunity screening guide (VOSG) Examining the roots of internet and how it is creating opportunities for new generation of Netrepreneurs Groups formation, idea generation process 5 pager concept paper to be submitted before mid term Groups formation, idea generation process before mid term Learn about entrepreneurial mind, thought and action Behaviours that work for entrepreneurs who build high potential ventures; Personal entrepreneurial strategy An individual can be both an entrepreneur and a manager Learn about Intrapreneurship Eight Identify and examine the role of teams in building successful venture; Identify philosophies and attitudes of successful entrepreneurs Lecture 20 Vision in developing effective venture Learn to anchor vision in 5

6 Module 9: Ethics and Entrepreneurship Week 11 Personal ethics as an entrepreneur Lecture 21 Module 10: Resource Requirements Week 11 Resource requirements and decisions about financial resources Lecture 22 Module 11: Business Plan Development Week 12 Lecture 23 Lecture 24 Week 13 Lecture 25 Lecture 26 Week 14 Lecture 27 Lecture 28 How to develop a business plan? Submission of Final Project Reports / Business Plans / Final Group Presentations Eight Nine Ten Eleven forming and developing effective new venture teams Making decisions involving ethical issues and their implications for the future Examine successful entrepreneur s unique attitudes about and approaches to resources people, capital and other assets. Examine successful model of business plan what, why and from whom; How to raise capital through business plan for the proposed venture? 6

7 Textbook(s)/Supplementary Readings New Venture Creation Entrepreneurship For 21 st Century By Jeffry A. Timmons, 5 th Edition Some case lets will be used to be defined Some Video Clips to be defined Guest Speaker Sessions to be defined Linkage with the local industry / entrepreneurs Expect 20 25% changes in the sequence and the content under the modules and the topics 7