MNG-6061: Developing an Entrepreneurial Project SECTION(S) A Winter 2011

Transcription

1 E MNG-6061: Developing an Entrepreneurial Project SECTION(S) A Winter 2011 Instructor: Cynthia Ann Sheehan Course timetable: Classroom : Mondays 12:30 to 15:20 Room 4221 PAP Jan. 10, 2010 Jan 17, 2010 Jan 24, 2010 Feb 14, 2010 Feb 21, 2010 Feb 28, 2010 Mar 14, 2010 Mar21, 2010 Mar 28, 2010 Fridays 8:30 to 11:20 Room 3213 PAP Jan 21, 2010 Jan 28, 2010 Course website: General information Cynthia Ann Sheehan Lecturer Pavillon Palasis-Prince, Office 1663 Cynthia-Ann.Sheehan@fsa.ulaval.ca ext Technical support: Comptoir d aide APTI (CAA) Pavillon Palasis-Prince, Room 2215 caa@fsa.ulaval.ca ext Schedule: fall and winter Monday 08:15 to 21:45 Tuesday 08:15 to 21:45 Wednesday 08:15 to 21:45 Thursday 08:15 to 21:45 Friday 08:15 to 21:45 Saturday 09:00 to 16:00 Sunday 09:00 to 16:00 Schedule: summer Monday 08:30 to 21:00 Tuesday 08:30 to 21:00 Wednesday 08:30 to 21:00 Thursday 08:30 to 21:00 Friday 08:30 to 21:00 Saturday Closed Sunday Closed

2 Course Description Introduction This course guides students through the development of an entrepreneurial project. Elements covered include understanding the entrepreneur and one s entrepreneurial potential, identifying business opportunities and potential needs, analyzing business environments and potential, conducting a market research, and developing the art of short presentations to potential partners and stakholders. The course is designed for graduate-level students who wish to learn more about the process of developing an entrepreneurial project. Whether to work with or for entrepreneurs or to develop their own entrepreneurial potential, this course will help students analyze the elements necessary to writing a business plan and recognize the needs of a nascent business. It is part of the MBA program. There are no prerequisites for this course. Note on the course workload: this graduate university course requires an average of 9 hours of work per week. You should be fully aware that to undertake this course successfully you must have the time to devote to it. General objectives This course is built around 3 general objectives: Recognizing and developing one s entrepreneurial potential Understanding and executing the different steps needed to transform an idea into a realistic entrepreneurial project. Understanding the various needs of a nascent business. Specific objectives Furthermore, specific objectives include: 1. Recognizing and developing one s entrepreneurial potential. Understand the role entrepreneurs play in society. Define entrepreneurial characteristics, attitudes and motivations in others and oneself. Identify strengths to be banked on and weaknesses to be worked on towards developing one s entrepreneurial potential. Understanding the importance of fit between the entrepreneurial project and the entrepreneur. 2. Understanding and executing the different steps needed to transform an idea into a realistic entrepreneurial project. Identifying and evaluating ideas according to project potential and feasibility. Being able to conduct an industry and environment analysis to better understand the impact of environmental elements on a potential entrepreneurial project. Being able to conduct a market research to better identify and understand potential clients and client needs. Being able to present the main aspects of an entrepreneurial project in a written report as well as orally in a short presentation. 3. Understanding the various needs of a nascent organization. Identifying and analyzing financing, marketing, and management needs of the ensuing nascent organization. Alignment between courses and program goals and objectives According to the Faculty s Assurance of Learning standards, all MBA courses must demonstrate a link with their program goals and objectives. You will find here the MBA program matrix and the link between course teachings and the program s goals and objectives. Université Laval Faculté des sciences de l administration Page 2 of 13

3 Degree of achievement in the course 1 Performance-based measures 2 1. Resolve complex problems in a context Developing Final report (including of uncertainty. environmental analysis and market research) 2. Communicate effectively. Integrate Oral presentation and final report 3. Manage work teams. Final report (including survey and market research) 4. Recognize key issues at the local and international levels. Developing Logbook, Environmental analysis and market research 5. Show leadership abilities. Initiate Final report (including survey and market research) Instructional approach Three types of learning activities characterize the instructional approach of this course: 1. Based on the content of the assigned textbook and other assigned readings, the teacher presents lectures and mediates discussions in class. 2. Students experiment newly acquired entrepreneurial knowledge to develop an entrepreneurial project. A series of individual and team-based activities help students progress from the identification of a business opportunity to their business plan. Two team/teacher coaching sessions are scheduled during the semester to monitor and guide project development. 3. Students participate in short, practical exercises in class to better understand presented theory. Here is a list of learning activities that will be used in the course: Required and suggested reading You will be assigned a reading list from the assigned textbook as well as supplementary readings available in the coursepack. These will not only guide you through the development of your entrepreneurial project but also present some theoretical background to help you to assimilate key entrepreneurial concepts. PowerPoint presentations A series of PowerPoint presentations have been prepared. The purpose of these presentations is not to summarize the readings, but rather to act as a support for the teacher s lecture. Discussion forums Whether to ask a question about a subject, keep up with last minute updates, or participate in a debate, you will have to regularly visit the discussion board section of the WebCT website. Practical work and exercises Practical work and exercises allow you to consolidate your understanding of various course concepts as well as demonstrate your ability to summarize and effectively present an argument. Team term paper The term paper is at the heart of the course. Part Business Plan, part Opportunity Portfolio, the report 1 Initiated means that learning is becoming evident in line with the program s goals and objective. Developing indicates identifiable learning in relation to the goals and objectives. Integrated means that the goals and objectives are understood and applied in a relevant manner in a variety of new contexts and situations. A course may incorporate one or more of the program s goals and objectives. It may also initiate the learning process towards one goal and integrate the learning of another, depending on the particular abilities and skills on which the course focuses. 2 This refers to the evaluation methods used in the course to assess the degree of achievement of the program goals, for example: case study, open exam question, project, portfolio, quiz, etc. The same evaluation methods could be used to collect Assurance of Learning data. Université Laval Faculté des sciences de l administration Page 3 of 13

4 summarizes everything your team wishes to present to potential investors: Environmental analysis, market research, entrepreneur presentation, financial forecasts and overall project description. Consult the Evaluation section for more information. Oral presentation At the end of the session, each student will be asked to individually present their project in a short fiveminute presentation to an expert acting as a potential investor. Consult the Evaluation section for more information. Supervision The teacher will give feedback when prompted by or via the discussion board. General questions regarding evaluations, course concepts or other subjects should be posted on the discussion board for all to see. Personal questions may be sent by . To ensure a prompt answer, you are asked to make your questions and comments clear and self-explanatory (e.g. cite the names of the documents and the page numbers referred to). Comments on supervision: The teacher will read all messages on the forums. The teacher will visit the course site 3 times per week. Personal s will be answered within 48 hours during the work week. Teams will also benefit from personalized coaching sessions with a teacher throughout the semester to guide them in the development of their projects. Sessions will be scheduled ahead of time, but teachers remain available for short update or realignment sessions when necessary. Course Schedule No Title Date 1 Introduction Jan. 10, and 3 4 and 5 The entrepreneur and the entrepreneurial process; Business ideas and opportunities Customer needs; Industry and environment analysis Jan. 17, 2011 Jan. 24, Entrepreneurial Marketing Feb. 14, Coaching Feb. 21, 2011 Reading week March 7, Business plan and finance March 14, Selling your project and growth March 21, Coaching March 28, Presentations April 18, 2011 Note: For more information, go to the Sessions section of your course website. Université Laval Faculté des sciences de l administration Page 4 of 13

5 Course Content Although the session is 15 weeks long, the course is divided into 11 classes and course content presented accordingly. A specific topic is covered in each class. For the complete description of activities, go to the Sessions section of the course site. Class I - Introduction (Week 1) Introduction to course content and objectives Get to know classmates Understand course objective and workload Course outline In-class activity For next class: BDC questionnaire Class 2 The entrepreneur and the entrepreneurial process (Week 2) Defining the entrepreneur: Personal attributes and other factors The entrepreneur and society The entrepreneurial process Understand the role entrepreneurs play in society. Define entrepreneurial characteristics, attitudes and motivations in others and oneself. Define the links between the entrepreneur and the entrepreneurial process Bygrave, W. D., Zacharakis, A. (ed.) (2010) The Portable MBA in Entrepreneurship, 4 th edition. Chapter 1: The Entrepreneurial Process; Text, Chapter 1: Why Plan? Self-evaluation questionnaire on the BDC website: Am I the entrepreneurial type? ( Bring results to class. Class 3 Business ideas and opportunities (Week 2) Idea generation Environmental trends Opportunity recognition Understand the critical role creativity plays in entrepreneurship. Use creativity to foster ideas and develop business opportunities. Define what makes a good business opportunity Bygrave, W. D., Zacharakis, A. (ed.) (2010) The Portable MBA in Entrepreneurship, 4 th edition. Chapter 2: Idea Generation; Text, Chapter 2: Developing and Screening Business Ideas Schindehutte, M., Morris M., Pitt, L. (2009) Rethinking Marketing: The Entrepreneurial Imperative. Chapter 5: Creating Markets And the People Creating Them Université Laval Faculté des sciences de l administration Page 5 of 13

6 In-class creativity exercise. Attendance mandatory Individually: Purchase a notebook and start your personal logbook Class 4 Acid Test (Week 3) More opportunity recognition: shaping and reshaping Customer motivation and needs Define the customer need. Reshape opportunity. Text, chapter 3: Feasibility Analysis Bygrave, W. and Zacharakis, A. (2011) Entrepreneurship, Second edition, Chapter 3: Opportunity recognition, shaping, and reshaping. Acid test: Each team presents their ideas and answer questions from the class. Attendance mandatory Write your hypotheses for your project: product/service description, attributes, needs to be met, target client, competitive advantage. Class 5 Industry and environment analysis (Week 3) What is an industry? Industry characteristics and trends The external environment Environment analysis tools: PESTEL, SWOT and others Define the various elements that make up a business external environment. Define keys issues to deal with when analyzing industry characteristics Understand the changing nature of any environment and how to keep up with these changes. Text, Chapter 5: Industry Analysis Johnson, G., Scholes, K., and Whittington, R. (2008) Exploring Corporate Strategy, 8 th edition. Chapter 2: The Environment p As a team: write your hypotheses for your project: product/service description, attributes, needs to be met, target client, competitive advantage. Individually: Start Environmental analysis assignment due on February 14 th, 2011 (Week 6). Class 6 Entrepreneurial Marketing (Week 6) Market segmentation and target market selection Buyer behavior Competitor analysis Market survey and market research Marketing strategy Distribution and sales Describe the marketing process. Université Laval Faculté des sciences de l administration Page 6 of 13

7 Explain the differences between conventional and experiential marketing. Apply the 11 approaches to conducting cheap but effective research mindset when facing a research challenge Distinguish a marketing analysis from a marketing plan. Prepare a competitor analysis Text, Chapter 6: Market Analysis Text, Chapter 7: Marketing Plan Schindehutte, M., Morris M., Pitt, L. (2009) Rethinking Marketing: The Entrepreneurial Imperative. Chapter 4: Do Dogs Like the Dog Food? Entrepreneurial Market Research As a team: Pool conclusions of member s environmental analysis and adjust hypotheses for your team project. Class 7 Coaching Session 1 (Week 7) Team s adjusted hypotheses Customer interview Validate hypotheses and project direction As a team: Create a questionnaire to conduct your market research. Submit questionnaire to teacher for review before February 28 th, Class 8 Business plan and finance (Week 10) The business plan presented Introduction to financial statements Validate hypotheses and project direction Text, chapter 4: Introductory Material, Executive summary, and Description of the Business; Text, Chapter 8: Management Team and Company Structure Text, Chapter 9: Operations Plan and Product (or Service) Design and Development Text, Chapter 10: Financial Projections Class 9 Selling your project and growth (Week 11) Delivering an effective presentation Preparing content of presentation Beyond the start up Identify key elements of an effective business plan presentation Validate one s own ability to present one s project Describe the unique managerial concerns that new ventures confront. Recognize the key elements involved in the growth stage of firms. Université Laval Faculté des sciences de l administration Page 7 of 13

8 Explain the differences in style between an entrepreneur and a manager. Describe the challenge of ethics in new ventures. Discuss the issues and opportunities involved in taking a business global. Text, Chapter 11: Presenting the plan with confidence Kuratko, D. F., Hornsby, J. F., (2009), New Venture Management: The Entrepreneur s Roadmap, Chapter 11 Human resources: The people Kuratko, D. F., Hornsby, J. F., (2009), New Venture Management: The Entrepreneur s Roadmap, Chapter 12 Growing Ventures: The future In class activity Class 10 Coaching Session 2 (Week 12) Overall project Team s final report Validate financial projections and project direction Class 11 Presentations (Week 13) Students present their project individually in front of potential investors. See Oral Presentation in Evaluations and Grading section Université Laval Faculté des sciences de l administration Page 8 of 13

9 Evaluations and Grading Evaluations Summative Title Date due or date of event Submission Type of work Weighting 1. Entrepreneurial Potential January 24 th, 2011 In class Individual 5% 2. Logbook Week of April 18 th, 2011 In class Individual 5% 3. Environmental Analysis February 14th, 2011 In class Individual 25% 4. Oral Presentation Week of April 18 th, 2011 In class Individual 15% 5. Survey/Questionnaire February 28 th, 2011 Drop Box Team 10% 6. Market Research March 21 st,2011 In class Team 20% 7. Final Report April 21 st, 2011 In class Team 20% Additional information on the summative evaluations 1. Entrepreneurial Potential (5%) After taking the Entrepreneurial Self-Assessment Test that measures their entrepreneurial potential based on three criteria: motivations, aptitudes and attitudes, students are asked to analyze their results based on their views on the subject and theory seen in class. The 2-page report will be graded according to links with theory presented in class, understanding of the various elements that make up the entrepreneurial potential and depth of analysis. 2. Logbook (5%) Students will be asked to keep a logbook of their experience as they develop their entrepreneurial project. They will be asked to purchase an actual notebook to carry around with them and jot down their ideas and reflections on the entrepreneurial process, potential business opportunities, obstacles faced, teamwork, and their own entrepreneurial potential. Comments will be evaluated according to frequency, length, and relevance. The purpose is not necessarily to write long entries but rather at regular intervals concerning all things entrepreneurial. 3. Environmental Analysis (25%) After choosing an entrepreneurial project to be developed, students will be asked to emit a series of hypotheses concerning their project: product/service description, attributes, needs to be met, target client, competitive advantage. They will then conduct an external analysis of the environment to test their hypotheses. This paper should include a description of the industry or market, a presentation of market trends and forecasted evolution, a PESTEL analysis as well as an analysis using Porter s Five Forces Model as well as Opportunities and Threats from the SWOT analysis. Students should conclude with their thoughts on the best possible avenue for their project and the validity of their initial hypotheses. Université Laval Faculté des sciences de l administration Page 9 of 13

10 The paper of up to 8 pages maximum must be submitted in Word, in 12pi, Arial, Verdana, Times New Roman, or Calibri font, using 1½, spacing. Margins should not be greater than 1½ inches. Appendices and References are not included in the total number of pages. Students are asked to pay special attention to spelling and clarity of expression in their work, term papers, cases and projects. These elements will be considered in the evaluation. Papers will be evaluated using the following criteria: clear presentation of market, market trends, and client base, quality of research and sources cited, identification and in-depth analysis of relevant environmental factors, identification of possible impacts of identified factors, relevant assessment of market segment potential, and critical review of initial hypotheses. 4. Oral Presentation (15%) One of the abilities essential to any entrepreneur is their capacity to mobilize resources (human or financial) to help them bring their projects to life. It is thus essential for potential entrepreneurs to be able to present their project briefly and in a convincing manner. Known informally as the elevator pitch, this type of presentation is key in raising funds and support for one s project. For these reasons, each student will be asked to individually present their project in a short five-minute presentation to an expert acting as a potential investor. Students will be graded according to clarity, professionalism, ability to convince and conclude, ability to answer questions, as well as quality of support material (PowerPoint presentation or other). As English may be a second or even third language for many students, accent and speech delivery will not be considered in the evaluation. 5. Survey/Questionnaire (10%) As part of their market research, each team will be asked to collect primary data through a survey they will conduct either online or in person. Teams will validate the new hypotheses they came up with following their environmental analysis. The survey will allow them to measure the interest potential clients have for their product or service. Surveys will be evaluated using the following criteria: question relevance and scope as well as an accurate identification of key elements to be measured. 6. Market Research (20%) Students must validate their hypotheses by conducting a market research. The first step will be to prepare a questionnaire which will be validated before the survey is conducted (see above section). The data collected will then be analyzed and corroborated by additional secondary data. This research will help teams make the final adjustments to their entrepreneurial project. The paper of up to 8 pages maximum must be submitted in Word, in 12pi, Arial, Verdana, Times New Roman, or Calibri font, using 1½, spacing. Margins should not be greater than 1½ inches. Appendices and References are not included in the total number of pages. Students are asked to pay special attention to spelling and clarity of expression in their work, term papers, cases and projects. These elements will be considered in the evaluation. Papers will be evaluated using the following criteria: accuracy and relevance of research methodology (choice of sample, collecting method, and survey), quality of secondary data, and soundness of data interpretation. Université Laval Faculté des sciences de l administration Page 10 of 13

11 7. Final Report (20%) The final report is a detailed summary of the project. It will include the information from the environmental analysis, the market research, as well as a presentation of the team members and how they act as an asset for this project. The final report will also present the marketing strategy (marketing mix) and human resource, operations, and financial planning. The object of the report is to prove to potential investors the soundness and feasibility of the project. It must also demonstrate that the team has thoroughly analyzed every element of the project and has come up with the best possible solution. Readers must be able to clearly identify the client need met by the product or service, the existing competition and how the project distinguishes itself from this competition, the project s added value, the target clientele, the risks incurred and ways to minimize them, environmental factors offering opportunities or threats, and an exit strategy or plan B. The paper of up to 35 pages maximum must be submitted in Word, in 12pi, Arial, Verdana, Times New Roman, or Calibri font, using 1½, spacing. Margins should not be greater than 1½ inches. Appendices and References are not included in the total number of pages. Students are asked to pay special attention to spelling and clarity of expression in their work, term papers, cases and projects. These elements will be considered in the evaluation. Papers will be evaluated using the following criteria: holistic view of the project, fit between project, client need, team members, and environmental factors, coherence and consistency between the various project elements, project feasibility, and report clarity. Grading scale Range Grade Range Grade A B A C A C B E (Fail) B Note on spoken and written language Being able to communicate adequately (whether orally or in writing) is an important skill. For this reason, the teacher will encourage students to use appropriate language in class discussions as well as other types of communication. Also, a penalty of up to 10% may be applied to each written assignment for grammar or vocabulary mistakes. Please reread yourself carefully before handing-in your assignments. Being a francophone university, Université Laval offers students who are registered in English classes the possibility of handing in their papers, answering their exams, or presenting orally in French with no consequences on their grade. Students are asked to inform the teacher beforehand should they wish to use French in their assignments. It is important to note that course material, instructions, and exams will not be translated and will be available in English only. Results Your results will be available on the course website. Université Laval Faculté des sciences de l administration Page 11 of 13

12 Plagiarism The FSA does not tolerate conduct that does not comply with its ethical standards. The Règlement disciplinaire à l intention des étudiants de l Université Laval lists some 20 academic infractions that are subject to penalty. Everyone knows the most common errors, but are you aware that copying a few sentences from a work on paper or a website without inserting quotation marks or citing the source are two of the infractions? Or that summarizing an author s original idea in your own words without citing the source, and translating a text in part or entirely without stating its origin, are also prohibited? To avoid exposing yourself to consequences ranging from failing a course to expulsion from the university, consult the following website: You ll find everything you need to avoid plagiarism. Disciplinary regulations Any student who is found to have committed a violation of the Règlement disciplinaire à l intention des étudiants de l Université Laval [Université Laval student disciplinary regulations] in this course, especially involving plagiarism, will be subject to the penalties set out in the regulations. Students should familiarize themselves with sections 28 to 32 of the disciplinary regulations. These can be found (in French only) at the following web address: Deadlines and overdue work The learning schedule laid out in the calendar should be adhered to as much as possible. Overdue work will be penalized at a rate of 10% a day for every day late to a maximum of 3 days. For example, if an assignment is due on January 23 at 5pm, you will have until January 26 at 4:59pm to submit it, with a penalty of 30% off the mark. After that, the work will not be accepted and a mark of 0 will be given for that evaluation. There are exceptional circumstances that may prevent a student from submitting an assignment on time. In such cases, it is the student s responsibility to inform the teacher as soon as possible to discuss an extension or plan an alternative. If a request for a deferral is accepted at the end of the term, the student will receive a grade of Z (mark deferred at student s request). This will be converted to a final grade (see the conversion key above) at the end of the deferral period. Laptop and Software Requirements It is the student s responsibility to have a laptop compatible with the FSA s environment in order to participate in the learning and course evaluation activities that take place in and out of class (e.g. management simulations, online quizzes, Securexam, etc.). Minimum software requirements for compatibility with the FSA s environment: Operating system: Windows 7, Vista or XP o Office Suite: o Microsoft Office 2007, 2003, XP or 2000: Word, Excel, PowerPoint Browser: o Internet Explorer 7.0 or later Course evaluation A formative course evaluation will be made in week 4. This confidential evaluation will be used only by your teacher to ascertain the appropriateness of the teaching method or whether adjustments are required before the end of the session. At the end of the course, the Faculty will conduct a summative evaluation, by soliciting your comments and suggestions, to determine whether the teaching method achieved its goals and your degree of satisfaction. During the session, a link to the course evaluation questionnaire will be uploaded to the course website home page. This evaluation is very important, as it will allow us to improve the course. The course supervisors thank you in advance for your collaboration. Please note that this evaluation is confidential. Université Laval Faculté des sciences de l administration Page 12 of 13

13 Teaching Materials For the activities in this course, you will have to obtain the required teaching materials and consult the teaching resources on the course website. Required materials Textbook: Barringer, B.R. (2009). Preparing Effective Business Plans: An Entrepreneurial Approach. Prentice Hall, 288 pages. ISBN: Note: An ebook version of this title is available at a reduced price. Visit for more information. Visit for more information. Academic Coursepack: A collection of supplemental reading material has been prepared and is available under the course name and title. This material is available at Zone Université Laval in the Palasis-Prince Building. You can also order it online from: Online resources Course website The course website is on the Université Laval course platform WebCT at this address: If you have not visited the course platform, please consult the WebCT student guide at: If you are registered in the course but do not have access to the site, please check your registration in the Libreservice Web des etudes [student self-service window] at: Computer equipment and software This course requires you to have access to a recent model computer, ideally with a high-speed Internet connection. You will find an equipment specifications and software grid at: References and Appendices References Written documentation: - Bygrave, W. D.,& Zacharakis, A. (Eds.) (2010) The Portable MBA in Entrepreneurship, 4 th edition. Wiley, 485 pages. - Gasse, Y., & D Amours, A. (2000) Profession: entrepreneur. Les Éditions Transcontinental inc. et Les Édition de la Fondation de l entrepreneurship, 145 pages - Kuratko, D.F. (2009) New Venture Management: The Entrepreneur s Roadmap. Prentice Hall, 352 pages. - Schindehutte, M., Morris, M., & Pitt, L. Rethinking Marketing: The Entrepreneurial Imperative. Prentice Hall, 384 pages. Websites: - BDC, Entrepreneurs First, Université Laval Faculté des sciences de l administration Page 13 of 13