Student Handbook Online Master s in Entrepreneurship Program School of Entrepreneurship Spears School of Business Oklahoma State University http://entrepreneurship.okstate.edu 2012-2013 1
Table of Contents Program Overview 3 Support Staff 5 Curriculum 6 Explanation of Practicums 8 Sample Course Schedule 9 Business Start or Innovative Process Improvement or Similar Change in an Existing Organization Practicum or Entrepreneurial Field Experience 11 2
Program Overview Overview The Online Master s in Entrepreneurship Program provides a rigorous immersion into the nature of entrepreneurship and the entrepreneurial process. Core content is coupled with a strong commitment to experiential learning. The program is a component of the universitywide entrepreneurship emphasis at Oklahoma State University. It is targeted to students with a passion for entrepreneurship in for-profit, non-profit, military and public sector contexts. It consists of 33 credit hours of coursework and practicum hours. Most students will complete the program in two years (i.e., four regular semesters plus one summer). Individual circumstances, however, may vary. Admission Requirements Bachelor's degree Minimum GPA of 2.75 (for unrestricted admittance) GMAT or GRE recommended but not required Proposal for a new venture Entrepreneurial and other work experience preferred but not required Target Audience This is an online master's program. We seek highly motivated students from diverse backgrounds interested in creating growth-oriented for-profit or non-profit ventures, or interested in designing innovative process improvements or similar changes in existing organizations. Incoming students who have taken equivalent graduate level courses can petition to substitute these for foundation-level or entrepreneurship requirements, but still must complete at least 27 hours within the Program. Program Objectives The MSE program strives to accomplish the following objectives: 1. Enhance students self-efficacy regarding acting entrepreneurially in new and established organizations. 2. Develop within students the ability to conceptualize and communicate the complex challenges and analytical skills toward identifying plausible solutions to overcome such challenges. 3
3. Improve student ability to employ intuitive, imaginative thought to critically evaluate ideas, processes, experiences, and outcomes associated with new venture creation or with innovative process improvements or similar changes in existing organizations. 4. Enhance student competencies in the areas of opportunity recognition, risk management, resource leveraging, innovation and business planning. 5. Develop within students a first-hand appreciation for the nature of the entrepreneurial experience itself. 6. Increase the appreciation among students for the need to engage in entrepreneurial behaviors that reflect high ethical standards, create ventures that contribute to societal well-being, and give back to the communities that make their ventures possible. Curriculum The Online Master s in Entrepreneurship is a two year program consisting of 33 credit hours. The credit hours consist of 12 credit hours of business foundation core, 18 credit hours of entrepreneurial core, and 3 hours of practicum credit. Total Immersion and Support Students in the Online Master s in Entrepreneurship Program will be afforded learning opportunities outside of the classroom. Depending on individual circumstance and geographic location, they will be able to get involved in the Riata Business Plan Competition, the OSU Cowboy Entrepreneurship Bootcamps, the Veterans with Disabilities Entrepreneurship Program (VEP), Women Igniting the Spirit of Entrepreneurship (WISE), the Entrepreneurship Empowerment in South Africa Program, the Riata Entrepreneurial Internship, the Technology Commercialization Project, the OSU Entrepreneurial Mentors Program, and other such initiatives. In addition, students will have access to the OSU entrepreneurial network. Financial Aid Some financial assistance is available based on need. Links to Useful Information Spears School of Business Distance Learning Guide: http://spears.okstate.edu/distance/guide/ Spears School of Business Distance Learning Frequently Asked Questions: http://spears.okstate.edu/distance/about/faqs/ Links to Enrollment Guides and key dates for enrollment: http://registrar.okstate.edu/index.php?option=com_content&view=article&id=21&itemid=15 Links to Scholarship/Funding Sources and Financial Aid: http://financialaid.okstate.edu/ 4
Support Staff The key department and college personnel that play a role in the administrative support of the Master s in Entrepreneurship program are as follows: Bruce Barringer Head, School of Entrepreneurship Overall Director of Master s in Entrepreneurship Program Director, Full-Time Program bruce.barringer@okstate.edu (405) 744-9702 Provides overall leadership for the School of Entrepreneurship and the Masters in Entrepreneurship Program Director, Full-Time Program Kevin Kriner Director, Online Master s in Entrepreneurship Program kevin.kriner@okstate.edu (405) 744-6345 Director, Online Program Michael Wampler Director, MSE New Venture Lab michael.wampler@okstate.edu (405) 744-6634 Provides academic and business start assistance Crystal Guthrie Administrative Support Specialist II crystal.guthrie@okstate.edu (405) 744-3325 Coordinates the Department Office Jan Analla Director of Graduate Programs Master of Science in Entrepreneurship Advisor jan.analla@okstate.edu (405) 744-2951 Provides student support in terms of curriculum issues, plans of study, and graduation paperwork compliance Debra Cooper Administrative Support Specialist, Graduate Programs d.cooper@okstate.edu (405) 944-9000 5
Curriculum Course Requirements The Online Master s in Entrepreneurship program is a two year program consisting of 33 credit hours. Incoming students who have taken equivalent graduate level courses can petition to substitute these for foundation-level or entrepreneurship requirements, but still must complete at least 27 hours within the program. Business Foundation (12 credit hours) ACCT 5183 ACCT 5283 FIN 5013 MGMT 5113 Financial Accounting and Analysis Managerial Accounting Business Finance Management and Organization Theory Entrepreneurial Core (9 credit hours) The following three courses (9 credit hours) are required: EEE 5113 EEE 5663 EEE 5333 Entrepreneurship and Venture Management Imagination in Entrepreneurship Launching a Business: The First 100 Days Entrepreneurship Practicum (3 credit hours). EEE 5610 Business Start or Innovative Process Improvement or Similar Change in an Existing Organization Practicum or Entrepreneurial Field Experience There are four choices for satisfying this practicum: New business start Propose an innovative process improvement or similar change in an existing organization Virtual Internship with a company coordinated by the student or delegate of the Veterans with Disabilities Entrepreneurship Program (assist the individual in launching a business venture or taking an existing business venture to a higher level Partner with a Full-Time Master s in Entrepreneurship student (studying on the Stillwater campus) to assist the student in launching a business venture 6
The student must select three courses (9 hours) from the following set of entrepreneurship electives: EEE 5653 EEE 5223 EEE 5200 EEE 5313 EEE 5263 EEE 5513 EEE 5133 MKTG 5973 Venture Capital Entrepreneurial Marketing Special Topics in Entrepreneurship* Emerging Enterprise Consulting Corporate Entrepreneurship Growing Small and Family Ventures Dilemmas and Debates in Entrepreneurship New Product Management *If desired, students my complete a second practicum via a EEE 5200 independent study course. Coordination and approval is required as outlined in the Explanation of Practicum section of this handbook. 7
Explanation of Practicum The Online Master s in Entrepreneurship Program includes a practicum. The practicum is an experiential learning activity that constitutes a three credit course but does not meet in a structured format. It is an independent study in which the student works one-on-one with a faculty member to complete a relevant project. It is the responsibility of the student to propose a project that is suitable for the practicum and represents an effort commensurate with a three credit hour course. EEE 5610 Practicum The practicum is intended to provide the student an experiential learning opportunity. It is the responsibility of the student to engage a School of Entrepreneurship faculty member, and enlist the faculty member s support in overseeing the practicum. Students will become familiar with School of Entrepreneurship faculty members through the courses they take and through other learning and mentorship opportunities that will be made available. Business Start This practicum provides structure and academic credit for the business start. It is the responsibility of the student to enlist a School of Entrepreneurship faculty member s support in overseeing the practicum. A detailed explanation of how this practicum works in provided in this manual. Student-Initiated Projects Students may accomplish an innovative process improvement or similar change in an existing organization, complete a Virtual Internship with a company coordinated by the student or as coordinated by the MSE faculty, partner with a Full-Time Master s in Entrepreneurship student (studying on the Stillwater campus) to assist the student in launching a business venture, or complete another entrepreneurial field experience approved by the school. For example, in 2010 a Master s in Entrepreneurship student traveled to Central America to identify manufacturing facilities capable of producing the product that her business will be selling. She enlisted a School of Entrepreneurship faculty member s support, the faculty member and the student agreed on a set of deliverables to constitute the practicum, and the project was executed. A similar example is a 2010 Master s in Entrepreneurship student who completed an internship at a technology incubator near the Stillwater campus. Note: A second practicum may be completed through the EEE 5200 Special Topics in Entrepreneurship course if coordinated and approved as outlined above. 8
Sample Course Schedule First Year First Semester 6 Credit Hours from Courses 6 Credit Hours Total ACCT 5183 Financial Accounting and Analysis 3 EEE 5113 Entrepreneurship and Venture Management 3 Total Credit Hours 6 First Year Second Semester 6 Credit Hours from Courses 6 Credit Hours Total ACCT 5283 Managerial Accounting 3 EEE 5663 Imagination in Entrepreneurship 3 Total Credit Hours 6 First Year Summer 3 Credit Hours from Courses 3 Credit Hours from Practicum 6 Credit Hours Total EEE Course Entrepreneurial Elective 3 MGMT 5113 Management and Organizational Behavior 3 Total Credit Hours 6 Second Year First Semester 6 Credit Hours from Courses 6 Credit Hour Total FIN 5013 Business Finance 3 EEE Course Entrepreneurial Elective 3 Total Credit Hours 6 Second Year Second Semester 9
6 Credit Hours from Courses 3 Credit Hours from Practicum 9 Credit Hours Total EEE 5333 Launching a Business: The First 100 Days 3 EEE Course Entrepreneurial Elective 3 EEE 5610 Business Start or Innovative Process Improvement or Similar Change in an Existing Organization Practicum 3 Total Credit Hours 9 10
Business Start or Innovative Process Improvement or Similar Change in an Existing Organization or Entrepreneurial Field Experience Practicum Each student is required to start a business while in the program, or propose an innovation process improvement or similar change in an existing organization. This requirement is fulfilled by enrolling in EEE 5610 Section 2 during an academic semester. The deliverables for the practicum should be placed in a three ring notebook, with tabs identifying the different sections of the binder. There are four choices for fulfilling the practicum. Choice 1: New Business Start The following criteria must be met to fulfill the new business start alternative for the practicum. Required 1. A complete business plan. 25-35 page plan following the outline provided in The Nuts and Bolts of Great Business Plans, School of Entrepreneurship, Oklahoma State University. 2. Expert status It s important to establish visible recognition in your industry. This can be done in a variety of ways, such as through writing a blog, speaking to local groups, and networking with local entrepreneurs, entrepreneurs in the industry your business will be entering, and/or people in the Oklahoma State University entrepreneurship network. In addition, one of the most effective ways to win an introduction to an angel investor or venture capitalist is to identify the companies the angel or venture capitalist has invested in, and start interacting with the founders of those companies via blogs, twitter, and similar tools. The best way to make a positive impression is to provide insightful comments and feedback. Make sure to pick a memorable screen name so the people you interact with start recognizing you and remember who you are. 11
A Minimum of Four of the Following 10 1. Registered intellectual property. The four forms of registered intellectual property include patents, trademarks, copyright, and Internet domain names. Registering intellectual property serves four primary purposes: (1) it starts placing defensively barriers around your company; (2) it assists in your branding, (3) its shows potential partners and investors that you re serious, and (4) in many cases the intellectual property a new company registers is the largest element of its economic value. 2. A qualified advisory board. A Board of Advisors is a panel of experts asked by a firm s founder(s) to provide counsel and advice on an ongoing basis. The quality of the advisory board you re able to assemble sends two important messages. It conveys the extent to which you re open to advice, and provides an indication of the extent to which you re able to generate enthusiasm for your firm. 3. A professional video that serves as a product demo. A professional-quality video is an effective way to demonstrate a new product or service concept. The video should be between four and six minutes long. It can be posted on your company Web site, used as part of an investor presentation, or displayed when talking to potential customers or business partners. 4. An operational Web site The first thing most people do when they hear about a potential business is search for its Web site. If the business doesn t have a site, it hard to take it seriously. The site should clean and operational. The aesthetic aspects of the site should be carefully thought through so they are consistent with a company s brand. 5. An actual sale or contract with a customer. There is an old axiom in the startup world that says that you really don t have a company until you ve made a sale. Although prototyping and testing is important, the most substantive feedback comes from real customers who are paying you real money. In addition, a sale (or series of sales) is the most convincing form of market validation. In many instances, if you don t have sales, your potential investors are largely limited to friends and family. 12
6. A negotiated lease for premises and/or equipment. 7. A negotiated distribution agreement with a distributor, wholesaler, reseller or retailer. 8. Day in the Life of My Business Presentation This is something that you shouldn t rush into, but having a negotiated lease for premises and/or equipment to facilitate the operations of your business helps move your business forward. It s also an important indicator that you have skin in the game. Most businesses rely on distributors, wholesalers, and retailers (offline and online), to move their products from their point of origin to the customer. Securing these relationships is not easy. A product company must often pitch a distributor or retailer to take on its product similar to how it must pitch an investor to obtain investment capital. Service companies often boost sales through resellers. Hotels, for example, sell their services (mostly rooms) through their Web sites and telephone reservation services, but also through resellers such as travel agents and online sites like Expedia and Hotels.com. A useful exercise for a proposed business is to create a video or slide show that depicts a day in the life of the business. The video or slide show should detail, in 30 minute increments, the activities of a proposed business on a typical business day. The activities depicted during the day must include (1) a depiction of a sales interaction, (2) a depiction of an interaction with a customer that is not focused on making a sale, (3) a depiction of how planning in the business takes place, and (4) a depiction of money is handled, and (5) a depiction of how the business adds value in the eyes of a customer. If a business is anticipated to have an eight hour day, then the video or slide show should be broken down into 16 increments (30 minutes in the day in the life of the business per increment). Twelve minute limit if a video format is chosen; 32 slide limit if a slide show format is chosen. 9. A working prototype A prototype is the first physical depiction of a product or service. It s needed to test the merits and usability of a product or service and get substantive feedback. A product prototype is the first physical manifestation of a new product, often in a crude or preliminary form. The idea is to solicit feedback and then iterate. A service prototype is a representation of what the service will be 13
like and how it will be experienced by the customer. For example, a service prototype for a Web-based company might consist of a preliminary or beta version of the site, with sufficient functionality built into the site for users to test the site and report their experiences. 10. A bookkeeping system. A detailed explanation of the bookkeeping systems that will be put in place to enable the business to collect money from customers and to pay vendors and others for their services. The explanation should explain how (1) actual results will be compared to budget, (2) how statements from vendors will be reviewed for accuracy, (3) how accounts receivable will be handled, and (4) how inventory (if applicable) will be managed. Illustrations should be included that depict how the bookkeeping system will function. Choice 2: Propose an Innovate Process Improvement or a Similar Change in an Existing Organization To pursue this alternative for the practicum, the student must prepare a notebook that carefully explains what the process improvement or similar change in an existing organization would be. This type of document, or binder, is often necessary to provide an employee or member of the military a mechanism for pitching to their superiors a process improvement or similar change in an existing organization. The following is the outline that should be followed in proposing a process improvement or similar change in an existing organization. It is anticipated that the proposed deliverable will be 15-25 pages in length, not including the 12-slide PowerPoint presentation. 1. Description of the proposed process improvement or similar change. 2. History of the organization (or applicable unit within the organization) along with the rationale for the proposed process improvement or similar change. This section should include a 12-slide PowerPoint presentation pitching the proposed change. 3. Anticipated objections to the proposed process improvement or similar change, along with an explanation of how each of the objections will be met. 4. Action plans, objectives, and milestones for implementing the process improvement or similar change if approved. 14
5. Resources needed to implement the proposed process improvement or similar change, including a budget if applicable. 6. Principle risks involved with implementing the proposed process improvement or similar change, and how the risks will be mitigated. 7. Explanation of how the success of the proposed process improvement or similar change will be measured. 8. Explanation of the potential impact of the proposed process improvement or similar change if implemented. Choice 3: Partner with a Full-Time Master s in Entrepreneurship Student (studying on the Stillwater campus) to Assist the Student in Launching a Business Venture The Online Master s in Entrepreneurship Program is complemented by a full-time program consisting of students studying on the Stillwater campus. All full-time students are required to start a business while in the program. This is major component of the full-time program, and the students work in an incubator on the Stillwater campus to formulate and launch their business ventures. Full-time Master s in Entrepreneurship students are often looking for people they can collaborate with in regard to launching their venture. Selecting Choice 4 for the practicum will involve the following commitments: First, contacting Dr. Bruce Barringer, the director of the Full-Time Master s in Entrepreneurship Program, to be matched with a student in the program and to customize an approach for helping that particular student launch their business venture. This option is potentially available for either fall or spring semester. Actively engage the full-time Master s in Entrepreneurship student you will be assisting and visit the Stillwater campus, at your own expense, to meet the individual during the semester of the practicum (not required but highly encouraged). Follow-through on the deliverables agreed upon with Dr. Barringer and present the deliverables to Dr. Barringer and the student you are matched with per the agreed upon schedule. 15
Choice 4: Entrepreneurial Field Experience Students may complete an entrepreneurial field experience to include a virtual internship with a company or completing a program like OSU s Entrepreneurship and Empowerment in South Africa course. Students may propose other options, but the proposal must be submitted to the school, to include deliverables, and be approved by the MSE faculty. Selecting Choice 4 for the practicum will involve the following commitments: First, contacting Kevin Kriner, the director of the Online Master s in Entrepreneurship Program to coordinate and gain approval for your proposal. Follow-through on the deliverables agreed upon to your assigned professor. 16