Entrepreneurship Theory & Practice (ET&P)
325092-B-6
Course outline: 2023-2024
Level:
Contributes to:
Study year:
Semester:
ECT:
Bachelor level course
Minor in Entrepreneurship
3rd
1st
6
Instructor(s):
Contact information:
Dr. James Small
See the course page on Canvas for details and channels
Table of Contents:
1.
2.
3.
4.
5.
Course description
Learning outcomes
Course structure
Course materials
Course assessment forms and requirements
o Assessment structure
o Assessment requirements
o Assessment framework
6. Team Assignments
o Team Case assignment
o Team Project assignment
▪ Activity overview
▪ Project report overview
7. Code of conduct
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1. Course description
To understand entrepreneurship, you need to know its importance for individuals, for the
economy, for innovation and for society. You also need to understand it as the processes
involved in identifying opportunities and developing viable business models for new ventures,
that deliver value to customers and other stakeholders.
Much research exists as to the contribution entrepreneurs and new entrepreneurial ventures
make to the economy and society. Entrepreneurs do so, by innovating, by creating new products
and services, by creating jobs and solving societal problems. They drive innovation not only in
tangible goods but also in business models and can even force incumbent industries into decline
or to restructure in order to survive. A related branch of research, studies and points out the
importance of understanding the roles of individual characteristics and the entrepreneurial
mindset in entrepreneurial success and failure.
Yet while there is a conception that entrepreneurs are born not made, research clearly
demonstrates that we can view entrepreneurship as a process and as a set of practices that can
be learned and improved upon. Entrepreneurship can best be learned by a combination of
knowing “about” it and “through” the practice of it. This course in Entrepreneurship: Theory &
Practice provides insights from both of these perspectives.
In this course the focus is on New Venture Creation. You will learn to understand where new
ideas can come from, and how opportunities can be discovered or created. However, an idea is
not a business, so ideas need to be validated. Validating ideas needs a business model that can
deliver value, and so understanding the importance of business model design is key to success.
In addition, not all businesses (business models) are viable, so their feasibility needs to be
tested.
The process of New Venture Creation is at the core of the theory dealt with in this course and
the practical case and team assignments. To this end you will work in teams to identify an idea
and assess its viability to become a new venture. There will be a combination of lectures and
case discussions in the first half of the course, and after the mid-term the focus is on the main
team project, on tutorials and workshops to develop and test your business model and write a
detailed report.
This course aims to challenge you to learn through the entrepreneurial new venture process which is one of creation, frustration, uncertain outcomes and sometimes setbacks, but also
critical analysis and finding solutions. This course is demanding, is challenging but is also fun.
2. Course learning outcomes (CLOs)
Objectives
The main objective of the course is to provide students with an understanding of the main
concepts and theories related to entrepreneurship and launching new ventures. Besides
introducing students to theory this course also aims to facilitate learning through involving
students in practical assignments related to entrepreneurship. Through cases analysis,
assignments, online trainings and workshops, students can develop their understanding and
develop entrepreneurial skills. At the end of the course students should be knowledgeable on
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the topic, aware of the importance of the role that entrepreneurship plays in the economy and
society, understand the different types of entrepreneurship, the process of launching new
ventures and should be able to apply key concepts and skills in practical situations.
Course Learning outcomes
Upon completion of this course, you can:
Knowledge
o CL0 1: understand and apply key scientific thinking, theories, concepts, and facts from the
academic disciplines of entrepreneurship and business creation.
Skills
o CLO 2: critically analyse information, make, and justify decisions, related to key processes
in entrepreneurship: generating ideas, spotting opportunities, developing, and validating the
potential of business models for new venture and value creation.
o CLO 3: reflect on your own and your peers’ contributions and on your own key learnings
from the course
Character
o CLO 4: take a solution-oriented approach in dealing with setbacks or/and uncertain
outcomes while working independently and with groups of peers and other stakeholders.
3. Course structure
The first half of the course consists of interactive lectures and case-based analysis dealing
with the main concepts and theories related to entrepreneurship and the launching of new
ventures. Tutorials introduce key topics related to idea generation, business models
development and validation. Guest lectures are included to supplement theory with examples
from the real-life experience of individual entrepreneurs and entrepreneurial companies.
A core practical element of this course is the identification of a novel idea for a new business
and the development of the business model to launch that business; this includes identifying
and analysing customer demand, validating the solution, defining the market and growth
potential, and establishing feasibility. This team project is the main focus of the second half of
the semester. During the tutorials, teams will share, test, and develop / adapt their new venture
business idea and model and pitch their idea to test interest from potential investors /
stakeholders.
The table below provides a draft of the planning overview of the main activities each week (this
is not binding). Details of the actual Weekly actions and requirements will be posted in the
Weekly Modules in Canvas. Be aware that this timetable may change so pay attention to
Announcements on Canvas, as well as to changes in Mytimetable.
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Entrepreneurship: Theory & Practice - 2023-2024
Caldr. Course
Week Week
Day
Date
Topic
Book Chapters
Cases
Actions and information
Join a team via Canvas
Self Test your Entrepreneurial Fit
35
1
Wednesday
10.45
30-Aug
Course outline.
Introduction to Entrepreneurship
1
www.get2test.net
36
2
Wednesday
10.45
6-Sep
Recognizing Opportunities and Generating Ideas
2
Your team get2test
results
Team: Upload get2test TEAM report via Canvas
37
3
Wednesday
10.45
13-Sep
Developing an effective business model
4
4.1 Etsy
4.2 Tom's 1 for 1 BM
Team: Upload case analysis via Canvas
38
4
Wednesday
10.45
20-Sep
Feasibility Analysis & Industry and competitor analysis
3& 5
3.1 Rent the Runway
5.2 Casper
Team: Upload case analysis via Canvas
38
4
Thursday 8.45 or 10.45 or
14.45
21-Sep
Tutorial 1 - generating ideas, spotting unmet needs and opportunities
39
5
Wednesday
08.45… and
27-Sep
Building a new venture team
39
5
Wednesday
10.45
27-Sep
40
6
Wednesday
10.45
4-Oct
Unique marketing issues
40
6
Thursday 8.45 or 10.45 or
14.45
5-Oct
Tutorial 2 - Value Proposition Canvas, Customer/problem combinations and generating
soluitions
41
7
Wednesday
08.45… and
11-Oct
The importance of intellectual property
41
7
Wednesday
10.45
11-Oct
42
8
9
9.2 Zappos
9.2 You be the VC KaZAM
11
11.1 Nest Labs
11.2 Proactiv
12 & 10
12.1 GoldieBlox
10.1 Revolights
Team: Upload case analysis via Canvas
Guest Lecture t.b.a.
& Getting financing or funding
1. Team: Upload case analysis via Canvas
2. Team: Upload new venture idea
template via Canvas
Team: Upload Final Case Analysis to Canvas
Guest Lecture t.b.a.
Individual Exam
Caldr. Course
Week Week
Day
Date
Topic
43
9
Monday
23-Oct
44
10 Thursday
2-Nov
45
11 Thursday
9-Nov
Tutorial 4 - Team assignment - delivery mechanisms: the Business Model Canvas
46
12 Thursday
16-Nov
Tutorial 5 - Team assignment - Mobilizing resources / getting support
47
13 Thursday
23-Nov
48
14 Thursday
1-Dec
49
15 Thursday at 14.00
7-Dec
50-52?
Team: start to look for problems, customers, ideas
for your new venture
Individual Actions
Work on your solution design, aspects of your value proposition and validate
Tutorial 3 - Value proposition to Validation: Customer, Problem, Solution fit
Get out of the building - validate your problem / solution / customer combination in
the real world
Team Assignment Helpdesk - Online
Team Assignment Helpdesk - Online
Tutorial 6 - Team assignment - Pitch your entrepreneurial new venture
Team Actions and information
Work on defining what, who you need to deliver your solution, focus on operational
aspects of your business model and feasibility
Complete individual quiz
on Canvas
Upload - Draft report, give and receive peer feedback
Complete individual quiz
on Canvas
Upload - Pitch video up, give and receive peer feedback
Your turn to be the VC, informal investor!
Which New Venture (business model) would you want to fund?
Submit Team Assignment report
Resit Individual exam
NOTE: the above information may be subject to change as restrictions may apply or new circumstances may require adjustments to planning or/and structure / content of the course
.
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4. Course reading and other materials
This course will use an academic textbook, cases, and a range of other materials as the basis
for developing a theory-based understanding of entrepreneurship: the roots of entrepreneurial
thinking; entrepreneurial traits and skills; opportunity scanning/seeking/seizing; entry strategies
for start-ups, entrepreneurial marketing, entrepreneurial finance, new product development &
innovation, and aspects of intellectual property.
Templates and well-established tools will be used to structure how to practice the
entrepreneurial process from opportunity spotting (identifying unmet needs and problems) to
solution design and validation (problem / solution fit, customer validation and business model
feasibility).
The following academic textbook is compulsory reading for this course:
Barringer, B.R. & R.D. Ireland, (2019), Entrepreneurship: successfully launching new
ventures, Sixth (6th) global edition, Pearson, Harlow, Essex, UK
(Note that it is NOT possible to use older versions of this book)
In addition to the course textbook, other materials / articles / online instruction videos are used during
the course (details and access will provided via Canvas). You are required to read and study
the relevant chapters and cases from the course textbook and the articles before the lectures.
During the interactive lectures, there are in-class presentations, discussions, based on cases,
so that a broader and deeper theoretical and practical view on entrepreneurship is developed.
5. Course assessment forms and requirements
Assessment structure
There are four assessment components for this course. They have been designed to match and
reflect the learning outcomes for this course. They cover both theory and practice-based
elements.
•
•
•
•
Individual exam: mid-term exam containing multiple choice questions on the course materials.
Individual assignments (quizzes): tests of your understanding of “practice” elements of the course.
Team project assignment: work on and towards a detailed project report and final presentation.
Team case assignments and presentation: prepare and upload analysis, deliver a presentation
based on cases (includes the preparation of discussant questions).
The final course grade will be determined in the following way:
•
•
•
•
Individual written exam
Individual assignments
Team project assignment
Team case assignments
50%
10%
30%*
10%*
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Note: * 5% will be deducted (from the total team assignment grade of 40%) each time your
team fails to upload the “case package” (completed case analysis &, discussant template
and presentation slide deck), to Canvas before the weekly submission deadline:
(10.00 am on Tuesdays - the day before the interactive lecture).
Note: * 5% will be deducted (from the total team assignment grade of 40%) each time your
team is not available to play its role and participate in the Interactive Lecture Case
Presentation and Discussion sessions. If there is a valid reason why a team is not going to
be available, this needs to be communicated by email to the instructor before the assignment
upload deadline above. The entire team needs to be in cc for the email communication and
the reason(s) needs to be clearly stated for each member who cannot attend. Only if the
instructor agrees will the penalty be waived.
Assessment requirements
Overall course grade
To pass the course a combined grade of 5.5 (rounded to a 6.0) or higher is required. You must
also achieve the minimum grade that has been defined for each assessment component. If you
do not do so after the available re-sit or/and resubmit opportunities, then you will need to retake
the course the following year. Partial grades cannot be carried over to subsequent years.
Individual written exam (50%)
The minimum required grade for the individual multiple-choice exam is 5.0. If your grade for this
component is less than 5.0 you must take the re-sit exam to pass the course.
Individual assignment (10%)
There is no minimum grade for this assessment components and thus no re-sit/resubmit
opportunity will be available. It does, however, contribute to your overall grade.
Team project assignment (30%)
The minimum grade for the Team assignment is 5.0. If this is not achieved, one opportunity to
re-work and resubmit will be permitted. The maximum grade for this re-sit is capped at 6.0. No
more than 10 working days (after the grade is published) will be allowed to revise and resubmit
the report. The team assignment report is evaluated on the basis of a rubric. The rubric will be
available via Canvas once the Assignment is published.
Team case assignment (10%)
There is no minimum grade of this component, as the shared structure and open discussion of
this teaching and assessment activity is not suitable for revision/resubmission. It does, however,
contribute to your overall grade. In week 7, after you have become familiar with the process and
requirements for the case analysis assignment, this uploaded case will be fully graded. The
team case assignment is graded on the basis of a rubric, this will be available via Canvas once
the Assignment is published.
Repeaters
If the student fails to pass the course in one academic year, they have failed the course and
they become a repeater. Repeaters will need to retake the course and all of its assessment
components in a later academic year. The Course Assessment structure and requirements of
that academic year applies. If you have already passed the course and want to improve your
grade after the re-sit opportunity has taken place, the Repeater rules apply.
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Assessment framework
This course uses a combination of summative and formative assessments. Both contribute to
your learning outcomes.
During the interactive elements of this course (lectures and tutorial session) formative
assessment is incorporated. This means that you will receive feedback and guidance as to how
to improve your learning, understanding and application of concepts / skills development. In
these course assignments and teaching elements, your compliance with requirements, the effort
made, how you demonstrate understanding and your contribution are key indicators of your
success at mastering the subject.
The four key summative elements detailed above are the assessment elements with a grade
that contributes directly to your final course grade and thus to passing or failing the course.
These provides you with insights into how well you did as an individual and within a team setting,
and in relation to achieving the course learning outcomes.
The table below provides an overview of the intended relationships between each of the
assessment activities and the course learning outcomes.
Assessments and % contribution to course grade
Individual Exam
Individual assignments
Team project
Team cases
50%
10%
30%
10%
X
X
Couse Learning
Outcomes
CLO 1
CLO 2
X
X
X
CLO 3
X
CLO 4
X
X
6. Team Assignments
Team case assignment
In the first half of the course student teams will analyze, present, and discuss case materials
from the course textbook.
Each week we will deal with 2 short cases from the textbook. Each week one half of the teams
will be allocated one case (Case A) and the other half of the class the second case (Case B).
So, if there are 30 teams, 15 teams will work on Case A and 15 teams will work on Case B.
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For each of the two cases:
One team will be selected at the start of the interactive lecture session, to be the lead
Presenting Team. This team will share its summary of their case analysis and lead the
discussion during that part of the interactive lecture session.
Two other teams will be selected (at the start of the session) to be Discussant Teams.
They will be called upon to share and compare their analysis and reflect on the answers
already given by the presenting team and other participants.
All teams and students are expected to be ready, willing, and able to actively join in on the
discussion, answer questions, ask questions, compare their own answers. The presenting team
or instructor may call upon a team or individual student at any time to hear their view. This is not
limited to teams/students who have worked on the “same” case.
Preparation (before class)
1. As preparation student will need to read the relevant chapter(s) for that week and both
cases selected for that week.
2. Then based on the theory dealt with in the chapter and the case specific information
each team will complete the Case Analysis and Discussion template (CA&D
template), for either Case A or Case B).
3. Each team should also prepare a short PowerPoint presentation of 6 slides to present
in class. The presentation contains a short introduction to the Case company, key facts
and a summary of the analysis and answers to the questions in the Case Analysis and
Discussion template (CA&D template).
4. The CA&D template and PowerPoint deck should be uploaded to the Canvas
assignment for the relevant week.
Presentation and discussion (during the class)
During the interactive lecture around 25 minutes will be allocated for the presentation and
discussion of each case. Student team presentations should take 5 minutes, max. The team
then uses their analysis and their discussant questions to lead a discussion on what other
teams have found and what we can learn from this case (c. 20 minutes).
Core activities
1. Present the case and your analysis
2. Discuss, involve others, share, and compare
3. Summarize and conclude
You should pay attention to the following aspects during the presentation and discussion:
· Accuracy in dealing with the content of the case
· Giving additional insights into the topic in relation to the case/chapter theory/concepts
· Quality of the answers to questions on the case
· Interaction with the class and dealing with discussion questions
· Use of relevant pictures / diagrams
· Presentation skills
· Time management
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The CA&D template (in Word) and an instruction slide deck for the CA&D Presentation (in
PowerPoint) will be available via Canvas when the Assignment is published.
Canvas upload file naming conventions
•
•
Name and upload your CA&D Template as a .pdf file type in the format:
TeamXY_CaseW.ZCAD.pdf - for example: Team21_Case2.2CAD.pdf
Name and upload your CA&D Presentation as a .pdf file type in the format:
TeamXY_CaseW.ZPPP.pdf - for example: Team21_Case2.2PPP.pdf
Team project assignment: related activities overview
The new venture team assignment is designed to enable you to gain experience and learn about
the challenges faced by entrepreneurs in spotting new venture opportunities and validating if
there is a market need. Key actions in preparation for this begin in the first half of the course but
most of the activities and work is scheduled for the second half of the course, from week 9. The
key steps in this process are as follows.
Course
week
Setting
4
Tutorial session
4
As a team
6
Canvas
6
Tutorial session
6
Canvas
Activity description
Canvas upload
required
Session is based on techniques for generating ideas, finding unmet
customer needs, and spotting opportunities
As a team: you start looking for a problem or customer need that is not
being solved or met (spotting an opportunity)
Submit new venture idea (template will be provided via Canvas)
Yes
Session is based on understanding how to use transition from a customer
need, to a value proposition and develop solution options
Receive initial feedback from instructors on your new venture idea (proceed
or pivot / adapt)
Exam week
9
Value proposition to Validation: Customer, Problem, Solution fit and testing
Tutorial session
your ideas
10
“Get out of the
building”
10
Zoom
11
Tutorial session
12
12
13
13
14
15
Validate your idea with potential customers. Validate the problem, need.
Validate the solution, estimate the size of demand and price you can charge
Online helpdesk session for questions related to the team assignment
Feasibility – the focus will be on the Business Model Canvas (activities,
resources, partners, costs).
Mobilizing resources – getting support and customers, pitching your idea,
Tutorial session what do you need and how are you going to get it, the market, mission,
vision, finance, and expertise
Canvas &
Upload draft team report, get and give feedback by peer reviewing the work
of other teams
Pee review
Zoom
Canvas &
Peer review
Yes
Online helpdesk session for questions related to the team assignment
Make and upload a Pitch video (1 minute), get and give feedback by peer
reviewing the work of other teams
Yes
Live Pitch session: Pitch your entrepreneurial new venture idea and play the
Tutorial session role of the Venture Capitalist… which new venture idea would you be willing
to invest in?
Canvas
Upload final version for your team assignment report
Yes
NOTE: the above information may be subject to change as restrictions may apply or new circumstances may require adjustments to planning or/and structure / content of the course.
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The team project assignment report overview
The report has a Front Cover page, detailing the Team Number, Names, ANR and 7-digit student
number for each contributing team member, a Table of Contents. Use a font size of 11; use line
spacing of 1.15, and number the pages. At the end of the document provide a List of Sources
and the Appendices. The report should be 10 (min.) to 12 (max.) pages, 5000 (min.) to 6000
(max.) words (excluding the cover page, executive summary, table of contents, list of sources
and appendixes). Pay attention to your English writing style and use a spelling checker to
prevent unnecessary mistakes. Be sure to give complete references to all articles, books and
all other sources of data/information. Adhere to the APA 6 standard when referencing any
sources of information in your document.
The follow description provides insights into the structure and content of the report. Details of
the specific structure and detailed requirements of the assignment are provided in a separate
document on Canvas and will be available when the Assignment is published.
1. The idea and validation
In this section your will focus on describing where your idea originated from. For example,
describe if and how it originated from spotting a problem, unmet need, technology, trend, market
gap, a personal goal or interest, etc. Validation and adaptation; explain what changed in relation
to your original idea as a result of the validation process - the idea, the problem, the solution,
the customer fit.
2. Creating value
In this section you will provide details of your analysis of aspects of how you create value and
for whom, based on the business model you have developed. Among the topics you will deal
with are how do you define your value proposition, what differentiates your idea and business
model, who are your customers, how will you reach them, how will you communicate with them
and what is your business mission and vision. Here you will also explain your revenue model
and price and income expectations in detail.
3. Delivery of the value and cost analysis
In this section you will provide details of your analysis of aspects of how your business will
deliver the value proposition. How will your business be structured, what activities will you
specialize in, what skills, capabilities and resources will you need, which partners and for what,
how will you promote your new product/service. Also, you will need to estimate what start-up
capital you will need, where it will come from, what operational costs you will have to run the
business in the first year, and link this to your price (revenue streams analysis).
4. Feasibility
In this section you will provide details of your analysis on aspects related to the business
feasibility of your new venture. This includes an analysis of the competition, the industry and
trends, an analysis of the market potential and how you will protect your idea, thus where
relevant what forms of intellectual property protection you will use. Includes a balanced and
objective evaluation as to the feasibility of the new venture (it can be better to fail fast and
cheaply).
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5. Self and Peer reflection and reflection on key learnings
Self and Peer Reflection on how each team member has contributed to this project (roles,
responsibilities and share of the work). An individual reflection on what each team member has
learned from participating in, and contributing to, this project.
6. Appendixes
The appendixes will contain supporting information /data, diagrams, canvas used for the
analysis.
Explanations, evidence, and justification
In the report, your analysis will need to be supported by explanations, evidence, and justification
for your choices. Several “canvases” will be used to support the analyses, and these will be
included in the report.
7.
Code of conduct
Teamwork: contribute fairly and do not tolerate free riding
Be sure to work as a team and contribute fairly to the team effort. Free riding is not tolerated.
Should any free-riding or social loafing occur during your group assignment, it is crucial to
address this issue early on. In such cases, (1) address your concerns with that group member
as early as possible via email and copy the instructor on the email. (2) Agree upon a way in
which that person can contribute to the group and notify the instructor of your resolution by email.
(3) If the problem persists, make an appointment for your group to meet with the instructor. We
will attempt to resolve the issue together.
If complaints are received from other team members that individuals are not contributing fairly
to any of the team-based assignments, the teaching staff retains the rights to reduce the
individual final grade of that (those) student(s) for all team assignment components.
Avoid plagiarism
We regard plagiarism as behavior that is unreconcilable with the character of a Tilburg University
student and graduate. The consequences of plagiarizing can be severe. It is therefore important
that you do not submit work (of any form) that is partially plagiarized. Reusing parts of an existing
report (even one for another course) is also regarded as plagiarism. Yet it is possible to
incorporate the original work or ideas of others, so long as this is limited, is sufficiently
acknowledged, and accurately cited and referenced. At all-time ensure that you provide
accurately details on to the source of information you have incorporated. Adhere to the APA 6
standard when referencing any information sources in your document.
How will you get the most out of this course?
Be open, to being creative and flexible and to making a good individual and fair team effort to
complete the course work / assignments on time. Make clear agreements with your team on
your role(s), strengths, and weaknesses. BUT avoid dividing up the work in a way that you do
not know the content of all chapters or cases dealt with during the course. You will need to pass
the individual exam based on your own understanding of all examinable materials. Therefore,
prepare for, attend, and participate in the sessions. Especially, view this as your opportunity to
understand the challenges faced by entrepreneurs when looking for ideas and facing the
challenges of creating new businesses.
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