ENTREPRENEURSHIP
COMM 320
Winter 2025
Session#1
Asma Fattoum
Associate Professor
Management Department
asma.fattoum@Concordia.ca
Introduction
Practicing Entrepreneurship
Course overview
What you will learn in Entrepreneurship course
Teaching style and course requirements
Course evaluation & Teaching plan
Practicing Entrepreneurship
Define entrepreneurs and entrepreneurship
The 6 features of modern entrepreneurship
Entrepreneurship as a method vs. entrepreneurship as a process
Case discussion
Course Learning objectives
This course will help the student achieve the following learning objectives:
• Describe different types of entrepreneurship.
• Explain the role entrepreneurship plays in the organization and economy.
• Describe the key characteristics of an entrepreneurial mind.
• Describe the main elements of the entrepreneurial process.
• Research, prepare, and present a comprehensive business plan for new and /or
existing ventures.
• Use evidence-based approaches, such as interviews and observations, to assist in
developing recommendations for entrepreneurs.
Teaching style & Course requirements
Text book and other materials
Title: Entrepreneurship - The Practice and Mindset (3rd edition)
Authors: Heidi M. Neck, Christopher P. Neck. Emma L. Murray
All other relevant documents for the class will be available through the class’s Moodle site
Interactive two-way communicative sessions
Lecture; Workshops and Group presentations; Class discussions on readings, cases, examples
Please read text chapters and prepare cases and examples for class discussions
Class Moodle site
Relevant documents, materials; Quizzes; chats and all kind of assignments will be available on Moodle
Course Evaluation
Course Engagement:
In-Class Mid-term Exam (Session #6):
10%
15%
Individual, written exam, covers materials on previous classes
First Report - Moodle (Session #7):
Business Plan Class Presentation:
Business Plan Project (April 11th):
10%
5%
25%
Final Exam:
35%
Business Plan Project
• Groups & Business selection
Due on Session# 3
Groups of 5 students (multidisciplinary approach recommended)
• Group composition, name of your business selection, explanation for the growth concept
• Your business selection must be approved by me before proceeding with the project.
• First Report
Due on Session# 7
See page 2 of the Guidelines for a complete description and requirements
• In class group work
• Business Plan presentations
Sessions# 11 & 12
• Business Plan Project
Due on April 11th
Business Plan Project timeline
Date
Assignment
Requirements
Jan. 30
(Session#3)
Groups & Business
selection
The group composition, name of your business selection, and
explanation for the growth concept (if any).
Your business selection and growth plan (if any) must be
approved by me by e-mail before proceeding with the project.
March.6
(Session#7)
First Report
See page 2 of the Guidelines for a complete description and
requirements.
To be submitted through Moodle at 5:00 pm
April. 3&10
(Sessions
#11&12)
Business Plan
presentations
10 mn presentation and 5 mn discussion for eacg group.
See page 3 for a complete description and requirements
April. 11
Business Plan Project
See pages 4-6 for a complete description and requirements
To be submitted through Moodle at 5:00 pm
Business Plan Project :
Groups & Business selection
Option 1: write a 3-year business plan for a new venture, OR
Option 2: write a 3-year growth plan for an existing entrepreneurial
Business
Group composition and Business selection must be approved by me.
Group composition and Business selection are due on Session# 3.
Business Plan Project- First Report
- Interview with the entrepreneur: Describes and discusses the entrepreneur of
the business you selected (how the business idea evolved, the characteristics
, background of the entrepreneur…)
- Presents a preliminary industry analysis
- Discusses the business growth, expansion, goals and objectives
More detailed information in the BPP guidelines, page 2 on Moodle
First report due on Session# 7
Business Plan Project- Final report (April
11th)
The business plan should be 20-25 pages:
1. Cover letter
2. Title Page
3. Table of Contents
4. Executive Summary
5. Concept/ Goals and Objectives
6. Industry/ Market Analysis
7. Marketing Plan
8. Operations Plan (mostly narrative – link to appendices)
9. The Financial Plan
10. Financial Statements (pro-forma),
11. Appendices
Chapter 1: Practicing Entrepreneurship
Define entrepreneurship
Explain and discuss features of modern entrepreneurship
Discuss entrepreneurship as a method vs. entrepreneurship as a process
Case discussion
• LO1 Describe the six most important features of entrepreneurship
• LO2 Explore various pathways to participate in entrepreneurship
• LO3 Distinguish between entrepreneurship as a method and entrepreneurship as a process
• LO4 Illustrate the key components of the entrepreneurship as a method
• LO5 Discuss how deliberate practice develop entrepreneurial expertise
Define entrepreneurs and entrepreneurship
Origins:
1875-1880; <French: literally, one who undertakes (some task),
equivalent to entrepren ( dre ) to undertake .
Definitions:
“A person who organizes and manages any enterprise, especially a business, usually with
considerable initiative and risk”.
Dictionary.com
“ A decision maker whose entire role arises out of his alertness to unnoticed opportunities”
Kirzner, “Competition and Entrepreneurship”
Promoters of creative destruction
Schumpeter, “Capitalism, Socialism and Democracy”
Creative destruction
Famous Entrepreneurs
Young Entrepreneurs
Other examples of entrepreneurs
Entrepreneurship entails
ØYoung and senior people,
ØFemales,
ØImmigrants,
ØIndividuals, families,
ØStudents…..
What is Entrepreneurship ? Framework # 1
(Two steps framework- Causal)
Opportunity recognition
Pursuit of opportunity
• Market (unfulfilled need)
• Product / Service
• Resources (financial,
technological, etc.)
• People, team,
organization
What is Entrepreneurship ? Framework # 2
(Three steps framework- Causal)
Identify vision and
objectives:
• What results do we want to
achieve with the venture?
• What business are we in?
Define strategy
Implementation
• What is our competitive
advantage?
• How should we develop
distinctive competencies?
• How do you access resources?
• What is our business strategy?
(Low cost, differentiation)
• Structure
• Processes
• Talents
Reference: Thomas H. Byers, Richard C. Dorf and Andrew J. Nelson (2010) « Technology
Ventures: From Idea to Enterprise»
What is Entrepreneurship ? Framework # 3
Three essential questions every venture capitalist wants
to know
• Is there a big
market?
Do we have a
winning
strategy?
Do we have an
excellent
team?
What is Entrepreneurship ? Framework # 4
Fit between the four central elements of a business plan
Opportunity
(Customers,
strategy)
People
(Education,
capabilities,
reputation,
attitude)
Resources
(Financial,
physical,
intellectual)
Deal
(Rewards,
risks,
incentives)
Reference: William A. Sahlman (July 1997) « How to write a great business plan » Harvard Business
Review
What is Entrepreneurship ? Framework # 5
Race against time to create value and reduce risk
Foundin
g:
• start with a vision and shares of stocks in the new business
Seed
• Founders trade stocks for money, people, ideas
Growth
• lower risk, collect more money, people and ideas for less stocks
stage:
stage:
Exit
stage:
• Founders continue to develop the firm, retire or starts the game again,
IPO, M&A
Reference: Jerry Kaplan (1996) “Startup: A Silicon Valley Adventure"
What is Entrepreneurship ? Framework # 6
Effectuation
Resources :
Start with
what you have
Strategy : Risk
little, form
partnerships
Vision
Reference: Saras D. Sarasvathy (2001) "Causation and effectuation: Toward a theoretical shift from economic
inevitability to entrepreneurial contingency"
Entrepreneurship is
“ …A way of thinking, acting, and being that combines the
ability to find or create new opportunities with the courage to
act on them“ Neck et al, 2024
Entrepreneurship …
üThe Entrepreneur (characteristics, personalities, ways of thinking…) ;
üInnovation: (new idea, product, concept, service, technology…);
üOrganization Creation (describes the behaviors involved in
venture/organization creation);
üProfit or Non-Profit outcomes;
üGrowth;
üUniqueness;
üThe owner-manager;
üand Value creation
(Gartner, 1990)
The six features of modern entrepreneurship
1. Entrepreneurship is a method that requires practice
2. Entrepreneurs think differently
3. Entrepreneurs act more than plan
4. Profit is not the only motive
5. Entrepreneurs collaborate more than they compete
6. Entrepreneurship is a life skill.
1-Entrepreneurship is a method that requires
practice
• Process view of entrepreneurship
Starting something new is a linear, predictable process.
However, Entrepreneurship is not predictable and cannot be adequately taught
as a process
• Method view of entrepreneurship
Skillsets with an entrepreneurial mindset constitute a toolkit for
entrepreneurial action
Entrepreneurial actions begin at the nexus of a potential opportunity and an
enterprising individual.
2-Entrepreneurs Think Differently (1)
Given entrepreneur’s characteristics (need for achievement, innate sense of having the
ability to influence events, risk taker, tolerance for ambiguity) and the nature of their
decision-making environment, they often do the following:
Think structurally
Cognitively adapt
Engage in bricolage
Effectuate
28
2-Entrepreneurs Think Differently: Structural thinking (2)
• Make creative mental leaps
• Make connections between products and markets…
• Create structural matches between a technology and a target market
2-Entrepreneurs Think Differently: Cognitive Adaptability (3)
• Dynamic, flexible, self regulating and engaged in the process of
generating multiple decision frameworks focused on sensing and
processing changes in their environments and then acting on them
• Ability to capture, sens, and analyze changes
• Act accordingly
2-Entrepreneurs Think Differently: Bricolage (4)
When entrepreneurs make do with resources at hand and apply them to
new problems and opportunities, they are using bricolage.
Experimenting, tinkering, repackaging and/or reframing existing
resources are all part of bricolage
When resources are limited, entrepreneurs creatively use their resources
to exploit a potential opportunity.
2-Entrepreneurs Think Differently: Effectuation (5)
• Entrepreneurs start with what they have (skills, knowledge, networks) and
choose actions based on what they can control rather than relying on
forecasts.
• Entrepreneurs create and develop new opportunities in uncertain
environments.
• It involves flexibility and adaptability, allowing entrepreneurs to adjust their
path as they learn more
• Effective entrepreneurs continuously rethink every aspect of a firm’s
operation.
3-Entrepreneurs Act more than Plan
The opportunity must be feasible and desirable in order to act.
Entrepreneurial action is most often intentional.
Entrepreneurial intentions are stronger when action is seen as feasible and
desirable.
Act: Share ideas, collect data, analyse, test…
Learn: from the analysis and tets done
Build: use results to work on the next step
4-6- Features of modern entrepreneurship
4- Entrepreneurs are not motivated by Profit only (Make a difference,
social and economic impacts..)
5- Entrepreneurs collaborate more than they compete (networking,
mentoring..)
6- Entrepreneurship is a Life skill (Education, experience…)
Case study discussion: Twitter
Please watch the video until minute 15:” The Power of Curiosity and Inspiration - Jack
Dorsey.flv”https://youtu.be/NJiMGdN--QU
Answer the following questions:
1. Describe the different steps undertaken by Dorsey to create Twitter?
2. What are the main challenges Dorsey faced to create Twitter?
3. Which of the six features of modern entrepreneurship can you identify in Twitter story?
4. To what extent and how the entrepreneurship method is applicable in the case of
Twitter?
5. How would you describe Dorsey as an entrepreneur ? (Characteristics, ways of
thinking, Mind-set…)