BAEP 423 Management of Small Ventures
Spring 2007
Tuesday/ Thursday 10:00 – 11:50
Instructor:
Mark Lieberman
mlieberm@marshall.usc.edu
626 296-6303
Office Hours: Tuesdays 9:00 – 10:00am, Bridge Hall 1. Phone conferences are
encouraged. Please email all requests for appointments or conferences.
Course Overview:
This is a foundations course. During this course we develop a framework to
study, analyze and understand the formation and creation of new ventures. We
focus exclusively on entrepreneurs and an overview of the essentials of
entrepreneurship. Entrepreneurship is inherently multidisciplinary that includes
marketing, sales, finance, operations and this course ill provide an integrative
view.
This course introduces students to the fundamentals of entrepreneurs and the
understanding of whether they might wish to pursue a career as a small business
owner. Understanding the process of starting and growing a business is
essential to success. But entrepreneurship is more that that – it is about passion,
it is a different mindset, a way of looking at things and being creative. Major class
objectives include learning to identify and evaluate market opportunities, foster
your entrepreneurial mindset, evolution of the management team, developing
and evaluating business models, and the management of startups and growth of
new ventures.
Educational Activities:
Classes include lectures, group discussions, individual exercises, case studies
and analyses, experiential learning opportunities, individual and team papers, as
well as guest speakers.
Educational Objectives and Goals:
Upon completion of this course, participants will understand:
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To understand the importance of small business;
The scope of entrepreneurship and its multidisciplinary nature;
To explore the characteristics of the entrepreneur;
To understand the importance of strategic thinking and of developing good
planning skills and practices;
Where potential market opportunities exist for new ventures;
Planning phases important to successful startups;
The tasks and decisions required to turn an opportunity into a business;
Pricing of both products and services;
To obtain the accounting and financial tools and skills necessary to
monitor and control any business;
To explore the day-to-day operational elements required of any small
business;
To explore the legal and regulatory issues facing every small business
owner/manager;
Evaluation Criteria:
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Attendance and active participation in all class sessions.
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Comprehension and knowledge of theory.
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Ability to apply the knowledge.
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Demonstration of independent critical thinking.
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Awareness of relevant social and ethical issues.
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Completion of individual and team written assignments and presentations.
Assignments must be completed on time. If you cannot make a deadline
for a written assignment, please contact the instructor before it is due.
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Your grade is based on an evaluation of the following activities.
Class Participation
Journal / Reflection
Paper
Entrepreneur Interview
Final Team Paper and
Presentations
Total
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Percentage of
Grade
10%
Points
10%
100
30%
50%
300
500*
100%
1,000
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100
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*There are a few subsections of this assignment that account for points toward
the total.
Guidelines for all Course Assignments (Please read carefully!)
The following guidelines apply to all assignments without exception.
All assignments must be typed in 12 pt font and organized for easy
reading. Do not exceed the page limit requirement. Additional pages will not
be read for grading purposes. Please read the following “on time” requirements
for assignments. They are designed to help me return your papers quickly and to
avoid losing papers.
All written work must be submitted to either the Blackboard drop box or by email
mlieberm@marshall.usc.edu before the beginning of class on the date due. No
exceptions. If you will not be in class on the due date, your paper must still arrive
by the time and date it is due. You are certainly encouraged to turn in papers
before the deadline. Please keep copies of all your papers and emails until
the end of the semester.
1. The assignment must be sent in a single Word document file labeled as
follows:
yourlastname_423_assignment name.
2. The subject line of the e-mail should begin with USC and add the same label
as in #1. Assignments that do not follow these two rules will be returned and
considered late when resubmitted correctly. Since all the assignments for my
classes are submitted by e-mail, these requirements are necessary to maintain
order and to find files quickly.
Papers will be accepted after the deadline with the following penalties: Papers
turned in after the class begins and within 24 hours of the date due will lose 10%
of the total points possible. Papers turned in 24 hours after the due-date will lose
20% of the total points. No papers will be accepted 48 hours after the date due.
Please do not submit first drafts of your papers. Please cite sources completely
and accurately in your papers (even if referring to the course texts). A
bibliography of all sources should appear at the end of your paper.
Attendance and Preparation Requirements:
Attendance at all class sessions is critical to the participation component of the
course and to learning in general as we will discuss material not in the book.
Entrepreneurship is inherently collaborative—a social process. Entrepreneurs
find opportunities, adapt, change, and improve themselves by listening and
learning from others. Please come to class prepared to participate in the day’s
activities. Coming prepared entails having read the chapter(s) or assigned
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readings for that day and having analyzed the portion of the sample feasibility
studies under consideration for that day’s class.
A class attendance form will be handed out at the beginning of each class that
requires your personal consistent-full-signature. Initialing the class attendance
form is not acceptable. Signing this class attendance form is necessary because
of University policies and the need to have a record of class attendance as part
of the evaluation process. Students are responsible for signing this form at the
beginning of class. DO NOT sign the name of another student.
Please plan to arrive on time so as not to disturb the class, a guest speaker, or
interrupt the professor. Only Official University engagements, such as scheduled
debating events, are accepted. Job interviews, etc., are not excused, so choose
your absence carefully.
Evaluation of Classroom Activities
Students are expected to attend all classes. The attendance, participation, and
in-class exercises portion of the grade is 100 points. Participation is evaluated in
a number of ways. Obviously, participation is correlated with attendance. It is
impossible to earn a participation grade if the student is not in class. The
professor will evaluate participation using a number of methods.
Evaluate student participation during class and generate
contemporaneous notes about the quality of each student’s contribution.
“Cold call” students during the class to ascertain whether students are
prepared to discuss this material in class.
Ask students to provide a self-evaluation of their participation contribution
for the entire semester.
With regard to the quality of your class participation, the dimensions that I look
for include:
Relevance -- does the comment bear on the subject at hand? Comments
that do not link up with what the discussion focus can actually detract
from the learning experience.
Causal Linkage -- are the logical antecedents or consequences of a
particular argument traced out? Comments that push the implications of a
fact or idea as far as possible are generally superior.
Responsiveness -- does the comment react in an important way to what
someone else has said?
Analysis -- is the reasoning employed consistent and logical?
Evidence -- have data from the readings, from personal experience, from
general knowledge been employed to support the assertions made?
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Importance -- does the contribution further our understanding of the issues at
hand? Is a connection made with other feasibility studies we have
analyzed?
Clarity -- is the comment succinct and understandable? Does it stick to the
subject or does it wander?
Students will be formally called on, at random, to take the lead in various aspects
of class discussions at least once or twice during the semester. If the student
called upon is not present, is late, or is not sufficiently prepared to make a
substantial contribution to the class discussion, it will be noted.
Miscellaneous
Confidentiality Policy
Throughout the Entrepreneur Program's classes and events, students will be
exposed to proprietary information from other students, guest lecturers and
faculty. It is the policy of the Entrepreneur Program that all such information is to
be treated as confidential.
By enrolling in and taking part in the Entrepreneur Program's classes and
activities, students agree not to disclose this information to any third parties
without specific written permission from students, guest lecturers or faculty, as
applicable. Students further agree not to utilize any such proprietary information
for their own personal commercial advantage or for the commercial advantage of
any third party.
In addition, students agree that any legal or consulting advice provided without
direct fee and in an academic setting will not be relied upon without the enlisted
opinion of an outside attorney or consultant, without affiliation to the Program.
Any breach of this policy may subject a student to academic integrity
proceedings as described in the University of Southern California University
Governance Policies and procedures as outlined in SCAMPUS, and to any
remedies that may be available at law.
The Entrepreneur program, the Marshall School of Business, and the University
of Southern California disclaim any responsibility for the protection of intellectual
property of students, guest lecturers or faculty who are involved in Entrepreneur
Program classes or events.
Receipt of this policy and registration in our classes is evidence that you
understand this policy and will abide by it.
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Academic Integrity
Please be familiar with the Grading Policy and Academic Standards section of
the USC Catalogue and the information on University Governance in the
SCAMPUS, particularly Appendix A:
Academic Dishonesty Sanction Guidelines.
The use of unauthorized material, communication with fellow students during an
in-class examination, attempting to benefit from the work of another student, and
similar behavior defeats the intent of an examination or other class work is
unacceptable to the University. It is often difficult to distinguish between a
culpable act and inadvertent behavior resulting from the nervous tensions
accompanying examinations. Where a clear violation has occurred, however, the
instructor may disqualify the student's work as unacceptable and assign a failing
mark on the paper.
Required Materials
Katz, Jerome A., Green, Richard P. (2007) Entrepreneurial Small Business,
McGraw-Hill Irwin (ISBN 0072967986).
Kawasaki, Guy (2004) The Art of the Start, Penguin Group (ISBN 1-59184-056-2)
Course Reader at University Readers (not the bookstore). Course readers must
be purchased from http://www.universityreaders.com/. You must click on
the "Student Buy Now" link in the upper right hand corner and create an
account. You will receive a digital copy of the first reading(s) while waiting
to receive the hard copy by mail.
GRADING STANDARDS:
Grade distributions over time, across departments and courses and within
departments and courses, should be consistent and in conformity with
recommended Marshall School of Business grading standards below. Evaluation
should be measured against an undergraduate population that is limited to
students who have taken or are currently enrolled in the course in question,
including multiple section courses. In order to avoid substantial disparities
across courses, instructors in MSB courses are required to adhere to specific
target grade point averages for each course they teach. This policy statement
includes the standards, allowable deviations and implementation details of MSB
grading standards.
Elective Courses:
Regular sections
3.5 (targeted grade average)
Instructors are not permitted to have their average GPA in a single course
deviate by more than 0.1 above the target.
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Assignments
Entrepreneur Interview due March 4
In lieu of a midterm you are required to conduct an in-person with an
entrepreneur whom you do not know. Details will be provided on a separate
handout.
Team Paper/Final due April 15
In the first class small workgroups will be created. Each workgroup will write no
more than a twenty page double-spaced Feasibility/Business Plan as described
in a separate handout. A first rough draft is due March 6.
Reflection Paper due April 17
A good leader often takes the time to reflect. Robert Cooper and Ayman Sawaf
called this reflective time-shifting. It is a form of emotional intelligence that
includes creative intuition. This reflective time shifting allows us to gain insights
“from past experience to future experience and then to present experience.”
The purpose of the papers is to encourage reflection on what you have learned
and how that learning might apply to your life and career goals. Without
reflection, it is difficult to understand clearly the value of this course.
In the spirit of reflection and to provide more opportunities for individual grades,
you will complete a paper between four and six pages, double-spaced. In this
paper, you are to consider the course activities including lectures, guests,
assignments, discussion, research, and determine how these activities and
experiences have contributed to your learning. A good paper will include your
Aha! moments. The papers are designed to help you as much as they will assist
me in understanding what you are taking away from the course.
Schedule
Date
Tues., Jan 9
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Description
Readings and
Assignments
Introduction
Review of Syllabus
Effective Presentations
Formation of Teams
Experiential – Strategy Puzzle
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Date
Thurs., Jan 11
Description
Business Venture Considerations
A Grand Tour of Startups
Entrepreneur characteristics
Ethics & Social capital
Readings and
Assignments
Katz
Tues., Jan 16
Opportunity Recognition & Creativity
SCAMPER
Chapters 1 & 2
Course Pack
Entrepreneurial
Mindset Tool –
Complete the
audit
Katz
Chapter 3
Thurs., Jan 18
Feasibility Analysis
Katz
Experiential – Alphabet Soup
Experiential – Serial Jolt
Tues., Jan 23
Paths to Entry
Chapter 4
Kawasaki
Chapters 1 & 2
Course Pack
Pre-Start
Analysis
Katz
Chapter 5 & 6
Thurs., Jan 25
Guest Speaker
Tues., Jan 30
Business Plans Part 1
Thurs., Feb 1
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Business Plans Part 2
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Katz
Chapter 8
Kawasaki
Chapter 4
Handout – PWC,
Developing the
Business Plan
Course Pack
How to Write a Great
Business Plan
Growthink Business
Plans (To be provided)
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Date
Tues., Feb 6
Description
Readings and
Assignments
Who is the customer?
What is our business?
What is the value to the customer?
VRIO
Chip Heath film lecture – Urban
Legends & SUCCESS
Katz
Legal
Mentor presentations
Experiential - Decode
Katz
Strategy and Industry Structure
Working the Value Chain
SWOT
Experiential: Alaska Gold Mine
Katz
Financial Strategy
Accounting and cash management
Katz
Tues., Feb 20
Financial Strategy
Budgeting
Bootstrapping
Katz
Chapter 14
Kawasaki Chapter 5
Thurs., Feb 22
Financial Strategy
Funding
Guest Speaker - SBA
Katz
Chapter 15
Kawasaki
Chapter 7
Tues., Feb 27
Managerial Economics
Thurs., Feb 8
Tues., Feb 13
Thurs., Feb 15
Chapter 10
Course Pack
Note on Business Model
Analysis Model for the
Entrepreneur
Chapter 18
Chapter 7
Chapter 13
Course Pack
Bootstrap Finance: The
Art of Startups
Experiential – Blue Chip
Thurs., Mar 1
The Pitch
Tues., Mar 6
Thurs., Mar 8
Review Barbara Nitkin
Entrepreneur Interview Discussion
March 13, 15
No Class – Spring Recess
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Kawasaki
Chapter 3
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Date
Description
Readings and
Assignments
Tues., Mar 20
Operations/manufacturing
Inventory
Distribution
Readings
Katz
Chapter 11 and 17
Kawasaki
Chapter 8
Thurs., Mar 22
The People on the Team
Human Resources
Boards – Directors/ Advisors
Culture & Ethics
Leadership
Experiential – Trash
Katz
Risk
A review of risk that includes
Entrepreneurial risk and business
and financial risks
Katz
Chapter 16
Tues., Mar 27
Thurs., Mar 29
Experiential – Food Chain
Marketing
Marketing systems
Buyer Behavior
Managing New Offerings
Readings
Tues., April 3
Marketing – The Sales Process
Experiential - Matrix
Readings
Thurs., April 5
Guerilla Marketing
Product Pricing
Sales Exercise
Experiential – Paper Chase
Tues., April 10
Growing the Venture
Human Capital
Decision Making
Communications
Experiential – Long Words
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Chapter 19
Kawasaki
Chapter 6
Course Pack
Sheila Mason
Katz Chapter 9
Kawasaki Chapter 9
Course Reader
Darwin and the Demon
Mentoring Paper due
Katz Chapter 12
Kawasaki Chapter 10
Kawasaki Chapter 11
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Date
Description
Thurs., April 12
Growing the Venture
Negotiations
Conflict resolution
Readings and
Assignments
Course Pack
Why Entrepreneurs
Don’t Scale
Tues., April 17
Exits
Harvesting and Capturing Value
Readings
Katz
Chapter 20
Reflection Paper Due
Thurs., April 19
Tues., April 24
Thurs., April 26
Review
Presentations
Presentations
IMPORTANT!!!! RECEIPT OF THIS SYLLABUS AND
REGISTRATION IN THIS CLASS WILL SERVE AS EVIDENCE
THAT YOU UNDERSTAND AND ACCEPT THE REQUIREMENTS
OF THIS COURSE.
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