MGMT  451/IT  495
Syllabus
REVISED 9/1/2015
New  Venture  Creation,  MGMT  451
Turning  Ideas  into  Companies,  IT495  (Crosslist)
Fall  2015
Assistant  Professor  Jim  Wolfe
Tel.  703-­‐‑220-­‐‑9231   jwolfe7@gmu.edu
Purpose:     This  fundamental  entrepreneurship  course  is  designed  as  an  introduction  to  new   venture  creation  and  the  entrepreneurial  process.    Topics  will  include  screening  the   opportunity,  creating  new  ventures,  evaluating  the  entrepreneurial  team,  product  launch,   financing,  and  exit  strategies.    The  centerpiece  of  this  course  is  developing  a  feasibility  study  for   a  new  venture  that  you  would  consider  actually  starting.
Learning  Objectives:    This  course  is  for  anyone  who  plans  to  participate  in  the  creation,   management,  financing,  or  sale  of  a  new  venture.    Emphasis  will  be  placed  on  the  start-­‐‑up   business,  but  we  will  also  examine  corporate  and  nonprofit  ventures.    Upon  completion   students  should  comprehend  the  language  of  entrepreneurship;  be  familiar  with  the  new   venture  process;  understand  the  distinctions  between  managerial  and  entrepreneurial   behaviors;  and  be  qualified  to  join  an  entrepreneurial  team  pursuing  a  new  venture.
Desirable  Prerequisites:    Basic  courses  in  management,  marketing  and  finance.    A  business  law   course  would  also  be  helpful.
Format:    The  course  will  culminate  in  the  preparation  of  a  business  plan  by  students  working  in   teams.     You  are  expected  to  read  the  text  assignment  each  week  before  class  as  preparation.
We  will  not  discuss  each  topic  in  class  –  you  will  be  expected  to  know  the  material,  use  it  in
your  business  plan,  and  use  it  to  complete  the  exams.    The  professor  should  be  viewed  as  a   facilitator  to  discussion,  and  not  as  an  oracle.
Rules  of  the  Road:     Students  in  this  class  are  considered  to  be  adults  completing  the  final  year   of  their  undergraduate  education;  they  will  be  treated  as  such.    The  course  is  a  transitional   program  engaging  all  your  previous  Mason  education  to  solve  typical  business  process   challenges.     Class  participation  is  a  significant  part  of  the  grade;  it  is  difficult  to  engage  if  you
are  not  present.     If  you  must  miss  a  class,  you  do  not  need  to  let  the  professor  know,  but  do   inform  your  team  in  advance.     Use  your  name  placard  in  each  class .
Here  are  some  things  to  keep  in  mind:
•
Assignments .     All  assignments  are  to  be  submitted  before  class.    We  would  prefer  that   assignments  be  delivered  at  least  one  hour  before  class  begins.
•
Questions .     All  questions  should  be  asked  and  resolved  in  class,  especially  those   concerning  class  assignments.    Those  involving  personal  matters  should  be  addressed  in   private  by  phone  or  email  or  through  a  personal  meeting.

New  Venture  Creation,  MGMT  451     Assistant  Professor  Wolfe
Turning  Ideas  into  Companies,  IT  495
Fall  2015
•
Dress .     This  class  has  several  corporate  visitors  throughout  the  term.    Standard  dress  is   business  casual  although  for  presentations  you  may  want  to  be  more  formal  for  your   presentations.    You  represent  your  team,  the  class  and  Mason  when  you  interact  with   outside  personnel.
Make  sure  that  everything  you  write,  say  and  do  makes  a  positive,   business-­‐‑like  impression.
•
Team  Work .     Our  project  work  is  done  in  teams.    Your  participation  in  the  team’s  work   is  among  the  most  critical  factors  of  your  class  grade  and  your  team’s  success.    Conflicts   should  be  resolved  quickly  through  team  leadership  and  the  professor’s  help,  if   necessary.    If  for  some  reason  you  cannot  show  up  to  join  your  team  on  those  project   days,  please  make  sure  to  inform  your  team  members  in  advance.    The  review  by  your   peers  will  help  determine  your  grade.
•
Computers  in  Class .     Laptops  and  smartphones  may   not  be  used  in  the  classroom.    Take   your  notes  by  hand  (research  shows  this  improves  learning)  and  summarize  into
electronic  form  later.    Bring  your  laptop  or  a  memory  stick  on  days  you  present  in  class.
•
Academic  Honesty:    Students  are  expected  to  know  and  follow  the  GMU  honor  code
(   http://www.gmu.edu/facstaff/handbook/aD.html
).  Scholastic  dishonesty,  including   cheating  in  exams  or  plagiarism,  will  be  treated  as  a  violation  of  university’s  regulations.
As  such,  appropriate  sanctions  will  be  pursued  vigorously.  This  ethical  rule  does  not   prevent  the  discussion  of  business  ideas  with  classmates  outside  the  classroom.
Obtaining  business  ideas  or  getting  notes  on  quizzes  from  previous  years  are  not   considered  honest  behavior,  as  they  hinder  the  normal  discovery  and  learning  process,   and  overstate  your  preparation.
You  will  complete  original  work  for  this  class.  Research  is  important,  but  you  must  cite   all  your  sources  for  all  papers  and  presentations  in  this  course.  You  may  not  paraphrase   or  quote  without  proper  reference.  You  may  use  materials  you  prepared  for  other   courses.  You  may  not  use  material  prepared  by  other  students  in  the  same  or  other   sections  of  this  course,  past  or  present.    In  order  to  insure  equity,  electronic  means  will   be  used  to  check  originality  of  work.
•
Students  Needing  Accommodations:    If  you  are  a  student  with  a  disability  and  you  need   academic  accommodations,  please  see  me  and  contact  the  Disability  Resource  Center
(DRC)  at  993-­‐‑2474.    All  academic  accommodations  will  be  arranged  through  the  DRC.
Page  2  of  8

New  Venture  Creation,  MGMT  451
Turning  Ideas  into  Companies,  IT  495
Fall  2015
Required  Text:
Entrepreneurship,  3/E
Assistant  Professor  Wolfe
By  William  D.  Bygrave  /  Andrew  Zacharakis
ISBN  978-­‐‑1-­‐‑118-­‐‑58289-­‐‑3
Publisher:  Wiley
I  highly  recommend  that  you  purchase  a  used  copy  online.    It  is  much  less  expensive!
Wall  Street  Journal  Students  are  also  required  to  purchase  the  Wall  Street  Journal.    Sign  up  in   class.    We  will  use  discussion  of  current  events  from  the  WSJ  to  kick  off  each  class  session.
Optional  Texts:
The  best  work  on  business  plans  I  have  found  is  Writing  a  Convincing  Business  Plan
(Paperback)  by  Dethomas,  Arthur  R.  and  Lin  Grensing.      Barron'ʹs  Educational  Series;  2nd   edition  (January  1,  2001).  ISBN:  0764113992.
Class  Schedule:    Tuesdays,  7:20  pm  –  10:00  pm.     Location:     Fairfax,  Innovation  Hall  206.
Office  hours:  Tuesdays  before  class,  or  by  appointment,  Enterprise  45.    The  best  way  to  reach
the  professor  is  email;   please   use  your  GMU  account  to  avoid  spam  filters .
Homework:   There  are  several  homework  assignments  listed  in  the  syllabus  that  you  will  be   responsible  for  during  the  semester.    The  homework  is  not  graded  but  must  be  turned  in  on   time  to  receive  credit  as  a  part  of  your  class  participation  grade.    Homework  assignments  that
are  due  in  written  form  are  to  be  submitted  via  email  prior  to  the  beginning  of  class.
Entrepreneurial  Profile:    Each  team  will  be  required  to  profile  an  entrepreneur  and  give  a  brief   presentation  to  the  class  about  this  person  according  to  a  pre-­‐‑assigned  questionnaire/topic  list.
This  assignment  will  focus  on  the  extent  to  which  the  entrepreneur  reflects  the  behaviors  we   covered  in  class  and  lessons  the  team  learns  as  they  develop  their  business  plan.    Each  team  will   write  a  2  page  single-­‐‑spaced  summary  of  their  entrepreneur  and  give  a  maximum  5-­‐‑10  minute   slide  presentation  to  the  class  with  a  5  minute  question  and  answer  session  to  follow.    Details  of   this  assignment  and  grading  criteria  will  be  discussed  in  class  and  distributed  via  email  and   posted  on  the  course  website  during  the  first  part  of  the  semester.
Grading:     The  centerpiece  of  this  course  is  a  written  Feasibility  Study,  which  is  also  presented   in-­‐‑person  to  the  class.    Your  work  on  the  Feasibility  Study  as  a  team  will  count  for  50%  of  your   grade;  your  individual  assignments  count  for  50%.    The  Feasibility  Study  is  written  by  teams  of   up  to  4  persons  (please  get  permission  if  you  need  a  larger  team,  or  would  like  to  work  alone).
For  individual  work,  students  will  complete  two  exams  (a  mid-­‐‑term  and  a  short  final)  and   actively  participate  in  class.    Students  should  note  that  class  participation  is  not  a  trivial  part  of   the  grade.    Homework  will  not  be  graded  separately;  it  is  part  of  class  participation.    See  the
Grading  Rubric  for  more  details.
Page  3  of  8

New  Venture  Creation,  MGMT  451
Turning  Ideas  into  Companies,  IT  495
Fall  2015
Your  grading  will  be  weighted  50%  team  and  50%  individual  as  follows:
Team  Feasibility  Study  Project  Presentation
Final  Presentation
Final  Feasibility  Study  Written  Report
Assistant  Professor  Wolfe
50%
Peer  Evaluation
85  -­‐‑  89.99    B+
Below  65    F
Class  Participation  (Note  that  all  homework  is  included  in  participation!)
Mid  Term  Exam
Final  Exam  (take  home)
Total  Grade
Grade  Structure
95  –  100    A     90  -­‐‑  94.99    A-­‐‑
70  -­‐‑  74.99    B-­‐‑   65  -­‐‑  69.99      C
75  -­‐‑  84.99    B
15%
20%
15%
30%
10%
10%
100%
Page  4  of  8

DATE
New  Venture  Creation,  MGMT  451
Turning  Ideas  into  Companies,  IT  495
Fall  2015
F ALL   2015   S CHEDULE
Assistant  Professor  Wolfe
Using  Entrepreneurship,  3rd  Edition,  By  William  D.  Bygrave  /  Andrew  Zacharakis,  Published  by  Wiley.
Note:  This  schedule  is  subject  to  change.
Tuesday
September  1
TOPIC
•
Introductions
•
Course  Description  and  expectations
•
Syllabus  Review
•
The  Power  of  Entrepreneurship
READING
ASSIGNMENTS
DUE
Chapter  1
Tuesday
September  8
Tuesday
September  15
Tuesday
September  22
•
The  Power  of  Entrepreneurship
•
Information  on  Entrepreneurial  Profile
Assignment
•
The  Entrepreneurial  Process
Chapter  1
Chapter  2
•
Opportunity  Recognition,  Shaping  and
Reshaping
•
Team  Brainstorming  Competition
•
Details  on  requirements  for  Team
Project
•
Delivery  of  elevator  pitches,
networking  session  &  team  formation
Chapter  3
•
•
Understanding  Your  Business  Model   and  Developing  Your  Strategy
Entrepreneurial  Marketing
Chapter  4
Chapter  5
HW  Due:  Write   down  a  list  of  your   top  3-­‐‑5  passions  and   the  top  3-­‐‑5  businesses   or  industries  that   these  might  include.
Survey  family  and   friends  and   summarize  results  in   up  to  a  1  page  paper.
HW  Due:  Elevator
Pitch  -­‐‑-­‐‑Max.  1  min.   description  of   yourself,  interests,   background,  skills,   work  experience,  etc.,   or  a  prospective   business  idea.
HW  Due:  Company   name  and
biographies  of  all   team  members.
Page  5  of  8

New  Venture  Creation,  MGMT  451
Turning  Ideas  into  Companies,  IT  495
Fall  2015
Tuesday
September  29
•
Team  Entrepreneurial  Profile   presentations
Tuesday
October  6
Tuesday
October  13
Tuesday
October  20
Tuesday
October  27
Tuesday
November  3
Tuesday
November  10
•
Building  the  Founding  Team
•
The  Business  Planning  Process
No  Class  –  Columbus  Day  Week
Chapter  6
Chapter  7
Midterm  Exam  –  Chapters  1,  2,  3,  4,  5,  6,  &  7
You  must  take  the  Exams  at  the  time  scheduled
•
Sales  101  –  The  Basic  Principles  of
Selling
•
Building  Your  Pro-­‐‑Forma  Financial
Statements
Chapter  8
Chapter  9
•
Financial  Entrepreneurial  Ventures
Worldwide
•
Raising  Money  for  Starting  and
Growing  Businesses
•
Debt  and  Other  Forms  of  Financing
Chapter  10
Chapter  11
•
Legal  and  Tax  Issues,  Including
Intellectual  Property
Chapter  12
Assistant  Professor  Wolfe
HW  Due:
2  –  2.5  page
Entrepreneurial
Profile  Paper  sent  via   email  by  the   beginning  of  class.    5-­‐‑
10  minute  team  EP   presentation  given   during  class.*
HW  Due:  1-­‐‑  page
summary  of  product   or  service  idea  to  be   researched  as  a  team   project  over  the   semester.
Bring  a  green
Scantron  card  and  a   pencil.*
HW  Due:  One  page   written  report  from   each  group  re:   primary  and   secondary  market   research  performed   for  the  team  project.
HW  Due:  Cash  flow   exercise  –  create  a  list   of  applicable  receipts   and  disbursements   for  your  venture.
HW  Due:  1-­‐‑page   summary  of   company’s  marketing   and  ad  plan.
Page  6  of  8

New  Venture  Creation,  MGMT  451
Turning  Ideas  into  Companies,  IT  495
Fall  2015
Tuesday
November  17
•
Entrepreneurial  Growth
Assistant  Professor  Wolfe
Chapter  13
HW  Due:  Create  a   summary  of  your   financial  projections   for  your  venture.
Tuesday
November  24
Tuesday
December  1
Tuesday
December  8
Tuesday
December  15
•
Social  Entrepreneurship
•
Final  Team  Presentations
•
Final  Team  Presentations
The  Final  Exam  will  be  a  take-­‐‑home   assignment.
Chapter  14
Graded  Team
Assignment:
(hard  copy)  due   beginning  of  class.
Team  presentations   given  during  class.*
Graded  Team
Assignment:
Team  presentations   given  during  class.*
Final  Exam  must  be   submitted  by  email   or  Blackboard  by
Tuesday,  Dec  15  at
7:20PM.
HONOR  CODE:  any  cheating,  fabrication,  plagiarism,  or  facilitating  academic  dishonesty  by  another  will   result  in  confiscation  of  the  subject  work  or  exam,  and  a  grade  of  zero  on  that  work.    It  is  your   responsibility  to  know  and  to  follow  George  Mason  University’s  policy  on  intellectual  integrity.    Please   see:     http://oai.gmu.edu/the-mason-honor-code/
Page  7  of  8

New  Venture  Creation,  MGMT  451
Turning  Ideas  into  Companies,  IT  495
Fall  2015
Feasibility  Study  Project
Assistant  Professor  Wolfe
Our  final  project  in  Entrepreneurship  is  a  feasibility  study  for  a  specific  intellectual  property,  technology,   or  business  concept.    A   feasibility  study  is  not  a  full  business  plan.    Rather,  it  is  a  first  look  comparing  the   product  or  service  and  the  marketplace  in  order  to  determine  whether  there  is  market  demand,  and  a
chance  for  a  fundable  business  idea.    Simply  put,  is  there  a  business  here,  or  just  an  interesting  idea?
In  the  first  weeks  of  the  course  we  will  take  up  some  of  these  issues:  finding  the  idea;  conducting  market   research;  understanding  the  business  model.    As  we  will  cover  in  some  detail,  this  is   similar  to  marketing   or  marketing  research,  but  with  an  important  distinction.    Most  marketing  strategy  is  about  selling  the   product  or  service;  this  is  about  determining  whether  there  is  a  product  or  service   worth  selling  –  at  any
price,  and  at  whatever  cost  of  production.
The  central  question  is  whether  we  should  pursue  the  given  business  idea  with  even  more  resources   required  to  write  a  full  plan,  and  to  use  up  those  precious  contacts  with  prospective  investors.    A  number
of  preliminary  questions  need  to  be  addressed:
•
What  exactly  is  the  product  or  service?    How  will  it  be  used?    Who  is  the  target  customer?
•
What  is  the  appropriate  business  model,  given  the  type  of  customers  anticipated?
•
Is  there  an  alternative  use  for  the  technology  that  the  owner  or  inventors  have  not  yet  thought   about?    Could  that  be  a  more  profitable  approach?
•
Is  the  addressable  market  sufficiently  large  to  support  financial  returns  to  outside  investors
(whether  angels,  VCs  or  corporate  partners)?    What  types  of  returns  might  be  anticipated?
•
What  are  the  potential  pitfalls  in  the  technology,  IP,  product  or  design?
•
What  additional  research  and  study  will  need  to  be  completed  as  part  of  the  final,  complete   business  planning  process?
In  contrast,  a  full  business  plan  would  go  on  to  fully  describe  the  management  team,  funding  required,   funding  approach,  competition,  competitive  landscape,  and  exit  strategy.    A  complete  business  plan  also   includes  financial  projections  and  complete  pro  forma  financial  statements;  here  we  only  need  some   preliminary  projections  of  markets,  revenues,  and  profits.    The  business  plan  is  the  subject  for  a  later,
more  advanced  course  in  entrepreneurship.
Finally,  it  is  important  to  remember  that  our  concerns  are  about  the   business ;  we  assume  the  gadget   works  as  promised  by  the  inventors  or  engineers.    (And  when  has  a  mad  inventor  ever  been  wrong,   anyway?)
Page  8  of  8