Global Entrepreneurship Program
Entrepreneurship Boot Camp (6 ECTS, 36 hours, one week intensive seminar)
Professor:
Telephone:
E-mail:
Frédéric Delmar, PhD
+33 (0)4 78 33 70 18/+46 8 665 45 32
delmar@em-lyon.com
Office hours:
Assistant:
Friday, 9:00 – 12:00, or by appointment
Elisabeth Gelas (gelas@em-lyon.com)
Class Meetings
Monday to Friday 08:30 am – 05.30pm
Saturday 08:30 am – 12:00 am
September, 5th September 10th, 2011
Course Materials:
Textbook and a set of cases at the beginning
of the program. Supplementary materials will
be distributed by instructor in class. Please
check to see if your case material is complete.
Textbook:
Timmons, J.A. & Spinnelli, S.Jr (2009). New Venture Creation:
Entrepreneurship for the 21st Century. McGraw Hill International Edition
(8th ed.). ISBN: 978-007-127632-0
Course Description
The purpose of this intensive one week boot camp in entrepreneurship is to understand and explain
how entrepreneurship emerges and evolves in the economy. Specifically, we want to follow the
entrepreneurial process: from the identification and exploitation of entrepreneurial opportunities
through the creation of new ventures (either independent or part of existing firms). This means the foci
of the course are the identification of the entrepreneurial opportunity, the interactions among the
entrepreneurial team, the idea and the environment. We define entrepreneurship as the process of
how, by whom, and with what consequences opportunities to discover future products and services
are identified, evaluated and exploited.
The main questions are how entrepreneurship develops in the economy and how we can understand
this process from different perspectives. The consequences for entrepreneurs themselves are
discussed as well as practice, and economic policy targeted to foster entrepreneurship in these early
phases.
Content
1
The entrepreneurial process is a function of the society (culture, economic development, and history),
the entrepreneurial individual, and the characteristics of the opportunity. Hence, the entrepreneurial
process affects all these areas. In order to fully understand the process and its consequences, it has
to be studied from multiple perspectives. We will consider these perspectives via the following lenses
in the course:
-
The entrepreneur and the entrepreneurial process;
The many facets of entrepreneurship;
National culture and entrepreneurship;
Creativity and innovation processes,
The entrepreneurial team;
Generating and communicating ideas.
Objectives
The objective of the course is to create awareness about the early phases of the entrepreneurial
process. By studying and applying knowledge and tools in the field, students should develop
knowledge and capabilities towards the topic. An objective is to provide students with tools and
frameworks that can be applied in the “European project” course.
Teaching
As teachers we work to reflect and amplify your objectives as a new student at EMLYON Business
School. Therefore, great emphasis is placed on the interaction between theoretical and practical
aspects of entrepreneurship. The governing idea throughout the course is to develop awareness and
introduce action oriented tools for entrepreneurship. In order to do this we will provide you with:
-
A case method approach
-
A lecture approach
The case method is a real-life situation you are likely to face as a manager. It will sharpen your
analytical skills, as it helps you to determine what the real problem is and to ask the right questions.
Hence, you will learn what the real problems are, which you as a manager have to resolve.
The lecture allows you to rapidly access a framework to guide you in your work. Great emphasis is
placed on the interaction of theoretical and practical aspects of new venture creation. The governing
idea throughout the course is to develop awareness about the entrepreneurial process and the ways it
can be understood.
Attendance
Since constructive contribution to class discussions is an integral part of this course, attendance at
classes is necessary.
Student Evaluation
Final grades will be calculated as follows:
Group exercise
Class contribution
Individual exam
30% (See Appendix I)
20% (See Appendix II)
50% (See Appendix III)
100%
Plagiarism
2
All students are reminded of the EMLYON Code of Academic Conduct, as defined in the
Undergraduate Calendar. Any violation of the Code of Academic Conduct will be adjudicated in
accordance with school regulations.
3
APPENDIX II
The Group Project
For this seminar, we have arranged an “Elevator Pitch” group project. An elevator pitch is an overview
of an idea for a product, service, or project. The name reflects the fact that an elevator pitch can be
delivered in the time span of an elevator ride (for example, thirty seconds and 100-150 words). The
concept is typically used in the context of an entrepreneur pitching an idea to a stakeholder to receive
funding. Stakeholders such as venture capitalists often judge the quality of an idea and team on the
basis of the quality of its elevator pitch, and will ask entrepreneurs for the elevator pitches to quickly
weed out bad ideas and weak teams.
An effective elevator pitch generally answers questions such as:
 What the product, service, or project is.
 What it does for the buyer, investor, or sponsor (e.g. the benefits).
 Who you are and why you will be successful.
The project will allow you to apply newly acquired entrepreneurship and communication skills to real
opportunities. The project will culminate in a class presentation of each group’s output.
For three different business ideas given to you, your team will develop an elevator pitch to be given to
a:
 Venture capitalist or,
 Potential customer.
On the final day, we will randomly select:
 The idea to pitch,
 The stakeholder (VC, customer) to pitch it to,
 The person in the team to pitch in front of the class.
Team Composition
You will be placed in teams that reflect a balance of backgrounds and experience.
Project Deliverables
Step 1 (Wednesday): The 4 creative strategies (From Student to Entrepreneur) to launching venture
(part of the individual assignments, to be handed in Wednesday before lunch)
Step 2 (Thursday): Take the Myers-Briggs test (http://www.humanmetrics.com/cgi-win/JTypes2.asp).
Print the results and read up on your type.
Step 3: We introduce strategies for disruptive innovation. Rework one of the team members “From
Student to Entrepreneur” booklets using strategies for disruptive innovations.
Step 4 (Friday): Pitch the 3 best opportunities (hand in by 11:59AM)
Step 5: Develop elevator pitches for the 3 opportunities (had in by 5:30PM)
Step 6 (Saturday): Each group will make a presentation (overheads, slides) according to the
established guidelines.
Deliverables are:
 Two page summaries that contain per business idea that contains the pitches and a
motivation to why you think they are effective. In total six pages.
 Power point presentation or other supports used during the presentation.
Project Materials
We will distribute the business idea material during the course. It will be based on your creativity
exercises that you perform individually and in groups.
Assessment & Grading
4
A team grade will be awarded to each team member. The team grade will cover the quality of the
presentation including the quality of the final presentation slides (50%), and the team report (50%).
5
APPENDIX I
Note on Class Participation
Constructive contribution to class discussion is an integral part of the course. Your contribution will be
evaluated by the instructor, who will consider your preparation for class discussions of cases and
readings, presentation skills, and willingness to commit yourself in front of the class. Attendance,
timely arrival for class and significance of contribution are important elements of your overall
evaluation. The significance of contribution is evaluated for both quality and quantity.
To judge your contribution to class discussion, ask yourself the following:
1.
Did my contributions show familiarity with the subject matter or case?
2.
Did my presence in class make a difference to the discussion?
3.
Would the professor and other students recall that I was in class?
Hence, contributing in class does not mean that you have to constantly talk. Valuable contributions to
our class discussions also consist of active listening to the comments of others. That requires not only
hearing what they say, but also questioning your colleagues if some aspects of their arguments or
suggestions are not clear to you. Try to contribute an entire thought and not only unrelated facts or
figures.
Your role should be to contribute to the understanding of a problem (case) as if you participated in a
small executive meeting. Your contributions should go with the flow of the discussion and not jump
from one issue to a totally unrelated one. Don’t be afraid of doing some “loud thinking.” And, please
don’t try to be “right.” There are always several possible approaches to our case problems.
If you happen to disagree with a contribution of a colleague, don’t just condemn the thought. Find out
first why he or she came to such a conclusion. And lastly, don’t be afraid of occasional silence. A
good class does not require that someone is talking all the time.
Your class contribution will be evaluated on a class-by-class basis. Absences will thus tend to lower
your overall grade for class participation. When an absence becomes inevitable, a short 4-page
summary of the recommendations may be used as a substitute provided this summary is submitted by
the beginning of the class.
6
APPENDIX III
Note on the Individual Exam
The individual exam is in this intensive seminar a compilation of three individual assignments that you
need to hand in during the week. Each assignment represent one third of the final grade given on this
part of the total grade. The assignments are the following.
Assignments
Number
Assignment
Due
Length
1)
List three successful entrepreneurs
and retrace their biography.
Discuss their personal attributes
and what made them successful.
List three specific entrepreneurial
ventures coming from your country.
Then analyze if they have
similarities that can be attributed to
their context of origin. For example
Sweden is the home of IKEA and
H&M. Both are into affordable
design. Is that just a coincidence?
Hand in your “Individual
Experiences and Ideas” at the end
of the class.
Monday morning at
beginning of class
3 pages
Share of
grade
33%
Tuesday afternoon at
beginning of
afternoon class
3 pages
33%
Wednesday before
lunch
Selfevident
33%
2)
3)
Total
100%
Grading
The grading of your report will be based upon an evaluation of the following three components, each
carrying equal weight: your format, the originality of your work, and your justification/analysis.
Format:
The report you submit in this class should be of the same quality as one submitted to an executive
committee at a company. Write in memorandum style and be direct. A good format satisfies the
following requirements:
- excellent organization of paper and exhibits;
- writing style is clear, concise, and persuasive;
- grammar and spelling are correct;
- neat appearance (text, exhibits) via word processing;
- visually pleasing, easy to read.
Originality:
In evaluating your originality, the following points will be considered:
- have you identified interesting cases?
- are the cases detailed enough?
Justification and Analysis:
A thorough justification consists of:
- thorough and in-depth analysis of relevant facts;
- complete and correct use of data available;
- justifications of all assumptions made;
- convincing writing style.
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APPENDIX IV
Discussion Groups: An Integral Part of Case Method Learning
(Adapted from Stacey Childress, Director, Initiative on Social Enterprise in July 2001, HBS)
How Discussion Groups Work
A discussion group consists of seven or eight participants who meet to discuss the day’s assignments
after each participant has completed his or her individual case preparation.
Discussion groups have been assembled to reflect the variety of experience and sectors represented
among program participants. The groups are scheduled to meet once or twice a day throughout the
program.
Discussion groups are characterized by intense interaction that deepens the participants'
understanding beyond that gained through individual analysis. This interaction includes dialogue,
shared expertise, and constructive argument. Many participants find that they not only deepen their
understanding of the material, but that they also experience an increase in their comfort level with
sharing their ideas and insights later in the large in-class discussion.
The importance of individual study prior to the discussion group cannot be overemphasized.
Benefits of a Discussion Group
-
Specific benefits of a discussion group include:
Better understanding of the material
Practice in teaching and learning from others
Opportunities to "test market" ideas and opinions prior to the large in-class discussion
Ability to get to know a handful of people more deeply during the week
Best Practices
When it comes to discussion groups, the good news is that there is no "one right way" to conduct a
discussion group. Over the years though, HBS MBA students and Executive Education participants
have reported that the following factors in particular make for effective discussion groups.
1. Effective discussion groups work best when one participant is designated as the discussion
leader.
2. Effective discussion groups are most effective when attendance is 100%. The groups are
intended to be a microcosm of the entire class, so it is critical that all participants be involved
in each discussion.
3. In effective discussion groups, all members participate in the discussions and share
responsibility for content.
4. Relying on a specific “subject-matter expert” in the group to take complete responsibility for a
particular case is not always helpful or appropriate. Often a “non-expert” will ask a particularly
insightful question that can push the discussion in an important direction.
5. Effective discussion groups accept differing perspectives as normal, desirable, and inevitable.
They do not try to reach a single conclusion about each case.
6. Often participants find that their initial understanding of the material is significantly enhanced
when other group members who saw the problem differently challenge it.
7. Effective discussion groups have members who accept the responsibility to learn and to teach.
8. Different participants will have different strengths and weaknesses. Even if you feel unsure of
your understanding of a particular case or reading, your thoughtful questions and tentative
ideas contribute to the learning of others, so you should feel comfortable being an active
participant.
Tips for Designated Discussion Group Leaders
8
1. You may find it helpful to have a brief conversation about the best practices mentioned in this
document the first time your discussion group meets, so that all participants have an
awareness of the value and importance of the discussion group process.
2. Think of yourself as a facilitator of the discussion, rather than feeling an unnecessary burden
to master all of the content more thoroughly than other group members.
3. Guide your fellow group members through the study questions for each assignment, keeping a
close eye on time, so that the group has the benefit of discussing all of the cases and
readings, rather than just the first one of the morning or afternoon.
4. The study questions are designed to keep the group focused on the key issues that will
contribute to an effective discussion in the larger class meeting. Take care to keep the group
from straying too far into personal anecdotes or issues that may not be particularly relevant to
core points of the case.
5. If a subset of members seems to be dominating the discussions, encourage quieter members
to participate by specifically asking for their point of view about the topic at hand.
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Entrepreneurship Boot Camp
Course Calendar
Fall 2011
Day
AM: 8:30-12:00
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Topic
#1: The entrepreneur
(Delmar, Bouchard,
LiPuma)
#3: The many facets of
entrepreneurship
(Bouchard, Delmar)
#5: Understanding the
creativity and innovation
process (1) (Delmar,
Bouchard)
Creativity exercises
#7: Building entrepreneurial teams
and networks (LiPuma, Delmar)
#9: Transforming
ideas into
opportunities (Delmar,
Bouchard)
Case allowing class to
evaluate an
opportunity. R&R Case
#11: Pitching
opportunitiess
(Delmar, LiPuma)
Individual Idea generation
“From Student to
Entrepreneur”
Jon Hirschtick’s New Venture (In class
read)
Preparation/reading Zamanpur (In class
read)
Opportunities for Social
Entrepreneurship”,
Timmons and Spinelli,
Chapter 7.
Waking Up IBM
Bower & Christensen;
Developing Disruptive Ideas
Case
Case following
entrepreneur. Malincho
Exercise
Small group discussion
about the qualities,
attitudes, behaviors, etc.
of entrepreneurs.
Lunch
Discussion about unique
features of
entrepreneurship.
Reading(s) on creativity
Discussion in teams on teams or
networks
Lunch
Lunch
Lunch
Topic
#2: Entrepreneurial
process (Delmar)
#4: National cultures
and entrepreneurial
entry (LiPuma, Delmar)
Case
Startup.com movie
Guest speaker or The
Career Choice of Ms.
Linlin Chen (read in
class)
#6: Understanding the
creativity and innovation
process (2) (Bouchard,
Delmar)
Barry Riceman at NetD (A)
#8: Generating ideas (LiPuma, Delmar) #10: Evaluating and
selecting
opportunities (Delmar,
Bouchard)
Guest speaker or Disrupting the Electric
Guitar Market (A) (in class read)
Exercise
Review the actions of
entrepreneurs as they
start their businesses
and stakeholders
Discussion of
conditions/factors
impacting
entrepreneurship in
different countries
Lecture/discussion on
principles and innovative
process
Launch the Elevator pitch exercise.
Video on rocket/elevator pitches.
Discuss components of a good pitch
Reading
Article on
entrepreneurship
process.
A test for the fainthearted
Discovering the social
dimension of innovation
and the importance of
collaborative structures.
Examining their ideas
as opportunities
(problem solved, target
market, competitive
uniqueness)
Lunch
12:00-1:30
PM: 1:30-5:30
10
Teams of three do 1
minute pitches
followed by 5 minutes
discussion.
Concept statement
In class work on
elevator pitch for next
morning.
Lunch
Entrepreneurship Boot Camp
Study Guide
Fall 2011
Session 1
Topic:
Course Introduction and the entrepreneur
Instructor:
Frédéric Delmar
Read:
Timmons & Spinelli (2009), Chapter 1 and 2
Prepare:
CASE: Malincho
We will here focus on the individual behind the process. We will discuss her importance for the
entrepreneurial process. We will also discuss how personal values, personal interests, but also the
work context (job satisfaction, labor market) influences decisions to enter, exit or stay in
entrepreneurship.
Discussion Questions:
-
-
What are the qualities, attributes, characteristics of an entrepreneur?
Are entrepreneurs born or made? List successful entrepreneurs and retrace their biography
Does culture and context affect who is becoming an entrepreneur?
Apply the Timmons entrepreneurship framework (entrepreneur-opportunity-resources) to
analyze this case. Pay particular attention to Kalin’s traits and how he gathered resources for
his venture.
What business models are open to a food-product importer? What steps should Kalin take to
position his company for the next phase of early-stage growth?
Imagine you are a potential investor and Kalin has just given you his rocket pitch. What are
your concerns? Would you help him out?
Individual exam:
-
List three successful entrepreneurs and retrace their biography. Discuss their personal
attributes and what made them successful. A three page document to be handed in at the
beginning of class.
11
Entrepreneurship Boot Camp
Study Guide
Fall 2011
Session 2
Topic:
The entrepreneurial process
Instructor:
Frédéric Delmar
Read:
Timmons & Spinelli (2009), Chapter 3
Entrepreneurship is a people process as you will discover. Entrepreneurs are jacks of all trades, and
we will look at the different capabilities entrepreneurs need to develop in order to successfully launch
and develop a new venture. We will see how a venture develops over time from creation to exit and
how the entrepreneurial team moves through the challenges.
Discussion Questions:
-
We will discuss the movie “Startup.com”
How much can be attributed to the dot com bubble?
What mistakes and lessons can you draw from the movie?
12
Entrepreneurship Boot Camp
Study Guide
Fall 2011
Session 3
Topic:
The many facets of entrepreneurship (startup vs. corporate venturing)
Instructor:
Véronique Bouchard
Read:
”Opportunities for Social Entrepreneurship”, Timmons and Spinelli, Ch.7, p. 245-255.
Prepare:
"Waking up IBM: How a gang of unlikely rebels transformed Big Blue," by G. Hamel,
Harvard Business Review, 78/4 : 137-148.
Entrepreneurship is not only the creation of new independent firms. It is also the source of corporate
rejuvenation and organizational change. Most entrepreneurs identify a new opportunity when working
as an employee. Somewhere along the line, they have to ask themselves if they are going to push the
opportunity within the existing firm or to spin it out. We will here introduce some of the basis
differences between entrepreneurship as independent startups or as corporate venturing.
Discussion Questions:
“Waking up IBM” case:




What motivates David and John ?
Compare the corporate entrepreneur’s behavior to the average employee’s behavior.
What are the benefits for IBM ? What are the risks ?
Is the IBM environment favorable to corporate entrepreneurs ? Justify.
Individual essay:
How likely are you, as an individual, to become a corporate entrepreneur ? A social entrepreneur ?
Explain.
13
Entrepreneurship Boot Camp
Study Guide
Fall 2011
Session 4
Topic:
National culture and the entrepreneurial process
Instructor:
Joe LiPuma
Read:
Timmons & Spinelli (2009), Chapter 1
A Test for the Fainthearted
Prepare:
CASE: Guest speaker or The Career Choice of Ms. Linlin Chen
Understanding culture and local history is often a key to understanding success factors and applying
them in your own entrepreneurial process. This is also the main reason to why the program was
initiated. In this session we will start to explore differences and similarities among the various contexts
and cultures that you represent. We are interested in gaining a better understanding about how your
own personal experiences and close examples of entrepreneurs have shaped your vision about
entrepreneurship.
Discussion Questions:
 What factors support guest speaker (or Ms. Linlin Chen’s) staying as an employee?
 What factors support entry into entrepreneurship?
 How do a country’s institutional factors influence entrepreneurial entry?
Individual exam:
-
List three specific entrepreneurial ventures coming from your country. Then analyze if they
have similarities that can be attributed to their context of origin. For example Sweden is the
home of IKEA and H&M. Both are into affordable design. Is that just a coincidence? A three
page document to be handed in at the beginning of class.
14
Entrepreneurship Boot Camp
Study Guide
Fall 2011
Session 5
Topic:
Understanding creativity and the innovation process
Instructor:
Frédéric Delmar
Read:
Timmons & Spinelli (2009), Chapter 5
This session will focus on the individual as a source of creativity and second the context as a source.
We will work with some basic creativity exercise, but more than anything else we want you start
understand that you represent a valuable source of idea if you know how to tap into it.
The booklet “From Student to Entrepreneur” will be distributed at the beginning of class.
Discussion Questions:
-
How you been trained to be creative? And if so how?
Is creativity important? Is it sufficiently taught in school?
What is creativity in a business context for you?
What is a creative business or organizational context?
Do you think creativity differ across culture?
Individual exam:
-
Hand in your “from Student to Entrepreneur” at the end of the class.
15
Entrepreneurship Boot Camp
Study Guide
Fall 2011
Session 6
Topic:
Understanding creativity and the innovation process
Instructor:
Véronique Bouchard, Ph.D.
Read:
Fleming L., C. King and A. Juda (2007), “Small Worlds and Regional
Innovation”, Organization Science.
Prepare:
CASE: Barry Riceman at NetD (A), by L. Fleming and M. Marx, HBS
Case, Ref. 5-607-107, 2007
This session focuses on the social determinants of innovation and the management of innovators.
Team case analysis (questions):
1. Why is NetD having problems commercializing its ideas ? What are the patterns and particular
causes – why are some projects successfully transferred and others still stuck in the process ?
2. What makes Riceman so creative ? How much of his success is due to his collaborators ?
How does his creative processes differ from the other technical leads at NetD ?
3. What can Fogg do to improve the projects throughput ?
16
Entrepreneurship Boot Camp
Study Guide
Fall 2011
Session 7
Topic:
Building the entrepreneurial team and networks
Instructor:
Joe LiPuma
Read:
Timmons & Spinelli (2009), Chapter 9
Prepare:
CASE: Jon Hirschtick’s New Venture
While an inventor, often working alone, may create a new product, it is more common that ventures
are started by teams. Independent of the cultural and economic context, social networks are important
to succeed as an entrepreneur, as they provide access to capital, staff and customers. We here start
to explore the many facets of group dynamics.
Discussion Questions:
 Why has this deal attracted venture capital?
 By what means did the Jon Hirschtick identify potential team members?
 What observations can you make about the team composition, its growth, its dynamics and its
coherence?
17
Entrepreneurship Boot Camp
Study Guide
Fall 2011
Session 8
Topic:
Generating Ideas
Instructor:
Joe LiPuma
Read:
Timmons & Spinelli (2009), Chapter 4
Disruptive Technologies: Catching the Wave
Developing Disruptive Ideas
Prepare:
CASE: Guest speaker or Disrupting the Electric Guitar Market
Imitation of successful business ideas may lead to less risk as markets, business models, routines and
structures can be researched and estimate, but it might be difficult to create significant profits due to
strong competition from incumbents. Radical or disruptive innovations are rare and face great
uncertainty. Markets need to be developed. The technological risks are important, but the profits, if
seized and protected, can be enormous. The exploitation of the innovation itself can lead to the
creation of new industries and new societal behavior.
We here look closer of the nature of different ideas and where they come from.
18
Entrepreneurship Boot Camp
Study Guide
Fall 2011
Session 9
Topic:
Transforming ideas into opportunities
Instructor:
Frédéric Delmar
Read:
Timmons & Spinelli (2009), Chapter 5
Prepare:
CASE: R&R
We here start introducing the differences between having an idea and opportunity. If having an idea is
like having a revelation, having an opportunity is to know how to move from this revelation to concrete
work. We will here start studying the steps and the work necessary to exploit an opportunity.
Discussion Questions:
-
What do you think about Bob’s opportunity?
How does he spread risks?
What are the factors that speak for success and what are the factors that speak for failure?
How would you describe the business model?
19
Entrepreneurship Boot Camp
Study Guide
Fall 2011
Session 10 and 11
Topic:
Evaluating and pitching opportunities
Instructor:
Frédéric Delmar
Read:
Timmons & Spinelli (2009), Chapter 5
Prepare:
Group work see Appendix II
Communication is a key success factor for entrepreneurs. An entrepreneur needs to be able to tell a
compelling story about why this specific opportunity should work, why it is better than current
alternatives, and why the entrepreneurial team is best fitted to make it happen. Basically how value is
created, retained and distributed among the stakeholders. This means a lot of hard work to understand
what are the strengths and weaknesses of an opportunity and how to communicate them to
stakeholders.
This means that you are likely to be able to tell us:
-
-
Who you are (experience, motivation and network) and why you can make this succeed
What is the value proposition (what is the promise and customer value): idea (source,
development, protection), for whom (general context, market, segment): Ambition and position
(competitors, key success factors, key strategic risks)
Value creation: resources needed, ability to attract resources, resource utilization,
Competitive advantage, position in the value chain
20