Entrepreneurship
MBAH 611 CRN 76598
Spring 2009, W, 7:15 - 10:00 PM, Hilton 107
Instructor:
Office and phone:
Email:
Office Hours:
Dr. Elissa Grossman
Hilton 266; (310) 338-7401
elissa.grossman@lmu.edu
Tuesdays, 1:30 - 3:30 PM
Wednesdays, 4:00 - 6:00 PM
Thursdays, 4:00 - 6:00 PM
By appointment
I. REQUIRED COURSE MATERIALS
1. Course reader: Available online at www.xanedu.com / Purchase instructions posted to
Blackboard
2. Additional readings and assignments posted to Blackboard, distributed in class, or listed with
URL at the end of this syllabus.
II. RECOMMENDED COURSE MATERIALS
In addition to the required readings, an abundance of useful resources are available for those who seek
them out. Each team is strongly encouraged to purchase at least one business plan book to support their
writing efforts. These include:
- Preparing Effective Business Plans: An Entrepreneurial Approach, by Bruce Barringer
- Launching New Ventures (4th or 5th Ed.), by Kathleen Allen
- Bankable Business Plans (2nd Ed.), by Edward Rogoff
Other useful books include:
- The Ernst & Young Business Plan Guide (3rd Ed.), by Brian Ford, Jay Bornstein, & Patrick Pruitt
- Entrepreneurship: Theory, Process, and Practice (7th Ed.), by Donald Kuratko and Richard
Hodgetts
- Online templates: www.score.org/template_gallery.html
III. COURSE DESCRIPTION
The development and creation of a new venture opportunity is stressed in this foundation class. You will
be encouraged to explore your entrepreneurial talents and potential through self- assessment, the
development of new business ideas, and the creation of a new venture business plan.
Of the many activities in this class, the completion of a business plan is central. In the process of
completing the plan, you will (1) learn to think critically about business concepts, and
(2) undertake a significant amount of field research about fundamental strategic, marketing, financial,
operational, and human resource issues. You will also explore your personal interests in particular types
of businesses and determine if your goals, values, and skills are aligned to the further pursuit of those
businesses.
This class will require significant work outside of class.
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IV. COURSE OBJECTIVES
In this course, you will build your conceptual and practical knowledge of entrepreneurial and small
business management. More specifically, you will:
1. Develop an understanding of the importance of entrepreneurship in society and of different forms
of entrepreneurial activity.
2. Enhance your understanding of idea generation, opportunity evaluation, feasibility analysis, and
new venture planning (including issues of venture initiation, financing, and management).
3. Expand your understanding of various industries and the entrepreneurial dynamics therein
4. Gain experience in business planning, business writing, and business presentation.
To achieve these objectives, a combination of methods will be used – including lectures, videos, case
studies, individual and group projects, student presentations, and guest speakers.
V. COURSE COMMUNICATION
Course communication will take place through announcements in class, emails, and Blackboard.
Additional readings (i.e., those not found in the reader) will also be posted to Blackboard. As a result, it is
imperative that you have a fully operational Blackboard account.
The easiest and quickest way to reach me is by sending me an email. Another option is to leave a message
on my voice mail, but be aware that I check my phone messages less frequently than email. If you want to
meet with me at any time outside of class, just email me or speak to me about scheduling an appointment.
VI. CLASSROOM POLICIES
1. Know this syllabus in its entirety. You are responsible for all syllabus contents, even if those
contents are not expressly discussed in class.
2. Appropriate attire (i.e., not too casual) is expected on guest speaker days. Presentable attire
communicates respect to guests.
3. Turn off cell phones and other personal communication devices prior to the start of class. Also,
turn off and close laptop computers.
If you remain enrolled in this class, it is assumed to mean that you have read and understood this
syllabus. By enrolling, you promise to uphold the policies and guidelines detailed herein and agree
to complete all required course work.
VII. ATTENDANCE AND PARTICIPATION
Attendance Requirements
1. You are allowed to miss one class without penalty, no questions asked (not including sessions in
which your team is expected to present). Subsequent absences over this limit will reduce your
Attendance and Participation grade.
2. You are expected to show up on time and stay until the end of class. Late arrivals and early
departures (in the absence of prior notification) will reduce your Attendance and Participation
grade.
3. You are responsible for all material missed due to lateness, early departure, or absence.
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Participation Requirements
Participation is evaluated in a number of ways. Obviously, participation is correlated with attendance; it is
impossible to earn a participation grade if you are not in class (either physically or mentally). That said,
participation is also dependent on classroom discussions and in-class exercises. In order to contribute
effectively, you’re expected to come to class prepared. You are also expected to make good use of our
guest presenters’ time; be ready to engage them in thoughtful and thought-provoking dialogue.
Effective class participation consists of analyzing, commenting, questioning, discussing, and building on
others’ contributions; it does not consist of repeating facts or monopolizing class time. The ability to
present one’s ideas concisely and persuasively and to respond effectively and respectfully to the ideas of
others is a key entrepreneurial skill. More specifically, classroom involvement will be assessed in terms
of quality (relevance and insightfulness of comments) and quantity (frequency) of participation. Quantity
without quality is strongly discouraged; further, quantity in excess can be problematic to the extent that it
inhibits others’ ability or desire to participate. With regard to the quality of your class participation, think
about the following dimensions:
Relevance: Does the comment bear on the subject at hand? Comments that do not link up with the
discussion focus can detract from the learning experience.
Analysis: Are the logical antecedents or consequences of a particular argument traced out? Is
consistent and logical reasoning used? Comments that encompass the implications of a fact or idea
are generally superior.
Responsiveness: Does the comment react in an important way to what someone else has said?
Evidence: Have appropriate data (e.g., from readings, from personal experience, from general
knowledge) been employed to support the assertions made?
Clarity: Is the comment succinct and understandable? Does it stick to the subject, or does it wander?
VIII. ASSIGNMENTS
Assignment Details
1) BUSINESS PLAN: This project is the most significant assignment that you will complete in this class.
The project is designed to give you real-world experience in new venture creation – and will allow you to
demonstrate your ability in researching, analyzing, and developing a new business concept. Your concept
must:
-
Be approved by the instructor.
Address an exciting new business idea that involves innovative thinking.
Involve a business with serious success potential in the real world.
Involve a business that provides you the possibility of wealth creation beyond that of a “normal”
founder salary (except in the case of a not-for-profit venture).
Your final plan must be well-written, in a professional style appropriate to business. It also must be
presented to a small panel of business experts, in a professional style appropriate to the occasion. Further
assignment details will be provided in a separate handout.
Real estate, retail (e.g., a small boutique or restaurant), and certain service businesses (e.g., a
production company or management consulting service) will not be approved unless you can
convince the instructor that the concept includes something truly innovative.
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Grading will take into account project difficulty. A simple project designed to build a lifestyle
business is easier than one designed to build a complex, technology-based firm.
2) CASE WRITE-UPS: At two points this semester, you will be asked to write one-page case write-ups.
These assignments represent an individual chance for you to adopt the perspective of a founder in
addressing start-up challenges. Further assignment details will be provided in a separate handout.
3) SELF-ASSESSMENT: This individual paper represents your chance to think deeply and seriously
about your own strengths (and weaknesses) as a potential entrepreneur. If handled with the gravity which
it merits, this assignment has the potential to be the most meaningful deliverable (in personal terms) that
you complete in this class. Further assignment details will be provided in a separate handout.
4) PICK-UP POINTS: During the semester, you will have two opportunities to earn extra points – to
offset points lost on other assignments. Note: If you do not turn in one or more required assignments
during the term, you will lose your pick-up point eligibility.
- Entrepreneur Interview Paper (up to 25 additional points available): This individual assignment
allows you to step away from the “academic” setting of our class and understand the perspective
of a person who has successfully launched one or more new ventures. Further assignment details
will be provided in a separate handout.
- Knowledge Share Presentation (up to 10 additional points available): At the opening of each
session, one or two students may make up to a five-minute presentation on a topic they believe to
be of interest to the class and relevant to the course material being covered. Further assignment
details will be provided in a separate handout.
Assignment
Responsibility
Attendance and Participation*
 Includes questionnaire, initial pitch,
interim presentations, team consultation,
rehearsal presentation, financial exercise
Individual
Business Plan
 Concept Statement*
 Company, Market, & Strategy assignment
 Operations & Financial Plan assignment
 Final Business Plan & Presentation**
 Peer Evaluation
Value (%)
Value (pts)
20%
200
65% (or 100%)
650
Team
Team
Team
Team
Individual
100
100
400
50
Case Write-Ups
 Zipcar
 Nantucket Nectars
Individual
5%
50
Self Assessment
Individual
10%
100
100%
1,000
TOTAL
* At various points throughout the semester, you will be given P/F assignments. If these are not submitted
on time, your final grade will be reduced (questionnaire = -10; consultation = -25; financial exercise =
-25; concept statement = -50; interim or rehearsal presentation = -25).
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** You will present your Final Plan to a panel of investors and entrepreneurs. If the Final Plan does not
meet certain minimum criteria, as determined by the panel and the instructor, you will fail this class (no
matter how you have performed on prior deliverables).
Assignment Guidelines
All assignments must be turned in to the instructor before the start of class. E-mailed work will be
accepted only if you have received prior permission from the instructor. If you will not be in class on the
due date, your paper must still arrive on time. If you must be absent, make sure someone submits your
work for you.
Assignments will be accepted after the deadline with the following penalties: Assignments submitted
within 24 hours of the due date and time will have their grade reduced by 10%. Assignments submitted 24
- 48 hours after the due date and time will have their grade reduced by 20%. No assignments will be
accepted 48+ hours after the deadline; these assignments will receive grades of 0.
Plan ahead to ensure that you do not encounter computer or printer problems just before class.
Extensions will not be provided when such problems are encountered.
Returned paperwork, unclaimed by a student, will be discarded after four weeks and thus will not be
available should a grade appeal be pursued by a student following receipt of his or her grade.
Assignment Formatting
Specific guidelines will be provided for the formatting of all assignments. Make sure to adhere to these
guidelines as unapproved changes (smaller or larger font type, different font type, magic margins,
excessive length, etc.) will, for reasons of fairness, reduce your grade.
Writing Skills
Effective communication is central to successful entrepreneurship, and good writing skills are central to
effective communication. Consequently, I will evaluate your written work for style, clarity, and content.
VIII. ACADEMIC INTEGRITY
All students are expected to read, understand, and comply with the LMU Honor Code and Process section
of the LMU Community Standards book. An excerpt follows:
“Loyola Marymount University is a community dedicated to academic excellence, student-centered
education, and the Jesuit and Marymount traditions. As such, the University expects all members of its
community to act with honesty and integrity at all times, especially in their academic work. Academic
honesty respects the intellectual and creative work of others, flows from dedication to and pride in
performing one’s own best work, and is essential if true learning is to take place.
“Examples of academic dishonesty include, but are not limited to, the following: all acts of cheating on
assignments or examinations, or facilitating other students’ cheating; plagiarism; fabrication of data,
including the use of false citations; improper use of non-print media; unauthorized access to computer
accounts or files or other privileged information; and improper use of internet sites and resources” (20082009 Community Standards, p. 24).
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Sanctions for Academic Dishonesty
I will, at a minimum, assign a failing grade to any assignment where there is evidence of academic
dishonesty. If repeated instances of dishonesty are discovered, then a failing grade will be assigned for the
entire course.
IX. SPECIAL ACCOMMODATIONS
Students with special needs who need reasonable modifications, special assistance, or accommodations in
this course should promptly direct their request to the Disability Support Services Office. Any student
who currently has a documented disability (physical, learning, or psychological) needing academic
accommodations should contact the Disability Services Office (Daum Hall # 224, x84535) as early in the
semester as possible. All discussions will remain confidential. Please visit www.lmu.edu/dss for
additional information.
X. REQUIRED READINGS
1. Bhide, A. 2006. The Questions Every Entrepreneur Must Answer, Harvard Business School Review
reprint 1027.
2. O’Reilly, B. 1999. What it Takes to Start a Startup. Fortune. Online at:
http://money.cnn.com/magazines/fortune/fortune_archive/1999/06/07/261076/index.htm
3. Elsbach, K. 2003. How to Pitch a Brilliant Idea. Harvard Business School reprint R0309J.
4. Sahlman, W. How to Write a Great Business Plan. Harvard Business School note 97409.
5. Updating a Classic: Writing a Great Business Plan. Found online at:
http://hbswk.hbs.edu/item/5993.html.
Zipcar: Refining the Business Model. Harvard Business School case 803096.
Judo in Action. 2003. Harvard Business School note 9706454.
Yoffie, D. Intellectual Property and Strategy. 2005. Harvard Business School note 9-704-493.
Block, Z. and Macmillan, I. 1985. Milestone for Successful Venture Planning. Harvard Business
School note 85503.
10. Nantucket Nectars. 2000. Harvard Business School case 9898971.
6.
7.
8.
9.
Note: If an online URL has expired by such time as you try to access an assigned reading, please contact
me immediately.
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XI. THE CLASS AT A GLANCE
Note: This schedule is subject to change as based on in-class activities and guest speaker availability. Also, some
additional readings may be assigned during the semester.
REQUIRED
DATE
DELIVERABLES
READING / VIEWING
Wednesday,
The Entrepreneur /
 The Questions reading
January 14
Generating Ideas
 What it Takes reading
(1)
Wednesday,
January 21
(2)
Generating Ideas /
Evaluating Ideas
 Syllabus
 Student questionnaire (I)
Wednesday,
January 28
(3)
Evaluating Ideas /
Building the Team /
Crafting a Concept Statement
 How to Pitch reading
 In-Class Concept Pitch (I)
 Team Selection (end of
class)
Wednesday,
February 4
(4)
The Business Plan
 Sample plan
 How to Write reading
 Updating a Classic reading
Wednesday,
February 11
(5)
New Venture Financials
Wednesday,
February 18
(6)
Analyzing the Industry, the
Market, & the Competition /
Business Differentiation /
Business Models
 Chrysalis handout
 Zipcar case
Wednesday,
February 25
(7)
Start-Up Strategies
 Judo in Action reading
 IP & Strategy reading
Wednesday,
March 4
(8)
 Concept Statement (T)
 Financial Exercise (I)
 Company, Market, &
Strategy Section and
Presentation (T)
 Interim Peer Evaluation (I)
Workshopping the Plan
Enjoy spring break!
Wednesday,
March 18
(9)
CONSULTATIONS WITH
INSTRUCTOR
Wednesday,
March 25
(10)
The Operational Plan
Wednesday,
April 1
(11)
Revisiting Financials /
Forecasting Sales /
Financing Your Business
Wednesday,
April 8
(12)
Workshopping the Plan
Wednesday,
April 15
(13)
Assembling the Management
Team /
Considering Legal Issues
Wednesday,
April 22
(14)
Growing and Harvesting the
Business /
Preparing for Presentations
 Milestones reading
 Operational & Financial
Section and Presentation (T)
 Nantucket Nectars case
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Wednesday,
April 29
(15)
IN-CLASS
PRESENTATIONS
 Rehearsal Presentations
 Final Presentations (T)
 Final Business Plan (T)
 Peer Evaluation (I)
Exam Week
Have a great summer!
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