National Research University
Higher School of Economics
Faculty of Management
Bachelors Program in Management Third Year
Направление 080200.62 "Менеджмент"
Program 080200.62 “Management”
Program of the Course
«Венчурный капитал и предпринимательский менеджмент»
Venture Capital and Entrepreneurial Management
Author: Settles A.М. (Ph.D.)
asettles@hse.ru
Moscow
2011 ©
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Course Plan
The Course “New Venture Creation” is part of the third year of the bachelors program in the Faculty of
Management. This course is an integrative course that combines material introduced to you in core
courses and applies it to the evaluation and design of new ventures and reengineering of existing
corporation to become more innovative. The purpose of this course is to explore the many dimensions of
new venture creation and growth and to foster innovation and new business formations in independent
and corporate settings.
№
1.
2.
Themes
New Venture Creation, New Venture
Strategy, Opportunity Development &
Screening
Entrepreneurship and Corporate
Entrepreneurship
Total:
Total hours of the
discipline
Classroom Hours
Lectures
Seminars
36
12
12
18
8
54
20
Homework
12
10
12
22
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Textbook
Recommended reference text book
New Venture Creation, Jeffry A. Timmons and Stephen Spinelli (Irwin, McGraw Hill, Sixth Edition,
2003)
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Forms of control:
Итоговая оценка по учебной дисциплине складывается из следующих элементов:
Final Exam (50%)
Class participation and new venture presentation (25%)
Article Summaries (25%)
Students will be required to attend all classes and seminars. The article summaries will be based on the
required readings and will be submitted to the seminar instructor for review. An “elevator” style pitch will
be required to present you new venture idea. Groups of 3 to 4 students may be formed by the students.
The final exam will based primarily on lectures, readings and seminars and will consist of a multiple
choice test.
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Readings
Required Readings
Blanchflower David G. ,Andrew J. Oswald (1998) What Makes an Entrepreneur? Journal of Labor
Economics, Vol. 16, No. 1 (January 1998), pp. 26-60
Gladwell, M (2011) THE TWEAKER; Annals of Technology, The New Yorker. New York: Nov 14,
2011. Vol. 87, Iss. 36; pg. 32
Habiby, AS and Coyle, Jr., DM (2010) The High-Intensity Entrepreneur. The Harvard Business Review
September 2010, 74-78.
Recommended Readings
Michael H. Morris, P. Lewis, and Donald L. Sexton, “Reconceptualizing Entrepreneurship: An InputOutput Perspective,” SAM Advanced Management Journal 59, no.1 (Winter 1994)
Thomas Monroy and Robert Folger, “A Typology of Entrepreneurial Styles: Beyond Economic
Rationality,” Journal of Private Enterprise IX(2) (1993)
Hollister B. Sykes and Zenas Block, “Corporate Venturing Obstacles: Sources and Solutions,” Journal of
Business Venturing, winter 1989
Michael H. Morris, Donald F. Kuratko, and Jeffrey G. Covin, Corporate Entrepreneurship & Innovation
(Mason, OH, Thomson), 2008
Duane Ireland, Jeffery G. Covin, and Donald F. Kuratko, “Conceptualizing Corporate Entrepreneurship
Strategy,” Entrepreneurship Theory and Practice 33, no. 1
Rosabeth Moss Kanter, “Supporting Innovation and Venture Development in Established Companies,”
Journal of Business Venturing (winter 1985): 56–59
Harry S. Dent, Jr., “Growth through New Product Development,” Small Business Reports (November
1990): 36.
A. Bhide, “The Questions Every Entrepreneur Must Answer” , Harvard Business Review, NovemberDecember 1996, pp. 120-130.
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Study Program
The themes included in this course integrate knowledge introduced in the bachelors program and first
year of the masters program in the fields of entrepreneurship, innovation, organizational design and
strategy to develop an applied view of new venture creation. The course focus on applied business
innovation that focuses on how to create value in firms, not only through new products or services, but
also through new technologies, business concepts, transaction mechanisms, distribution channels, etc.
Entrepreneurship is not about small business per se rather it addresses the art of wealth creation through
the initiation of ventures with high growth potential.
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Theme 1. New Venture Creation, New Venture Strategy and Opportunity Development & Screening
Starting and operating a new business involves considerable risk and effort to overcome the inertia
against creating something new. In creating and growing a new venture, the entrepreneur assumes the
responsibility and risks for its development and survival and enjoys the corresponding rewards. The fact
that consumers, businesspeople, and government officials are interested in entrepreneurship is evident
from the increasing research on the subject, the large number of college courses and seminars on the
topic, the more than two million new enterprises started each year (despite a 70 percent failure rate), the
significant coverage and focus by the media, and the realization that this is an important topic for
industrialized, developing, and once-controlled economies.
This theme focuses on all the elements in the entrepreneurial process that are a part of creating a new
venture. After a discussion of creativity and obtaining the right business area, the legal issues—such as
intellectual property protection and product safety and liability—are addressed.
This theme will also focuses on one of the most difficult aspects of creating and establishing a new
venture. After a discussion of the alternative sources of capital, specific attention is given to three primary
financing mechanisms: informal risk capital, venture capital, and going public.
Theme 2. Entrepreneurship and Corporate Entrepreneurship
Entrepreneurship is a truly global phenomenon, and coupled with the Internet, is flattening and
democratizing the world. Entrepreneurs are the creators, the innovators, and the leaders who give back to
society as philanthropists, directors, and trustees, and who, more than any others, change how people live,
work, learn, play, and lead. Entrepreneurs create new technologies, products, processes, and services that
become the next wave of new industries, and these in turn drive the economy.
This theme introduces the entrepreneur and the entrepreneurial process from both an historical and a
research perspective. The role and nature of entrepreneurship as a mechanism for creating new ventures
and affecting economic development are presented, along with career aspects and the future direction of
entrepreneurship. The characteristics and background of entrepreneurs are discussed, as well as some
methods for individual self-assessment and various aspects of international entrepreneurship.
Particular attention is paid to developing an entrepreneurial strategy, establishing strategies for growth,
managing the new venture during growth, early operations, expansion, and accessing external resources
for growth. Managerial skills that are important to the successful performance and growth of a new
venture are included in this section. This part also addresses going global—selecting and entering a
market outside the company’s national boundaries—as well as methods for ending the venture. Specific
topics examined include mergers and acquisitions, franchising, joint ventures, and human and financial
resources needed for growth.
Seminars
The course will include a series of opportunities to explore and test theories and best practices related to
new venture creation and entrepreneurial management. As part of the seminar a new venture elevator
pitch will be required from each student as means to implement their knowledge.
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