Syllabus Entrepreneurship
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MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
MEDITERRANEAN SCHOOL OF BUSINESS SYLLABUS Summer 2006 – July 6 - 9, 2006 Course Title
Entrepreneurship Instructor: Pier A. Abetti, Ph.D. - Professor, Management of Technology and Entrepreneurship, Rensselaer Polytechnic Institute, Troy, NY 121803590, USA Phone: Tunis, 913.000; (Hotel Golden Tulip) USA, 1-518-276-6834; Fax, 1-518-276-8661 Email: [email protected] Texts: (1) (2)
R.A. Baron, S.A. Shane; Entrepreneurship, Thomson, 2004, ISBN 0-324-27356-8 Selected cases and articles
Objectives: (1) (2)
(3)
Provide understanding of entrepreneurship, that is, initiating an innovative new business venture and developing it into a self-sustaining and profitable enterprise Provide understanding of the process whereby a person decides to become an entrepreneur, screens opportunities, selects an appropriate product/market target, obtains the necessary resources, and launches a new enterprise Provide the practical knowledge for the preparation of drafts of business plans for the development of new products, processes and services and for the financing of new enterprises.
Course Structure: (1) One-third of the time, approximately, will be lectures, including a guest speaker (2) One-third will be case discussions and class exercises (3) One-third will be the preparation and review of business plans by participants in teams. (4) Formal presentations of business plan summaries to a jury of business persons will conclude the course Schedule: 1
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
Classes will meet during 4 days, July 6 to 10. Classes are held from 9 AM to 12:30 with a short break and from 2:00 to 5:30 with a short break. On the last day, class will end around 3:00. Accordingly, this syllabus is divided into 8 sessions, including the final presentations of business plan summaries during the last day. I would like to suggest the following procedures for a smooth running course. 1. Reading Assignments: 1.1 1.2 1.3
Since this is a new course, the syllabus is tentative and may be changed depending on the progress, and interest and suggestions of the class. Readings should be completed before assigned sessions, in order to understand the subjects to be presented and discussed. The textbook is for reference only.
2. Cases: 2.1 2.2 2.3
Case preparations must be completed before class. The instructor will briefly summarize the facts of the case and open the discussion. All participants are expected to contribute actively to the discussion.
3. Assignments: 3.1
There are two group assignments for the business plan. No reports are required. Groups will hand in copies of their charts and 2-3 page executive summary at the last session.
4.1
Participants are expected to work in teams. Synergy is expected, that is, two participants in a team should produce more than the sum of two individual contributions. Teams should be as diversified as possible, in terms of academic interests, experience and backgrounds. Participants should take turns in making presentations so that all can obtain credit for class participation.
4. Team Work:
4.2 4.3 5. Attendance: 5.1 5.2
Attendance is compulsory and roll call will be made during all classes. Justified absences (for reasons of health or work) should be discussed with the instructor preferably before the fact. Participants with 2 or more half-day absences will be required to do additional work.
6. Grading: 6.1
Final course grade will be weighted as follows: 40% Class participation and case discussions; 2
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
6.2
20% Homework charts and presentations (first assignment) 40% Final project (in lieu of final exam). Grades will be given according to the following criteria: (a) Creative and original thinking, understanding of key issues, entrepreneurial initiative and drive; (b) Depth of analysis; (c) Logical flow of ideas; (d) Clarity and conciseness of charts, executive summary and oral presentations.
7. Counseling: 7.1 7.2
Students are encouraged to meet with the instructor, during breaks, before or after class. In case of problems do not hesitate to call the instructor at the hotel (913.0000). Please, no calls after 10 PM.
8. Feedback: 8.1 8.2
The procedures listed above are tentative. Your feedback, in class or privately, is most welcome and your suggestions will be given full consideration. This is a new course for all of us. It can only succeed if we all work together to improve the subject matter and the learning process, and participate fully in the discussions.
3
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
ENTREPRENEURSHIP FIRST ASSIGNMENT DUE Friday, July 7, 2006 (IN TEAMS) PREPARE A PRESENTATION OF A PROPOSAL FOR STARTING YOUR OWN COMPANY OR A NEW INTERNAL VENTURE BASED ON YOUR ORIGINAL IDEAS SUGGESTED FORMAT FOR BUSINESS PLAN PROPOSAL 1.
NAME OF THE COMPANY NAMES OF TEAM MEMBERS MISSION OF COMPANY
2.
DESCRIPTION OF PRODUCT OR SERVICE (HARDWARE, SOFTWARE, FUNCTIONS, APPROXIMATE PRICE, ETC.)
3.
CUSTOMER BENEFITS (WHY WILL THEY BUY YOUR PRODUCT OR SERVICE?)
4.
TARGETED MARKET AND APPROXIMATE SIZE (WHO WILL BUY YOUR PRODUCT? WHAT TYPES OF CUSTOMERS? WHERE WILL THEY BE FOUND?)
5.
PRELIMINARY PRICING (YOUR MODEL FOR PROFITABILITY)
6.
ENTRY STRATEGY (HOW DO YOU PLAN TO ATTACK THE MARKET?)
PREPARE ONE CHART FOR EACH ITEM + SKETCHES AND ADDITIONAL INFORMATION ON YOUR PRODUCT AND MARKETS, USE COLOUR AND VISUAL AIDS. TIME PER TEAM: 10 MINUTES (STRICTLY ENFORCED) + 5 MINUTES FOR QUESTIONS. HAND IN YOUR CHARTS. NO REPORT REQUIRED NOTES: 1.
PROPOSE ONLY PRODUCTS OR SERVICES PRESENTLY NOT AVAILABLE ON THE TUNISIAN MARKET.
2.
BECAUSE OF THE LIMITED DOMESTIC MARKET, ALL PROPOSALS SHOULD HAVE THE OBJECTIVE OF EXPORTING PRODUCTS OR SERVICES.
3.
ALL PROPOSALS SHOULD UTILIZE MODERN INNOVATIVE TECHNOLOGY IN THE DESIGN, PRODUCTION, DELIVERY OF PRODUCTS AND SERVICES.
4
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
CREATION OF INNOVATIVE SME’S – SPRING 2OO5 DRAFT OF BUSINESS PLAN 1. Name and Mission of Company Note: The mission should describe in one or two sentences the reason for existence and longrange objectives of the company. 2. Product/Service Description 2.1 Technical Description (Functions and Features) 2.2 Customer Benefits NOTES: a) Assume the future of your Company depends upon the quality of your business plan. b) Emphasize the customer benefits section (What does the product do for me?) c) Product is defined as the total package of benefits the customer receives when he/she buys (functional utility and reliability, features, warranties, services, etc.) d) Industrial marketing customers and venture capitalists are sophisticated. Be specific in your claims of benefits and avoid general claims or “image.” 3
Competition Look at both direct and indirect competition. Example: robots in Finland versus manual assembly in developing countries. If possible, compare your product or service with those of your main competitors (features, quality, performance, price, support, etc.)
4. Market Analysis 4.1 Market Segmentation and Selection Selectivity should be the criterion of your plan, since your resources are limited. Start with the most promising segment, then expand to others. 4.2 Market Size and Growth Rate This is quantitative analysis of each market segment. Determine both size and growth rate.
NOTES: 5
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
a) We are concerned here with total served market size, not with your market share. This will be discussed in the next section, since it depends on strategy and resources. b) Projections should be made until 2010 as a minimum (you want to be in business for a long time!) 5. Strategy and Marketing Plan 5.1 5.2 5.3 5.4
Entry Strategy Pricing Strategy Market Share, as a function of time Sales = Market x Market Share (by year from 2006 to 2010)
6. Resources 6.1 6.2
Resources Needed (people, euros or dollars, other) Milestones (by years and quarter) Assume your plan will be approved in July 2006 and you will start implementation on January 1, 2007. 6.3 Preliminary Financial Plan (profit and loss, cash flow by year, 2006 to 2010) 6.4 Request for Funds (in steps, tied to milestones)
ASSIGNMENT TO BE HANDED IN on Sunday, July 10th, 2006 9.1
The assignment will include all the charts of the presentation, plans an Executive Summary (2 pages double spaced). 9.2 The Executive Summary will summarize very briefly the key ideas and data of the plan and present key conclusions at the end. Assume that some busy executives will read only this summary, not the entire plan. 9.3 All pages should be numbered consecutively, including tables and illustrations. PRESENTATIONS on Sunday, July 10th, 2006, 1:00 to 3:00 pm 10.1 Each team will have 14 minutes. 10.2 Only judges will ask questions. The last student speaker will reply or ask another team member to reply. Answers should be short. If you do not have the answer, say so and offer to give the information later. 10.3 Time limits will be strictly enforced (14 minutes for presentation, 5 for questions and answers).
6
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
Syllabus Session #
Topics
Text and Readings (Chapter # = Timmons)
Cases and Oral Presentations
Written Assignments
1. July 6 (Thurs) AM
Introduction 1.1 Questionnaire 1.2 Course Objectives, Structure, and Syllabus 1.3 Economic Development of the Maghreb: The Role of Technology and Innovative SMEs 1.4 Infrastructure for Technological Entrepreneurship. The examples of Finland and Taiwan 1.5 Video: Yahoo!
Chapter 1
None
None
2. July 6 (Thurs) PM
2.1 2.2 2.3 2.4 2.5 3.1 3.2 3.3 3.4
Chapters 2, 3
None
None
Chapters 7
Presentations of Business Plan Proposals – (Charts only) Proposals according to 1. Company and Mission suggested format (page 2. Product Description 5) Customer Benefits 3. Targeted Market Segments 4. Preliminary Pricing 5. Entry Strategy Kevin Mooney What should Kevin decide? What would you recommend to CEO Enrico Zobele?
3 July 7 (Fri) AM
The Process of New Venture Creation Key Success Factors Opportunity Recognition Self-assessment Exercise The Business Plan Proposals of Business Plans Evaluation by Instructor and Class Results of Evaluations Creation of Companies
4 July 7 (Fri) PM
4.1 Case: Kevin Mooney (A) 4.2 Globalization 4.3 Case: Zobele Chemical Industries
Chapter 11
5 July 8 (Sat) AM
5.1 Case: Kevin Mooney (B&C) 5.2 Venture Capital in USA 5.3 Video: The Entrepreneurial Process 5.4 Guest Speaker: Tunisian Venture Capitalist
Chapter 6
7
Kevin Mooney (B&C)
What should Kevin do?
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
Session #
Topics
Text and Readings (Chapter # = Timmons)
Cases and Oral Presentations
Written Assignments
6. July 8 (Sat) PM
6.1 Case: Map Info and Role Playing 6.2 Obtaining Venture Capital 6.3 Going Public (IPO) 6.4 Accelerated Growth 6.5 Map Info Today
Chapter 10, 14 Abetti: Accelerated Growth
Map Info Business Plan
Would you invest or not into Map Info? Why or why not?
7. July 9 (Sun) AM
7.1 7.2 7.3 7.4
Chapters 12, 13
Abetti: The Creative Evolution of Steria
Questions for discussion (handout). What should Steria do next?
8. July 9 (Sun) PM
8.1 Business Plans Presentations 8.2 Evaluation of Course and Instructor by students 8.3 Feedback of Jury and Award of Prizes
None
Presentation of Business Plan Summaries
Business Plan charts and Executive Summary (2-3 pages double – spaced)
Entrepreneurial Growth Case: Steria Intrapreneurship Case: Toshiba Laptop
8
Pier A. Abetti Summer 2006
MEDITERRANEAN SCHOOL OF BUSINESS SYLLABUS Summer 2006 – July 6 - 9, 2006 Course Title
Entrepreneurship Instructor: Pier A. Abetti, Ph.D. - Professor, Management of Technology and Entrepreneurship, Rensselaer Polytechnic Institute, Troy, NY 121803590, USA Phone: Tunis, 913.000; (Hotel Golden Tulip) USA, 1-518-276-6834; Fax, 1-518-276-8661 Email: [email protected] Texts: (1) (2)
R.A. Baron, S.A. Shane; Entrepreneurship, Thomson, 2004, ISBN 0-324-27356-8 Selected cases and articles
Objectives: (1) (2)
(3)
Provide understanding of entrepreneurship, that is, initiating an innovative new business venture and developing it into a self-sustaining and profitable enterprise Provide understanding of the process whereby a person decides to become an entrepreneur, screens opportunities, selects an appropriate product/market target, obtains the necessary resources, and launches a new enterprise Provide the practical knowledge for the preparation of drafts of business plans for the development of new products, processes and services and for the financing of new enterprises.
Course Structure: (1) One-third of the time, approximately, will be lectures, including a guest speaker (2) One-third will be case discussions and class exercises (3) One-third will be the preparation and review of business plans by participants in teams. (4) Formal presentations of business plan summaries to a jury of business persons will conclude the course Schedule: 1
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
Classes will meet during 4 days, July 6 to 10. Classes are held from 9 AM to 12:30 with a short break and from 2:00 to 5:30 with a short break. On the last day, class will end around 3:00. Accordingly, this syllabus is divided into 8 sessions, including the final presentations of business plan summaries during the last day. I would like to suggest the following procedures for a smooth running course. 1. Reading Assignments: 1.1 1.2 1.3
Since this is a new course, the syllabus is tentative and may be changed depending on the progress, and interest and suggestions of the class. Readings should be completed before assigned sessions, in order to understand the subjects to be presented and discussed. The textbook is for reference only.
2. Cases: 2.1 2.2 2.3
Case preparations must be completed before class. The instructor will briefly summarize the facts of the case and open the discussion. All participants are expected to contribute actively to the discussion.
3. Assignments: 3.1
There are two group assignments for the business plan. No reports are required. Groups will hand in copies of their charts and 2-3 page executive summary at the last session.
4.1
Participants are expected to work in teams. Synergy is expected, that is, two participants in a team should produce more than the sum of two individual contributions. Teams should be as diversified as possible, in terms of academic interests, experience and backgrounds. Participants should take turns in making presentations so that all can obtain credit for class participation.
4. Team Work:
4.2 4.3 5. Attendance: 5.1 5.2
Attendance is compulsory and roll call will be made during all classes. Justified absences (for reasons of health or work) should be discussed with the instructor preferably before the fact. Participants with 2 or more half-day absences will be required to do additional work.
6. Grading: 6.1
Final course grade will be weighted as follows: 40% Class participation and case discussions; 2
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
6.2
20% Homework charts and presentations (first assignment) 40% Final project (in lieu of final exam). Grades will be given according to the following criteria: (a) Creative and original thinking, understanding of key issues, entrepreneurial initiative and drive; (b) Depth of analysis; (c) Logical flow of ideas; (d) Clarity and conciseness of charts, executive summary and oral presentations.
7. Counseling: 7.1 7.2
Students are encouraged to meet with the instructor, during breaks, before or after class. In case of problems do not hesitate to call the instructor at the hotel (913.0000). Please, no calls after 10 PM.
8. Feedback: 8.1 8.2
The procedures listed above are tentative. Your feedback, in class or privately, is most welcome and your suggestions will be given full consideration. This is a new course for all of us. It can only succeed if we all work together to improve the subject matter and the learning process, and participate fully in the discussions.
3
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
ENTREPRENEURSHIP FIRST ASSIGNMENT DUE Friday, July 7, 2006 (IN TEAMS) PREPARE A PRESENTATION OF A PROPOSAL FOR STARTING YOUR OWN COMPANY OR A NEW INTERNAL VENTURE BASED ON YOUR ORIGINAL IDEAS SUGGESTED FORMAT FOR BUSINESS PLAN PROPOSAL 1.
NAME OF THE COMPANY NAMES OF TEAM MEMBERS MISSION OF COMPANY
2.
DESCRIPTION OF PRODUCT OR SERVICE (HARDWARE, SOFTWARE, FUNCTIONS, APPROXIMATE PRICE, ETC.)
3.
CUSTOMER BENEFITS (WHY WILL THEY BUY YOUR PRODUCT OR SERVICE?)
4.
TARGETED MARKET AND APPROXIMATE SIZE (WHO WILL BUY YOUR PRODUCT? WHAT TYPES OF CUSTOMERS? WHERE WILL THEY BE FOUND?)
5.
PRELIMINARY PRICING (YOUR MODEL FOR PROFITABILITY)
6.
ENTRY STRATEGY (HOW DO YOU PLAN TO ATTACK THE MARKET?)
PREPARE ONE CHART FOR EACH ITEM + SKETCHES AND ADDITIONAL INFORMATION ON YOUR PRODUCT AND MARKETS, USE COLOUR AND VISUAL AIDS. TIME PER TEAM: 10 MINUTES (STRICTLY ENFORCED) + 5 MINUTES FOR QUESTIONS. HAND IN YOUR CHARTS. NO REPORT REQUIRED NOTES: 1.
PROPOSE ONLY PRODUCTS OR SERVICES PRESENTLY NOT AVAILABLE ON THE TUNISIAN MARKET.
2.
BECAUSE OF THE LIMITED DOMESTIC MARKET, ALL PROPOSALS SHOULD HAVE THE OBJECTIVE OF EXPORTING PRODUCTS OR SERVICES.
3.
ALL PROPOSALS SHOULD UTILIZE MODERN INNOVATIVE TECHNOLOGY IN THE DESIGN, PRODUCTION, DELIVERY OF PRODUCTS AND SERVICES.
4
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
CREATION OF INNOVATIVE SME’S – SPRING 2OO5 DRAFT OF BUSINESS PLAN 1. Name and Mission of Company Note: The mission should describe in one or two sentences the reason for existence and longrange objectives of the company. 2. Product/Service Description 2.1 Technical Description (Functions and Features) 2.2 Customer Benefits NOTES: a) Assume the future of your Company depends upon the quality of your business plan. b) Emphasize the customer benefits section (What does the product do for me?) c) Product is defined as the total package of benefits the customer receives when he/she buys (functional utility and reliability, features, warranties, services, etc.) d) Industrial marketing customers and venture capitalists are sophisticated. Be specific in your claims of benefits and avoid general claims or “image.” 3
Competition Look at both direct and indirect competition. Example: robots in Finland versus manual assembly in developing countries. If possible, compare your product or service with those of your main competitors (features, quality, performance, price, support, etc.)
4. Market Analysis 4.1 Market Segmentation and Selection Selectivity should be the criterion of your plan, since your resources are limited. Start with the most promising segment, then expand to others. 4.2 Market Size and Growth Rate This is quantitative analysis of each market segment. Determine both size and growth rate.
NOTES: 5
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
a) We are concerned here with total served market size, not with your market share. This will be discussed in the next section, since it depends on strategy and resources. b) Projections should be made until 2010 as a minimum (you want to be in business for a long time!) 5. Strategy and Marketing Plan 5.1 5.2 5.3 5.4
Entry Strategy Pricing Strategy Market Share, as a function of time Sales = Market x Market Share (by year from 2006 to 2010)
6. Resources 6.1 6.2
Resources Needed (people, euros or dollars, other) Milestones (by years and quarter) Assume your plan will be approved in July 2006 and you will start implementation on January 1, 2007. 6.3 Preliminary Financial Plan (profit and loss, cash flow by year, 2006 to 2010) 6.4 Request for Funds (in steps, tied to milestones)
ASSIGNMENT TO BE HANDED IN on Sunday, July 10th, 2006 9.1
The assignment will include all the charts of the presentation, plans an Executive Summary (2 pages double spaced). 9.2 The Executive Summary will summarize very briefly the key ideas and data of the plan and present key conclusions at the end. Assume that some busy executives will read only this summary, not the entire plan. 9.3 All pages should be numbered consecutively, including tables and illustrations. PRESENTATIONS on Sunday, July 10th, 2006, 1:00 to 3:00 pm 10.1 Each team will have 14 minutes. 10.2 Only judges will ask questions. The last student speaker will reply or ask another team member to reply. Answers should be short. If you do not have the answer, say so and offer to give the information later. 10.3 Time limits will be strictly enforced (14 minutes for presentation, 5 for questions and answers).
6
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
Syllabus Session #
Topics
Text and Readings (Chapter # = Timmons)
Cases and Oral Presentations
Written Assignments
1. July 6 (Thurs) AM
Introduction 1.1 Questionnaire 1.2 Course Objectives, Structure, and Syllabus 1.3 Economic Development of the Maghreb: The Role of Technology and Innovative SMEs 1.4 Infrastructure for Technological Entrepreneurship. The examples of Finland and Taiwan 1.5 Video: Yahoo!
Chapter 1
None
None
2. July 6 (Thurs) PM
2.1 2.2 2.3 2.4 2.5 3.1 3.2 3.3 3.4
Chapters 2, 3
None
None
Chapters 7
Presentations of Business Plan Proposals – (Charts only) Proposals according to 1. Company and Mission suggested format (page 2. Product Description 5) Customer Benefits 3. Targeted Market Segments 4. Preliminary Pricing 5. Entry Strategy Kevin Mooney What should Kevin decide? What would you recommend to CEO Enrico Zobele?
3 July 7 (Fri) AM
The Process of New Venture Creation Key Success Factors Opportunity Recognition Self-assessment Exercise The Business Plan Proposals of Business Plans Evaluation by Instructor and Class Results of Evaluations Creation of Companies
4 July 7 (Fri) PM
4.1 Case: Kevin Mooney (A) 4.2 Globalization 4.3 Case: Zobele Chemical Industries
Chapter 11
5 July 8 (Sat) AM
5.1 Case: Kevin Mooney (B&C) 5.2 Venture Capital in USA 5.3 Video: The Entrepreneurial Process 5.4 Guest Speaker: Tunisian Venture Capitalist
Chapter 6
7
Kevin Mooney (B&C)
What should Kevin do?
MSB ENTREPRENEURSHIP
Pier A. Abetti Summer 2006
Session #
Topics
Text and Readings (Chapter # = Timmons)
Cases and Oral Presentations
Written Assignments
6. July 8 (Sat) PM
6.1 Case: Map Info and Role Playing 6.2 Obtaining Venture Capital 6.3 Going Public (IPO) 6.4 Accelerated Growth 6.5 Map Info Today
Chapter 10, 14 Abetti: Accelerated Growth
Map Info Business Plan
Would you invest or not into Map Info? Why or why not?
7. July 9 (Sun) AM
7.1 7.2 7.3 7.4
Chapters 12, 13
Abetti: The Creative Evolution of Steria
Questions for discussion (handout). What should Steria do next?
8. July 9 (Sun) PM
8.1 Business Plans Presentations 8.2 Evaluation of Course and Instructor by students 8.3 Feedback of Jury and Award of Prizes
None
Presentation of Business Plan Summaries
Business Plan charts and Executive Summary (2-3 pages double – spaced)
Entrepreneurial Growth Case: Steria Intrapreneurship Case: Toshiba Laptop
8
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