ba 260 syllabus

INTRODUCTION TO ENTREPRENEURSHIP (BA 260 – WINTER 2015)

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Professor Violetta Gerasymenko, Assistant Professor - Strategy & Entrepreneurship

Office: 320 Austin Hall, College of Business, Oregon State University

Phone: 541-737-1216

Email: [email protected]

Office Hours: Tuesday 2 p.m. - 5 p.m., and by appointment

Course Credits: 4 hours

Prerequisites: Sophomore standing

Classroom/Class time: KEC 1001/1000-1150am; WLKN 108/1400-1550; WLKN 108/1600-1750

Professor Violetta Gerasymenko’s Short Biography Violetta is an Assistant Professor of Entrepreneurship in the College of Business at Oregon State University. She is also on the Board of Advisors of the Advantage Accelerator at OSU. She earned her Ph.D. from HEC Paris and holds several other degrees: an MA (with honors) and BA (with honors) in Finance and Banking from Dniepropetrovsk State University (Ukraine), an MA in International Management from EUROMED, Marseille School of Management, and an MA in Economics from University Sorbonne-Pantheon, Paris. Before joining the faculty at Oregon State, Violetta held visiting scholar positions at MIT Sloan, New York University and National University of Singapore and an Assistant Professor position at Nova SBE in Portugal. Her research focuses on understanding the boundaries of organizational learning in cognitive forecasting under high uncertainty, the behavioral antecedents and consequences of dynamics of organizational attention, and business model change processes and implications for entrepreneurial ventures. Violetta’s research work has been published in the Journal of Business Venturing, Strategic Entrepreneurship Journal, Frontiers of Entrepreneurship Research, Academy of Management Best Paper Proceedings and other international journals and book chapters both in English and French. She currently teaches Entrepreneurship at the College of Business. Prior to joining academia, Violetta worked as an analyst in one of the major venture capital firms in Paris, France. She is regularly invited to be part of start-up competition juries and is a passionate coach of entrepreneurial ventures.

Acknowledgement

This course is delivered in collaboration with Austin Entrepreneurship Program, OSU Advantage

Accelerator and OSU Career Success Center, and generous financial support from Austin

Entrepreneurship Program directed by Sandy Neubaum. A special thank you to the outstanding

participating speakers (in alphabetical order): Paul Berg, Balki Kodarapu, Dale McCauley, Jill Nelson, Jeff

Peterman, Ravi Prasad, John Turner, Dan Whitaker.


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Learning Objectives The main standpoint of this course is that entrepreneurship is an essential part of a successful and happy

career. Entrepreneurship provides an opportunity to make a difference in the world, and to be satisfied with

the career of your choice. As a result, a primary objective of this course is to encourage and develop

entrepreneurial thinking that you could then successfully leverage within an established national or

multinational company or by starting your own business. This course will provide you with some theories

and guidelines for generation and evaluation of entrepreneurial opportunities, and will expose you to some

essential tools that you will need to be more effective in the entrepreneurial process.

Through engaging lectures, round table discussions with guest speakers, reading, exercises, and

illustrative cases, you will be exposed to the theories, concepts, and techniques of entrepreneurship.

Specifically, we will focus on:

The variety of business opportunities across countries, markets, and industries

The mindset and characteristics of an entrepreneur.

The process of identifying and evaluation new opportunities.

Designing a business model for a new business venture.

Acquiring the resources, developing a marketing and strategic plan necessary to start an

entrepreneurial venture.

Please note that a significant portion of the course is team-based, where you will jointly propose and

investigate starting a new business venture.

At the end of this course, you will be able to:

Recognize what it takes to be a successful entrepreneur.

Analyze new business opportunities that exist in the marketplace.

Evaluate the feasibility of pursuing an opportunity that you’ve recognized.

With these tools, you should be better prepared for the subsequent courses in the entrepreneurship

program, and you should also be better equipped to identify entrepreneurial opportunities in your career.


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Table 1: General outline of the course

Meeting: Date TOPIC CHAPTER READINGS

ASSIGNMENTS / PROJECTS DUE

1: Mon – Jan 5 Introduction to the course No reading No assignment

2: Wed – Jan 7 ROUNDTABLE 1 “Entrepreneurship as a Career”: Speakers: Jill Nelson and Jeff Peterman

No reading No assignment but Assignment №1 is due on Jan-10th

3: Mon – Jan 12 Entrepreneurship around the world Reading №1 Be prepared to discuss Reading №1 (see Assignment №4)

4: Wed – Jan 14 From Idea to Business Opportunity Identifying Entrepreneurial Ideas

Reading №2 Be prepared to discuss Reading №2

5: Mon – Jan 19 HOLIDAY - NO CLASSES No reading No assignment

6: Wed – Jan 21 Sources of business opportunities: Technology push Speaker: Paul Berg

Reading №3

Be prepared to discuss and apply Reading №3 to a real-life technology

7: Mon – Jan 26 Sources of business opportunities: Market Pull Business opportunities evaluation

Case-Study David Shrank

Assignment №2

8: Wed – Jan 28 The life of an entrepreneur: entrepreneurs who are they? Speaker: Balki Kodarapu

No reading Assignment №3

9: Mon – Feb 2 Opportunity evaluation and pursue Speakers: Dale McCauley and John Turner Elevator Pitch Analysis

No reading No assignment

10: Wed – Feb 4 MID-TERM EXAM Assignment №5

11: Mon – Feb 9 PRACTICE: First round of presentations of entrepreneurial ideas & feedback


12: Wed – Feb 11 Business Model: how to make money out of your business?


13: Mon – Feb 16 Reach your customers: entrepreneurial pricing and marketing


14: Wed – Feb 18 Entrepreneurial strategy Reading №6 Be prepared to discuss Reading №6

15: Mon – Feb 23 PRACTICE: Second round of presentations of entrepreneurial ideas & feedback


16: Wed – Feb 25 Financing your business idea: entrepreneurial finance


17: Mon – Mar 2 ROUNDTABLE 2: “Entrepreneurship and Entrepreneurial Finance” Speakers : Dan Whitaker and Ravi Prasad

No reading No assignment but Assignment №7 is due on Mar-3

18: Wed – Mar 4 Presentations Assignment №8

19: Mon – Mar 9 Presentations Assignment №8

20: Wed – Mar 11 Presentations and Conclusions Assignment №8

Final Exam Week Mar 16-20

FINAL EXAM Assignment №9


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Here below is a general evaluation grid and deadlines reminder. Detailed guidelines for each assignment

follow and will be further explained during the course. Please note that each 1 hour delay with

assignment delivery will mean a 0.5 point reduction of your assignment grade.

Table 2: Assignment list and deadlines

№ Assignment

Due date

Max score

Percentage of total grade

Total points

1 Self-Introduction on Canvas

Sat - Jan-10 100 2% 2

2 Case-Study Taking the Plunge: Each student submits max 4 power point slides with a table, figure or summary points of answers to the two questions listed below under Assignment №2.

Sun – Jan 25

100 8% 8

3 The life of an entrepreneur: Individually or in groups of 2-3 people Interview and write a 1 page summary following the guidelines below about 1 entrepreneur.

Deadline 1: Jan 15th Deadline 2: Jan 27th

100 13% 13

4 In Class Exercises and Participation

100 10% 10

5 Mid-Term Exam

Wed – Feb 4 (all 3 groups) 100 14% 14

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PRACTICE Project Presentations

Submission deadlines

Mon – Feb 8 Mon – Feb 22 100 10% 10

7 Executive Summary and Final Power Point Presentation Submission – max 20 slides

Tue – Mar 3

100 10% 10

8 Final Elevator Pitches & Presentations

Wed – Mar 4 Mon – Mar 9

Wed – Mar 11 100 15% 15

9 Final Exam

Mar 6-20 100 18% 18

TOTAL

100% 100.00


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Assignment 1: Self-Introduction

In order for me to get to know each of your better, you are invited to submit the following information about you in the personal Bio section of Canvas. Specifically, I would like you to provide the following information:

1. Name (last/first):

2. City/State/Country you come from:____________________________________________

3. What is your Intended Major? _______________________________________________

4. What would be your ideal job? _______________________________________________

5. What are your major passions/hobbies, if any ___________________________________

6. What is unique or interesting about you? _______________________________________

7. On a scale of 1 (absolutely not) to 5 (definitely want to), indicate whether you would want to

become an entrepreneur: Absolutely not. 2. Not really. 3. Neutral. 4. Possibly. 5. Definitely yes

8. Insert a recognizable photo of yours

Assignment 2: Case Study. Taking the Plunge: New Luxury Ventures

Present your answer to each question on a maximum of 2 Power Point Slides. If necessary, use

the comment fields below to explain/clarify your answer. However, make sure that all the important

information related to your answer is presented on the slide itself and use comment fields just to

clarify or detail your answer. The comments in the field on each slide should not exceed 150 words.

Upload your completed assignment on Canvas at the latest on January 25th.

1) Examine each entrepreneurial idea that David Shrank pursued before considering the New Luxury

Ventures: were they real entrepreneurial opportunities? Apply the Opportunity Evaluation

framework learned in class.

2) Is New Luxury Ventures a real entrepreneurial opportunity? Explain your viewpoint by applying the

Opportunity Evaluation framework learned in class.


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Assignment 3: The Life of an Entrepreneur

Students, alone or in small groups of 2-3 people, are expected to interview one entrepreneur with a purpose of understanding better what it takes to become an entrepreneur. Specifically, this assignment should make students more familiar with real-life processes of entrepreneurial opportunity evaluation and pursue, understand opportunities and challenges associated with starting and managing a business, get insight into individual characteristics and motivations of individuals who are capable of starting their own businesses. The first step of this assignment is to identify an entrepreneur whom you are going to interview and obtain his or her consent for doing so. After this is assured (and before you do the interview), you are expected to provide on Canvas the information specified in Table 3 for the Professor’s approval. If you receive no negative notice from the Professor within 24 hours following the date of submission, you may go ahead and interview the entrepreneur. If after exploring your network of friends, relatives, parents and other people you know you are still unable to find an entrepreneur for the interview, communicate your problem to the Professor Violetta Gerasymenko, who will help you with identifying an entrepreneur you could interview. You are expected to follow the interview guidelines and provide answers and observations for each of the items in the interview guideline (Table 4). You are allowed to add up to 3 questions that are not on the interview guideline list. However, please note that adding new items does not substitute for the provision of responses to all the items listed on the interview guideline. Important deadlines: January 15th: Identify a potential entrepreneur, contact the entrepreneur to make sure he or she is

willing to be interviewed, schedule a potential time for the interview, submit on Canvas the

information about the entrepreneur as specified on Table 3 below.

January 27th: Submit via Canvas your interview as specified on Table 4 and make sure to bring a

copy to class on January 28th.

Guidelines for identifying an Entrepreneur. The entrepreneur has to be a person who is managing an officially created business (not someone who is just thinking about starting one). The entrepreneur can be located in or outside of the USA. If the entrepreneur is located within a geographic proximity, a face-to-face interview is strongly encouraged, but a skype or a phone interview is fine as well (i.e., just reliance on email correspondence will not let you conduct a complete survey, and so it should be avoided). The entrepreneur can be a close family member, but it is recommended you interview someone outside of your immediate close circle of family members.


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Table 3: Information about the chosen entrepreneur (deadline Jan 15th)

№ Items Your response

1 Name(s) of people you are going to conduct the interview with

2 First and Last Name of the Entrepreneur

3 Company’s Name

4 Company’s Sector/Industry

5 Company’s Location (City, State, Country)

6 Company’s Year of Foundation

7 Company’s or Entrepreneur’s web presence (web-site, LinkedIn page, white page presence)

8 Potential date of the Interview

Guidelines for an Interview of the Entrepreneur. Once you have identified and agreed on the interview date with an Entrepreneur, spend some

time preparing for the interview. Read as much information as you can find about the person you

are going to interview, understand his/her background, experience, entrepreneurial pursuit.

Going for an interview well prepared will signal to the Entrepreneur your real interest in his/her

experience and will therefore significantly increase the chances of a friendly, open and

constructive interview. Make sure to print out the interview guideline and take notes during your

interview as accurately as you can. I would not recommend audio or video tapping the interview

because it may create unnecessary tension. Your politeness, enthusiasm and healthy curiosity

are likely to make the interviewing experience richer and more pleasant. After receiving the

answers to all your questions of interest, make sure to thank the person and ask if you could

contact him/her via email/phone if you have any further questions. By keeping “the door open”

you minimize the chances of having an incomplete interview in case you skipped or

misunderstood an important point during the interview. Regardless if you have or not any follow-

up questions, make sure to send a thank you note later during the day or at the latest the next

day after your interview to thank the Entrepreneur for the interview.

Below is a list of questions and issues that you are expected to ask and inquire about during the

interview. It is usually better to start with easier (faster to answer) questions and as you get the

conversation going, move towards questions that require deeper thinking and discussion.


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Table 4: The interview guideline list (deadline Jan 27th)

№ Items Your response

1 What is the background of the entrepreneur: place of birth, education, family?

2 Are there any other family members involved in entrepreneurship? What is their opinion about the entrepreneur’s venture?

3 Is it his/her first venture? If the answer is NO, ask first about the first entrepreneurial experience (when and how it happened, how successful it was) and then pass on to the following question about the current venture.

4 Ask about the current business: when it was created, what it does, who are its customers, what markets it serves.

5 How did the entrepreneur have an idea to start this business? Did he/she launch it alone or with a team? Did the entrepreneur write a business plan or conduct any formal opportunity analysis before starting a business?

6 What are the next milestones or goals for the entrepreneur’s business?

7 What is the nicest and the hardest side of being an entrepreneur? Why?

8 What personal qualities, according to the entrepreneur, are required to succeed as an entrepreneur? When conducting your interview carefully listen and observe the entrepreneur. Provide also your own assessment of the qualities, personality of the entrepreneur.

9 What are the key components, according to the entrepreneur, of succeeding in his/her own venture?

10 If the entrepreneur were to start a new venture, what would it be? In other words, what other market opportunities does the entrepreneur perceive?

11 What advice would the entrepreneur give to a student wishing to start his/her own company in the future (things definitely to avoid and things definitely to do)?


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Assignment 4: In Class Exercises and Participation

You are expected to participate in each class in different assignments, exercises, and discussions. By

actively contributing to the class by sharing your knowledge, viewpoints, and asking inquisitive and informed

questions you deepen your own understanding of the subject and contribute to the overall accumulation of

knowledge by your peers. As such, you are expected to get actively involved in all in-class activities and

participate in classes by answering questions asked by professor or by your peers, and through other

meaningful ways. If you think you made a meaningful contribution in class, please report it to the Professor

immediately after class in a specially designated Quizzes section on Canvas. In addition, each student

will complete in the end of the course a self-assessment and a peer-assessment of the group work outside

of the classroom setting. This information will be also integrated in the final grade of the student’s

participation in class.

Assignment 5: Mid-Term Exam

The exam will take the form of multiple choice questions and will be based on all the reading materials and

materials covered in class up-to-date. A student who read all the materials on time, understood it and

participated in all classes would be expected to do very well on the exam. If you happened to miss a class,

you are encouraged to talk to your peers or see the Professor regarding the material you missed, and catch

up. It is a closed-book exam and is meant to test the extent to which you followed the course and gained

the expected knowledge.

Assignment 6: Practice Project Presentations During the course, you will have two main opportunities to present and get feedback on your project idea.

The first practice round on February 9th is going to be an overall idea versus opportunity evaluation – you

have to persuade the audience that your idea is a real market opportunity. You are expected to upload a

maximum of 2 Power Point Slides (Deadline Feb 8th) presenting your Idea and why you think that this

idea is a real business opportunity. The second practice round on February 23d is an opportunity for you

to present and get feedback on your business model, marketing and strategy. You are expected to upload

a maximum of 4 Power Point Slides presenting your Business Model, Marketing and Pricing plan, and

Strategic Plan (Deadline Feb 22nd). During these two practice sessions, you will be both in a role of a

presenter and an evaluator (special evaluation forms will be provided). By taking on both roles, you will

significantly increase your understanding of the characteristics of a feasible and attractive business idea,

and ultimately increase the chances of a having a well prepared final project.


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Assignment 7: Executive Summary and Final Power Point Project Presentation Submission

You are not expected to submit a formal business plan but instead an Executive Summary and an extended power point presentation that would cover all the essential aspects of your project. The presentation should not exceed 20 slides and may have additional explanation in the comment field beneath each slide. Make sure to clearly indicate all the references you derive the information from. If you make any pro-forma statement analysis (optional, not required for this course) then you are expected to also submit your complete Excel file with estimates and assumptions. Otherwise, the comments field may be used to explain or clarify some information presented on the slides (not more than 150 words per slide in comments). However, the slides should be as self-explanatory as possible. Imagine that someone who is not from your team will have to make a presentation following your slide – make sure all the key points and assessments are on the slides. The items that are expected to be in the Executive Summary and Presentation are presented in Table 5 below. This presentation may or may not be exactly the same you present during the final presentation rounds. Executive Summary – is a concise and clear description of the problem you solve, how you plan to solve it, the competitive advantage of your product or service, your business model, marketing plan and strategic positioning, why your team is able to do it, and how you define your future success. It should be approximately four paragraphs or one page in length (I give you a free hand here in terms of the actual number of words, but make sure that the summary presents well on the page – don’t squeeze the margins too much or make the font size too small or too big). If you were to submit an Executive Summary as part of a business plan to potential investors or other key stakeholders, it would be the most important part of the plan because it would determine if people were to read the rest of the document.

Table 5: Guidelines for your final presentation

№ Slide Content

1 Title Venture name; your names and titles, and contact information

2 Problem Describe the pain/need you are alleviating or satisfying.

3 Solution Explain how you alleviate this pain and why your customers will buy your solution. Ensure that the audience clearly understands what you

sell and your value proposition.

4 Business Model Explain how you make money: who pays you, your channels of distribution, your gross revenues and main costs.

5 Competitive Advantage

Describe the technology, secret sauce, or magic behind your product or service.

6 Marketing and Pricing

Explain how you are going to reach your customer, your pricing and your marketing leverage points.

7 Competition Provide as a complete view of the competitive landscape as you can.

8 Management Team

Describe the key players of your management team, board of directors/advisors, investors (if any)

9 Financial Projections and

Key Metrics

Provide the time period to break-even, expected growth rate and some key metrics (such as the number of customers for instance)

10 Current Status, Timeline and Use

of Funds

Explain the current status of your product or service, what the near future looks like, and how you’ll use the potential funding (if you are

asking for some)


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Assignment 8: Final Elevator Pitches and Project Presentations

Your elevator pitches and projects will be assessed by a jury, professor and your peers. All these evaluations will be integrated to decide on the best three projects that will receive a prize. Table 6 below outlines the maximum time rules for the elevator pitch and presentations. Table 7 outlines a short version of some key aspects to consider for the elevator pitch. The guidelines for the elevator pitch and final presentation are similar to those presented in Table 5. It is ultimately your own choice what and how to include or not in your pitch and presentation. I strongly encourage each team member to participate in presentations. Designate one person who will make the elevator pitch, and split time among other team members for presentation delivery and answering questions. Table 6: Time rules for the final elevator pitch and presentations

FINAL PRESENTATIONS DAYS:

Wed- March 4th: ALL ELEVATOR PITCHES + 4 Projects

Mon – March 9th: 5 Projects

Wed – March 11th: 3 Projects + Best Projects Nominations + Conclusions

Assignments Elevator Pitch Presentation Comments and Questions from

Mentors

Answers to Questions and

Comments

Length 1 minute 5 minutes 7 minutes 5 minutes

Table 7: Short version of guidelines for preparing an elevator pitch

№ Key aspects of your idea Time split in seconds

1 Prove the Market (who cares?) 10

2 Explain what your solution is (what is it and why will they buy it?) 15

3 Prove you have a real advantage (why you?) 20

4 Prove the time is right (why now?) 10

5 What do you want from me (an investor, a coach, a partner)? 5

Assignment 9: Final Exam

The exam will take a form of a multiple choice questions and will be based on all the reading and class

material covered after the mid-term exam and up-to-date. The expectations are similar to the mid-term

exam. It is a closed-book exam and is meant to test the extent to which you followed the course and gained

expected knowledge.


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ROUNDTABLE DISCUSSIONS

We are fortunate to have outstanding professionals who are willing to share their insights with us! In order

to take the most benefit out of such opportunities, we will do our best to follow the following guideline.

Roundtable 1: “Entrepreneurship as a Career”

Speaker 1: Jill Nelson, CEO Ruby Receptionists Speaker 2: Jeff Peterman, IBM Technical Sales Manager

1. Prof. Gerasymenko briefly introduces each speaker (5 minutes)

2. Students brainstorm in groups to come up with answers to the question: what does it mean to be

entrepreneurial at work and how important it is for professional success? (Prof. Gerasymenko

summarizes answers on the board) (15 minutes)

3. Each speaker presents their entrepreneurial case, opportunities and challenges, lessons learned,

and reflections on the students’ view of what it means to be entrepreneurial (30 minutes each)

4. Q&A (10 minutes)

5. Speakers give advice to students for the future (5 minutes)

6. Students brainstorm in groups to come up with key take-away(s) from the Roundtable (10 minutes)

Roundtable 2: “Entrepreneurial Finance”

Speaker 1: Dan Whitaker, Serial Entrepreneur, Coach and Innovation Leader Speaker 2: Ravi Prasad, CTO and Co-Founder, Vitriflex

1. Prof. Gerasymenko briefly introduces each speaker. (5 minutes)

2. Students brainstorm in groups to come up with potential questions to speakers about

entrepreneurial finance? (Prof. Gerasymenko summarizes questions on the board) (15 minutes)

3. Each speaker presents their experiences, opportunities and challenges with raising funding for

entrepreneurs, lessons learned, and reflections on some students’ questions. (30 minutes each)

4. Q&A (10 minutes)

5. Speakers give advice to students for the future. (5 minutes)

6. Students brainstorm in groups to come up with key take-away(s) from the Roundtable. (10 minutes)

Compulsory Reading List


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I strongly encourage you to read and understand all the reading material before each corresponding class as well as

actively engage in applying the knowledge gained from reading into in-class discussions and exercises. If you have no

time to read the entire chapter before coming to class, make sure to read the introductory case-study that is located in

the beginning of each chapter and is only two-page long. Your reading before class will enable us to have interesting

and engaging discussions in class of some real life situations and case-studies, and avoid spending too much time on

“repeating” the course material exposed in each book chapter. Both the mid-term and the final exam will be based on

the reading material as well as material covered in class.

The textbook “Entrepreneurship: successfully launching new ventures” by Bruce R. Barringer and R. Duane Ireland (4 th

edition) is available for you to be purchased on January 5th at a special reduced price of

$140.63. Also, the Case-study needs to be purchased separately by students.

Reading №1: Vernekar and Venkatasubramanian, 2010, Celebrating the Spirit of Entrepreneurship and its Role in

International Businesss, Journal of Marketing & Communication, Vol. 5, Issue 3, pp. 46-50

Reading №2: Chapter: Recognizing Opportunities and Generating Ideas, Bruce R. Barringer/Duane Ireland

Reading №3: Chapter: Feasibility Analysis, Bruce R. Barringer/Duane Ireland

Reading №4: Chapter: Preparing for and Evaluating the Challenges of Growth, Bruce R. Barringer/Duane Ireland

Reading №5: Chapter: Unique Marketing Issues, Bruce R. Barringer/Duane Ireland

Reading №6: Chapter: Industry and Competitor Analysis, Bruce R. Barringer/Duane Ireland

Reading №7: Chapter: Getting Financing or Funding, Bruce R. Barringer/Duane Ireland

Case-Study: Taking the Plunge: New Luxury Ventures

Course Policies Academic Dishonesty: According to OSU student conduct regulations, academic dishonesty is defined as an

intentional act of deception in which a student seeks to claim credit for the work or effort of another person or uses

unauthorized materials or fabricated information in any academic work. All cases of suspected academic dishonesty

will be handled in strict accordance with University and College Policies. Please refer to Office of Student Conduct

website for more information http://studentlife.oregonstate.edu/studentconduct. Students are expected to follow

University policies http://oregonstate.edu/leadership/sites/default/files/576-015_student_conduct_code.pdf and

College policies.

Disability Accommodation. Accommodations are collaborative efforts between students, faculty and Disability Access

Services (DAS). Students with accommodations approved through DAS are responsible for contacting the faculty

member in charge of the course prior to or during the first week of the term to discuss accommodations. Students who

believe they are eligible for accommodations but who have not yet obtained approval through DAS should contact DAS

immediately at 737-4098.

http://studentlife.oregonstate.edu/studentconduct

http://oregonstate.edu/leadership/sites/default/files/576-015_student_conduct_code.pdf

ba 260 syllabus

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