SYLLABUS COURSE EEE 370
Introduction to Entrepreneurship
Whitman School of Management Syracuse University Spring 2008
Section: Class Meets: Room: Instructor: 001 Tuesday/Thursday 9:30-10:50 am WSM 301
Dr. Michael Morris, Professor and Witting Chair in Entrepreneurship & Emerging Enterprises Office: Room 536 Phone: [phone] E-mail: [e-mail] Office Hours: M, T, W, Th 2- 3 pm noon and by appointment (gladly!) EEE Website: http://whitman.syr.edu/eee I. Course Overview: Welcome to the entrepreneurial revolution! EEE 370 is an introductory course intended to provide students with a solid foundation in terms of the vital role played by entrepreneurs and entrepreneurship in the 21st century global economy. In a sense, this is the cornerstone course, which is complemented at the end of your program with the capstone business plan course. During this semester, we will assess, explore, critique, and celebrate the phenomenon of entrepreneurship. Entrepreneurship is approached as a way of thinking and acting, as an attitude and a behavior. Our emphasis is on entrepreneurship as a manageable process that can be applied in virtually any organizational setting. Moreover, our interest is in sustainable entrepreneurship, or entrepreneurship over the life cycles of peoples careers, of organizations as they evolve from start-up enterprise to sizeable corporation, and of societies as they move from undeveloped to post-industrial. However, our principal focus will be on the creation of new ventures, the ways that they come into being, and factors associated with their success. This is a course of many ideas and questions, and you will be encouraged to develop and defend your own set of conclusions regarding each of these issues. It is also a course that integrates a number of different disciplines, ranging from sociology and psychology to economics, finance, marketing, and human resource management. Further, it is a course that mixes theory with practice, and you will be challenged to apply principles, concepts and frameworks to real world situations. II. Course Objectives: The course is built around a number of core objectives. By the end of the semester, you should be able to: Recognize the entrepreneurial potential within yourself and others in your environment; Appreciate the role of entrepreneurship within society, at the level of the organization, and in your own personal life;
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Understand the process nature of entrepreneurship, and ways to manage the process; Identify the many ways in which entrepreneurship manifests itself, including start-up contexts, corporate contexts, social contexts, public sector contexts, and others; Develop an appreciation for opportunity, how to recognize it, and how to evaluate it; Appraise the nature of creative new business concepts that can be turned into sustainable business ventures; Appreciate the ethical issues that are intimately intertwined with entrepreneurial activities, and develop a personal framework for managing ethical dilemmas.
III. Texts (Required): Entrepreneurship: Successfully Launching New Ventures, 2nd Edition, Bruce R. Barringer and R. Duane Ireland, Pearson Prentice Hall (2008). Readings and Case Packet (available for purchase at Folletts Bookstore) IV. Student Assessment/Evaluation: Midterm Examination Final Examination Original Concept and Business Model * Group Case Strategy (oral) ** Interview of an Entrepreneur *** Class Contribution/Participation * 20% 20% 20% 15% 15% 10%
Students will form teams (maximum of four people per team) for the purposes of coming up with an original business idea, translating the idea into a wellconceptualized business concept, and then building a business model around that business concept. This business model must demonstrate the basic market and economic feasibility of the proposed business. Please note that the students are not developing a full business plan, and the specific issues to be addressed in the business model differ from those in a full business plan. A framework for doing the analysis and writing up the business model will be presented in class. This report is due Monday, April 29.
** Students will form ten to twelve two or three-person teams for the purpose of analyzing a case. Each team will be responsible for a fifteen-minute oral presentation of their solution for one of the assigned cases. Cases will be assigned to the teams during the first week of classes. A framework for the analysis will be provided. *** Students will individually or with one partner interview an entrepreneur based on an outlined structure provided in class. Selected entrepreneurs must have ventures at least two years old with a minimum of five employees and preferably at least ten employees. This report is due the last day of class but can be turned in any time. Note: Extra credit opportunities may be made available on occasion. One of these will be the Entrepreneurship Diary that must catalogue new venture ideas that students come up with each week of the semester and characterize these ideas along a number of dimensions (see below).
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Entrepreneurship Diary: It is strongly recommended that each student begin a diary of business ideas immediately. These ideas can come from reading various business publications. They can also come from your own experiences. For example, is there a good or service that you desire but cannot readily obtain? Are there goods or services that are of poor quality or delivered poorly? Ideas can also come from friends and relatives. As you proceed through the course, you should develop the ability to judge the potential of each idea. When it comes time to produce the Original Concept and Business Model, the best ideas in your diary will be potential concepts. A framework for the Diary will be provided. V. Attendance Policy: Attendance is required. It is not an option. You are allowed two unexcused absences. If you miss more than two times, you will forfeit one letter grade (10%) in the course (the equivalent of your class participation grade). VI. Participation Policy: You are expected to come to class prepared, and play an active role in the discussions that take place during class periods. This means reading all assignments and preparing all cases in advance. The issue is the quality of your contribution more than the quantity. Participation/contribution includes asking questions, answering questions, agreeing or disagreeing with points made by the instructor or your peers, insights provided regarding the assigned cases, and examples that you bring into class of issues we are discussing. VII. Teaching/Learning Style: The course will involve a lecture format with extensive interaction between students and the instructor. The teaching style will mix theory and academic concepts with practical applications. Students will be challenged to grasp a concept or idea, relate it to other concepts, and then apply it in real-world entrepreneurial contexts. In general, case discussions and student presentations will occur on the second meeting of each week. VIII. Academic Integrity Syracuse University has adopted an academic policy emphasizing that honesty, integrity, and respect for others are fundamental expectations in our University. The Whitman School of Management requires all students who take Whitman courses to certify in writing that they have read, understand, and agree to comply with the University's Academic Integrity Policy. (The Policy is available at http://academicintegrity.syr.edu ) Whitman students should have already completed a certification statement. All other students enrolled in this course, including Management minors, are also required to complete a certification statement available in the Undergraduate Office (Suite 215). Completed statements will be kept on file in the Undergraduate Office.
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IX. Students with Disabilities/Special Needs If you are a student accommodation with needs, please be sure to register with the Office of Disability Services (ODS): 804 University Avenue, Room 309 Syracuse, NY 13244-1120 Phone: [phone] Fax: [phone] Email: [e-mail] Contact me at the beginning of the semester so that I am aware of your specific accommodations. This will help you achieve success in the course and at the university.
X. Course Structure and Reading Assignments Please note that we may at times move at a slower or faster pace depending upon class circumstances, student questions, and comprehension: Week One Jan 15 & 17 Introduction to Course and to the Nature of Entrepreneurship; Defining Entrepreneurship; What is an Entrepreneurial Mindset? The Entrepreneurial Process; Why Approaching Entrepreneurship as a Process is Central to the Course and the Concept?; An Integrative Model of Entrepreneurship Meetings One and Two: Read Barringer and Ireland, Chapter 1, Introduction to Entrepreneurship and Reading #1 in the packet (You're Not the Only One Suffering) Assigned Case: Artemis Images Week Two Jan 22 & 24 The Vital Role of Entrepreneurship in the Economy; Forces in the Environment that Facilitate and Constrain Levels of Entrepreneurship in a Society or Community; How to Encourage Greater Levels of Entrepreneurship Meeting One: Read Reading #2 in the packet (Americas Entrepreneurial Revolution Goes Global) Meeting Two: Read Reading #3 in the packet (The Environment for Entrepreneurship) Assigned Case: Eric Chang Week Three Jan 29 & 31 Who is the Entrepreneur?; Sociological and Psychological Characteristics; The Different Types of Entrepreneurs; Nature versus Nurture---Why Entrepreneurs are not Born; The Role of Individuals vs. Teams; Creativity and the Entrepreneur; Meeting One: Read Barringer and Ireland, pages 8-17, and Reading #4 in the packet (The Entrepreneurial Individual) and Reading #5 (An Interview with an Entrepreneur a sample student interview)
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Meeting Two: Read Barringer and Ireland, Chapter 9, Building a New Venture Team Assigned Case: Greg Thompson Week Four Feb 5 & 7 Understanding The Nature of Opportunity; Defining Opportunity; An Opportunity is Different from a Business Concept; Sources and Types of Opportunity; Discovery versus Search; Where are the Emerging Opportunities; Evaluating Opportunity; Factors that Undermine an Opportunity; Windows of Opportunity; Understanding the Market and the Customer Need; Meeting One: Read Barringer and Ireland, Chapter 2, Recognizing Opportunities and Generating Ideas, and Reading #6 in the packet (Successful Entrepreneurs Insights--Opportunity Recognition) Meeting Two: Read Barringer and Ireland, Chapter 5, Industry and Competitor Analysis, and Reading #7 (Opportunity Knocks or Does it Hide?) Assigned Case: John Morse Week Five Feb 12 & 14 Developing a Great Business Concept and Business Model; From Product to Business Concept (the Value Proposition); From Business Concept to Business Model; From Business Model to Business Plan; The Nature of Successful Business Concepts; Sources of Concepts; What Makes for a Good Concept; Components of a Complete Business Model; A Look at Successful and Failed Business Models; Meeting One: Read Barringer and Ireland, Chapter 6, Developing an Effective Business Model; and Reading #8 (Developing and Testing the Business Concept) Meeting Two: Read Reading #9 (Understanding the Business Model of the Entrepreneur) and Reading #10 (Sandalous a sample student business model) Assigned Case: Kazoo & Company Week Six Feb 19 & 21 Expectations about Size, Growth, Returns, and Risk; What About the Investment Model (Income, Growth, or Speculative)?; Ways of Extracting Returns from the Venture; Types of Ventures; What it Takes to Actually Start a Venture; Four Ways to Enter a Market; The Concept of Risk; Types of Risk; Assessing Risk in a New Venture; Risk and Return Meeting One: Read Barringer and Ireland, Chapter 4, Writing a Business Plan Meeting Two: Read Reading #11 (Be Careful, You May Succeed) Assigned Case: Ray Davidov and Ken Voorhies Week Seven The Economics of Start-up Ventures;
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Feb 26 & 28 Types of Costs; Breakeven Analysis; The Concept of Operating Leverage; A Simple Economic Model of the Venture; Economic Models that Make Sense and Dont Make Sense; Meeting One: Read Barringer and Ireland, Chapter 3, Feasibility Analysis, and Read Class Handout on the Economic Model Meeting Two: Read Barringer and Ireland, Chapter 8, Assessing a New Ventures Financial Strength and Viability Assigned Case: Mark Juarez Week Eight Mar 4 & 6 Mar 9 to 16 Week Nine Mar 18 & 20 Tying Concepts from the first half of the course together; Meeting One: Mid-semester review; Meeting Two: Midterm examination Spring Break Financing a New Venture; Sources of Finance; Criteria Used by Different Sources of Finance; When to Go for Which Source Meeting One: Read Barringer and Ireland, Chapter 10, Getting Financing or Funding, and Reading #12 (Money Sources for Entrepreneurs) Meeting Two: Read Reading #13 (Bootstrap Finance: The Art of Start-ups) Assigned Case: Sally Corbin Week Ten Mar 25 & 27 Valuation and Deal Structure; Placing a Value on a Business and Why it Matters in Entrepreneurship; Approaches to Valuation; Quantitative and Qualitative Issues; Purchasing a Business Meetings One and Two: Read Reading #14 (How to Evaluate a Firm) and Reading #15 (Valuation Techniques) Assigned Case: Zazzle Interview of an Entrepreneur due Monday, March 31 Week Eleven Apr 1 & 3 Innovation, Technology and the Entrepreneur; Disruptive vs. Sustaining Technologies; The Technology Life Cycle; Four Technology Decisions the Entrepreneur Must Make; Understanding Key Issues In Innovation and New Product/Service Development Meeting One: Read Barringer and Ireland, Chapter 12, The Importance of Intellectual Property, and Reading #16 (The Innovators Dilemma) Meeting Two: Read Reading #17 (The Search for Opportunity)
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Assigned Case: Week Twelve Apr 8 & 10 Intellifit
Marketing, Strategy, and the Entrepreneur; How Marketing Evolves in Start-up Firms; The Marketing Mix; Product Strategies; Setting Your Prices; The Unique Selling Proposition; Crafting a Communications Approach; The Guerrilla Marketing Concept; Setting Up Distribution Meeting One: Read Barringer and Ireland, Chapter 11, Unique Marketing Issues Meeting Two: Read Reading #18 (Guerrilla Tactics) and Reading #19 (Guerrilla Tactics to Get Your Word on the Street) Assigned Case: Proactiv
Week Thirteen Apr 15 & 17
Setting Up Operations; Legal Issues with a New Venture; Growing the Venture; Understanding your Operating Model; Capacity, Quality, Consistency, Bottlenecks and Service; Forms of Organization; Franchises, Bankruptcy and Other Issues Surrounding Failure; Desire for Growth and Ability to Manage Growth; Meeting One: Read Barringer and Ireland, Chapter 7, Preparing the Proper Ethical and Legal Foundation, and Chapter 15, Franchising Meeting Two: Read Barringer and Ireland, Chapter 13, Preparing For and Evaluating the Challenges of Growth Assigned Case: 1 800 Got Junk
Week Fourteen Apr 22 & 24
Growth, Harvesting and Exit; Ethical Issues and Entrepreneurs Why Entrepreneurs are not always Great Managers; The Concept of Organizational Life Cycles; Family Business Issues; Exit Strategies; What about Ethics?; Unique Ethical Challenges in Entrepreneurship; Where is Your Ethical Reference Point? Meetings One and Two: Read Barringer and Ireland, Chapter 14, Strategies for Firm Growth and re-read Barringer and Ireland Chapter 7, Preparing the Proper Ethical and Legal Foundation, and Read Reading #20 (Personal Ethics and the Entrepreneur) Assigned Case: Jessica Wallace
Week Fifteen Apr 29
Class Wrap up Extra Credit Assignment due Friday, April 25 Original Concept and Business Model due Monday, April 29
Final Examination Schedule TBA
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