EB 191 – Entrepreneurship & New Venture Development
Spring Semester 2018
Adams, Room 216
Wednesdays, 3:15 – 6:30 pm
Mr. Rick Ifland
Chair, Department of Economics and Business
Director, Eaton Center for Entrepreneurship and Innovation
Department of Economics and Business
PHONE: (859)227-4134 / FAX: (805)565.7284
Deane Hall Room 110
I. INTRODUCTION AND COURSE DESCRIPTION
The course is not a normal 16-week excursion into the contemporary field of entrepreneurship and new venture development. Instead of developing new ventures to hopefully make money or even to win local, regional or national competitions, we will create business plans for products and services that will address some of the world’s biggest problems and society’s deepest needs. We will explore various aspects of entrepreneurship, including but not limited to a general survey of the values, ethics, principles and philosophy of entrepreneurship and the manner by which new ventures are envisioned, developed and unleashed in the competitive marketplace. Topics include:
Describing the entrepreneur
Elaborating company vision and mission
Acknowledging the role of innovation in emerging companies
Organizing and communicating a professional business plan
Understanding the principles of entrepreneurial finance and venture funding
Articulating entrepreneurial ethics
Valuing the tenets of socially responsible entrepreneurship
The study of entrepreneurship and new venture development is comparatively novel as a distinct field of scholarship, yet the role of the entrepreneur and the development of new ventures are both precepts of a fundamentally and historically capitalistic economic base. The motivation of contemporary entrepreneurs for wealth creation via economic enterprise introduces many possible dilemmas for the businessperson who also has a personal faith in Christ and biblical values. Students will examine the basic principles of this exciting field from a distinctly Christian worldview and then put that view into practice by creating business plans to solve some of the world’s biggest problems and society’s deepest needs. This perspective will introduce numerous questions about property ownership, stewardship of financial resources, personal ambition and initiative, and balancing the allegiance and obligation of disparate stakeholders. The primary purpose of the course is two-fold: first, to gain an understanding of entrepreneurial ventures; and second, to explicitly recognize how one’s personal faith and worldview relates to entrepreneurial processes and how it can have eternally significant value to those in need.
Within the broader mission of Westmont as a Christian liberal arts college, the course will specifically seek to address local and global diversity issues as they relate to entrepreneurship. The assignments and presentations (based upon the readings, lectures and class discussions) will help students further develop, thoughtfully and ethically, both strong written and oral communication skills and how to use the role of technology in this learning process.
This course is designed to expose students to a full range of issues and problems related to the person of the entrepreneur and the pursuit of new venture development from a global framework. Class time will be used to introduce and explain new material, to engage students in interactive dialogue about the contemporary issues related to the presented material, and to develop a comprehensive business plan. Throughout the semester, students will have numerous opportunities to put their new knowledge into practice, including:
Creating a comprehensive business plan for a start-up venture
Preparing a PowerPointTM presentation of the business plan and presenting it in class
Writing succinct Executive Summaries on the week’s readings
Researching and writing position papers on contemporary entrepreneurial issues
Students who invest time and energy in the class and come prepared each week should finish the term with a working philosophy of global entrepreneurship and new venture development that can be used to better understand entrepreneurs and perhaps even provide guidance for their future endeavors.
II. COURSE LEARNING OUTCOMES In addition to the descriptions and aspirations described above, certain specific skills and knowledge (or “outcomes”) should be evident by the end of the course. This course is designed to (i) expose students to a full range of issues and problems related to the economics and business major and (ii) integrate faith into our business life as students begin to marry their learning into a robust engagement with the marketplace. Class time will be used to introduce and explain new material, to engage students in interactive dialogue about the contemporary issues related to the presented material, and to develop a comprehensive worldview about economics and business from a Christian perspective. Throughout the semester, students will have numerous opportunities to put their new knowledge into practice.
Because this course is one part of your broader Westmont education, those outcomes have connections to that broader education. This course is part of the economics and business major, so it will contribute to your achieving some of the outcomes of that program as well. You can see the connections between the course, GE requirements, and the economics and business program in the information presented below.
EB-191 and General Education
This course fulfills Westmont’s General Education requirements for Thinking Globally and Writing Intensive course within a Major. Students will identify a specific economic challenge related to poverty in the world that a non-profit organization is struggling to achieve. Engaging in research and consultancy, a culturally appropriate solution will be analyzed and proposed to help the non-profit achieve its objective. Identifying the root causes of the world’s poverty challenges, inequities, and inter-religious issues, a thoughtful Christian-based response can be formulated. Specifically, students identify a global issue and engage that issue with the executive director or person in charge. A consultancy plan is then developed, shared and presented both to the person in charge and to the class. Because written communication is so important to executing a successful business/consultancy plan, students will complete several writing assignments throughout the course including fourteen weekly Executive Summaries based on assigned readings, two Editorial Position papers, one take home Midterm written examination based on the first half readings, concepts, models, and personal research, one take home Final examination based on second half readings, concepts, models, and personal research, and a group project that will develop a written comprehensive Business Consultancy Plan. These written assignments will equip you to organize and present a clear central message, insightful arguments, and introduce relevant and applicable supporting material.
GE Student Learning Outcome
Upon completion of this course, students will articulate creative, culturally informed, and economically viable responses to economic challenges in a different region of the world. In addition, students will be able to communicate succinctly and professional in written form for a variety of business purposes and to a wide range of audiences.
Economics and Business Program Learning Outcomes Core Knowledge. Students will demonstrate knowledge of the main concepts, skills, and facts of the dual disciplines of economics and business and will exhibit active intellectual engagement in and application of core economic theories and business practices.
Communication Skills. Students will be able to communicate business ideas and economic theories and terms following the standard conventions of writing or speaking in the discipline via oral presentation of the developed business plan and presenting it in class.
Research Competency. Students will display an understanding of the research process and appropriate application of various technologies and research methodologies within Economics and Business.
Christian Synthesis. Students will make evident the intersection of their skill and knowledge in economics and business with a deep understanding of how their faith informs their vocation and decision-making about their vocations as followers of Christ.
EB-191 Learning Outcomes
Upon completion of this course, students will be able to:
demonstrate knowledge of the main concepts, skills, and facts of entrepreneurship and new venture development and will exhibit active intellectual engagement in and application of core entrepreneurial theories and innovative practices. (PLO #1);
communicate entrepreneurial ideas and innovative theories following the standard conventions of writing or speaking in the discipline via oral presentations of business plans and weekly written executive summaries (PLO #2);
develop research competency via researching and writing position papers on contemporary entrepreneurial issues and performing due diligence on a specific industry (PLO #3); and
make evident the intersection of their skill and knowledge in economics and business with a deep understanding of how their faith informs their vocation and decision-making about their vocations as followers of Christ via investigating some of the world’s deepest needs and identifying prospective solutions to those needs (PLO #4)
III. REQUIRED READINGS Specific readings are listed in Sections VI of this document. Each week there is a series of main readings, including the Bible. All items listed in blue are assignments due at the beginning of that class period.
Chan, Kim W. and Mauborgne, Renee, Blue Ocean Shift, 2017. Hachette Books.
Drucker, Peter F., Innovation and Entrepreneurship, Practices and Principles, 1985. Harper & Row, New York.
Ries, Eric. The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses, 2011. Crown Publishing Group, New York.
Thiel, Peter and Masters, Blake, Zero to One: Notes on Start-Ups, or How to Build the Future, 2014. Crown Publishing, New York.
All of the following are Harvard Business Review articles:
a. How to Write a Great Business Plan
by William A. Sahlman, HBR July-August 1997 (reprint 97409)
b. HBR's List of Audacious Ideas for Solving the World's Problems
by various authors, HBR January-February 2012 (reprint R1201B)
c. The For-Benefit Enterprise
by Heerad Sabeti, HBR November 2011 (reprint R1111F)
d. It’s Hard to be Good
by Alison Beard and Richard Hornik, HBR November 2011 (reprint R1111E)
e. Surviving Disruption
by Maxwell Wessel and Clayton M. Christensen, HBR December 2012 (reprint R1212C)
f. 10 Rules for Managing Global Innovation
by Keeley Wilson and Yves L. Doz, HBR October 2012 (reprint R1210F)
g.What Entrepreneurs Get Wrong
by Vincent Onyemah, Martha Rivera Pesquera and Addul Ali, HBR May 2013 (reprint 1305D)
h. Why the Lean Start-Up Changes Everything
by Steve Blank, HBR May 2013 (reprint R1305C)
i. Accelerate! How the most innovative companies capitalize on today's rapid-fire strategic challenges - and still make their numbers
by John P. Kotter, HBR November 2012 (reprint R1211B)
j. Innovation Risk, How to make smarter decisions
by Robert C. Merton, HBR April 2013 (reprint R1304B)
k. 6 Myths About Venture Capitalists
by Diane Mulcahy, HBR May 2013 (reprint R1305F)
l. How to Negotiate with VC's
by Deepak Malhotra, HBR May 2013 (reprint R1305F)
IV. COURSE REQUIREMENTS Weekly Class Structure Each week the seminar will consist of three sections during our three hours together.
Section One (~3:15-4:10): A lecture on new material from the readings and other sources
Section Two (~4:20-5:10): A hands-on discussion of the readings and other sources
Section Three (~5:20-6:30): Teamwork on business plan development
Attendance/Participation. The value of this class lies as much in learning to apply the course concepts to real world scenarios as in the concepts themselves. Therefore, a portion of this course and its success depends heavily on the quality of class discussion. Preparation for class involves reading the materials and working through, in some detail, the readings in advance. Assigning a grade to class discussion will focus primarily on the quality of your input; however, it usually takes at least some quantity of participation for us to make that evaluation. Specifically:
Are the points made relevant to the discussion?
Do they go beyond a mere recitation of case facts, and are implications clearly drawn?
Is there evidence of analysis rather than just the expression of opinion?
Are the comments linked to those of others?
Did the contribution further the understanding of the issues?
Students are expected to attend all classes. There simply is no good substitute for being in class. Thus there is no “make-up” for a missed Executive Summary on Readings or answers to question(s). If you will be absent or tardy for any reason, please notify your professor in advance at firstname.lastname@example.org. Because we meet just once per week, one unexcused absence is permitted without having a negative effect on the course grade.
Weekly Executive Summaries on Readings (20%)
It is absolutely imperative to stay on track with the reading schedule posted in the course outline in Section VI. Students will complete a one page1 Executive Summary of each week’s readings, synthesized into the key points and specific topics, in preparation for discussion and interaction with the professors and colleagues. Only occasionally should an Executive Summary exceed one page. In no case should it exceed two pages. There are NO make-ups available for the Executive Summaries.
Editorial Position Papers (10%)
Students will write two short (~two‑page)2 position papers revealing their thoughts on entrepreneurship and new venture development in developed countries (often as a tool of capitalism) versus developing countries (often as a tool for missions). What are the similarities? What are the differences? Should there be similarities or differences? Why or why not? The first paper will be due on Week 4 and will provide each student an early-stage opportunity to explore basic/core tenets of entrepreneurship and new venture development from both standpoints as introduced during the first few class lectures and by reading the accompanying chapters and articles. The second paper will be due on Week 12 and will provide an opportunity to revisit the assignment, hopefully from a more informed position. These position papers are highly editorial in content yet must include citations drawn from the various readings and class lectures.
Midterm Examination (15%)
This take-home editorial essay covers all the readings, terminology, concepts, and models from the first half of the semester. The student will be asked to respond to one or more questions and can use any of the course material (readings, lectures) to support their answer(s). This paper will be at least four pages in length, citations inclusive.3 Business Plan (15%)
Seven (7) teams of approximately four (4) students each will identify a significant problem or need in the world, then set about discovering a unique, novel business solution to the problem or need. Students will perform due diligence and write a comprehensive business plan, including but not limited to developing a succinct Executive Summary, performing industry and market research, creating pro-forma financial statements, assessing both the cultural and competitive environment, identifying and introducing the executive team and the Board of Directors, and stating the reasons why their product or service, at this particular time, is the best viable solution.
PowerPointTM Presentation of Business Plan (10%)
The Business Plan team will then present their findings, in class, via a verbal presentation and be subjected to questions from students and panelists, defending their conclusions with empirical data, anecdotal and cultural information, and comparisons to other attempts at solving the identified problem or need.
Final Examination (20%)
This take-home editorial essay covers the readings, terms, concepts, and models from the second half of the semester. The student will be asked to respond to one or more questions and can use any of the course material (readings, lectures) to support their answer(s). This paper will be at least six pages in length, citations inclusive.4
V. EVALUATION AND GRADING
GRADING: All requirements will be graded based on the Westmont College grading scale (see the Westmont Catalog). An “A” is given only to truly exceptional work, a “B” for a genuinely superior performance, a “C” for good quality work product, and so on. The numeric grade point average (GPA) equivalent scale is used for all work.
Exceptional: A+, A or A‑ and a GPA between 3.50 and 4.00
Superior: B+, B, or B‑ and GPA between 2.50 and 3.50
Good: C+, C, C- and a GPA between 1.50 and 2.50
Poor quality: D+, D, D and a GPA between 0.50 and 1.50
Unacceptable: F receives less than a 0.50 GPA
Grades will be determined by performance in class, on essays, on the group project and on exams. In addition, your performance will be evaluated on the consistency of your attendance, your achievement on assignments, and your participation in class (especially the quality of your participation).
Attendance/Participation/Oral Briefings: 10%
Weekly Executive Summaries on Readings: 20% (top 10 of 12)
Editorial Position Papers: 10%
Midterm Exam: 15%
Business Plan 15%
PowerPointTM Presentation of Business Plan 10%
Final Exam: 20%
VI. COURSE SCHEDULE Note: All items listed in blue are assignments due at the beginning of that class period.
Week 1: Introducing Entrepreneurship and New Venture Development
(i) Proverbs 1-2
Introduction to the course, projects, exams, papers and syllabus review
Discussion on “What is an Entrepreneur?”
Understanding New Ventures
Understanding the Entrepreneurial Mindset
Week 2: Writing the Business Plan | Understanding the Challenges of the Future
An Overview of the Business Plan, Executive Summary and Its Contents
Deane Hall Room 110
I will be holding regular office hours by appointment only, usually from 2-3 pm on Wednesdays and Thursdays. A few times in the semester, I will also hold Extra Help sessions. These additional sessions are designed to be informal settings in which students facing difficulty with concepts can ask questions in a relaxed environment. In these sessions, basic questions will be tackled first; only after all these questions are answered will more advanced questions and topics be addressed. Attending these sessions is completely optional.
VIII: DISABILITY SERVICES Students who have been diagnosed with a disability are strongly encouraged to contact the Office of Disability Services as early as possible to discuss appropriate accommodations for this course. Formal accommodations will only be granted for students whose disabilities have been verified by the Office of Disability Services. These accommodations may be necessary to ensure your equal access to this course.
Please contact Sheri Noble, Director of Disability Services. (310A Voskuyl Library, 565-6186, email@example.com) or visit the Westmont College website for more information here: https://classic.westmont.edu/_offices/disability. The Office of Disability Services is located in Voskuyl Library rooms 310A and 311.
IX. ACADEMIC INTEGRITY STANDARDS
Academic integrity. Westmont College is committed to the highest standards of academic honesty. Please reflect this commitment in your work: avoid cheating, falsification, and plagiarism. Westmont College’s policies on academic integrity and plagiarism are available on Eureka; please take time to read these policies thoroughly. If you plagiarize, cheat on, or falsify any work in this class, you will receive a 0 for the assignment, and in the case of a severe offense, a report will be filed with the Provost. Repeated offenses may result in failure of the course. Academic dishonesty is a serious matter so please refrain.
Plagiarism. Please see the provost’s page on the Westmont website for detailed information on plagiarism: https://classic.westmont.edu/_offices/provost/Plagiarism/PlagiarismStudentInformation.html for more information. To avoid plagiarism, be sure to cite anything you take from someone else – quotes, phrases, words, facts, theories, ideas – even if the instructor may know what source is being used. If you did not think it, please do not take credit for it. When in doubt, provide citations. In written work, cite your sources in an acceptable style (MLA, APA, etc.), and provide a ‘Works Cited’ list for each assignment.
X. LIBRARY RESOURCES
Westmont librarians are available to help you. You can go to the Research Help Desk in the library for help with research for your assignments. You can also can set up an appointment with the librarian who serves your academic department . To identify a specific librarian and to find subject-specific resources, consult the library’s research guides at libguides.westmont.edu.
XI. ADDITIONAL/RECOMMENDED READINGS These readings extend the concepts presented in class and are meant for future use for the student desiring additional information or contemplating business school or law school:
Barringer, Bruce R. and R. Duane Ireland, Entrepreneurship, Successfully Launching New Ventures (4th Edition). Upper Saddle River, New Jersey: Pearson (Prentice Hall), 2012.
Christensen, Clayton M., The Innovators Dilemma, When New Technologies Cause Great Firms to Fail. Boston: Harvard Business School Press, 1997.
Collier, Paul. The Bottom Billion, Why the Poorest Countries Are Failing and What Can Be Done About It. Oxford: Oxford University Press, 2007.
Drucker, Peter, 2008. The Five Most Important Questions You Will Ever Ask About Your Organization. Jossey-Bass.
Easterly, William, The White Man's Burden, Why the West's efforts to aid the rest have done so much ill and so little good, 2006. The Penguin Press, New York.
Hambrick, D. and J. Fredrickson, “Are You Sure You Have a Strategy?” Academy of Management Executive, Nov 2001.
Kim, W. Chan and Renee Mauborgne, Blue Ocean Strategy, How to Create Uncontested Market Space and Make the Competition Irrelevant. Boston: Harvard Business School Press, 2005.
Senge, Peter M., The Fifth Discipline, The Art & Practice of The Learning Organization. New York: Currency (Doubleday), 1990.
Spence, Michael. The Next Convergence, The Future of Economic Growth in a Multispeed World. New York: Picador, 2011.
Stiglitz, Joseph E., The Price of Inequality, How Today’s Divided Society Endangers Our Future. New York and London: W.W. Norton & Company, 2013.
More books, articles, videos and websites to be recommended throughout the semester
SAMPLE EXECUTIVE SUMMARY
(from Executive Leadership class) GBeebeEB140ES1of14
OVERVIEW Hiefetz and Laurie identify six principles for leading adaptive work: “getting on the balcony”, identifying adaptive challenges, regulating distress, maintaining disciplined attention, giving the work back to the employees, and protecting leadership voices from below. Their model for leadership goes against conventional understanding and is counter-intuitive at points where they encourage leaders to restrain from enacting solutions in order to provide learning opportunities for others. Rooke and Torbert relay their model for understanding leadership in terms of “action logic”, which describes the various modes about how leaders interpret and react to the nature and changes of their environment. They describe seven types of action logic, listing and ranking them accordingly as Opportunist, Diplomat, Expert, Achiever, Individualist, Strategist, and Alchemist.
SYNTHESIS Hiefetz and Laurie outline a challenging commission for leaders and claim that the crux of good leadership is to equip—rather than control—employees. They argue that the most difficult task that a leader may face is to mobilize employees to conform to and embrace change. In leadership, the focus of problem solving amidst adaptive change should be on people and leaders must have a broad perspective on how each moving piece affects the trajectory of the whole company. Hiefetz and Laurie also suggest that dissention should be viewed as potentially constructive and enhancing to a business and its goals; disagreement should not be written off before being fairly considered. This is a rather provocative approach to leadership since it focuses heavily on equipping employees for self-discovery and assumes turbulence. This model may work best in rapidly changing and innovative industries but may not serve well in stable and consistent contexts. Rooke and Torbert explore the various temperaments of their seven-type model of leadership. They classify Opportunists, Diplomats, and Experts as harmful to overall performance and accomplishment, while Achievers, Individualists, Strategists, and Alchemists are progressively stronger approaches to leadership. Rooke and Torbert’s model hinges on how a leader understands themselves and those around them. Alchemists are considered the pinnacle of leadership and tend to stimulate social changes while leading their organizations through increased significance and growth. Rooke and Torbert insist that leaders are capable of upgrading their action logic to more developed temperaments, which will then position them for success.
KEY TAKE-AWAYS The course readings have presented many different models for understanding the role of a leader and selecting the best road for the pursuit of excellence. An understanding of leadership must begin with a robust understanding of a company’s personality, industry conditions, and how specific people operate and learn best. Then a leader is equipped to act swiftly and wisely in their context, affect successful growth, and implement change that propels a company to sustained long-term success.
FAVORITE VERSE AND WHY This should be a personal reflection about how the verse relates to your life.
1 Single-spaced, normal margins, one-line title, 12-point Cambria font submitted electronically prior to class. The page will be titled “(first initial)(last name)EB191ES(week number)of11”. For example, if your name is Gayle Beebe and this is your second ES, it would read GBeebeEB191ES2of11.
2 Single-spaced, normal margins, one-line title, 12-point Cambria font submitted electronically prior to class. The paper will be titled “(first initial)(last name)EB191EPP[1of2]” or [2of2] depending on the paper. For example, if your name is Gayle Beebe and this is your first EPP, it would read GBeebeEB191EPP1of2.
3 Single-spaced, normal margins, one-line title, 12-point Cambria font submitted electronically prior to class. The paper will be titled “(first initial)(last name)EB191MidtermExam”. The paper cannot exceed six pages.
4 Single-spaced, normal margins, one-line title, 12-point Cambria font submitted electronically prior to class. The paper will be titled “(first initial)(last name)EB191FinalExam”. The paper cannot exceed six pages.