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Saturday, August 13, 2011

Enterpreneurship

Schedule
Detailed Class Schedule
1 GETTING STARTED [Engel]
Learning Objectives:
Gain an understanding of what ‘high potential’ entrepreneurship is and how the process works
Gain a thorough understanding of course requirements
Distribute questionnaire on student backgrounds and interests
The business plan: Criteria, Oral Presentation as a Pitch
View Start-up.com, a film by Chris Hegedus and Jehane Niujaim, distributed by
Artisan Home Entertainment
Discussion Questions:
1. Correlate the film to the course syllabus. What key topics were addressed?
2. Given the times – What do you think of their opportunity assessment?
3. What are the key issues raised by the film? Prepare a brief list.
2 OPPORTUNITY RECOGNITION [Engel]
Recognizing and Evaluating Opportunities
Learning Objectives:
Develop an understanding of criteria for evaluating business opportunities
Develop a framework for opportunity assessment
Evaluate a business proposal
Case: Intellipost, Inc. Business Plan
Discussion Questions:
Describe and evaluate the core value proposition.
Assuming you had reasonably attractive alternatives, would you choose to pursue this as part of
the founding team? Why?
Does this team have what it takes to achieve it? Strengths, weaknesses, remedial needs?
What are the greatest hurdles to implementation, assuming a reasonable amount of
capital is available?
What would you do in the first 30-60 days?
Required Readings:
Timmons, “The Entrepreneurial Revolution”, Chap. 1, in New Venture Creation (NVC)
Timmons, “The Entrepreneurial Process”, Chap. 2 in NVC
3 Lester Center for Entrepreneurship and Innovation
Haas School of Business
University of California, Berkeley
Stevenson, “A Perspective on Entrepreneurship” in The Entrepreneurial Venture (TEV)
Bhide, “Developing Start-up Strategies” in TEV
Supplemental Readings:
Stevens and Gumpert “The Heart of Entrepreneurship”
Harrell, Inc. “Entrepreneurial Terror”
Timmons, “Myths About Entrepreneurs”
Brokaw, Inc. “Where Great Ideas Come From”
Kaplan, “Developing Ideas and Business Opportunities”, pp. 19-51 in Patterns of
Entrepreneurship
View Start-up.com, a film by Chris Hegedus and Jehane Niujaim, distributed by
Artisan Home Entertainment
Deliverable: #1 student questionnaire: new venture ideas for class project
Berkeley Entrepreneurs Forum, (optional)
3 BUSINESS MODELS [Danner]
The Next BIG Thing – Evaluating Your Teams’ Ideas
Learning Objectives:
Sharpen understanding of Market dynamics and business opportunity
Understanding the implications of the Internet to business opportunity assessment
Evaluate when technologies have the opportunity to be ‘disruptive’
Case: Preview Travel
Required Readings: None
Timmons, “The Opportunity: Creating, Shaping, Recognizing, Seizing”, Chap. 3 in NVC
Timmons, “Screening Venture Opportunities”, Chap. 4 in NVC
Slywotsky, “Market Share is Dead”, Chap. 1 in The Profit Zone
Slywotsky, “the Profit Zone Handbook”, Chap. 15 in The Profit Zone
Supplemental Readings:
Gosh, “Making Sense of the Internet” in TEV [Instructors Note: Good Study questions]
Bhide, “The Questions Every Entrepreneur Must Answer” in TEV
Bhide, “How Entrepreneurs Craft Strategies that Work”
Andrews “The Concept of Corporate Strategy”
Ghemawat, “Sustainable Advantage”
Porter, Chapter 1, Competitive Strategy
Bhide, “The Road Well Traveled” in TEV
Deliverable #2: Preliminary identification of the concept for the business plan and
team composition
4 BUSINESS MODELS [Engel]
Learning Objectives:
Explore different ways of approaching the ‘same’ business
Searching for ‘fit’ – Business model analysis
Case: Technology Data Corp.
4 Lester Center for Entrepreneurship and Innovation
Haas School of Business
University of California, Berkeley
Required Readings
Timmons, “Entrepreneur and the Continuing Internet Revolution”, Chap. 5 in NVC
Timmons, “Franchising”, Chap. 6 in NVC
Supplemental Readings:
HBS “Note on Business Model Analysis For The Entrepreneur”
5 MARKETING and POSITONING [Danner]
Learning Objectives:
Understand Customer Discovery and Validation
Understand How the Customer Development Process effects the business plan
Case: Bang Networks A&B
Required Readings:
Heinman and Sanchez, The New Strategic Selling, Chap. 1-5
Wilson, Guerilla Selling, p. 1-19
Supplemental Readings:
6 BUSINESS PLANS AND FINANCIAL REQUIREMENTS [Engel]
Learning Objectives:
Gain an understanding of the elements of the BP.
Understand the implications of Business Model on Financial Requirements.
Understand how to do financial requirements analysis, determining how much $$ your venture
needs and when.
Cases: Truckit.now
NextTV
Discussion Questions:
Truckit.now
What are the most important elements of the Truckit.now business plan?
How much money does this venture require to achieve operating break-even?
What are the key drivers that affect the capital required? What are the key assumptions?
Which assumptions or key variables would you use in doing scenario of sensitivity analysis?
How much money do you recommend they raise in their first round of venture capital? Why?
NextTV
What do you think of the business opportunity?
What various business models can you identify for this opportunity?
Which business model do you think is best?
How much money do you think this venture will require?
How would you suggest they finance it?
Required Readings:
Timmons, “Resource Requirements”, Chap. 11 in NVC
Timmons, “The Business Plan”, Chap. 12 in NVC
Supplemental Reading:
Gumpert, "What is a Business Plan and Why Should I Write One?"
Sahlman, “Some Thoughts on Business Plans” in TEV
5 Lester Center for Entrepreneurship and Innovation
Haas School of Business
University of California, Berkeley
Rich & Gumpert, “How to Write a Winning Business Plan” in TEV
Stancill, “How Much Money Does Your New Venture Need?”
Sahlman, “The Financial Perspective: What Should Entrepreneurs Know?” in TEV
Deliverable #3: Preliminary draft of Opportunity section of the Business Plan and supporting
power points
UC Berkeley Entrepreneurs Forum (optional)
7 THE ENTREPRENEURIAL TEAM: Assembling the Team [Danner]
Learning Objectives:
Understand central issues about organizing a founding team
Recruiting strategies for key hires in the early stages of new venture development
Compensation design for new ventures
Strategies for leveraging advisors and consultants
Guest Lecturer: Christopher Keene
Case: “Michigan Lighting”
Required Readings:
Timmons, “The New Venture Team, “ Chap. 9 in NVC
Collins, “Who First, Then What”, Chap. 3
Supplemental Readings:
R Reich, “Entrepreneurship Reconsidered: The Team as Hero” in TEV
Timmons, “Compensation Incentives in High Potential Ventures”
Timmons, “The New Venture Team”
Collins, “On Effective and Ineffective Teams”
Opportunity Section presentations, 5 minutes, 4 power point slides max. [First set of teams]
8 Legal/IP/ Entity selection/Product Liability/Risks/Ethics [Danner]
, Fenwick and West
Learning Objectives:
Understand the key legal issues of founding a business, protecting intellectual capital, having
employees, dealing with contractors and service providers, leasing offices and equipment, and
raising money
Case: Palm Computing (A)
Required Readings:
Supplemental Readings:
9 FINANCE: Building a financial Strategy [Engel]
Learning Objectives:
How to build a financial strategy for a new venture
Angel and alternative equity sources – gain an understanding of how it differs and works with
institutional venture capital
Case: Neverfail
6 Lester Center for Entrepreneurship and Innovation
Haas School of Business
University of California, Berkeley
Required Readings:
Timmons, “Entrepreneurial Finance”, Chap. 13 in NVC
Timmons, “Obtaining Venture and Growth Capital”, Chap. 14 in NVC
Supplemental Readings:
Bhide & Stevenson, “Attracting Stakeholders” in TEV
Bhide, “Bootstrap Finance: The Art of Start-Ups” in TEV
Salzman and Doerr, “The Venture Financing Process”
10 FINANCE: Venture Capital [Engel]
Learning Objectives:
Venture capital and how it works – gain an understanding of the structure of the industry,
attributes of appropriate investments, and expected rates of return.
Develop strategies for incrementally building an appreciating equity base
Understand how to structure an angel investor or Venture Capital deal
Case: Jon Hirschtick’s New Venture
Discussion Question:
How should John structure the financing of his venture? How much money, when?
How many rounds? What type of investors?
Required Readings:
Timmons, “the Deal – Valuation, Structure and Negotiation”, Chap. 15 in NVC
Supplemental Readings:
Case and O'Grady, “An Overview of Venture Capital”
Bagley and Dauchy, “Venture Capital” in TEV
UC Berkeley Entrepreneurs Forum (optional)
11 MID-TERM PRESENTATIONS [Engel and Danner]
Mid term in class presentations (10 minutes, 10 power point slides max.)
Deliverable #4: Preliminary draft of partial business plan including opportunity assessment,
marketing and customer acquisition and financial requirement elements of the plan.
12 EXIT AND HARVEST [Engel]
Learning Objectives:
Gain an understanding of the process of going public
Consider the benefits and detriments of achieving liquidity through sale or merger
Gain an appreciation of an investors perspective of various liquidity alternatives
Cases: Amazon.com Going Public
Discussion Questions:
1. Why did Jeff Bezos choose books as an initial category for launching his new company?
2. What is the business model for Amazon.com? How does their business model differ from
that of Barnes & Noble or Borders? How would you value Amazon.com?
7 Lester Center for Entrepreneurship and Innovation
Haas School of Business
University of California, Berkeley
3. Should Amazon.com go public? Why or why not?
4. What are the plausible scenarios for the period leading up to a final pricing meeting, which
typically takes place the night before an IPO? How should management respond to these
scenarios (e.g., is there a price below which Amazon.com should not go public?)
5. What should Joy Covey, the CFO do?
Required Readings:
Timmons, “The Harvest and Beyond”, Chap. 19 in NVC
Supplement Readings:
Bagley and Dauchy, “Going Public” in TEV
Sahlman, “Why Sane People Shouldn't Serve on Public Boards” in TEV
Marver, “Planning the Business for a Future Initial Public Offering
13 FROM BUSINESS PLAN TO REALITY: A TALE OF TWO COMPANIES [Engel and Danner]
Learning Objectives
Understand how different business models and strategies get implemented
Consider the issues of women in leadership
Consider the unique circumstances of BioEntrepreneurship
Required Readings:
None
Supplemental Readings:
None
14 Managing Growth [Engel ]
Learning Objectives:
Investigate how ethical questions effect entrepreneurial strategy and implementation
Understand the challenges of growing the entrepreneurial enterprise, from start-up through the
complet entrepreneurial arc
Required Readings:
Timmons, “Personal Ethics and the Entrepreneur”, Chap. 10 in NVC
Timmons, “Managing Rapid Growth – Entrepreneurship Beyond Start-up”, Chap. 17 in NVC
Supplemental Readings:
Roberts, “The Challenge of Growth” in TEV
Bhidé, “Building the Self-Sustaining Firm” in TEV
Roberts, “Managing Transitions in the Growing Enterprise” in TEV
UC Berkeley Entrepreneurs Forum – UC Berkeley Business Plan Finals REQUIRED
15 DEVELOPING A PERSONAL ENTREPRENEURSHIP STRATEGY [Engel and Danner]
Class Mentors
Learning Objectives:
Integrate what we have learned about collaborating on an entrepreneurial team
Required Readings:
Timmons, “Crafting a Personal Entrepreneurial Strategy”, Chap. 20 in NVC
Course Evaluations
Deliverable #5: Business plans due to instructors via e-mail, plus 6 physical copies
8 Lester Center for Entrepreneurship and Innovation
Haas School of Business
University of California, Berkeley
16 Oral Presentations

1 comment:

Anonymous said...

Appreciate your patience and brilliant write up!
Objectives Resumes