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    Entrepreneurship & Corporate Venturing

    EEE 620/MAR 620

    FALL 2006

    From Entrepreneurship: Strategies & Resources

Why do entrepreneurs need a theory of entrepreneurship? Because it enables its users to be efficient.

    Efficiency for the entrepreneur means recognizing what kinds of information are helpful and knowing

    where it can be obtained…Therefore, an entrepreneur with a good theory of how entrepreneurship works

    is more likely to be practical and efficient. This is crucial because entrepreneurship can be expensive.

    Real-time failures cost money and the irreplaceable time of many people as well as their hopes and

    reputations. There are thousands of opportunities for entrepreneurship, but we cannot try them all.

    Which will we pursue? By employing a good theory, we can think about all of the problems and issues

    of new venture creation with out having to start business after business to see what works and what does

    not work. P. 25.

    From The Venture Imperative: A New Model for Corporate Innovation

    Corporate ventures may be the most promising mechanism for corporate growth. In either a rising or

    declining economy, a company can find no better way to reignite an aging corporate strategy. There is no

    more direct way for any company to reach into the world of technologyincluding access to ideas,

    talent, and products. That is why businesses must learn to “do” innovation well. Their goal should not be

    merely to get lucky. The large, diversified company must learn to create a structured innovation

    competency that is continually fueling new ideas, products, and businesses that are relevant to the

    company’s overall industry. Ideally, innovation becomes a core element of corporate strategy to pursue

    both top and bottom line growth. p. 7.

    From Beyond Entrepreneurship You too can build a company that stands for something, that sets a standard, not only for performance,

    but also of values. You too can build an organization that rises above the fray and shows by its success

    that greatness & fundamental decency and respect go hand-in-hand. You too can build a company that

    you can look back on at the end of your life, and say, ‗I'm proud of what I'm leaving behind, and I

    respect myself for the way I‘ve gone about doing it. My life has been well spent.‘ p. 220.


    Entrepreneurship & Corporate Venturing

    EEE 620/MAR 620

    Course Overview

This course serves as the introductory course for the Whitman School of Management‘s graduate major

    in Entrepreneurship, Innovation, & Global Leadership (EIGL). It also serves as one of our key graduate

    marketing electives. We examine the concept of entrepreneurship from both an individual (personal) and

    from a corporate perspective. At the individual level, we investigate what it takes to start, grow, manage,

    and sustain a new enterprise. Key topics include: 1) the economic, social, & technological context for

    entrepreneurship & new enterprise formation; 2) crafting an entrepreneurial vision; 3) the entrepreneurial

    mind; 4) identifying, evaluating, and developing (or acquiring) new business opportunities; 5)

    developing an actionable, credible business plan; 6) creating an entrepreneurial team; 7) establishing an

    enterprise structure; 8) inception & growth financing requirements; 9) developing the business model;

    10) partnering; 11) risk assessment; 12) developing exit strategies; & 13) creating a healthy, purposeful,

    & sustainable organization.

    At the corporate level, we focus on what is required to create and manage new ventures or significant new business opportunities within existing organizations. The venturing task (intrapreneurship) is one of

    the most challenging tasks facing managers in mature organizations. Topics include: 1) why corporate

    venturing can be an excellent avenue for growth; 2) forming, chartering, and organizing the venture

    team; 3) identifying and evaluating growth opportunities; 4) managing & championing the venturing

    process; 5) the politics of venturing; 6) marketing issues in planning & launching new ventures; 7)

    gaining & maintaining organizational support: 8) learning from corporate venturing & organizational

    renewal; 9) co-venturing with partners & alliances; 10) launching corporate ventures. Knowledge of

    venturing skills & processes is excellent preparation for future senior management positions. The global

    dimensions of new ventures are explored via selected case studies, which focus on new venture

    opportunities in both domestic and international markets. Students (or a team of students) also will

    develop a business creation plan (or a venture plan for your company) in an area of interest. Upon

    completion of the course you will have a comprehensive understanding of the major success

    determinants for both individual & corporate venturing efforts. Moreover, you will have many

    opportunities to practice cognitive, interactive, and teamwork skills including analysis, synthesis, critical

    thinking, problem-solving, critiquing, & communicating. The course incorporates lectures, case studies

    of successful and failed ventures, self-assessment instruments, workshops, and guest speakers.



    Course Administration

    Instructor: David Wilemon, Ph.D., Snyder Professor of Innovation Management &

    Entrepreneurship; EEE & Innovation Management Programs. Room 631,

    Whitman School of Management, Syracuse University, Syracuse, NY

    13244-2130; 315-443-3443 (w/answering machine); 315-442-1461 (FAX); e-

    mail:; Office Hours: Wednesdays 10:00-12:00 and

    by appt.

    Executive Instructor: Bernard Kossar: Executive, entrepreneur, benefactor, & friend

    Office Assistance: Mary Jo Chase 600 Whitman Building, 443-1379 (Tel.), 442-1461 (FAX)

    Course Meetings: Tuesday, 7:00-9:45 PM Whitman Management School

    Course Texts: Entrepreneurship: Strategies & Resources, The Venture Imperative, & Beyond

    Entrepreneurship and the Case Book are required: [Available for purchase

    from the Orange Bookstore.]

    Course Grading: 10% Constructive Class Involvement and regular attendance as

    detailed in a Self-Report, which follows and one page synopses of each

    of our case studies. Team briefings on key chapters contained in

    Entrepreneurship: Strategies & Resources. Active participation in a

    ‗class conference‘ to be held on December 6.

    15% Summary of Entrepreneurship: Strategies & Resources. A one-

    page summary of the major issues revealed in each chapter.

    15% Team Case Analysis. A paper and 15-minute, professionally

    polished presentation are required. See instructions, which follow.

    20% Semester Project. A 12 page paper and 5-minute class briefing are

    required. Topics include (a) the preparation of a business plan for a

    domestic or global venture of your own; (b) analysis of a venture from

    the past, present or future that interests you; (c) analysis of a franchise

    opportunity; (d) the preparation of a business plan for a new venture or

    business opportunity in your company, (e) a comprehensive analysis of

    a failed venture, e.g., a failure, (f) assessment of the major

    challenges involved in managing global ventures, or (g) a topic of your

    choice important to our course subject matter, e.g., a venture doing

    business as an alliance, network, ‗virtually,‘ or in other ways new to

    our understanding of entrepreneurship and emerging enterprises.

    15% Special Venture Analysis Cases. Venture-financing/due diligence

    cases will be given to your team for analysis/evaluation. Brief written

    and oral reports are required.

    25% Learning Summary. A one page, single-spaced summary of your

    major learning from each chapter of Venture Imperative (15%)

    and a 3-4 page, well-written, single-spaced summary of the key

    company/enterprise-building insights you‘ve gained from the book,

    Beyond Entrepreneurship (10%).


    Course Goals

    a) Students will gain an understanding the economic, technological, societal, and global dimensions of

    entrepreneurship and intrapreneurship.

b) Students will understand the major differences between personal entrepreneurship and

    intrapreneurship, which often occurs in large, mature organizations.

c) Students will understand the relationships between personal goals, competencies, and experience to

    assess what they bring to all types of ventures.

d) Students will understand and practice idea generation and screening including opportunity analysis

    trends, feasibility and competitive analysis.

e) Students will understand the audiences, purposes, components and the processes of developing and

    evaluating business plans for new ventures.

f) Students will understand the issues and tasks involved in setting up a venture, marketing and

    financing the venture, and evaluating venture performance.

g) Student will understand how to monitor venture performance, manage growth, and sustain


h) Students will understand the basics of entrepreneurial finance: raising funds, growth financing,

    financial evaluation of opportunities, and acquisition financing.

i) Students will understand and appreciate the leadership skills necessary to successfully plan and

    launch a new venture in an established organization.

j) Students will understand how resources can be maximized for both personal and corporate ventures.

    Skill Development: Students will practice cognitive, interactive, and teamwork skills including analysis, synthesis, evaluation, reflection, critical thinking, problem solving, critiquing, and


    Creativity and Innovation: The contribution of innovation and the creative process in entrepreneurship will be recurring themes throughout the course.

Leaders are visionaries with a poorly developed sense of fear and no concept of the odds against

    them. They make the impossible happen.

    --Robert Jarvik


    Course Details

T 8/30 Introduction and Overview

     The Entrepreneurship and Emerging Enterprises Program. The Entrepreneurship,

    Innovation, & Global Leadership (EIGL) MBA Curriculum Track. Student introductions.

    Syllabus review. Semester project options. Case team assignments.

     Video: “The Entrepreneurial Revolution. What factors are creating the entrepreneurial

    revolution? What qualities & characteristics do you observe among the different

    entrepreneurs depicted? What skills and competencies do entrepreneurs need?

    T 9/6 Personal Entrepreneurship: Theory and Practice

     What is entrepreneurship and why is it important? What are the major challenges

    confronting entrepreneurs? Where do entrepreneurs get their ideas?

     Case Discussion: ―Howard Schultz & Starbucks Coffee‖ (Instructor-led Discussion).

     Review: ―The Questions Every Entrepreneur Must Answer.‖

     Discussion: Entrepreneurship:. Chs. 1, ―A Framework for Entrepreneurship‖ and Ch. 2,

    ―Resources & Capabilities‖

     Video: Fred Smith and Federal Express--Questions: How did Fred Smith‘s past

    influence the creation of Federal Express? What personal qualities does he demonstrate?

    How did ―market and circumstances‖ influence the creation of Federal Express?

     Assignments for Tonight: Read: Entrepreneurship. Chs.1 & 2 and be prepared to discuss

    the insights you‘ve gained. Read carefully (no written report required), ―The Questions

    Every Entrepreneur Must Answer.‖ Also read the ―Howard Schultz & Starbucks Coffee‖

    case. Identify the 10 most significant issues/critical incidents (rank-ordered) in the case and

    explain in one paragraph how the issue you selected likely influenced & shaped the growth

    & evolution of Starbucks. Turn-in your written ―Starbucks‖ analysis for class participation


T 9/13 Personal Entrepreneurship: Theory and Practice

     Discussion: Entrepreneurship. Chs. 3, ―Environment for Entrepreneurship‖

     Discussion: What is a business/venture concept? What is a business model? Review of the

    EEE Venture/Business Planning Guidelines

     Case Presentation: "JetBlue Airways: Starting from Scratch‖‖

    Assignment for Tonight: Read the ―JetBlue‖ case and prepare a 1-2 page, single-spaced

    analysis for submission. Read, Entrepreneurship, Ch. 3.

T 9/20 Personal Entrepreneurship: Theory and Practice

     Discussion: Entrepreneurship, Chs. 4, ―Entrepreneurial Strategies‖ and Ch. 5, ―The

    Business Plan.‖

     Discussion: ―How to Pitch a Brilliant Idea‖

     Case Presentation: “The Domik Project‖

     Video: Cameron Sawyer

     Assignment for Tonight: Read, Entrepreneurship Chs. 4 & 5. Carefully read the Domik

    Project Case and prepare a 1-2 page, single-spaced analysis of it. Read the article, ―How to

    Pitch a Brilliant Idea,‖ and be ready to lead a discussion of it.


T 9/27 Personal Entrepreneurship: Theory and Practice

     Discussion: Entrepreneurship: Chs. 6, ―The E-Entrepreneur.‖

    Briefing: ―More Thoughts on Business Plans‖

    Workshop: Independence Marine

     Assignment for Tonight: Read: Entrepreneurship Chs. 6.

T 10/4 Personal Entrepreneurship: Theory and Practice

     Discussion: Entrepreneurship. Ch.7, ―Foundations of New Venture Finance‖

     Case Presentation: ZipCar

     In-Class Video Case/Workshop: ―A Tale of Two Restaurants.‖

    Assignment for Tonight: Read: Entrepreneurship. Chs.7. Prepare a 1-2 page

    single-spaced analysis of the ZipCar Case.

T 10/11 Personal Entrepreneurship: Theory and Practice

     Entrepreneurship: Ch. 8, ―Securing Investors & Structuring the Deal‖

    Bernard Kossar: ―Evaluating Companies: The Due Diligence Process from a

    Professional‘s Perspective‖

     Venture Analysis Workshops: “Martin Smith Case‖ (Team Presentations)

     Assignment for Tonight: Working with your team, prepare a brief written

    analysis and

     oral presentation of the Martin Smith Case. Read: Entrepreneurship. Ch. 8.

T 10/18 Personal Entrepreneurship: Theory and Practice

     Discussion: Entrepreneurship. Ch. 9, ―Creating the Organization

     Discussion: ―The Rise & Fall of J. Peterman‖ (Instructor-led)

    Assignment for Tonight: Carefully read the article ―The Rise & Fall of J. Peterman.‖ You

    are not required to submit a written analysis of the J. Peterman case, however, be ready to

    lead and/or participate in a discussion of this case. Read: Entrepreneurship, Ch. 9. Submit

    a one page proposal for your semester project.

T 10/25 Personal Entrepreneurship: Theory & Practice

     Discussion: Entrepreneurship. Ch. 10, ―Corporate Venturing, Networking, & Franchising‖

     Bernard Kossar: ―Deal Making in Entrepreneurial Ventures‖

    Venture Analysis Workshops: ―Esurg or Valhalia Partners Case‖ (Team Presentations)

     Assignment for Tonight: Read: Entrepreneurship, Chs.10. Working with

     your team, prepare a brief written analysis and oral presentation of the Esurg or Valhalia


    T 11/1 Introduction to Corporate Venturing and Intrapreneurship

     Review: Venture Imperative Ch. 1, ―The Venture Imperative: A New Model for Corporate

    Innovation‖ and Ch. 2, ―The Fear of Venturing: Shedding the Misconceptions‖

     Case Presentation: ―Virgin Group: Filling the Gap‖

    Assignment for Tonight: Read Venture Imperative, Chs. 1 and 2. Submit a brief proposal

    regarding your plan for your semester project. This project can be done either individually

    or by a small team. Submit a 1-2 page, single-spaced analysis of the ―Virgin Group‖ case.

    Turn in your 10 page, single-spaced, summary of the Entrepreneurship text.


T 11/8 Corporate Venturing: Theory and Practice

     Review: Venture Imperative, Ch. 3, ―Battling Corporate Antibodies: Prescriptions for

    Success‖ and Ch. 4, ―Building the Business of Building Businesses‖

     Case Presentation: ―Business Teams at Rubbermaid.‖

     Video: ―Rules for Revolutionaries‖

     Assignment for Tonight: Read Venture Imperative Chs. 3 and 4. Prepare a 1-2 page,

    single-spaced analysis of the case, "Business Teams at Rubbermaid.‖ Read the handout,

    ―Teaching Old Companies New Tricks: The Challenge of Managing New Streams within

    the Mainstream.‖

T 11/15 Corporate Venturing: Theory and Practice

     Review: Venture Imperative, Ch. 5, ―Stage 1—The Venture Vision: Validating the

    Concept;‖ Ch. 6, ―Stage 2—The Alpha Offering: Building While Planning‖

    Case Presentation: “Joline Godfrey & Polaroid‖

    Video: ―Joline Godfrey‖

     Assignment for Tonight: Read Venture Imperative, Chs. 5 & 6. Prepare a 1-2 page,

    single-spaced analysis of the key issues presented in the Joline Godfrey Case.

T 11/22 Corporate Venturing: Theory and Practice

     Review: Venture Imperative, Ch. 7, ―Stage 3—The Beta Offering: Testing the Waters,‖ Ch.

    8, ―The Market Offering: Calibrating and Expanding,‖ and Ch. 9, ―Ensuring the Future of

    Corporate Venturing‖

    Case Presentation: Electronic Arts: The Blockbuster Strategy

    Presentation: Managing the Politics of Internal Corporate Venturing

     Assignment for Tonight: Read Venture Imperative, Chs. 7, 8, & 9. Read and prepare a

    1-2 page, single-spaced analysis of the Electronic Arts case. Begin reading, Beyond


    T 11/29 Corporate Venturing Conclusions/Class Conference

    Class Conference: The objective of tonight‘s class is to examine what it takes to sustain an

    entrepreneurial venture and to create a healthy, high-performing organization capable of

    continuous innovation. We will focus on our final text, Beyond Entrepreneurship and

    Ernest Shackleton‘s famous survival epic. Regarding, Beyond Entrepreneurship: We will

    discuss: Ch. 1: Leadership; Ch. 2: Vision; Ch. 3: Strategy; Ch. 4: Innovation; & Ch. 5:

    Tactical Excellence.

     Case Analysis: ―Ernest Shackleton‖ (Instructor-led case).

    ―Shackleton‖--The setting is 1914 and Sir Ernest Shackleton hopes to lead the first

    expedition to cross Antarctica. His ship, the Endurance, becomes hopelessly trapped in

    a massive ice field. The ordeal to survive lasted nearly two years for Shackleton and his

    crew. We will see how leadership, vision, faith, followership, stamina, hope, and caring

    all become the essence of a rare form of entrepreneurship. Shackleton‘s actions

    represent, entrepreneurial leadership, in its finest form. Shakleton is the best example of

    authentic entrepreneurial leadership that I can share with you.

    Assignment for Tonight: Complete your reading of, Beyond Entrepreneurship, and be

    prepared to discuss the major insights you‘ve gained. Submit a one-page, polished abstract

    of your semester project. The title of your project should be centered and the name(s) of

    the author/team members typed in the upper right hand corner of the page. Do not use a


    cover sheet for your semester project. Carefully read the case, ―Ernest Shackleton and the

    Epic Voyage of the Endurance‖ and be prepared for an in-depth discussion of the case and

    its relationship to entrepreneurship, leadership, new ventures, and your life.

T 12/6 Student Project Briefings, Course Summary, & Evaluations

    Each student or student team will present an ―Executive Summary‖ of their semester

    project. Depending on the number of presentations an extended class may be necessary.

    Specific instructions will be given on presentation formats.


    From Leading the Revolution

The new industrial order is the product of a very different type of innovationone built on neither slow

    accretion of scientific knowledge nor the breathless hype of Madison Avenue, but instead on leaps of

    human imagination. Where one‘s starting position begins is nearly irrelevant—innovators often start out

    with empty pockets. Development timescales are measured in weeks, not years. Customers are co-

    developers, providing real-time feedback on an endless cycle of experiment, adapt, experiment, adapt,

    fire, fire, aim again, fire–there is no time for ‗ready.‖ The goal is not a patent or new ad campaign, but a

    radically new business concept. These innovators struggle not against Nature but against the hegemony

    of established practice.

    The goal is not to speculate on what might make happen, but to imagine

    What you can actually make happen.

Successful people believe that they have the internal capacity to make desirable things happen. This is

    the definition of self-efficacy and is the central belief that drives individual success. People who believe

    that they can succeed see opportunities where others see threats. This comfort with ambiguity leads

    people with high self-efficacy to take greater risks, achieve greater returns, and try more different things.

    They do not feel like victims of fate. They believe that they have the motivation and ability to change the

    world. They see success for themselves and others as largely a function of this motivation and ability

    rather than luck, random chance, or external factors. (Marshall Goldsmith)

    From The Essential Drucker

Any organization, however, that actually believes that management and entrepreneurship are different,

    let alone incompatible, will soon find itself out of business.

    --Peter Drucker

    After climbing a great hill, one finds many more hills to climb.

    --Nelson Mandela




    Course Deliverables

     .? A 3-5 page, single-spaced analysis of the “Starbucks Coffee Case‖ is due September 6th

    ? A 1-2, single-spaced analysis of each team-led case study is due the night of its presentation. Your

    summary should contain two major parts: 1) a brief summary of the major issues, problems, and/or

    opportunities described in the case, and 2) your very specific recommendations for the protagonists

    of the case.

? A written analysis of your team’s case study is due one week following your oral case

    presentation. You also should submit a quantitative and qualitative analysis of the evaluation of

    your case presentation. Include a short self-critique as well (as a team). A presenting team does not

    submit a one-page analysis of their case.

? A proposal for your semester project is due October 18.

    ? A 10 page, well-edited summary of the major issues presented in Entrepreneurship: Strategies &

    Resources. A summary each chapter‘s main points as well as a short narrative of your major learning

    at the bottom of each page is recommended. Start each chapter‘s summary on a new page beginning

    with the chapter‘s title. This summary is due November 1.

? Brief oral and written reports are required for the Venture Analysis/Due Diligence Workshops

    which involve the Martin Smith Case, eSurg Case, and/or Valhalia Partners Case. Specific

    instructions will be given in class for preparing these cases.

    ? A one-page polished abstract of your semester project is due on November 29th

    ? Your “Semester Project” and your “Class Involvement Self-Report‖ are due December 12th by

    4:00 PM. Please turn in to Mary Jo Chase in Suite 600 in the Whitman School of Management


    ? A 3-4 page, single-spaced summary of Beyond Entrepreneurship is due December 9th by


? A 9-10 page, single-spaced summary (bullets of major chapter points are recommended) of the major

    insights gained from Venture Imperative is due December 9th by 4:00PM. Start each chapter’s

    summary on a new page beginning with the chapter’s title.

    Academic Integrity Policy

Please Note: ―The faculty of the Whitman School of Management has adopted an Academic Integrity Policy

    emphasizing that honesty, integrity, and respect for others are fundamental expectations in our School. The

    Policy requires all students who take School of Management courses to certify in writing that they have read,

    understand, and agree to comply with the Academic Integrity Policy. School of Management students should

    have already completed a certification statement. Completed statements will be kept on file in the Office of

    Graduate Programs.‖


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