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ENTREPRENEURSHIP & CORPORATE VENTURING

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ENTREPRENEURSHIP & CORPORATE VENTURING ...

    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.

    Welcome!

    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.

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    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: dwilemon@som.syr.edu; 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 dot.com 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%).

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    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

    organizations.

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

    communicating.

    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

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    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?