Syllabus: Entrepreneurship Basics I

Transcription

1 Syllabus: Entrepreneurship Basics I Specialization Certificate: Entrepreneurship Basics Faculty: Course 1: Professor Al Osborne Entrepreneurship Basics I Course Description This Course helps the prospective entrepreneur gain a basic understanding of how to approach launching a business. The topics covered in this Course include entrepreneurial characteristics, how to find and test an idea to ensure it has market potential, and some important thoughts on how to use lean principles and how to develop a viable business model. Course Learning Objectives: By the end of this course, you will be able to: Identify and evaluate a product or service idea as a potential valid business opportunity. Analyze the economic realities of an industry so you can find a strategy for your business that gives you a strong competitive advantage. Evaluate ten characteristics of your market so you can create a market profile for your business. Overview Video: Kelly Bean, Associate Dean, UCLA Anderson School of Management Executive Education Professor Al Osborne Alfred E. Osborne, Jr. is senior associate dean of UCLA Anderson. In this role, he oversees a variety of key areas and initiatives within the school, including development, alumni relations, marketing and communications, corporate initiatives, and executive education. Dr. Osborne is also professor of Global Economics and Management and founder and faculty director of the Harold and Pauline Price Center for Entrepreneurial Studies. The Price Center serves to organize faculty research, student activities and curricula related to the study of entrepreneurship and new business development at UCLA Anderson including the Management Development Entrepreneurs Program. He has been at UCLA since 1972.

2 Module 1: Introduction to Entrepreneurship/ Five Questions to Ask Transform a vague idea for a new business opportunity into the start of a true entrepreneurial venture. Given an entrepreneurial idea, use the look-listen-think-act model to evaluate its potential. Evaluate your personal characteristics to decide if entrepreneurship is a promising path for you. Video Lecture 1: Introduction to Entrepreneurship Video Lecture 2: Key Characteristics of an Entrepreneur Video Lecture 3: Five Questions to Ask Video Lecture 4: Ideation Reading 1: The Drive of an Entrepreneur Reading 2: The 10 Myths of Entrepreneurship Reading 3: The Impact of Open Source on Business and Social Good Assignment: Case Study on Wii Arcade Module 2: Opportunity Recognition Given an idea for a new business, evaluate the Total Addressable Market and the Potential Market to determine the realistic size of the opportunity. Analyze the market to determine and describe the opportunity set in which a given idea resides. Predict the window of opportunity for a given idea and defend your prediction, using a graph and text explanation. Video Lecture 1: Opportunity Recognition Video Lecture 2: Opportunity Sets Video Lecture 3: The Window of Opportunity Reading 1: The Three Pieces of Entrepreneurship: Opportunity Recognition, Opportunity Assessment, and Opportunity Realization Reading 2: Opportunity Recognition as Pattern Recognition: How Entrepreneurs Connect the Dots to Identify New Business Opportunities Assignment: Case Study on Wii Arcade, continued

3 Module 3: Criteria for Opportunity Evaluation Analyze the meaning of supply and demand projections shown graphically to make logical decisions at the one-year and two-year-from-launch timeframes. Choose, from the five criteria for opportunity evaluation (market, with all that contains; economic harvest; competitive advantage; management team; and strategic differentiation), two for analysis in the context of a given business idea. Create a complete market profile that includes all ten steps an entrepreneur should consider. Video Lecture 1: Managerial Economics Video Lecture 2: Criteria for Opportunity Evaluation Video Lecture 3: Developing a Market Profile Reading 1: Business Idea & Opportunity Evaluation Reading 2: Six Proven Methods to Evaluate a Business Opportunity Reading 3: Opportunity Discovery: A Systematic Approach to Identifying the Best Startup Opportunities Assignment: Case Study on Wii Arcade, continued Module 4: Lean Start-Up Principles Explain how the principles of lean startup might apply to a new business. Analyze the economic realities of an industry so you can find a strategy for your business that gives you a strong competitive advantage. Video Lecture 1: Lean Start Up Principles Video Lecture 2: Business Model Development Reading 1: Lean Startups: A Live Discussion with Eric Ries and Dave McClure Reading 2: Why the Lean Start-Up Changes Everything Reading 3: Business Models Reading 4: The Case for the Fat Start-Up Assignments: Case Study on Wii Arcade, continued

4 Syllabus: Entrepreneurship Basics II Specialization Certificate: Entrepreneurship Basics Faculty: Course 2: Professor George Abe Entrepreneurship Basics II Course Description This Course focuses on how the entrepreneur plans for the launch of a new business. The Course begins with a realistic look at entrepreneurship, including options from inheritance to startup, and analyzing the market ecosystem. It then moves into the entrepreneurial process and initial steps for forming a new venture, and finally to the analysis of five types of risk and the mechanics of writing of a business plan. Course Learning Objectives: By the end of this course, you will be able to: Evaluate your own interest and strengths in becoming an entrepreneur, using both objective and subjective criteria. Move into entrepreneurship by following a set of well-defined steps and best practices, including the management of risk, to enhance the chances of success. Develop a business plan you can present to potential investors to secure funding and launch your business. Overview Video: Kelly Bean, Associate Dean, UCLA Anderson School of Management Executive Education Professor George Abe George Abe is a lecturer and Faculty Director of the Strategic Management Research (SMR) Program at the UCLA Anderson School of Management. His teaching responsibilities include entrepreneurship, business plan development and field study program advisories. SMR is the field study program, required of all Executive MBA students. He was Business Development Manager for the UCLA Office of Intellectual Property, which is responsible for patent protection and commercialization of UCLA research. Previously, he was a venture partner with Palomar Ventures, a VC firm in Santa Monica, California. Before Palomar, he was a Business Development Manager at Cisco Systems. Prior to that he was with Infonet Services Corporation (NYSE:IN, now BT) where he designed Infonet's IP data service.

5 From 1998 until 2006, he was a member of the board of directors of Switchcore AB, a publicly traded fabless semiconductor designer in Sweden. He has also held board of director positions with various startup companies and not-for-profit organizations. He is the author of Residential Broadband, which presents an analysis of high-speed residential networking, published by Cisco Press. Education B.A. Mathematics, UCLA M.S. Business, Quantitative Methods, UCLA Module 1: What Can Go Wrong? Analyze an entrepreneurial ecosystem, based on a specific idea, to identify both opportunities and threats to proceeding with an entrepreneurial vision. Determine the best option to become an entrepreneur, based on a specific idea and considering the five approaches to entrepreneurship. Create a three-year action plan to move into entrepreneurship. Video Lecture 1: What Can Go Wrong? Video Lecture 2: Ecosystems Video Lecture 3: Five Approaches to Entrepreneurship Video Lecture 4: Why Be an Entrepreneur? Reading 1: Extraordinary Success Begins with Asking the Right Question Reading 2: Entrepreneurs Share Their Biggest Challenges in Growing a Business Reading 3: 5 Myths about Entrepreneurs Reading 4: The Top 10 Challenges You ll Face as a New Entrepreneur (and how to conquer them) Assignment: Case Study: Choose Your Own Adventure Module 2: Entrepreneurship Process Plot a set of milestones for a new business, showing a plan to move from starting up to the promised land and justify the plan. Use the concept of a Minimum Viable Product to create a plan to test-market your business idea. Formulate actions to be taken on each of the business-launch details for a given business idea.

6 Video Lecture 1: Entrepreneurship Process Video Lecture 2: Ideas Video Lecture 3: Key Initial Steps to Form an Enterprise Video Lecture 4: On Entrepreneurs Reading 1: 10 Steps to Starting a Business Reading 2: Starting a Business: The Idea Phase Reading 3: 7 Steps to Starting Your Own Business Assignment: Case Study: Choose Your Own Adventure, continued Module 3: Entrepreneurship Risk Write a specific milestone description, based on a given product/service, as part of planning for risk management. Calculate a preliminary TAM and associated potential revenue over a specific time period. Estimate the probable investment needed and the breakeven and payback dates when you launch your business/idea. Video Lecture 1: Overview of Risk and Product Risk Video Lecture 2: Market and Competitive Risk Video Lecture 3: Financial and Management Risk Reading 1: Risk in Entrepreneurship Reading 2: The Real Risks of Entrepreneurship Reading 3: Entrepreneurs Are 'Calculated' Risk Takers -- The Word That Can Be the Difference between Failure and Success Reading 4: How to Sink a Startup Assignment: Case Study: Choose Your Own Adventure, continued Module 4: Entrepreneurship Business Planning Write several introductory elements of a business plan for a given business idea/company, using a modified template. Develop preliminary revenue elements of a business plan for a given business idea/company, using a modified template. Write several operations elements of a business plan for a given business idea/company, using a modified template.

7 Video Lecture 1: Business Plan Development Anatomy, Purpose and Process Video Lecture 2: Business Plan Development Revenue Video Lecture 2: Business Plan Development Operations and Financial Presentation Reading 1: What Is the Overall Purpose of a Business Plan? Reading 2: The Business Plan Reading 3: Core Elements of a Business Plan Assignments: Case Study: Choose Your Own Adventure, continued

8 Syllabus: Entrepreneurship Basics III Specialization Certificate: Entrepreneurship Basics Faculty: Course 3: Professors George Abe and Al Osborne Entrepreneurship Basics III Course Description This Course uses a fictional business to allow the learner to settle deeply into an entrepreneur s shoes. Using the business as a realistic context, the learner is challenged to raise funding from a range of sources to launch the company, move the company successfully from a startup to a rapidly expanding Phase 3 firm, and analyze the business s innovative position in the market. Course Learning Objectives: By the end of this course, you will be able to: Approach fundraising with confidence and a clear view of available options, including friends/family, through crowdfunding, and investors. Engage knowledgeably with venture capitalists, knowing what they can provide and what they expect in return. Consider the impact of various types of innovation, including market disruption, on your entrepreneurial venture and its culture. Overview Video: Kelly Bean, Associate Dean, UCLA Anderson School of Management Executive Education Professor George Abe George Abe is a lecturer and Faculty Director of the Strategic Management Research (SMR) Program at the UCLA Anderson School of Management. His teaching responsibilities include entrepreneurship, business plan development and field study program advisories. SMR is the field study program, required of all Executive MBA students. He was Business Development Manager for the UCLA Office of Intellectual Property, which is responsible for patent protection and commercialization of UCLA research. Previously, he was a venture partner with Palomar Ventures, a VC firm in Santa Monica, California. Before Palomar, he was a Business Development Manager at Cisco Systems. Prior to that he was with Infonet Services Corporation (NYSE:IN, now BT) where he designed Infonet's IP data service.

9 From 1998 until 2006, he was a member of the board of directors of Switchcore AB, a publicly traded fabless semiconductor designer in Sweden. He has also held board of director positions with various startup companies and not-for-profit organizations. He is the author of Residential Broadband, which presents an analysis of high-speed residential networking, published by Cisco Press. Education B.A. Mathematics, UCLA M.S. Business, Quantitative Methods, UCLA Module 1: Financing and Fundraising, Part 1 Evaluate options for friend and family fundraising, based on a set of facts about a business, and determine if each should be approached. Propose a plan for raising funds through crowdsourcing, based on a set of facts about the business. For a business that is expanding, create a plan for seeking additional funding from angel investors and/or corporate strategic investors. Video Lecture 1: Overview & Very Early Stage Funding Video Lecture 2: Not-So-Early-Stage Funding: Approaching Strangers Video Lecture 3: Investors Reading 1: Bootstrapping Business Start-ups: A Review of Current Business Practices Reading 2: Crowdfunding of Small Entrepreneurial Ventures Assignment: 3-Dazzle Boutique Module 2: Financing and Fundraising, Part 2 Explain the workings of a venture capital firm, including an example of how profits are divided among all the participants and a company s founders. Write an elevator pitch to use in seeking funding from venture capitalists. Answer common questions an investor asks during the fundraising process. Video Lecture 1: Venture Capital Fundraising

10 Video Lecture 2: Fundraising Process Video Lecture 3: Improve Your Chances of Raising Money Reading 1: Angels, Venture Capitalists or the Crowd: Who Should Fund Your Startup? Reading 2: Why 99.95% of Entrepreneurs Should Stop Wasting Time Seeking Venture Capital Reading 3: Steve Case: 'The Team You Build Will Define the Company You Build Reading 4: 6 Tips for Overcoming a 'No' When Seeking Funding Assignment: 3-Dazzle Boutique, continued Professor Al Osborne Alfred E. Osborne, Jr. is senior associate dean of UCLA Anderson. In this role, he oversees a variety of key areas and initiatives within the school, including development, alumni relations, marketing and communications, corporate initiatives, and executive education. Dr. Osborne is also professor of Global Economics and Management and founder and faculty director of the Harold and Pauline Price Center for Entrepreneurial Studies. The Price Center serves to organize faculty research, student activities and curricula related to the study of entrepreneurship and new business development at UCLA Anderson including the Management Development Entrepreneurs Program. He has been at UCLA since Module 3: Innovation & Phases of Business Growth, Part 1 Create a set of action steps to move an organization facing a Phase 2 crisis of direction into Phase 3, where rapid expansion can occur. Analyze the current culture of an organization to find its strengths and weaknesses as it moves through change. Propose innovations for a given business in each of five key areas: product/service, technology, production/processes, markets/distribution channels, and business model. Video Lecture 1: Five Phases Video Lecture 2: Focus on Culture Video Lecture 3: Definition of Innovation Reading 1: Managing Growth 5 Phases of Growth Reading 2: Startup Key Stages Reading 3: The challenges of growing a business - and how to meet them Assignment: 3-Dazzle Boutique, continued

11 Module 4: Innovation & Phases of Business Growth, Part 2 Determine if a specific innovation is empowering, sustaining, or efficiency, and explain your position. Propose at least five specific efficiency innovations in the context of a specific business. Analyze a given market innovation to determine if it is disruptive and defend your position on the question. Video Lecture 1: The Process of Innovation Video Lecture 2: Disruptive Innovation Reading 1: Disruptive Innovation for Social Change Reading 2: Disruptive Genius Assignments: 3-Dazzle Boutique, continued