University of California, Santa Barbara College of Engineering. Entrepreneurship

Transcription

1 University of California, Santa Barbara College of Engineering Entrepreneurship TMP 122, Fall 2013 Course website: PROFESSOR: John Greathouse CLASS: Tues. & Thur., 2:00-3:50 PM OFFICE: TMP Office Phelps, Room 1320 CLASSROOM: HSSB 1174 OFFICE HRS: Tues & Thur: 3:50-4:50 (first come, first served no appointments necessary) TA: Gustavo Rincon OFFICE: TMP Office Phelps, Room 1320 OFFICE HRS: by appointment only ALL work for TMP122 must be turned in through GauchoSpace TMP 122 only. Course Description TMP 122 is an overview of the venture creation process. Topics covered include: analysis of new business opportunities, development of business value propositions, team building, venture financing, new venture planning, managing and protecting intellectual property, business formation, and other topics relevant to the entrepreneurial process. We focus on creating something from nothing, which incorporates non-profits, service businesses, lifestyle businesses, as well as high-tech startups. The course is only open to upper-division undergraduate and graduate students. Course Objectives This course focuses on hands-on, real-world application of entrepreneurial principles. It rewards students interested in leading or participating in an entrepreneurial venture by providing them with tools that facilitate complex, dynamic decision-making. The course focuses on principles, concepts, skills, practices, information, and choices relevant for start-up and early-stage entrepreneurs, entrepreneurial managers, and their stakeholders. It is a complex and demanding course with two basic objectives. The first is to teach effective entrepreneurial and general management practice from the perspective of the founder and stakeholders. The second is to apply the entrepreneurial perspective in order to approach business problems from a value creation framework. page 1

2 The course content focuses on the critical role of opportunity creation and recognition of the entrepreneur, as the principle success factor in new enterprise formation and life cycle. The class will teach students how to: 1. Identify and determine the critical driving forces of the new venture success 2. Create, identify, and differentiate profitable and durable opportunities 3. Evaluate and determine how to create and build value 4. Identify and determine financial and non-financial resources available for new ventures 5. Identify business models and components of a business plan 6. Work in cross-disciplinary new venture teams Required Reading NOTE: This course does not utilize the UCSB bookstore. All books may be purchased via retailers, such as Amazon.com. ALL BOOKS ARE ON RESERVE AT THE LIBRARY. The Art of the Start, Guy Kawasaki, Portfolio (any version, used copies are fine) infochachkie Reader For those who want a hardcopy, Readers are available in class for $20 Individual infochachkie readings also available online at: Note limited copies of the following book will be loaned to students by Instructor: The MouseDriver Chronicles: The True-Life Adventures of Two First-Time Entrepreneurs, John Lusk & Kyle Harrison, Perseus Books Group (any version, used copies are fine) Recommended Reading The Map of Innovation, Kevin O Connor, Crown Business (any version, used copies are fine. Google Books provides a preview) Course Description Classes will be highly interactive and require significant individual and group level preparation and participation. Using the texts and handouts as well as assigned readings, students will be expected to apply new information, concepts and interpersonal skills to a final team-based New Venture Feasibility project. Student teams will develop potential business ideas and improve these in order to present a final presentation to a panel of entrepreneurs. Assignments Students are expected to have completed the readings for each session and to arrive for class prepared and on time ready to discuss the assignments and its application to new venture ideas. Everyone will participate in a number of team activities; a team is defined as 5-7 people (depending on the overall class size). Ideally, each team should have at least one engineer or science student and at least one business/economics student. In-class exercises are completed individually and in groups during class. Assignments will be completed either individually or by the team outside of class. page 2

3 Feasibility Study Prepare an opportunity assessment and present it to a panel of experienced entrepreneurs. Each team will have approximately 15-to-20-minutes (depending on the overall class size) to present a PowerPoint presentation with attachments that are appropriate to articulate the team s new venture idea. See Exhibit A for the criteria that shall be used to evaluate the Feasibility Study presentations. The Feasibility Study is a team assignment that lasts over the term and results in a presentation to a panel in the final week of the course. Final grades will be the result of evaluation by the Instructor, your team members, and the panelists on the final Feasibility Study presentation. The Feasibility Study will be conducted over much of the course. Associated assignments will be submitted over the term to assist students in remaining on track for the final presentation. Consider the following when crafting your Feasibility Study: - Develop ideas for a new product or service - Determine if the product or service has a meaningful market potential - Determine if the product or service is technologically feasible - Determine the business model that will enable you to generate appropriate cash flows - Identify attributes that are important and solicit customer feedback as your concepts evolve - Identify market segments and estimate the size/potential growth rate; market test price points, distribution methodologies, etc. - Build or demonstrate a prototype of your product or service and identify the resources needed to produce it economically - Conduct a rough financial analysis - What type of organization would you form to pursue this opportunity? - What Intellectual Property protection is needed? Weekly Venture Ideas The Weekly Venture Ideas shall be completed individually and should not exceed one page (see each Assignment for details). See the Venture Idea Checklist for further guidance. Ideally, these ideas should ideas should arise from your daily encounters during the prior week. Keep your eyes and ears open to opportunities that might represent potential entrepreneurial ventures. Each Venture Idea will be awarded up to twenty points, assigned equally based on the following criteria outlined in the Venture Idea Checklist. 5-Ways To Earn Extra Credit You can earn extra credit equal to ten additional percentage points to your Class Participation grade, which equates to total of forty extra credit points. For instance, if you earn twenty extra credit points, this will equate to five percentage points added to your Class Participation grade. 1) Write one-page summaries of sanctioned speaking events that you attend outside of classes in which you are enrolled. One source of such speakers is the TMP s speakers series; see ( page 3

4 2) Write a brief (two pages, maximum) analysis of at least three infochachkie articles not required in this class, noting things you agree with, things you take issue with and citing how the articles relate to the material covered in class. Only one such review can be submitted for up to five points extra credit. 3) Personal Assessment Note: This Assignment Is Required Of Graduate Students Extra Credit for Undergraduates The Personal Assessment, which should not exceed five (5) pages, reflects your introspective analysis of your personality, experiences, desires, strengths, weaknesses, etc. that will influence whether or not you will be a successful entrepreneur. This analysis should include a description of the type of team you will need to bring together in order to launch a successful venture, as well as the customer target markets, technologies, industries etc. that are the most appropriate fit for you. The specific skills to be embodied by this team should be articulated. Such skills are likely to be in those areas in which you are deficient, inexperienced and/or uninterested in pursuing. This analysis should also include where your risk profile falls on the risk spectrum (i.e., from I am ready to mortgage my house today to I am most comfortable working at a Fortune 500 company ). Your grade will be based on the extent to which you demonstrate a deep, realistic self-awareness and the degree to which you are able to utilize your self-awareness to select the most appropriate entrepreneurial / non-entrepreneurial work environment, type of team members, types of market opportunities, etc. that will maximize your chances of success. You can earn up to 10 points of extra credit by submitting a Personal Assessment. 4) Portions Of Assignment - by completing the optional portion of the applicable assignments, you can earn up to 20 points of extra credit. 5) You can earn up to 20 points of extra credit by submitting 3-5 questions for at least three of the class speakers, based upon research of the speaker's accomplishments, failures and future plans. Such questions should not exceed one page and must be submitted BEFORE the start of each speaker's presentation. NO extra credit will be accepted for any speaking opportunity that takes place after the completion of the eight week of classes. All other extra credit must be turned in by midnight on Friday of the eight week, with the exception of the Personal Assessment, which is due per the date below. IMPORTANT: All Assignments are to be turned in on GauchoSpace. Every assignment must be submitted via GauchoSpace, even if you hand in a printed paper copy. If you do not submit your assignment on GauchoSpace, it will not be considered turned in. All quizzes utilize ParSCORE forms. Please have one with you for each class so you can accommodate any unannounced quizzes. See Exhibit B for further instructions regarding these forms. Undergraduate Grading 20% Weekly Venture Ideas 20% Assignments (All Assignments Other Than Weekly Venture Ideas) 25% In-class Participation, Exercises and Reading Quizzes 35% Feasibility Study page 4

5 The team assignments will receive one grade. Each student will also be reviewed by his or her team members. Such Peer Reviews will be considered in the calculation of each student s Feasibility Study grade. New Venture Creation: Entrepreneurship TMP 122 Course Schedule ALL work for TMP 122 must be turned in through GauchoSpace - TMP 122 only. Week Class 01 Thur., Sept 26 th Introduction to Entrepreneurship 02 Tues., Oct 1 st Characteristics Of An Entrepreneur InfoChachkie - - Do You Have an Entrepreneurial Gold Finger? InfoChachkie - - Personal Pitch InfoChachkie - - Bank Robber or ATM Operator InfoChachkie - - Entrepreneurship Is A Compulsion Assignments: Assign01: 5 Entrepreneurial questions (submit on GauchoSpace & bring to class) Thur., Oct 3 rd : Startup Stages (See Library Reserve) Map of Innovation - - Introduction Map of Innovation - - Chapter 1 Art of the Start - - Chapter 1 InfoChachkie - - Every Startup Dollar Should Yield A Return InfoChachkie - - The Book - A Startup's Rookie Advantage InfoChachkie - - Optimistically Pessimistic Assignments: Assign02: Venture Idea 03 Tues., Oct 8 th Entrepreneurial Process Begin The MouseDriver Chronicles (Quiz 10/29) Art of the Start - - Chapter 5 InfoChachkie - - Go For The Quick Buck Then Stop InfoChachkie - - How Do I Identify A Great adventure Opportunity? InfoChachkie - - Your Startup Idea Should Not Be Charming InfoChachkie Rookie Mistakes You Won't Make Assignments: Assign03: Venture Idea Assign04: 10 Characteristics to evaluate venture ideas (submit to GauchoSpace AND bring to class) InfoChachkie - - Startups Should Avoid Dropping Trou (p.45 in Reader) page 5

6 Map of Innovation - - Chapters 2 & 3 Assignments: Assign 04-OPT: Evaluate Your Entrepreneurial Ideas Thur., Oct 10 th Guest Speaker: Opportunity Identification, Idea Generation and Evaluation Craig Harris, Founder & CEO, HG Data InfoChachkie - - A Serial Entrepreneur s Guide To Uncovering Awesome Startup Ideas InfoChachkie - - Small Ideas, Big Benefits InfoChachkie - - Spilling the Beans InfoChachkie - - Old Gray Advice Assignments: Assign05: Venture Idea InfoChachkie - - Free Advice 04 Tues., Oct 15 th Opportunity Identification, Idea Generation and Evaluation - continued You should be reading: The Mouse Driver Chronicles Assignments: Assign06: Use Social Networking Tools Thur., Oct 17 th Guest Speaker: Building The Team Jeff Bermant, Founder & Executive Chairman, Cocoon Art Of The Start - - Chapter 6 InfoChachkie - - Mark Zuckerberg And Bill Gates Can Go Both Ways InfoChachkie - - What's Your Tribal Role At Your Startup? InfoChachkie - - Your Startup Should Emulate The Beatles, Not A Flock Of Seagulls InfoChachkie - - Make Yourself Irresistible To A Startup InfoChachkie - - How To Maximize Your Value At A Startup InfoChachkie - - Startup Recruiting: Hire Cal Ripkin, Fire Reggie Jackson Assignments: Assign07: Venture Idea Map of Innovation - - Chapter 6 05 Tues., Oct 22 nd Intellectual Property and Corporate Law InfoChachkie - - Intellectual Property Worthless To A Startup InfoChachkie - - Roping in the Legal Eagles InfoChachkie - - Where Have All the Ideas Gone? page 6

7 Assignments: Assign08: Feasibility Part 1 (submit one per group) OPTIONAL: Meet with TA as group review ideas InfoChachkie - - Know When To Toss Out A Bad Idea InfoChachkie - - Kiss of Death Provisions Thur., Oct 24 th Business Plan / Business Models Art of the Start - - Chapter 4 InfoChachkie - - How To Make Freemium Customers Generate Revenue InfoChachkie - - Here's How You Get A VC To Pull Out Their Checkbook Assignments: Assign09: Venture Idea Map of Innovation - - Chapter 4 06 Tues., Oct 29 th MouseDriver Chronicles Partnerships / Leadership Quiz: MouseDriver Chronicles Art of the Start - - Chapter 8 InfoChachkie - - Pressure The Mother Of An Entrepreneur s Motivation InfoChachkie - - Create An Industry Alliance InfoChachkie - - Making Revenue Sharing And Cost Savings Deals Work InfoChachkie - - ConTraps Avoid Exclusion From Future Revenue InfoChachkie - - The Blondin Test Assignments: Assign10: Feasibility Part 2 (submit one per group) InfoChachkie - - Corporate Venturing - Love without the Bear Hug Assignments: Assign 10-OPT: Revenue Models; Vision Statement; Competition Thur., Oct 31 st Finance / Funding / Valuation Art of the Start - - Chapters 3 & 7 InfoChachkie Tips To Raising Venture Capital Financing InfoChachkie - - Don't Pitch Your Idea To Venture Capitalists - They Don't Care InfoChachkie - - Three Factors Which Intoxicate Venture Capitalists InfoChachkie Trick Questions You Should Answer Before Asking For Money Assignments: Assign11: Venture Idea Map of Innovation - - Chapter 5 07 Tues., Nov 5 th page 7

8 Guerilla Startup Marketing Art of the Start - - Chapters 2 & 9 InfoChachkie - - Putting Trade Back Into Tradeshows InfoChachkie - - T-Shirts And Tacos InfoChachkie - - DoubleClick's Guerilla Marketing Legacy InfoChachkie - - Brad Feld: Want Customers? Stop Marketing InfoChachkie - - Lousy Product Names Assignments: Assign12: Feasibility pt 3 (submit one per group) Map of Innovation - - Chapter 7 Assignments: Assign 12-OPT: Identify core competencies; Venture stages; Team roles Thur., Nov 7 th Guest Speaker: Complete Guerilla Startup Marketing Discussion Julie Henley, Consultant, Former VP Product, Demand Media Assignments: Assign13: Venture Idea 08 Tues., Nov 12 th Assignments: Sales Art of the Start - - Chapter 10 InfoChachkie - - Be Like Sam InfoChachkie - - The Bro Factor Assign14: Feasibility pt 4 (submit one per group) Thur., Nov 14 th Guest Speaker: Complete Sales Discussion Lisa Braithwaite, Public Speaking Coach and Trainer Assignments: Assign15: Feasibility Part 5 (submit one per group) Begin Team Negotiation Exercise - GOALS AND FINAL SETTLEMENT DUE MONDAY (Nov 18th) BY NOON. SUBMIT VIA BY COMPLETING THE ONLINE FORM Assignments: Assign 15-OPT: Identify 4 P's (price, product, promotion, and place) & Marketing Plan 09 Tues., Nov 19 th Company Exit Strategies Important - All extra credit (with the exception of the Personal Assessment) is due by Friday by 11:59 PM (if you attended an event during the current week, page 8

9 Thur., Nov 21 st Guest Speaker: you have one week to turn in the associated write up) Complete Company Exit Strategies Rob Duva, Founder and former COO, Invoka (formerly RingRevenue) Negotiation results due by Noon InfoChachkie - - Maximize Your Exit By Not Selling Your Company Assignment: Assign16: Personal Assessment (Grad. students) Assign16A- Feas. DRAFT- Feasibility Study Presentation Assign16B: Post Team Photos Assign16C: Team Negotiation Exercise Important: Required - Post the initial draft of your Feasibility Study Presentation to GauchoSpace by Friday, midnight. Entire presentation should be represented, with our understanding that you will put significant additional work into finalizing your slides and pitch. Extra Credit: T.A. Meetings: Assign16-OPT: Extra Credit - Personal Assessment (Undergrad. students) Pre Presentation Practice Session: Strategic Evaluation Preparation (20 Min. Sessions) Suggested Preparation: Practice Session - Review Materials & Schedule 10 Tues., Nov 26 th Negotiating Art of the Start - - Chapter 10 & 11 InfoChachkie - - Pawn Stars Teaches Entrepreneurs How To Not Negotiate InfoChachkie - - Advice For Emerging Entrepreneurs Thur., Nov 28 th NO CLASS - HAPPY THANKSGIVING See Exhibit C - Final Assignment Checklist In Class Final Feasibility Study Presentations (Assign17) Assignments: ENGR122_ExhibitA_PresGrades_InClass.xls.pdf 11 Tues., Dec 3 rd Required Deadline: All Team - Feas. 17 Assignments (Presentation Materials - Slides and Executive Summaries) are due on the Day your group gives its Final Presentation, by 2 pm. 01. Slides and Executive Summaries should be forwarded as PDF format 02. Slides and Executive Summaries should be forwarded as PowerPoint and Word formats (Important: Needs to be compatible with Microsoft Office Suite - Versions ) page 9

10 Presentation Day 01- Participation Assignment: Poll Survey: ENGR 122 Exhibit A - Feasibility Study Evaluation Form Feedback In Class Final Feasibility Study Presentations (Assign17) Assignments: ENGR122_ExhibitA_PresGrades_InClass.xls.pdf Thur., Dec 5 th Required Deadline: All Team - Feas. 17 Assignments (Presentation Materials - Slides and Executive Summaries) are due on the Day your group gives its Final Presentation, by 2 pm. 01. Slides and Executive Summaries should be forwarded as PDF format 02. Slides and Executive Summaries should be forwarded as PowerPoint and Word formats (Important: Needs to be compatible with Microsoft Office Suite - Versions ) Presentation Day 02 - Participation Assignment: Poll Survey: ENGR 122 Exhibit A - Feasibility Study Evaluation Form Feedback page 10

11 New Venture Creation: Entrepreneurship TMP 122 Exhibit A - Feasibility Study Evaluation Form Panelist: Team Name: Final Score: (100 max potential) Identification of customer problem, concept and description (10 points max) Thoroughness of data collection (10 points) Data analysis to reach conclusions regarding market potential, segments, etc. (10 points) Technically feasible (10 points) Business model, financial analysis, pricing, and cash flow pro forma (10 points) Resources (components, people, info, marketing plan/partners, etc.) needed to make your product and launch the venture (5 points) page 11

12 Type of organization and why? What is your IP strategy and why? (5 points) Presentation itself: quality of talk, executive summary document, slides, timeliness, and conclusion. (15 points) Overall comments (25 points) page 12

13 New Venture Creation: Entrepreneurship TMP 122 Exhibit B - ParSCORE Instructions Class, You are responsible for bringing the following to class for your Quizzes. Required Materials - RED ParSCORE sheet, 8 1/2 x 11", Form No. F-1712-PAR-L - available at campus bookstore (image below). You must use a #2 pencil ONLY. There are FOUR required sections that must be filled out correctly. 1. Student Enrollment Sheet section: I.D. Number (number must be written above and bubbles must be colored in below with #2 pencil) 2. Student Enrollment Sheet section: Last Name/First Name/M.I. (name must be written above, each letter must have corresponding bubble colored in with #2 pencil) 3. ParSCORE SCORE SHEET section: Fill in NAME, SUBJECT AND DATE. This section must be written neatly in LEGIBLE print (not cursive). 4. ParSCORE SCORE SHEET section: Fill in your Quiz answers in the numbered space corresponding to the number of the question. You must use #2 pencil to completely color in the bubble that corresponds to your answer. Only one bubble can be colored in order to correctly score your sheet. If you do not completely fill in the bubble, your answer may not be recorded. Do not make any marks in any other area. If any of the FOUR sections described above are left blank or incomplete, you will receive a "0" GRADE. page 13

14 New Venture Creation: Entrepreneurship TMP 122 Exhibit C - Student Final Assignment Checklist Class: Thank you for all of the hard work and dedication during this Fall Quarter. This handout is to help you finalize your responsibilities so you can finish this course successfully. It is imperative and your responsibility to make sure that you have uploaded ALL assignments for the Quarter in GAUCHOSPACE in their proper locations. If you are missing any grades for a Venture Idea assignment that was submitted ON TIME, then please forward your inquiries to the Teaching Assistant ASAP. Here are the following steps that I would recommend that each one of you take: 1. Open your GauchoSpace account and confirm that you have uploaded each of your assignments in the proper location. ALL of your assignments must be turned in to the appropriate location on GauchoSpace. s do not count as properly submitted class work, per the course syllabus. 2. Confirm that you have uploaded all of your Venture Idea assignments in the proper location. 3. Confirm that you have received grades for Quizzes 1, 2, and 3. Note: you will receive a grade for Quiz 4 by the end of this week. 4. Confirm that your assignments have been uploaded properly. 5. Confirm that your Extra Credit assignments have been uploaded properly. 6. If you met with the TA and received special permission to resubmit an assignment, please confirm that your resubmission was completed properly. 7. If you have missed an Assignment or a Quiz, please forward any Doctor s notes before Friday, May 7th, at 5:00 pm. If you have been absent or missed a Quiz, it is your responsibility to make it clear to the TA that it was excused. 8. All Group Final assignments are due on GauchoSpace as an Assignment Upload for each Presentation day: Slides and Executive Summary. You must also complete the Final Poll Survey as required, which counts as your attendance for those days. 9. If you wish to amend your original Group Evaluation, there is a confidential Poll Survey on GauchoSpace for resubmission. 10. Friday, November 29th, at 5:00 pm is the last opportunity for you or your Group to turn in any pre-approved late submission assignments for TMP 122. Finally, Professor John Greathouse will not be available to hold feedback meetings on Group Presentations until Winter Congratulations on doing all of the excellent work to complete this intensive course. Good luck to you and your Group in the Final Presentation next week. page 14