COMM320-Case PDF

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COMM 320 – Entrepreneurship Guidelines for Entrepreneurship Cases Overview This may be your first experience using case analysis as a learning tool. In general, cases are used in management courses as a process to allow students to learn in a more active, participatory way. Cases allow for some structured analysis, and then provide some form of recommendations regarding strategies and / or action steps. Preparation is important, particularly as the cases become more complex, students must read the case and prepare notes before class. The role of the instructor is more to guide the discussion and not to lecture. Student participation is important, students can have different views, and part of the learning process is for individual students to feel comfortable in presenting their ideas in a group setting. Generally speaking, cases allow for an external analysis (industry / market), and an internal analysis (by functional areas of the firm). Entrepreneurship cases differ from strategy cases primarily due to the emphasis placed on the entrepreneur(s), and his/her/their vision. The entrepreneur is the owner, the visionary, the champion, the prime mover. Basically, especially in the start-up phase, the entrepreneur is the business. In strategy cases, human resources are only one piece of the puzzle, an internal strength or weakness that can be trained, or replaced. Consequently, rather than providing a solution that top management must adhere to (as in a strategy case), the entrepreneur does not have to comply with any advice that does not fit with their vision or style of entrepreneurship. In big business, the shareholders are the client and the board of directors oversees the operational structure of the business. Recommendations to the shareholders can include the replacement of the CEO and other key human resources. Entrepreneurship cases cannot recommend the removal of the entrepreneur, nor can recommendations overtly dictate what an entrepreneur should or should not do. Instead, you must analyze the entrepreneur’s style, type, objectives and vision; and also examine the operational capacities of the business. This is the basis to determine how the business opportunity can be adjusted to fit the entrepreneur(s) parameters. In a strategy case you can alter the internal variable (resources) to match the perceived external opportunity. In an entrepreneurship case there must be a “fit” to match the vision (style) of entrepreneur(s). For example, you may not be able to recommend to an entrepreneur to delegate, acquire partners, or go public; or dictate any other solution based only on an analysis of the external opportunities. The entrepreneur in question may not accept this specific advice if s/he doesn’t have the capacity or desire to do so (that’s the best part of being an entrepreneur). The analysis in an entrepreneurship case should be “inside out,” where you first analyze the entrepreneur and then position/ adjust the opportunity to fit with the lifestyle, constraints, passion, vision, and operational capacities of the entrepreneur (business). Entrepreneurial cases have 4 components. 1st is an analysis of the Entrepreneur; 2nd is an external analysis of the business Opportunity; 3rd is an internal analysis of the business Operations and “fit” between the entrepreneur/opportunity; and 4th, Recommendations. This approach is generally based on the Timmon’s Entrepreneurship Framework Model. It is important to identify the key information (problems, challenges, questions). The final part of each section should be a summary of the findings. A list of points is provided on the following page to serve as a guide.

1. Entrepreneur Analysis • • • • • •

General background (personality traits, influences, motivation, themes) Dedication / commitment (attitude analysis) Managerial skills / competencies (aptitude analysis) Vision analysis: scope: hobby type to global perspective Tolerance for partners (or analysis of existing partner arrangements) Summary

2. Opportunity Analysis (External) • Industry overview, industry life cycle (growth, decline) • General trends (political, economic, societal, technology) • Any other changes causing market gaps, opportunities, concerns? • Industry Structure (concentration, fragmentation) • Market scope (local, regional, to global) • Window of Opportunity • Summary

3. Business Operations Analysis (Internal) • • • • •

Analysis of existing business operations: ➢ Strategy / planning, marketing, operations / production, R&D, HR, financial Differentiation (any unique selling point, competitive advantage?) - Strategy Deal structure (debt / equity, specific agreements) - Finance Test of Fit: Compatibility of entrepreneur with business opportunity Summary

4. Recommendations • • • • • • •

Short list of ideas, possible strategies (actions) General theme of recommendations Modifications to the business model Specific recommendations regarding: ➢ Strategy / planning, marketing, operations / production, R&D, HR, financial Market(s) to focus on, niches Any other specific actions to be taken, support ideas Summary

As students proceed to more complex case analysis in further study, a key step in the process will be to develop a more exact problem statement (or main issue identification) and possible strategies (a few alternatives)to address it. More emphasis will be placed on then evaluating the alternatives and selecting the best one for implementation. For now, this is shown as the first part of the recommendations. In class case discussions will follow this layout in general, and may emphasize certain parts of a case with more specific questions, depending on the topic for that case. The first cases will be less complex, as we proceed through the semester, students are highly encouraged to read the later assigned cases each week in preparation for class. This approach will provide good practice for the mid-term and final exam. Remember, in case analysis, points are not awarded for “re-telling” the case. Points are awarded for analysis, conclusions, and recommendations.

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