MGMT 481-Entrepreneurship-Muhammad Shehryar Shahid PDF

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LahoreUniversityofManagementSciences 

MGMT481–Entrepreneurship FallSemester2017 Instructor RoomNo. OfficeHours Email Telephone Secretary/TA TAOfficeHours CourseURL(ifany) 

DrMuhammadShehryarShahid 310 TBA [email protected] +92‐42‐35608425 MuhammadRehman TBA http://suraj.lums.edu.pk/~ro/

COURSEBASICS CreditHours Lecture(s) Recitation/Lab(perweek) Tutorial(perweek) 

3 NbrofLec(s)PerWeek NbrofLec(s)PerWeek NbrofLec(s)PerWeek

2

Duration Duration Duration

1hr15mins  

COURSEDISTRIBUTION Core Elective OpenforStudentCategory CloseforStudentCategory 

‐ Elective Junior/Senior(university‐wide) 

COURSEDESCRIPTION “Entrepreneurshipisaboutturninganideaintoavaluableenterpriseunderacertainlevelofuncertaintybyremainingincontrolof whatyouwanttoachieveandhowyouwanttoachieveit”  Welcometobeapartoftheentrepreneurialrevolutionthathasliterally‘infected’thecontemporaryglobalthinking!Noother jargonhassomuchinuseinrecenttimesasentrepreneurship,anditiscertainlyforareason.Thatis,perhapsnootherthingcan besopowerful,sustainableandthrillingasthephenomenonof‘newventurecreation’foritsabilitytosolvetheprevailingproblem ofthemankindinitsentirety.Itisanintroductorycourseonentrepreneurshipintendedtoenhanceyour‘willingness’tosetouton anentrepreneurialjourneyandgiveyouachancetothinkaboutalternativecareeroptionsavailabletoyouinaneconomysofullof unmetneedsandsoshortofinnovativesolutions.Inthissemesterwewillassess,explore,critiqueandcelebratethephenomenon ofentrepreneurship.  This course will approach entrepreneurship as a mindset, an attitude and a behaviour to undertake value‐creating initiatives in situationswithacertainlevelofuncertaintythatisexpectedtoleadtothecreationofanewbusinessentity,beitanewstart‐upor alaunchofnewproductorservicewithinalargecorporation.Thecourseisdesignedinsixmoduleswithalmostequalfocusonthe students’development ofboth hardand softentrepreneurialskills. The discussionin the firstthree moduleswill predominantly revolvearoundthecognitivepartoftheentrepreneurshipprocess,whichwillallowthestudentstounderstandandchallengethe very ‘logic’ of how expert entrepreneurs usually make decisions as opposed to a stereotypical manager working under a very differentschemeofthings.Thelastthreemodulesofthecoursewillthendealwithsomecontemporaryanalyticaltoolsusedinthe entrepreneurshipeducation,coupledwithcertain‘tricksofthetrade’,inordertogenerallyimprovethestudents’skillstodevelop amoreinnovativeandsustainablebusinessmodelforwhateverentrepreneurialpursuittheyeverplantoundertake.Thiscourse, therefore,promises aunique formoflogic, whichmight attimes beantagonisticto theconventional principlesof management, butthenitiswhatentrepreneurshipisallabout.  Given the nature of the subject, the curriculum of this course will also ensure a substantial exposure to the living practice of entrepreneurshipthroughcertainassignments,casestudydiscussionsandtheguestspeakersessionsthatwillbeorganizedinthe university.Students willget anadequate chancetointeract withdifferent practicingentrepreneursatdifferent pointsalongthe courseinordertovalidatetheirclassroomlearningandrefinetheirbusinessideas.Inshort,thiscoursepromisesablendoffun

LahoreUniversityofManagementSciences andlearning. 

COURSEPREREQUISITE(S)  

 None

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COURSELEARNINGOBJECTIVES      

Thecourseattemptsto: 1. Enhancethe‘entrepreneurialintentions’ofstudentsbyimprovingtheirnaturalwillingnesstostarta businessandinspirethemtoseekthisalternativecareeroption. 2. Enablestudentstolearnthecharacteristicsofthe‘entrepreneurialmindset’byunderstandingthe differencesbetweenthemanagerialandentrepreneurialthinking. 3. Developtheanalyticalskillsofstudentswithregardtovariousstagesoftheentrepreneurshipprocess, startingfromopportunityidentificationandideagenerationtobusinessmodeldevelopment 4. Providestudentswithanextensivehands‐onexperienceoflaunchingandrunninganentrepreneurial ventureintheformamicro‐businessandlearnthechallengesaswellastherewardsofbeingan entrepreneur. 



UNDERGRADUATEPROGRAMLEARNINGGOALS&OBJECTIVES  



GeneralLearningGoals&Objectives Goal1–EffectiveWrittenandOralCommunication Objective:Studentswilldemonstrateeffectivewritingandoralcommunicationskills Goal2–EthicalUnderstandingandReasoning Objective:Studentswilldemonstratethattheyareabletoidentifyandaddressethicalissuesinanorganizational context. Goal3–AnalyticalThinkingandProblemSolvingSkills Objective:Studentswilldemonstratethattheyareabletoidentifykeyproblemsandgenerateviablesolutions. Goal4–ApplicationofInformationTechnology Objective:Studentswilldemonstratethattheyareabletousecurrenttechnologiesinbusinessandmanagement context. Goal5–TeamworkinDiverseandMulticulturalEnvironments Objective:Studentswilldemonstratethattheyareabletoworkeffectivelyindiverseenvironments. Goal6–UnderstandingOrganizationalEcosystems Objective:StudentswilldemonstratethattheyhaveanunderstandingofEconomic,Political,Regulatory,Legal, Technological,andSocialenvironmentoforganizations.  MajorSpecificLearningGoals&Objectives Goal7(a)–ProgramSpecificKnowledgeandUnderstanding Objective:Studentswilldemonstrateknowledgeofkeybusinessdisciplinesandhowtheyinteractincluding applicationtorealworldsituations. Goal7(b)–Understandingthe“science”behindthedecision‐makingprocess(forMGSMajors) Objective:Studentswilldemonstrateabilitytoanalyzeabusinessproblem,designandapplyappropriate decision‐supporttools,interpretresultsandmakemeaningfulrecommendationstosupportthedecision‐maker       

LahoreUniversityofManagementSciences Indicatebelowhowthecourselearningobjectivesspecificallyrelatetoanyprogramlearninggoalsandobjectives. 

PROGRAMLEARNINGGOALSAND OBJECTIVES

COURSELEARNINGOBJECTIVES

Goal1–EffectiveWrittenandOral Communication

Providestudentswithanextensivehands‐ onexperienceoflaunchingandrunning anentrepreneurialventureintheforma micro‐businessandlearnthechallenges aswellastherewardsofbeingan entrepreneur. Developtheanalyticalskillsofthe studentswithregardtovariousstagesof theentrepreneurshipprocess,starting fromopportunityidentificationandidea generationtobusinessmodel development Developtheanalyticalskillsofthe studentswithregardtovariousstagesof theentrepreneurshipprocess,starting fromopportunityidentificationandidea generationtobusinessmodel development Providestudentswithan extensivehands‐ onexperienceoflaunchingandrunning anentrepreneurialventureintheforma micro‐businessandlearnthechallenges aswellastherewardsofbeingan entrepreneur. Understandtheprocessnatureof entrepreneurshipandlearnthewaysto manageitbyworkingindividuallyinthe classandintheformofgroupsoutside theclasstoconductmultiplefield assignments.  Inspirethestudentstoseek‘alternative’ careeropportunitiesbymakingthem evaluatetheirrespectivesocialand economicenvironments. Educatethestudentsaboutthe theoreticalunderpinningsofthe entrepreneurshipsubjectwiththeaidof practicalassignmentsandprojects Providestudentswithanextensivehands‐ onexperienceoflaunchingandrunning anentrepreneurialventureintheforma micro‐businessandlearnthechallenges aswellastherewardsofbeingan entrepreneur.  Developtheanalyticalskillsofthe studentswithregardtovariousstagesof theentrepreneurshipprocess,starting

Goal2–EthicalUnderstandingand Reasoning

Goal3–AnalyticalThinkingandProblem SolvingSkills

Goal4–ApplicationofInformation Technology

Goal5–TeamworkinDiverseand MulticulturalEnvironments

Goal6–UnderstandingOrganizational Ecosystems

Goal7(a)–ProgramSpecificKnowledge andUnderstanding

Goal7(b)–Understandingthe“science” behindthedecision‐makingprocess

COURSEASSESSMENTITEM

MyStartupexhibition&presentations Ideapitchworkshop Classparticipation

Interviewwiththeentrepreneur Classparticipation

Interviewwiththeentrepreneur MyStartupexhibition&presentations Classparticipation

MyStartupexhibition&presentations IdeaPitchpresentations MyStartupexecution 

 MyStartupproject  

 Interviewwithanentrepreneur MyStartupproject

Classparticipation Quizzes

MyStartupproject Progressreviewmeetings 

LahoreUniversityofManagementSciences fromopportunityidentificationandidea generationtobusinessmodel developmentandmanagingventure growth 

LEARNINGOUTCOMES  

Uponsuccessfulcompletionofthiscourse,studentsshouldbeableto: 1. Explainclearlythedifferencebetweentwocompetingmodelsofentrepreneurshipandevaluatetheir applicationinthePakistanicontext 2. Describethevaryingmotivesofbeinganentrepreneurandwhatittakestobeoneparticularlyfromthe pointofviewofstartinganewbusiness 3. Criticallyidentifythekeydifferencesbetweentheentrepreneurialandmanagerialthinking 4. Findacreativebusinessideaandanalyzehowitisdifferentfromanopportunity 5. Usedifferentanalyticaltoolstotranslateabusinessopportunityintoanintegrativeandsustainable businessmodel 6. Performacriticalanalysisofagivenbusinessplanandformulatetheirrecommendationswithrespectto itsoperational,marketandfinancialfeasibility

GRADINGBREAKUPANDPOLICY  Component ClassAttendance ClassParticipation  Assignment:InterviewwithanEntrepreneur  Quizzes(4‐5) MyStartup 1. IdeaPitchPresentations 2. BusinessConceptStatement+DivisionofWork+ RolloutPlan 3. MidsemesterProgressReviewPresentations 4. Progressreviewmeetings 5. FinalPresentation a. Round1:MyStartupExhibition* b. Round2:PanelAssessmentofMyStartup** 6. PeerEvaluation  Total *Round1willbeexclusivelyjudgedbyexternalpanelists **OnlythequalifiersofRound1willpresentinRound2

%ofTotal 5% 15%  5% 10% 65% 10% 05% 10% 15% 20% (16%) (4%) 5%

100% 

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ATTENDANCEANDCLASSPARTICIPATIONPOLICY Attendance:  Pleasebeontime.Youwillbeallowedtoattendthesession,butmarkedabsentforthedayifyouenterafter10mins.  Youwillbemarkedabsentforthedayifyouremainawayfromtheclassformorethan10minsatanypointduringthe session.  Markingpolicy o 3orlessabsences:fullmarks(5/5) o 4absences:3/5 o 5absences:2/5 o Morethan5absences:ZERO 

LahoreUniversityofManagementSciences ClassParticipation:  Thereare10CPsessionashighlightedingreeninthecourseoutline.Foreverysession,eachstudentwillbegraded between0‐5pointsdependingonthequantityandqualityofhis/hercontribution  InordertoscoreaCPpleasewaitforinstructor’scallbyraisingyourhand,uncalledforCPswillnotbecountedforgrading atallandmayleadtonegativemarks.  Failuretorespondto“coldcalls”mayresultinnegativemarks.  NoteverystudentisguaranteedachanceineveryCPsession.Incase,youarenotgivenachanceforCPin2consecutive sessions,youshallmentionittotheinstructoratthestartofthenextsessiontosecureachanceonthatday. 

PROJECTS&ASSIGNMENTS  Interviewwith an Entrepreneur:It is a groupassignment. You will workwith your MyStartup groupto choosean entrepreneur within the same industry in which you intend to execute your venture. The objective of the assignment is to understand the evolution ofa small business,motivations to bean entrepreneur, challengesfaced in startingand runninga small businessand, mostimportantlytherewardsofbeinganentrepreneur.Itisalsoagreatopportunityforyourgrouptolearnfromanexperienced entrepreneurabouthe‘dosanddon’ts’ofyourstartup.  MyStartup My Startup is the spirit of the Entrepreneurship course. It requires students to work in a group of 3‐4 members each and get practicallyinvolvedinlaunching,runningandterminatingabusinessventureoverthecourseof10‐12weeks.Eachgroup willbe requiredtopoolintheinitialinvestmentofRs10,000fromtheirownpockets,whichwillbecomplimentedbytheinstructorwithan ‘interest‐free’ loan of Rs20,000 provided to each group. The disbursement of the funds will be done through TAs or by the instructor himself. Each group at the end of the project must duly return the loan provided by the instructor from the profits generatedbythegroups.Theremainingprofitswillallbelongtothegroupsthattheycanusetocelebratethesuccessoftheirfirst entrepreneurialventure! EachgroupshouldworkononlyONEbusinessideaatatimeforMyStartup.  1.IdeaPitchPresentation:  Eachgroupwillpresentfor7minsfollowedbya5minsofQ&Aoutliningthefollowingaspectsoftheirbusinessidea: o Slide 1: Team Profile: Introduction of the team members and their respective roles in the execution of your businessventure.Youmustclearlyjotdown‘whoisresponsibleforwhat’fortheduecourseoftheproject. o Slide2:BusinessLogoandName o Slide3:UniqueValueproposition:Whatisyourproduct/service(thebusinessconcept)?Whatpainorproblem doesitsolveforthecustomers?Whatisdifferentandvaluableaboutyourproduct/service?Howisitbetterthan similarbusinesses(products/services)currentlyservingyourtargetmarket? o Slide 4: Type and size of target market:Demographic and geographicsegmentation ofthe targetmarket?Size estimatesofthetargetmarket,i.e.  TotalAttainableMarket(TAM)foryourbusinessidea  Percentageofcustomersyouwillcaterthroughyourstartup  Estimatedrevenue/customer &the totalrevenue youcan potentiallyearn throughyour startupinthe duecourse o Slide 5: Total STARTUP CAPITAL Required: Break‐up of the total investment you would need to start your business.Itwillincludealltheexpenses(marketing,inventory,travelingetc.)thatyoumayhavetoincurinorder to LAUNCH your business. It must not exceed Rs20K that will be provided by the instructor in the form an interest‐freeloanthatmustbepaidbackattheendoftheproject. o Slide 6: Critical Risk Factors: What are the critical risk factors that may hinder the success of your business venture&whatisyourplanBinordertodealwithsuchcontingencies?  No excuses permitted: it is a MANDATORY session foreach group member. Allthose who are unableto attend will be markedzerointhiscomponent.  2.BusinessConceptStatement&RoleIdentificationSheet: WithinaweekaftertheIdeaPitchpresentations,eachgroupwillsubmittheirfinalBusinessConceptStatementand the division of work amongst the group members, clearly describing the role and responsibilities of each group member with

LahoreUniversityofManagementSciences regardstothelaunchandexecutionofMyStartup.Itisveryimportantatthisstageforthegroupstoassignthefunctionaltasksof eachgroupmemberinaverypreciseandclearmannerbecauseanyambiguityattheendcanhaveseriousimplicationsongrading. Eachgroupmemberisexpectedtotake theleadinatleastonefunctionaltask(purchasing,selling,marketing (onlineoroffline), operations/production, accountingetc.) throughout theexecution of their business venture and willbe hold responsible for the group’sperformanceinthatparticulararea.   OverallEvaluationCriteriaforMyStartup:  1.Innovation:Innovationistheessenceofentrepreneurship.ItisveryimportantforthespiritofMyStartupthatwhateverventure youmayliketoendeavormustentailasubstantialelementofinnovation.Innovationinthiscase,however,doesnotonlymeanthe creativityoftheproduct/service,butcanalsobedemonstratedinanyotheraspectofyourbusinessmodel,e.g.howyougoabout marketingyourbusinessventure,bundlingyourproduct/service,managingyoursupplychainordeliveringyourproduct.  2.Profitability:Theprofitabilityoftheventurewillbemeasuredintermsoftheabsoluteprofitmadebyaparticulargroup.  3. Execution (consistency & hard work): In addition to innovation and profitability, you will also be evaluated in terms of how efficientlyandconsistentlyyouexecuteyourbusinessventure.Groupsshowingaperiodicprogressontheirventurethroughoutthe executionphasewillscorehigherthantheoneswhowillattempttodothebulkoftheworkinthelastfewweeks.Thequalityof executionandtheamountofhardworkbeingputintotheventurewillmainlybejudgedduringProgressReviewMeetings.  

EXAMINATIONDETAIL Midterm Exam

FinalExam

Yes/No:Yes CombineSeparate:Combine Duration:75‐90mins PreferredDate:TBA ExamSpecifications:Shortanalyticalquestions/MCQs/Casestudy Yes/No:No CombineSeparate: Duration: ExamSpecifications:



COURSEOVERVIEW/SCHEDULE LECTURE/ TOPICS MODULE  Overviewofthecourseoutline, methodologyandgradingscheme  Imperativesofentrepreneurshipin Session1 Pakistan  Importanceofentrepreneurshipinyour eyes? Module1:TheEntrepreneurialMindset Session2

Session3

RECOMMENDED READINGS/ACTIVITIES

OBJECTIVES/ APPLICATION

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FILM/DOCUMENTERYSESSION   CaseStudy:  Characteristicsoftheentrepreneurial mind JBnJaws:Decodingthe EntrepreneurialDNA    TheEntrepreneurialDNA   Videos(optional)  SteveJobs:The  Motivationsandambitionsof

Thestudentswilllearnthebasic characteristicsofanentrepreneurial personalitywithspecialfocusonwhat setsthemapartfromatypicalmanager withregardstotheir“motives”to pursueanentrepreneurialcareer.

LahoreUniversityofManagementSciences entrepreneurship

Session4

  EntrepreneurialVs.ManagerialThinking   EffectualVs.Causallogicof entrepreneurship   Principlesofeffectualentrepreneurship o Thebird‐in‐hand principle o Thecrazyquiltprinciple o Thelemonadeprinciple o Theaffordableloss principle

Session5

commencementspeech

 Readings:PartTwo: Whattodowhenyou takeactionintheface ofuncertainty(Book: JustStart)    FilmReview:The Chef    MeettheEntrepreneur 

Module2:...