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263734: Entrepreneurship and New Venture Formation > Syllabus | Concourse 263734: Entrepreneurship and New Venture Formation MGMNT-X 497.52 Winter 2016 Section 1 4 Credits 01/05/2016 to 02/09/2016 Modified 02/18/2016 Meeting Times Course 497.52: Entrepreneurship and New Venture Formation Winter 2016 Week 1: Introduction to “Lean Startup” Session 1: An Introduction to the Customer Development Process (January 5) 1. Review Course Syllabus & Schedule 2. Discussion 1: Overview on the Customer Development process 3. Discussion 2: Introduction to a 60 second pitch 4. Assignment 1: Watch Steve Blank online Udacity course Lessons 0, 1 5. Assignment 2: Prepare a 60 second elevator pitch for a new product/business and be prepared to deliver it in front of the class (graded in-class presentation, 3%) Session 2: Introduction to the Business Model Canvas (January 7) 1. Discussion: Introduction to the Business Model Canvas 2. In-class activity: 60 second pitch, peer feedback (graded) 3. Assignment 1: Watch Steve Blank online Udacity course, Lessons 1.5A, 1.5B (Business Models) 4. Assignment 2: Refine the 60 second pitch of your idea and be prepared to deliver it in front of the class (graded in-class presentation, 3%) 5. Assignment 3: Read “Agile Startup” Chapter 1 Week 2: Value Proposition Session 3: Value Propositions (January 12) 2. Discussion: Value Proposition from the Business Model Canvas 3. In-class activity: 60 second pitches, peer feedback 4. Assignment 1: Watch Steve Blank online Udacity course, Lesson 2 (Value Proposition) 5. Assignment 2: Read “Agile Startup” Chapter 2 6. Assignment 3: Refine your 60 second pitch (graded in-class presentation, 3%) Session 4: Forming Teams (January 14) 1. Discussion: Components of the Business Model Canvas: Value Proposition 1 of 6 2. In-class Activity: 60 second pitches and optional team formation 3. Assignment 1: Reading: “Agile Startup” Chapter 3 4. Assignment 2: Watch Steve Blank online Udacity course, Lesson 3 (Customer Segments) Week 3: Customer Validation / Getting Out of the Building Session 5: Customer Segments (January 19) 1. Discussion 1: Customer Segments and Customer Personas 2. Discussion 2: Common mistakes around customer segments and value propositions 3. Assignment 1: Business Model Canvas (at least VP+CS) for your idea (graded submission via email, 5%) 4. Assignment 2: Make a list of 3-4 customer personas (the type of people who will be your customer) that you would interview (optional submission via email) Session 6: Conducting Customer Interviews (January 21) 1. Discussion: Conducting customer validation (who and how to interview) 2. In-class Activity: Presentations of Business Model Canvases and Customer Personas 3. Assignment 1: Conduct 20+ customer interviews 4. Assignment 2: Summary of customer interview results (graded submission via email, 10%) 5. Assignment 3: Watch Steve Blank online Udacity course, Lesson 5 (Customer Relationships) Week 4: Customer Relationships (Get, Keep, Grow) Session 7: Get, Keep, Grow (January 26) 1. Discussion 1: Defining your customer relationships 2. Discussion 2: Customer Acquisition Cost and Lifetime Value (CAC and LTV) 3. In-class Activity: Present customer interview summaries 4. Assignment 1: Refine and submit your Business Model Canvas (at least VP+CS+CR) (graded submission via email, 5%) 5. Assignment 2: Read “Agile Startup” Chapter 9 Session 8: Sales Conversion Funnels (January 28) 1. Discussion 1: Sales Conversion Funnels 2. Discussion 2: Customer Adoption Curves 3. In-class Activity: Present updated BMCs 4. Assignment 1: Conduct 20+ customer interviews 5. Assignment 2: Summary of customer interview results (graded submission via email, 10%) 6. Assignment 3: Start working on slides to communicate your story Week 5: Market Sizing, Funding, and Pitching Session 9: Pitching your Idea (February 2) 1. Discussion 1: Components of an effective investor pitch 2. Discussion 2: Funding your startup idea 3. In-class Activity: Present customer interview summaries 4. Assignment 1: Prepare a 3 minute pitch with slides to present in the next class (graded submission via email, 10%) 5. Assignment 2: Read “Agile Startup” Chapter 4 Session 10: Market Sizing and Minimum Viable Product (February 4) 1. Discussion 1: Defining a Minimum Viable Product (MVP) and how to test it with customers 2. Discussion 2: How to Size the Market Opportunity 3. In-class Activity: Present 3 minute pitches 2 of 6 4. Assignment 1: Develop final draft of 5 minute pitch presentation with slides to present in class (graded submission via email, 20% + graded in-class presentation, 10%) 5. Assignment 2: Read “Agile Startup” Chapters 7, 8, and 10 Week 6: Final Pitches Session 11: Final Presentations – Pitch Day (February 9) 1. In-class Activity: Delivery of final pitches to judges 2. Discussion: Panel on life as an entrepreneur and what to expect 3. Summary of resources after the class Description This course surveys the factors essential for turning a "great idea" into a successful business and explores various benefits/costs of sole proprietorships, partnerships, corporations, and franchises. Topics include market surveys, site analysis, permits and licenses, patents and protection of ideas, risk management, legal requirements and regulations, capital requirements and financing sources, determining the costs and prices of goods and services, advertising and marketing, record keeping, and lines of credit and cash flow requirements. Participants' ideas and business strategies are evaluated in a supportive classroom environment. Enrollment limited. Internet access required to retrieve course materials. Objectives Course Objectives: Students will learn both theoretical and practical application of the “lean startup” principles and methodology including business models and market research, and how to conduct market research while developing the technical aspects of a product concept. Students will understand different types of business models and how to select the appropriate business model for a given product or solution. Students will have an appreciation for creating and then testing business model hypotheses through multiple customer interviews during the course, with an emphasis on getting outside of their comfort zone to improve their skills. Outcomes Expected Learning Outcomes: Students are expected to work individually or in teams to take an idea for a product or solution through a process of ideation, concept development, hypothesis development, customer discovery, and definition of a Minimum Viable Product during the course, culminating in a pitch or presentation to a panel of guest judges and the instructor. Students are expected to actively participate in all phases of the process including conducting customer interviews to gain real world experience with the journey of an entrepreneur from an idea to the first customer. Each week, students will present key learnings, results of customer discovery interviews, and engage in peer feedback to simulate a “flipped classroom” approach employed by lean startup guru Steve Blank at Stanford University and UC Berkeley. By the end of the course, students should have a solid understanding of the process of creating a new business as cheaply and efficiently as possible. Materials Required Texts and Materials: The Agile Startup: Quick and Dirty Lessons Every Entrepreneur Should Know By Jeff Scheinrock and Matt Richter-Sand 3 of 6 Published by: Wiley; 2013 ISBN: 978-1-118-54826-4 Although the above text will be referenced during the course, all students must view and the complete Steve Blank video lecture part of the Udacity online course, “How to Build a Startup” on https://www.udacity.com/course/ep245. These videos will supplement the text and will be critical to achieving the desired course and learning objectives. Optional Texts and Materials: The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses By Eric Ries Published by: Crown Business; First Edition edition (September 13, 2011) ISBN: 9780307887894 The Startup Owner’s Manual: The Step-by-Step Guide for Building a Great Company By Steve Blank Published by: K&S Ranch Press ISBN: 0984999302 Deliverables Summary of Grading In-class pitches graded in class: 3 x 3% each = 9% of your grade Business Model Canvas submitted via email: 2 x 5% each = 10% of your grade Customer interview summaries submitted via email: 2 x 10% each = 20% of your grade Slides to go with 3 minute pitch submitted via email: 1 x 10% each = 10% of your grade Final slides submitted via email: 1 x 20% each = 20% of your grade In class final presentation: 1 x 10% each = 10% of your grade Class participation and engagement: 15% of your grade Group evaluation (if in a group, if not, will be added to class participation): 6% of your grade Course Policies Expectations: Students are expected to: Actively participate in class discussions and provide feedback during peer presentations Complete all readings and homework as assigned Be on time Allow for enough time to adequately conduct hypothesis research outside of the classroom Communicate respectfully to instructors and fellow classmates Utilize professional level English in presentations and written assignments Institutional Policies 4 of 6 Student Conduct Students are subject to disciplinary action for several types of misconduct or attempted misconduct, including but not limited to dishonesty, such as cheating, multiple submission, plagiarism, or knowingly furnishing false information to the University; or theft or misuse of the intellectual property of others or violation
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