New Venture Planning and Entrepreneurship: Course Objectives Essay Sample
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“Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. It is capable of being presented as a discipline, capable of being learned, capable of being practiced” Peter F. Drucker In present scenarios, consumer needs must be satisfied in superior manner than the competitors at every stage. Not only needs may have to be created, products
to be created, products and services may have to be created and consumer has to be made conscious of the unfulfilled, invented need.
The success is possible to be achieved only when the foundation has elements of clarity of objective, of innovation, of risk, of knowledge and willingness that ninety nine percent perspiration will be forthcoming – than the idea whose time has come will follow.
The changing environments, globalization, dismantling of national, social, political, cultural and economic barriers and cross national transfer of ideas, resources and technologies and their rapid diffusion may create threats but they also create opportunities. The opportunities are needed to be located and seized. The small start ups, new ventures and modest beginnings have one great asset – an entrepreneurial mind not burdened with the past. It is expected that if proper insight into the process of transforming the concepts in to real life situation can be imparted, it will lead to a far greater enduring entrepreneurial venture than a purely academic and theoretic conceptualization. Keeping this in mind and drawing on real life entrepreneurial success paradigms, this course has been designed.
The objective of present course is to develop an understanding of what successful new enterprise development requirements are and how these can be realized. This course shall be able to impart the capability to develop an idea into a successful venture.
On completion of this course the students should be able to successfully perform both as an entrepreneur as well as an investor.
As an entrepreneur he/she should be able to:
• Understand what Entrepreneurship implies and what its characteristics are. • Generate, locate and assess business opportunities and ideas objectively in terms of their viability of implementation. • Develop innovative thinking. Inculcate problem solving in unstructured manner. • Develop competencies, skills, attitudes that may assist in creating and contributing to continuation of growth of entrepreneurial ventures. • Provide exposure of real life mistakes made in conceiving, organizing and operating new ventures. • Prepare, present and evaluate a Business Plan.
As an investor he/she should be able to:
• Recognize and analyze potentially rewarding business plans.
• Be a successful mentor for entrepreneurs.
• Negotiate mutually beneficial terms with the entrepreneurs.
The outcome of the course shall be a Business Plan prepared students. This should be a complete Business Plan that is possible to be presented to the angel investor for real evaluation and funding.
Methodology and Structure:
In order to meet course objectives, the instructor shall use combination of methods and activities that will comprise of lectures, presentations, assignments, cases, projects, and exercises. Guest faculty consisting of entrepreneurs and professionals being a stakeholder in assessment and implementation of new ventures will be invited to open up newer perspectives to the students in addition to the academic enrichment.
1. All assignments and activities (excluding Business Plan) are individual, unless specified otherwise. 2. Any kind of academic dishonesty, including plagiarism will lead to awarding ‘lowest’ grade in the course. Additionally, other disciplinary actions will be taken.
Cases, course material, contents, sequence, essential and recommended readings may be changed/modified depending upon the instructor’s evaluation of the progress of the class. Laptop Policy: Students are allowed to bring laptop in the class and make notes on laptop. If students are found to make any other use of laptop in the class, he/she will be debarred from bringing the laptop in the class for whole term.
Entrepreneurship & New Venture Creation
SESSION – WISE DETAILS
One Entrepreneurship: An Overview
Significance and definition of entrepreneurship. Entrepreneurship challenges in 21st century. Basic types of entrepreneurship. Creating Indian entrepreneurs. Future of entrepreneurship. Two Entrepreneurial Environment
Characteristics, Corporate Entrepreneurship. Entrepreneurial variety. Three Motivations
Entrepreneurial motivations. Basic – supportive attributes. Gender Issues. Role models. Entrepreneur and inventor. Four Case Discussion – Richard Branson
Five Opportunity Sensing and Idea Generation
Sensing and locating opportunities. Opportunity creation by environmental changes Social, economic, political, technological, changes leading to creation of newer opportunities. Six Techniques for idea generation.
Window of opportunity. Pitfalls of thinking small.
Seven Idea Generation Workshop
Eight Idea Generation Workshop (Cont.)
Nine Emerging Businesses
Motives for a venture. Types of ventures. Life style ventures. Modest ventures. Promising ventures. High Growth ventures. Revolutionary ventures. Factors affecting new ventures’ success and growth. The entrepreneur and his team. Role and Functions of entrepreneur. International dimension of entrepreneurship. Ten Case discussion From Hen House – Randox
Eleven Types of Business and Development of Business Plan. Forms of businesses: Proprietorship; Partnership; Corporate bodies. The structure of a business plan. Industry Analysis. Marketing plan. Production Plan. Organization plan. Financial plan. Financial Ratios. Updating and presentation. Twelve Case Discussion – Orchid
Thirteen Angel Investors and Venture Capital.
Angel investor. Venture capital nature. Sources. Informal risk capital. Fourteen Incubation and Innovation
Incubators. Technology Business incubators. Sources, Support systems. Innovation and Technology. Innovation process models. Innovation in Indian context. Fifteen External Resource Generation
Strategic Alliances. Joint Ventures. Mergers & acquisitions. Demergers & Spin Offs. Leveraging, Public Issues. Sixteen Product, service and market development
Seventeen Business Plan Evaluation Methods and Process
Types of industry, product and service. Business location. Social and ethical consideration. Entrepreneurial team. Markets, competition and growth strategies. Risks, returns and rewards. Financial ratios. Eighteen Business Plan Evaluation (Con.)
Nineteen Presentation of the Business Plan by Students and Evaluation by the Faculty ( If possible by the cross functional team of faculty) Twenty Presentation of the Business Plan by Students and Evaluation by the Faculty ( If possible by the cross functional team of faculty)
Twenty One Presentation of the Business Plan by Students and Evaluation by the Faculty ( If possible by the cross functional team of faculty) Twenty Two Course Appreciation and Evaluation. Student’s feedback
Would schedule minimum two lectures from entrepreneurs/investor/industry during the term. Since this cannot be scheduled much in advance, two sessions are kept in reserve for that. Generally, I prefer the first one to be at somewhere close to 5th session and second one somewhere close to 14th session.
END TERM EXAMINATIONS
• The chapter/topic/cases proposed to be undertaken in a specific session are subject to change, depending upon demand of the subject and instructor’s assessment of the need of the class.
Business Plan Format and Details:
The class will be divided into groups. All groups will be heterogeneous. Each group will consist of app. 6 students. The groups are to be made preferably by students themselves and name of the group members to be submitted to the instructor by the end of 2nd Session in soft copy. The business plan is to be submitted in both, soft and hard copy. It should be printed in Times New Roman, font 11, margins 1” on all sides of A4 paper. Plan should be printed/typed on both sides. It should be illustrative (take help of tables, graphs and charts) but not overly ornamental. The language should be grammatically correct and syntax proper. Last day of submission of the hard and soft copy of the business plan will be the date of 20th session and will not be extended under any circumstances. Each group will make a presentation of the business plan of 15 minutes duration in the class with the help of PPTs in designated sessions which will typically fall at the end of the term. Presentation will be followed by a 15 minutes session from peer group/faculty/angel investor. There will be an individual Viva Voce on the Business Plan for each member of the group.
“Entrepreneurship and New Venture Creation”, by A Sahay and V Sharma
1. Entrepreneurship and New Venture Creation” by Robert D Hisrich, Michael P Peters, Dean A Shepherd. 1. Ashish Gupta, “Indian Entrepreneurship Culture and Its Many Paradoxes”. 1996. 2. Barringer, Bruce R., and R. Duane Ireland., “Entrepreneurship: Successfully Launching New Ventures”. Pearson Prentice-Hall, 2006. 3. Dorin edited by, “The Indian Entrepreneur”. 2003. Manohar Publishers and Distributors. Delhi. 4. David A Holt, “Entrepreneurship (New Venture Creation)”. 1991. Prentice Hall. 5. Hodgetts and Kuratko, “ Entrepreneurship”. 7th Edition. South Western College Publishing. 6. Jeffery A Timmons, “New Venture Creation”. 5th Edition. Irwin McGraw-Hill. 1999. 7. Philip A Wickham,” Strategic Entrepreneurship”. 2006, 4th Edition. Prentice Hall. 8. Stephen C Harper, “Extra Ordinary Entrepreneurship”. John Willey and Sons Ltd. 2006. 9. S. Ashok Kumar, “Entrepreneurship in Small Industries”. Discovery Publishing. 1990 Delhi 10. Sharma and Dhameja, “The Indian Entrepreneur”. 2002. Abhishek Publication.
1. Bartlett Christopher A and Sumantra Ghoshal. “Release the Entrepreneurial Hostage From Your Corporate Hierarchy”. Strategy and Leadership. Vol. 24. No. 4. pp 36-42. 2. Bergman,Benyamin and Brush. “How Do Resource Bundles Develop and Change in New Ventures? A dynamic Model and Longitudinal Exploration”. Spring 2001. Entrepreneurship Theory and Practice. pp 37-58 3. Hummerle Walter. May 2002 . ”A Test for the FaintHearted”. HBR. pp. 122-27. 4. Krueger, Norris F. Jr. “Cognitive Infrastructure of Opportunity Emergence”. Entrepreneurship Theory and Practice. 2000. Vol. 24. No. 3.pp5-23. 5. Magretta Joan. “ Why Business Models Matter”. HBR. May 2002. pp.86-92. 6. Sahiman William A. “To Write a Great Business Plan”. 1997. HBR Vol. 75. No. 4. pp 98-108 7. Wilkund, Davidson and Delmar. ”What Do They Think and Feel about Growth? An Expectancy value Approach to Small Business Manager’s Attitude Toward Growth”. 2003. Entrepreneurship Theory and Practice. Vol. 27 (3). pp 247-271. 8. Zahra, Shaker, Neubaum and Hagrassey.” Competitive Analysis and New Venture Performance: Understanding the Impact of Strategic Uncertainty and Venture Origin”. 2002. Entrepreneurship Theory
and Practice. Vol. 27 (1). pp 1-29.
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