Entrepreneurship

MBA

2015-2016
Course Code ENT 6030

Module Module E

Instructor Larry Louie

Email Larry.louie@faculty.hult.edu

Phone / Skype Skype name: larryglouie

Availability Office hours: One hour before each class.

Also, available by appointment (email some
available times)

Class Times and Rooms See mycourses.hult.edu/

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Course Description
This course covers the essential elements of entrepreneurship – the process, risks, and
rewards. The processes will include ideation, product development, determine revenue and
business model, business plan creation, financial projections, and raising capital. The risks will
be discussed in the context of the processes – e.g. market acceptance, adoption rate,
competition, financial, as well as personal and professional risks. The rewards will also be
discussed along the process – why entrepreneurs start businesses, why angel and venture
capitalists fund startups, and the structuring of financing contracts (term sheets) to provide
financial rewards to the founders, shareholders, and investors. The course will utilize article,
books (not text books), and a project-based approach. We will cover the concepts and
techniques used in entrepreneurship and apply them to an assigned entrepreneurial venture.
Teams will work with entrepreneurs to develop the business plan, prepare financial projections,
and present a funding pitch. This will be a hands-on, “learn by doing course."

Learning Objectives
Key Assessed Learning Outcomes

1. Assess the market opportunity and competition in order to determine a sustainable

competitive business

2. Create a sustainable business model and strategic plan for your enterprise vision

3. Develop financial aspects of your business - financial forecasts, funding requirement,

valuation, and financing term sheets

4. Understand the ingredients to a new venture or enterprise, and be able to articulate them
in a written and oral plan

Teaching and Learning

We will use a combination of readings, cases, and project based learning. Readings will not be
from textbooks, rather more current books, article and web material on current methodologies in
entrepreneurship. We will have a few cases during our course. Most of the learning will be from
our Business Plan Project, working with an actual entrepreneurial concept or early stage
startup. The three main deliverables are a Business Model (includes ideation, product/service
design, and a product-market fit), financial projections, and a Business Plan (expressed through
an elevator pitch and business plan presentation judged by an outside panel).

Class notes will be distributed during class or be available for electronic download on
myCourses. Reading the class notes, cases, and relevant articles (and reading and thinking
about the class work problems before and after each class) is essential.

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I expect active class participation. I call on class members to answer questions on the business
cases and current concepts. Please use your name tents at all times. Further, please be in class
on time. Also, there is a “no cell phone” policy in class.

Method and Weighting of Assessment

In this course, students are evaluated by the following means of assessment.

Description of Assessment Weight Due Date

Major Assignments

Business Model (Lean Canvas) Paper 30% 8/1/2016

Business Model (Lean Canvas) Presentation 8/9/2016

Business Plan Paper 40% 8/16/2016

Business Plan Presentation (Elevator Pitch and 8/17/2016

Presentation)

Additional Grade Components

Financial Projections 20% 8/12/2016

Attendance and Participation 10% On-going

Attendance, Participation and Student Responsibilities

Important expectations for Hult students are set forth in the Student Handbook and summarized
below. Please consult the Handbook for more details.

Attendance
Students are expected to attend all scheduled classes, examinations, class presentations,
simulations, exercises, field research visits, discussion groups, plant visits, lectures, and special
programs. An absence for any reason except those qualifying for an excused absence as
described in the Student Handbook will be considered an unexcused absence.

Students who miss more than 20% of scheduled classroom/activity hours because of
unexcused absences (e.g. more than two meetings of a 10-meeting course) will fail the course.
Classes begin promptly according to the published schedule. It is the responsibility of each
student to be in class on time.

Attending group meetings and participating in the assigned study teams are required
components of the program and are considered an important part of the experiential learning
process. Students are expected to participate orally in class and in online forums and team

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activities. Hult accommodates students with disabilities. Please see the Student Handbook for
details.

Academic Integrity
Any work submitted by a student in this course for academic credit must be the student's own
work. The Hult policy on plagiarism applies to all work done at the School. In addition, any
failure to abide by examination rules will result in failure of the exam, and may lead to failure of
the course and School disciplinary action. Please consult the Student Handbook for further
details.1

Course Materials and Course Topics

Materials
Required Readings:

 Blank, S. and Dorf, B (2012). The Startup Owner’s Manual / K&S Ranch

Online Tool:

Students are required to join Launchboard (www.launchboard.io). This site has content and a
very powerful business planning tool. We will use this site to build our business model canvas,
including hypothesis testing, customer validation, and collaboration with the team and external
partners. It also had multiple links to relevant readings on the topic area. The cost for students is
$30 for a six month license.

Blogs:

Selected blogs and other online material – we will use online material extensively, e.g.:

 http://firstround.com/review/
 http://a16z.com/advice-and-how-to/
 http://avc.com/archive/#mba_mondays_archive

Recommended Reading:

This is the basic "library" for our course.

 Osterwalder, A, Pigneur Y., and Smith A. (2010). Business Model Generation. Wiley.
 Maurya, A., (2012) Running Lean. O’Reilly Media.

1
These web sites provide helpful guidance regarding plagiarism and how to cite sources:
http://library.acadiau.ca/tutorials/plagiarism/, http://www.plagiarism.org/learning_center/citation.html

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Topics Covered

1. The Entrepreneurial Process

2. Customer focus – determine needs, develop solutions, and test solution

3. Creating a tangible product or service – minimum viable product

4. Testing the acceptability of the proposed solution, then refine

5. Develop other elements of the business plan – go to market strategy, organization,

production and operations

6. Understand financial projections, cash required to launch and how venture financing works

7. Develop and deliver a 90 second elevator pitch to judges

8. Develop and deliver a 20 minute business plan to judges

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Class Preparation
Class 1 Time 3 hours

Topic Introduction and Week 1: Customer Discovery and Validation

Introduction to the customer focus for all startups

Preparation Our first three classes are back to back (Tues, Wed, and Thurs), so read
these by the end of the first week. The sooner you read them, the better.

Read: The Startup Owner’s Manual (TSOM) Interlocution and Chapters 1–

7 (271 pages)

Assignment Sign-up for Launchboard (www.launchboardio)

Review the introdution section

Class 2 Time 3 hours

Topic Launchboard and the Business Model Canvas

Process by which ideas are generated and tested

Preparation See reading comment for Class #1

Assignment None

Class 3 Time 3 hours

Topic Market Validation - Testing and Iteration

Testing the concept, iteration, and validation of hypotheses

Preparation See reading comments for Class #1

Assignment None

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 Class 4 Time 3 hours

Topic Week 2: Business Model Canvas and Lean Canvas

Review of the other elements of Business Model Canvas and comparison

to the Lean Canvas

Preparation Similar to Week 1, we have three back to back classes.

Read: TSOM Chapters 8-12 (187 pages)

Assignment None

Class 5 Time 3 hours

Topic Business Planning - Process

Customer interviews and competitive analysis

Preparation See reading above for class #4

Assignment None

Class 6 Time 3 hours

Topic Business Planning – Outcomes

We will focus on the deliverables – a business plan, an elevator pitch, and

a business plan presentation.

Preparation See reading above for class #4

Assignment None

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 Class 7 Time 3 hours

Topic Financial Projections, Valuation, and Capital raising

Preparation In the time between Class 6 and 7 (two weeks) – apply the concepts to the
Business Model Canvas or Lean Canvas by doing field testing and
validation, competitive analysis, and refine problem statement and your
solution. Create a minimum viable product and sources of “unfair
advantage."

Assignment Team Presentation of the Lean Model Canvas or Lean Canvas to class
and advisors

 Paper due by Monday, 8/1

 Presentation in-class Tuesday, 8/9

Class 8 Time 3 hours

Topic Financial Projections and Presentation of Financial Data

We will discuss financial projection techniques, sample spreadsheets, key

assumptions, and how to summarize for investors.

Preparation Read: Announce class 7

Assignment Upload Financial Projections Friday, 8/12

Class 9 Time 3 hours

Topic Venture Financing

We will cover the stages of venture financing – from seed, to growth to

liquidity (exit) events. We will also discuss typical term sheets from
investors.

Preparation Read: Announce class 8

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 Class 9 Time 3 hours

Assignment None

Class 10 Time 3 hours

Topic Final Team Presentations (90 seconds Elevator Pitch and 20 minute
business plan presentation followed by Q&A).

Preparation Prepare business plan presentation and elevator pitch.

Assignment Business Plan Presentation PowerPoint Slide Deck

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 Appendix: Assignments and Rubrics
In this course, students are evaluated by the following means of assessment (copy the table
and insert the rubric for each assessment):

Assignment Business Model (Lean Canvas)

Assignment Due Date Business Model Paper - 8/1

Business Model Presentation - 8/9

Description of Assignment: Your team will prepare a Business Model Canvas (or
Lean Canvas). Each individual must write at least one
section and present that portion to the class. The
paper must be between 10 pages (minimum) and 15
pages (maximum). Your presentation is 15 minutes
plus some question and answer time. Each individual
team member will receive a grade of 50% individual
and 50% team based.

Learning Outcomes Targeted 1 & 2

Grading Rubric for this Assignment

Business Model Canvas and Presentation

High Pass - Pass - Organized Needs Improvement Fail
Organized and well and clearly written in - The reader had to
written. Underlying most places. In make considerable
logic is clearly some areas, the effort to understand
articulated and easy logic and flow of logic and flow of
to follow. Words ideas is difficult to ideas due to the
Deliverable expressed the follow. Sentences grammatical and
Composition intended meaning were mostly spelling errors.
and supported grammatical and
reader only a few spelling
comprehension. errors were present
Sentences were but did not hinder the
grammatical with few reader.
spelling errors.
Deliverable High Pass - Pass - Deliverable Needs Improvement Fail
Subject Deliverable demonstrated - Deliverables
Knowledge demonstrated knowledge of course struggle to
knowledge of course content, integrated demonstrate
content, and major concepts, and knowledge of course
integrated many demonstrated content and
major and minor evidence of some concepts that could
concepts. There is research and be shown through
evidence of thinking about the evidence, research

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 extensive research topic. or original thinking
and depth of thinking about the topic.
about the topic.
High Pass - Presents Pass - Presents an Needs Improvement Fail
an insightful and adequate analysis of - Presents an
thorough analysis of most of the issues, incomplete analysis
Deliverable all identified issues. but lacked depth in of some of the
Analysis Includes all some areas. Is identified issues.
necessary missing some Omits necessary
calculations. necessary evidence and/or
calculations. calculations.
High Pass - Content Pass - Content is Needs Improvement Fail
is relevant and well relevant and has - Content is
supported by details. basic supporting sufficient, but is
Presentation Incorporates details. missing some
Content innovative insights. supporting details
that could have
helped to strengthen
it.
High Pass - Pass - Presentation Needs Improvement Fail
Presentation is is organized, slides - Presentation is not
organized and well are well sequenced well organized and
Presentation sequenced with and most transitions the slide sequence
Organization smooth transitions. It happen easily. It does not help
previews, covers and previews and covers strengthen the
develops main main points. argument.
points.
High Pass - Pass - Conclusion is Needs Improvement Fail
Conclusion is clear, clear and supported - Conclusion is not
compelling, and by research and clear and did not
Presentation
supported by quality analysis. Includes a seem to support the
Conclusion
research and review of key points. analysis or key
analysis. Includes a points.
review of key points.
High Pass - Highly Pass - Professional Needs Improvement Fail
professional execution of the - One or more
execution of the entire presentation. presenters lacked
presentation on Teamwork, where confidence or clarity.
Presentation every level. displayed, showed Teamwork, where
Values Teamwork, where preparation and skill. displayed, appeared
displayed, was Transitions were disjointed.
strong. Transitions smooth.
were seamless
among the team.
Overall High Pass Pass Needs Improvement Fail

Assignment Financial Projections

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 Assignment Due Date 8/12

Description of Assignment: Each team must prepare financial projections for their
ventures. Minimum components would include an
income statement, a cash flow projection, an initial
cash requirements budget, and a staffing plan.

Learning Outcomes Targeted 1, 2, & 3

Grading Rubric for this Assignment

Financial Projections: Rubric

High Pass - Presents Pass - Identifies key Needs Improvement Fail
Financial and accurate and assumptions and - Fails to identify any
Projections complete analysis. adequately critical components
discusses it.
High Pass - Always Pass - Occasionally Needs Improvement Fail
Calculations provides correct and makes a calculation - Makes repeated
and complete mistake. mistakes in
Presentation of calculations in a Presentation is calculations and
Results clear presentation. generally presents them in a
understandable. confusing manner.
High Pass - Pass - Demonstrates Needs Improvement Fail
Demonstrates sufficient command - Makes only a few, if
complete command of tools and any, connections
of tools and concepts from the between identified
concepts from the course. Makes some issues and concepts
course. Makes connections between from the course
Use of Course
appropriate and identified issues and readings and class
Concepts
powerful connections the strategic lectures.
between identified concepts studied in
issues and strategic the course readings
concepts studied in and class lectures.
the course readings
and class lectures.
Overall High Pass Pass Needs Improvement Fail

Assignment Business Plan Presentation (Elevator Pitch)

Assignment Due Date Presentation PowerPoint - 8/16

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 Presentation - 8/17

Description of Assignment: Your team will prepare a PowerPoint presentation

and elevator pitch (90 seconds). One or two people
(max) may present the elevator pitch. Each individual
must write at least one section of the business plan
and present that portion to the class. Your
presentation is 20 minutes plus some question and
answer time. Each individual team member will
receive a grade of 50% individual and 50% team
based.

Learning Outcomes Targeted 1, 2, 3 & 4

Grading Rubric for this Assignment

Final Presentation
High Pass - Content Pass - Content is Needs Improvement Fail
is relevant and well relevant and well - Content is
Content supported. Displays supported. minimally sufficient
insight and but is missing
originality. supporting details.
High Pass - The Pass - Information is Needs Improvement Fail
point of the structured to convey - Information is not
presentation is clear a persuasive organized in a way
Argument and compelling, and argument and that makes a clear,
there is a strong call motivate action. relevant point or
to action. indicates needed
action.
High Pass - The Pass - The Needs Improvement Fail
presentation presentation was - One or more
displayed highly clear, confident, and presenters lacked
professional appeared well confidence or clarity.
Presentation
execution, which rehearsed. Teamwork, where
Values
enhanced the impact Teamwork, where displayed, needed
of the argument. displayed, showed better coordination.
Teamwork was preparation and skill.
strongly evident.
High Pass - Pass - Presentation Needs Improvement Fail
Presentation was was effective in - Presentation was
effective in conveying ideas. adequate but
Overall
conveying ideas to displayed important
the audience and of gaps in content
memorable quality. and/or delivery.

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 Assignment Class Participation

Assignment Due Date On-going

Description of Assignment: Assessment of student engagment through

participation in-class

Grading Rubric for this Assignment

*Class Participation v2
High Pass - Student Pass - Student Needs Improvement Fail
initiates contributions initiates contributions - Student
in most classes (9 or in many classes (4 participates in only a
Frequency of more), and or more). very few classes (1-
Participation sometimes offers 3).
more than one
contribution per
class.
High Pass - Pass - Comments Needs Improvement Fail
Comments are are generally - Comments are
always insightful, reasonable and often a repeat of
constructive, and thoughtful and move case facts or are not
Quality of
move the the class in the context of the
Comments
conversation conversation discussion.
forward. Opinions forward.
are thoughtful and
well justified.
High Pass - Student Pass - Student is Needs Improvement Fail
listens attentively attentive and shows - Student is
when others offer interest the issues distracted in class by
comments and and discussions in technology (phone,
Level of
perspectives and class. tablet or computer)
Engagement
clearly demonstrates for things unrelated
commitment to all to class. Student
class policies. may disrupt the flow
of the class.
High Pass - Pass - Positively Needs Improvement Fail
Consistently contributes to the - Makes a minimum
Overall broadens and class dynamic. contribution to the
deepens the learning class.
of the class.

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