The objective of this course is to provide students with the tools and theories to understand how entrepreneurs can create a business that allows them to follow their passion, provide value to the world and make money at the same time. Groups of students will closely collaborate with entrepreneurs and help them solve their real-life business challenges. Students then write a group term paper in the form of a practical consultancy report intended to help the entrepreneur design a better and more viable business model.
Regarding theory, we first dive into the topic of entrepreneurship, discussing what kind of resources, networks, competences and strategies are necessary to advance innovative and entrepreneurial ideas. We then learn how these skills and processes can be applied to the design of new business models that underlie the creation of any business. We learn about different types of business model design (e.g., sustainable/circular business models, social business models, platform business models, etc.). We work on designing innovative business models by building a strong and convincing value proposition and finding smart ways to monetize this value.
Regarding practice, this course seeks to give students not only a command of relevant theoretical perspectives but enable them to apply these perspectives and frameworks to real-life business situations. At the beginning of the course, we invite entrepreneurs to the class who will present the real-life challenges that they are experiencing with their start-up (e.g., finding new customers, new sources of revenues, expanding to new markets, etc). Groups of 4-5 students will be assigned to closely collaborate with entrepreneurs and help them succeed with their start-ups. The term papers come as a practical consultancy report that relates theories and frameworks derived from the classes to specific challenges these entrepreneurs face in their efforts to design a viable business model, and finally provide concrete strategy recommendations (including an implementation plan) on how to implement the business model in practice. Students present their consultancy reports in front of the class and the entrepreneurs.