The course focuses on the process of venture creation from the moment an entrepreneur identifies a business opportunity to the moment that the new venture has become a viable organization (defined as being cash flow positive and in a defensible market position).
The course is organized around three key themes:
I: Setting the Stage for your New Venture: An introduction to the course and to the central entrepreneurial process of establishing a viable new business venture. We will also discuss how new business opportunities are defined and identified.
II: Launching the New Venture: Transforming an idea or vision into an organizational entity through which people can create economic value. What specific market segments should you focus on? What role does planning play when you¿re still finding your way? How do you secure financing? How important is originality? How do you carve out a market niche? How should you deal with competitors and how should you relate to partners who might provide resources and legitimacy? We introduce students to a range of frameworks useful when identifying and selecting the elements necessary for building a business. Case studies will drive discussions, allowing students to explore the application of academic and analytical thinking in real situations.
III: Addressing Entrepreneurial Challenges: New ventures often fail because their founders are unable to overcome the many challenges of managing a new venture. To address this theme, we will use cases to explore key entrepreneurial challenges, including managing stakeholders, funding your company, growing the venture beyond the early sales, building the organization, and dealing with the change that success brings.
Throughout the entire course, guest speakers will share their insights, experiences and stories -successful and unsuccessful.
The culmination of the course is the course project presentation, giving your team an opportunity to present your project to fellow students, faculty and business professionals.