ETP 6500 – The Entrepreneurial Challenge Page 7 of 8
Mark T. Schenkel, Ph.D.
Spring Semester, 2008 (S08)
ETP 6500 – The Entrepreneurial Challenge (2 Cr.)
College of Business Administration
Belmont University
Spring Semester, 2008 (S08)
Thursday 6:15 – 9:00 p.m. (MC210)
Instructor: Mark T. Schenkel, Ph.D. Phone: 615.460.5474
Office: 436 Barbara Massey Hall (or rooftop pool!) Fax: 615.460.6605
Office Hours[1]: M 9:00 – 10:00 a.m.; T 8:15 – 11:15 a.m. Email:
Th 9:15 – 11:15 a.m.; 4:00 – 6:00 p.m.
I am very happy to speak with you about questions, concerns, or interesting ideas that you have, and it is always a good idea to call or e-mail ahead if you plan to stop by on any given day. I will be happy to offer times in addition to my regular office hours if necessary to meet your schedule. E-mail is usually the best way to reach me. I will typically read and respond to e-mail several times throughout the day.
Course Description:
This course provides students active opportunities to explore the contemporary view of entrepreneurship as a method of management applicable in enterprises of all sizes and stages of development. Within this view, entrepreneurs are “made, not born” as they develop different strategic orientations, different patterns of commitment to opportunity and differing perspectives on resource control, management structure, and compensation/reward policy. This orientation may be summarized as being more nimble with a persistent emphasis upon innovation. The course includes lectures, class discussion, case analysis, guest speakers, and entrepreneurship project, which integrate in the student’s business background and interests.
Course Objectives:
Successful entrepreneurism requires the effective identification, evaluation, articulation and pursuit of opportunity in an increasingly complex and global economic context. It also requires a deep and thorough sense of self. Accordingly, thorough development and integration of each of these aspects in order to gain a rich understanding of the nexus of the individual and opportunity is crucial to well-rounded, intelligent entrepreneurial efforts.
We improve our ability to recognize and evaluate opportunity by observing and carefully analyzing our own experiences, as well as the experiences of others; we gain a sense of self by identifying and assessing our unique passions and resource bases. Perhaps most importantly, we gain understanding of the likelihood that we can successfully engage in entrepreneurism by integrating each of these aspects, and thereby making venturing activity judgments from a more strategic (i.e., holistic) perspective. What makes the study and practice of entrepreneurship challenging is that the nature of entrepreneurial opportunities typically requires a skill set that can be characterized as both “art” and “science” in nature. In short, some facets of entrepreneurial opportunities lend themselves well to quantitative analysis (i.e., “empirical science”), whereas others require careful analysis of the role distinctly “human” elements play (i.e., “art”).
Students who take this course will:
- Define the term ‘entrepreneurship’ and generate examples to illustrate key facets.
- Explain the role of ‘market, margin, and me’ characteristics in the larger individual-opportunity nexus framework of opportunity recognition.
- Appraise the role of business planning in entrepreneurial activity.
- Analyze and infer the impact of values and ethics in entrepreneurial activity.
- Distinguish between and appraise various sources of funds in venture growth.
- Formulate a plan for encouraging entrepreneurial activity in larger organizations.
- Compose and critique a situational analysis of a ‘live’ entrepreneurial venture effort.
Student Goals/Objectives:
“Man’s mind, once stretched to a new idea, never regains its original dimensions.”
- - Oliver Wendell Holmes
Oliver Wendell Holmes’ quote suggests that effective learning outcomes can be characterized as the “stretching” of our thought process beyond its current state. By logical extension, Holmes’ observation further suggests that actively considering one’s current knowledge-base within the context of future goals can be an effective means for enhancing the natural “stretching” process that accompanies learning. Considering these suggestions, it is important that you identify specific ideas (at least 3) that you would like to “stretch” in order to maximize the learning opportunity this course presents. We will check on your progress toward these periodically.
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Teaching Philosophy/Methods:
Given the complexity, multidisciplinary and integrative nature of entrepreneurship as a phenomenon, we will employ an opportunity-based learning (OBL) approach in this course as we examine the entrepreneurial process from a life cycle perspective. Opportunity-based learning (OBL) involves learning through processes of identifying and addressing issues associated with ‘real world’ entrepreneurial opportunities. Although the issues may not always have ‘clear solutions,’ OBL nevertheless provides a rich learning environment in which students identify what needs to be studied and learned from the process of examining the issues confronted (Gibb, 1992). It is a student-centered system whereby students, either alone or working within small groups, generate the information necessary to respond to, or address, a specific issue. One attractive feature of OBL is that it helps develop in students both subject-specific and transferable skills (Figure 1). Subject-specific skills are developed directly through problem design, while transferable skills are developed indirectly via the OBL process itself.
The basis of OBL is learning by doing. Therefore, we will draw on concrete examples of opportunities to help build a common foundation for reflecting upon, and recognizing the full value of, key course concepts. In other words, we will use opportunities as a tool for simultaneously achieving both the required knowledge base and the skills necessary to identify and address key issues. Because the academic environment represents a unique and relatively low risk forum, it is imperative that students work hard to capitalize on the opportunity for personal development OBL presents. Students are expected to regularly leave their “comfort zone,” and demonstrate a willingness to go beyond their existing mental models and beliefs about entrepreneurship during class discussions and on written assignments. Questions, critique and encouragement will be a significant part of each class meeting, and will be employed with the intention of stimulating the desire for further inquiry in students.
Guiding Principles:
· What you get out of this course will be directly related to the amount of effort you put into it. However, if a hemorrhaging, gangrene, a rash of any kind develops throughout the semester, you may want to visit your physician. Also, it is probably not a good idea to operate a motor vehicle or dangerous machinery while reading this syllabus or other course handouts.
· My role is to help you achieve both your academic and entrepreneurial goals through this course.
· Manage deadlines and conflicts the same as you would in a professional work environment.
· The text is an excellent reference for your personal development and assignments. Use it (i.e., for reading and reference purposes, not kindling material at the fire at the next campus party!).
Course Requirements:
1. Attendance:
Given the OBL-based format of the course, attendance is critical to meeting our learning objectives. Accordingly, the Massey Graduate School policy is employed in this course: “ . . . when a student misses more than 10% of total class meeting time, the student's grade will be lowered one letter grade, while missing more than 25% of class time will mean failure of the course.” Written assignments require class attendance on the night they are due as noted in this syllabus. There will be no exceptions for this policy.
2. Required Text & Materials:
· Sahlman, et al, (1999). The Entrepreneurial Venture (2nd Ed.), Harvard Business School Press.
· Cases (additional materials may be provided by the instructor throughout the term).
· Course website: http://coba.belmont.edu/fac/Schenkelm/etp6500s08/ETP6500S08_homepage.html
3. Contribution:
"Learning is more effective when it is an active rather than a passive process."
- - Kurt Lewin
Lewin’s quote suggests that a critical aspect of both individual and peer learning revolves around active engagement in the learning process. Accordingly, contribution will be a significant component of each course member’s grade. Class members will be expected to: 1) prepare for class, 2) attend class, and 3) contribute to class discussions and exercises in a meaningful way. I will be evaluating each individual’s contribution after each class based on the following:
· Does the student demonstrate thoughtful and careful consideration of the readings, as well as thoughtful and careful preparation of cases and/or other assignments for the evening? This will be one of the main criteria for evaluation of this part of your grade!
· Is the student a good listener?
· Does the student attempt build on what is being discussed, or go off on his/her own agenda?
· Does the student attempt to go beyond simply repeating what has already been stated?
· Does the student attempt to foster full class participation, or does s/he try to dominate?
· Is the student willing to explore new ideas or new ways of looking at things?
· Does s/he attempt to integrate information from other sources (other business classes, readings, and life experiences) for the purpose of enhancing our discussion?
· Does s/he demonstrate a willingness and ability to argue constructively?
Quality of contribution will be emphasized throughout the course and evaluated based on the value each student brings to the class discussions and in-class activities. Given the complex and integrative nature of entrepreneurship as a phenomenon, this means you should focus your efforts on supporting and building a persuasive case for (rather than simply asserting) your ideas and opinions through one or a combination of the following: solid logic, evidence from specific experience(s), course frameworks, readings and analytical tools. Consistent with this emphasis, quantity of contribution should be viewed as a bell shaped curve. That is, contributing too little or too will have a negative impact on your contribution grade for that day.
Each student will be expected to respect the need for confidentiality. It is imperative that information shared about student business plans, and sensitive information shared by guest speakers, remain in the classroom. The instructor respects the need for propriety and vows the strictest confidentiality regarding their ventures.
4. Prepared assignments:
a) Case Analyses
Case studies will be used at both an individual and group level to analyze and explain opportunities and problems entrepreneurs encounter in creating and growing their ventures. Effective case analysis comprises much more than simply noting and summarizing case facts. Learning from case study is a function of how carefully you read, analyze and integrate the information from a case within the context of course concepts and your existing knowledge base. The goal for case analyses NOT to make recommendations. Rather, the goal is for students to demonstrate their ability to apply the concepts we are studying. Specifically, students will focus on identifying key issues in cases, take, and defend a position on the nature of the issues in order to help the entrepreneur enhance his or her understanding of the nature of the issues more fully.
There is rarely one “right” or “correct” approach to the situation presented in case examples. This should not be surprising given the challenging nature of the subject matter. The uniqueness of case examples also implies that developing effective recommendations cannot be achieved unless key issues have been firmly identified, explored and a well-reasoned plan of attack based on all the evidence at hand. Given this implication, our approach to case analysis is intended to provide an OBL context where greater depth of learning results from engaging in the process of articulating and sharing ones ideas and experiences with other class participants.
Case Memos (Individual):
Students will adopt the role of a consultant who has been hired to consult with the founder of the venture being studied in order to help the founder enhance his or her understanding of key issues. Students will submit a 1-page professional style memorandum for at least two of three randomly assigned case studies. The lowest of three scores will be dropped in the final course grade calculation for students who elect to submit memos for all three. Each case memo should:
1) identify a key issue(s) in the case;
2) take a position on the nature of the issue(s); and
3) defend that position by discussing how 1 or more course concepts explicitly help the entrepreneur to understand the nature of the issue(s) (*specific citations from course materials are required[2]), as well as how the position adopted relates to the central opportunity or problem of the case.
Case Analysis & Leadership (Group):
Students will also have the opportunity to apply the concepts studied in this course to actual venturing situations in the form of an in depth case analysis. Specifically, students will be randomly assigned to teams on the first night of class. Each team will then be randomly assigned one case in which team members will assume the role of Case Discussion Leader / Consultant for one case during the semester. Teams will develop and submit a written analysis (50% of case grade) of the case and lead the class in a 20-minute teaching exercise (50% of case grade). All team members must participate meaningfully in both the case write up and teaching exercise.
For the written analysis, teams will write a 3-5 page paper identifying, organizing/prioritizing, taking a position on, and defending positions on key issues in the case. As in the case memos, the defense of key positions should be supported by discussing how course concepts (specific citations are required) explicitly help the entrepreneur to understand the nature of the issue(s) and the position adopted as each relates to the central opportunity or problem of the case. The central distinguishing characteristic of the team case analysis write-up will be in the level of analytic depth expected. In short, it is expected that this write up will demonstrate greater emphasis on comprehensively integrating various issues and positions than possible in the individual case memo write ups. Comprehensiveness should naturally evolve and be facilitated by the diversity of contributions available among team members.
For the teaching exercise, teams will develop and lead a 20-minute teaching exercise (e.g., lecture, experiential exercise, carefully led group discussion/analysis, or any other valid teaching methodology) designed to illustrate/highlight key issues and themes in the case. The exercise should also illustrate/highlight prospective positions that could be adopted and demonstrate the advantages/strengths and disadvantages/weaknesses of each. Team members should assume that they have been hired as consultants to advise the entrepreneur on the central opportunity or problem of interest in the case. Because the entrepreneur’s time is short, issues and positions and supporting arguments should be succinctly and clearly established.