CLARKSON UNIVERSITY School of Business Course Syllabus – Fall 2004 Course: SB 322 Entrepreneurial Strategy & Assessment Time: M, W 9:30-10:45 am Classroom: CB 178 – Camp Building Instructor: Augustine A. Lado, Ph.D. Office: SN 335 – New Snell Hall Office Phone: (315) 268-6608 Office Hours: M, W – 11:00 am – 12:00 noon; Cell: (315) 212-9558 and 3:00 – 4:00 pm Fax: (315) 268-3810 Tuesday – 2:00 – 4:00 pm; E-mail: firstname.lastname@example.org Thursday Morning: by appointment Course Description This course provides a continuation of the CUSB Entrepreneurial Studies Concentration. The course objectives focus on critical analysis of opportunity assessment and entrepreneurial strategy. Specifically, the course covers analysis of the strategic challenges involved in the initiation, evolution, development, and control of entrepreneurial ventures. Course activities will primarily involve the investigation of: (a) critical issues facing leaders of entrepreneurial firms, (b) proposed solution, and (c) realized outcomes. The course relies heavily on the case study method to convey and grasp complex issues in entrepreneurship. Text & Reading Material 1. Kuratko, D. F., & Welsch, H. P. (2004). Strategic Entrepreneurial Growth. Mason, OH: Thomson/South-Western. 2. Supplemental Case Packet – available at the University Book Store. 3. Additional readings are available online (instructions for online retrieval will be provided in class) 4. Handouts in class CUSB Mission and Course Objectives The mission of the Clarkson University School of Business (CUSB) is to create and disseminate knowledge and educate leaders who are energized by the entrepreneurial spirit, nourished through scholarship, and beckoned to serve the community. CUSB seeks to provide its students with competencies for organizational leadership, strategic understanding of information technology, and awareness of global, ethical, and diversity issues. The school also seeks to provide students with skills for critical thinking and problem solving, teamwork, communication, and interpersonal relationships, among other things. This course will contribute toward the attainment of CUSB’s mission through: (a) building and fostering the entrepreneurial leadership skills necessary for identifying, analyzing, and capturing entrepreneurial opportunities; (b) critically analyzing and developing entrepreneurial business plans; (c) developing ethical/moral awareness and sensitivity to issues and challenges facing entrepreneurs and entrepreneurial firms; (d) integrating theory and practice in entrepreneurial strategy assessment; (e) developing and fostering communication and team-building skills Specific Knowledge/Skill Areas This course is designed to develop knowledge and skills for (a) entrepreneurial opportunity recognition and assessment; (b) industry/competitor analysis; (c) resource/capability assessment; (c) entrepreneurial strategy development, implementation, and evaluation; and (d) writing effective business plans. You will also hone analytical, critical-thinking, decision-making, and leadership skills (including communication skills). Student Learning Outcomes By the end of the course, students should be able to: • explain the entrepreneurial process of new venture creation, growth and development. • critically assess the effectiveness of new venture strategies. • write and evaluate effective business plans for launching and growing entrepreneurial ventures. • develop entrepreneurial strategy (including mission/vision, goals, plans, and outcomes) • develop critical thinking and problem solving skills for effectively addressing various issues and challenges facing entrepreneurs/entrepreneurial firms. • develop an appreciation of how entrepreneurship can make a difference in our surrounding world. Methods of Instruction A variety of instructional methods are used in this course, including the case method, lecture, experiential exercises and class discussion. Lectures are intended to provide a synthesis of core ideas, concepts/theories related to the course (including any material not covered in a specific chapter/reading), rather than a chapter-by-chapter tutorial on concepts/frameworks. It is your responsibility to read and demonstrate a clear understanding of all assigned text and readings. Performance Expectations I expect you to read all assigned readings and cases before coming to class, and to participate effectively in class discussions. You will not be able to participate effectively if you have not read the material. The case assignments will require you to work in teams, meet outside of class, and pull your weight as a team member. Class Attendance and Participation Regular class attendance is required. Please plan to always come to class on time and avoid – as much as possible – actions (such as tardiness, cell phone use, and other noise that may create a sub-optimal learning experience for class). I expect every student to be fully prepared for class. At a minimum, this involves reading and comprehending the assigned cases and readings. You are also expected to read current business periodicals/magazines (such as Business Week, Fortune and The Wall Street Journal) to gain current understanding of entrepreneurial issues and challenges. Although regular attendance is important, it is not sufficient to fully realize the benefits of active learning. You must also be prepared to ask good questions, and provide cogent answers to questions related to the course material. We all gain if everybody shares their knowledge, experiences, ideas, or opinions in class. A portion of the course grade will be allocated to class attendance and participation (40% for attendance; 60% for class participation). However, a record of 5 or more absences from class provides a sufficient ground for allocating “0” (zero) point for class attendance/participation! Case Analysis and Presentation All students will participate in team-based case analyses and presentations. An overall grade will be assigned for the team's work; however, individual contribution to team work will be apportioned based on peer ratings and instructor judgment. Students are expected to demonstrate a high standard of professionalism in all assignments. The case presentation may be structured around specific discussion questions. Each presentation should last no more than 25 minutes. A question-and-answer session will follow. Each team is responsible for leading class discussion (including fielding questions). I will then synthesize the main themes from the case and integrate with relevant theoretical frameworks/concepts. The presentation should reflect a thorough level of preparation by all group members. Business Plan Business plan writing is a critical part of any entrepreneurial course, including this course! Working alone or in pairs, you will be asked to develop detailed business plans for launching, growing, or restructuring an entrepreneurial firm. The plan must include a clear identification of entrepreneurial opportunity, external (industry/market) analysis, internal (resource/capability) analysis, and strategy development and implementation. This is your major “deliverable” from this course. The evaluation standard used for assessing the quality of this assignment is that of a venture capitalist considering whether or not to provide funds for the business plan. Thus, you must exercise due diligence and professionalism in developing and writing your business plan. Details of the guidelines for writing an effective business plan will be provided later. Your business plan must be thorough and rigorous, applying relevant analytical models and concepts gained from this course (and related courses). The report must also reflect evidence of sound research and critical thinking. I expect the business plan to be 15-20 pages of text (double-spaced, with regular font (i.e., 12-point font), with at least one-inch margin on each side). Prior approval of business plan selections is required, in order to determine its scope, feasibility and relevance to course learning objectives. Business Plan due date is November 29 (in class). Tracking an Entrepreneurial Venture To hone critical analysis skills, you will be asked to choose an entrepreneurial venture (smaller to mid-sized firm) and write a case-study report, providing a cogent analysis of the strategic issues/challenges related to the establishment, growth/development, restructuring, and control the entrepreneurial venture. Based on applicable concepts/tools derived from the text and readings, you are to (a) analyze the strategy for growing the venture, and (b) evaluate its implementation and outcomes. The case study report is designed to incorporate/integrate the main themes of the course: (a) entrepreneurial leadership, and (b) entrepreneurial venture growth and development. The report will be submitted in three cumulative parts (Part I = 5%; Part II = 7.5%; Part III = 12.5%). This exercise provides an opportunity to integrate theory with “real-world” practice in launching, growing and managing/controlling an entrepreneurial firm. Details of report format/content and grading criteria will be provided within during the third week of the semester (for due dates, see “Tentative Course Outline” below). Exams There will be a mid-term exam and a final exam, covering relevant text and lecture material. The exams consist of multiple-choice and essay questions covering assigned text and reading material (any lecture material not covered in assigned text chapters and readings). The exams may not cover cases and experiential exercises directly; however, you may use the knowledge gained from this material to develop your reasoning more fully in answering the essay questions. The allocation rule of thumb is: 40% for multiple-choice questions and 60% for essay questions. Essays will be graded on the basis of accuracy, clarity, succinctness, persuasiveness and strength/force of logic. The final exam is cumulative (consisting of approximately 25% of material covered before, and 75% of material covered after, the mid-term exam). Learning Exercises: To ensure adequate preparation and foster active learning, you will participate in a variety of learning-based exercises. These include short essays, case write- ups, video clips/case studies, entrepreneurial stories (from actual entrepreneurs), quizzes, etc. You may also be asked to identify and write about entrepreneurship-related articles featured in the current business media. You will be asked to do these exercises either in class or out of class. There is no make-up for in-class exercises missed! If you are unable to make it to class, please let me know in advance. Note, however, that any such notice does not absolve you from any assignment given in class. Individual Contribution to Group Work: Teamwork is a critical component of this course. Students will be assigned to groups during the first week of the Fall semester. Each student is expected to contribute his or her fair share to the group work. Cooperation and trust rather than competition and opportunism are the keys to effective group accomplishment. A grade will be assigned to each piece of teamwork (case analysis/presentation). However, 70% of the group grade will be allocated to individual contribution, based on peer evaluation and my own assessment. If everybody contributes equally to the group work, the individual grade will be equivalent to the group grade. However, if one person shirks and contributes close to zero effort, then his or her score will be only up to 30% of the group effort!! Therefore, it is in everyone's enlightened self-interest to work cooperatively in order to effectively accomplish teamwork. Peer Feedback: This course gives you an opportunity to provide constructive feedback to your peers (team members and classmates). I will provide a peer evaluation sheet, reflecting relevant criteria for judging individual contribution to teamwork. A portion of your course grade will be used to assess the quality of your peer feedback (see Grading below). Writing Written communication is an important aspect of professional work, and is a crucial requirement in this course. I expect you to have acquired the writing skills necessary for effective communication in this course. If you need additional help with honing your writing skills, please seek out help at the writing center (located in Snell Hall, room 139; telephone: 268-4439; email: email@example.com). In addition, my colleague, Professor Michael Wasserman, has put together valuable business writing guidelines, which are posted on his web site at: http://www.clarkson.edu/~mwasserm/ (click “business writing”); also available at: http://www.clarkson.edu/~compeaum/writing.htm Your written work should reflect the essentials of effective communication, including correctness, clarity, conciseness, and completeness. You should strive to provide a persuasive and logically compelling argument. High-quality writing is an acquired skill; it is a function of imagination, disciplined by formal rules of writing and writing-related work habits, such as outlining, editing and proofreading of work (beyond the use of a spell-checking function in an electronic word processor!). I won’t accept any excuse for turning in a sloppy written assignment (i.e., one that contains grammatical/typographical errors, incomplete sentences, slang/colloquial expressions, poor organization/flow, etc.). If anything, such sloppiness is indicative of lack of care and concern for your work. Assignments A variety of assignments will be given to foster learning. Many of these assignments will be given in class and will also be available on the CUSB Neptune web site. You are responsible for completing and submitting any and all assignments by the due date. Any changes to the assignments will be announced in class. If, for some reason, you are unable to attend class when a change in assignment is made, you should contact me or ask a colleague for pertinent class material (see Class Attendance and Participation above). Grading The course grade will be determined on the basis of group case analysis & presentation, business plans, learning exercises, and class attendance and participation. Please note the following points concerning grading in this course: (1) My grading philosophy incorporates (and values) continuous improvement in course assignments. Thus, my approach to grading is largely developmental, reflecting an ethic of care, rather than (just) an ethic of judgment. To the extent that a graded assignment conveys feedback that can be used for performance improvement in later assignments, it is consistent with my grading philosophy. (2) Please note that grading is ultimately an art (subjective) rather than a science (objective). I will strive to minimize ambiguity in grading by communicating more specific and clearer grading criteria. However, some ambiguity is (ex ante and ex post) irreducible, and may even be a necessary component of learning! (3) I strongly believe that each of us can and wants to do better; thus, it’s not where you start, but where you end that matters the most. Thus, for example, if you haven’t done well in the first exam (8%), but double your effort and learn from your “mistakes,” your performance on the second exam will reflect a higher weight (12%). This applies only to assignments that are done in two or more parts (e.g., exams and tracking entrepreneurial ventures), but not to one-time assignments. (4) Grades are non-negotiable, and grading is not based on a normal curve! Your grade will reflect the extent of genuine learning that has taken place on your part. And, genuine learning is not a competitive, zero-sum game; rather, it reflects a striving to do better in whatever we do. (5) Thus, you should seek out opportunities for learning improvements before rather than after the assignment is due. My mission is to help you succeed in this course – assuming you want to do the same. So, if you have any concerns or questions related to the course assignments, please don’t hesitate to contact me (my contact information is given above). (6) If you detect a grading error, you should bring it to my attention immediately. If I determine that it is a bona fide error on my part, I will correct it in your favor within a week. However, if the “error” is the result of differences in interpretation between us, and you are not satisfied with my explanation or resolution, then you may seek formal resolution as stipulated in applicable sections of the Clarkson University Regulations. The distribution of the course grade is as follows: Exams (Mid-term = 8%; Final = 12%) ..………………. 20% Case Analysis and Presentation .......………………….. 10% Business Plan………....................................………….. 20% Tracking an Entrepreneurial Venture (Part I = 5%; Part II = 7.5%; Part III = 12.5 %) …... 15% Learning Exercises ….………………………………… 15% Peer Feedback …..………………………………………. 5% Class Attendance and Participation (attendance = 40%; participation = 60%; but see above) 15% Total ......................................................………………….. 100% Grades will be determined on the basis of the following scale Letter Grade Percentage Points A 90 - 100 B+ 86 - 89 B 80 - 85 C+ 76 - 79 C 70 - 75 D+ 66 - 69 D 60 - 65 F below 60 Core Values A number of core values underpin any and all work related to this course. These values include academic honesty and integrity, conscientiousness, intellectual curiosity, and dignity/respect, among others. For specific discussion of applicable policies on academic conduct/integrity, please refer to the Clarkson University Regulations available online at http://www.clarkson.edu/studentafairs/reg/ Addenda Guidelines for course assignments will be provided in class (and posted on the CUSB Neptune web site or “S” drive) later. For the purposes of this course, such guidelines should be taken for what they are – as guides to “organic” action, rather than as rules for “mechanistic” action. As the famous American essayist, poet and philosopher, Ralph Waldo Emerson, reminds us “foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines.” Tentative Course Outline Date Topic/Subject Text/Reading Assignment Key Course Assignment Week 1 08/23 Course introduction and procedure Definition of Entrepreneurship Handout: The Sam Barshop story Instructions for online retrieval of readings In-Class exercise Additional assignment tba 08/25 Understanding the Entrepreneurial Challenge Chapter 1, Entrepreneurial Library, Reading 1 (pp. 8-28) Additional assignment tba (to be announced) *Formation of Teams & case assignment Week 2 08/30 Case: Splatterball Adventure Case write-up Additional assignment tba 09/01 The Challenge of Entrepreneurial Growth Chapters 2 Entrepreneurial Library reading 2 (pp. 51-60) Additional assignment tba Week 3 09/06 Case: Wal-Mart Stores Case write-up Additional assignment tba *Tracking Entrepreneurial Venture Approval. 09/08 Ethical Challenge of Growing Enterprises Chapter 3 Entrepreneurial Library reading 2 (pp. 89-98) Essay & Additional assignment tba Week 4 09/13 Case Discussion: Playskool Travel-Lite Case write-up Additional assignment tba 09/15 Business Plans for Growing Ventures Chapter 7 Entrepreneurial Library reading (pp. 255-264) Additional assignment tba Week 5 09/20 Case Discussion: Grounded – Business Solutions for Today’s Traveler Case write-up Additional assignment tba *Business Plan Approval 09/22 Case Discussion: PacNet Analysis & Presentation – Team 1 Case write-up Additional assignment tba Week 6 09/27 No Class: Fall Recess 09/29 Opportunity Recognition: Distinctive Competencies Assessment of Entrepreneurial Ventures Chapter 4 Entrepreneurial Library reading (pp. 137-156) Additional assignment tba *Part I of Tracking Entrepreneurial Venture Report due Week 7 10/04 Assessment of Entrepreneurial Ventures Chapter 5 Entrepreneurial Library reading (pp. 178-194) Essay/case write-up Additional assignment tba 10/06 Case Discussion: Ockham Technologies Analysis & Presentation – Team 2 Case write-up Additional assignment tba Week 8 10/11 Mid-term Exam 10/13 Understanding Strategic Positioning Chapter 6 Entrepreneurial Library reading (pp. 218-235) Essay & Additional assignment tba Week 9 10/18 Case Discussion: VM Ware Analysis & Presentation – Team 3 Case write-up Additional assignment tba 10/20 Succession Planning and the Family Business Chapter 8 Additional assignment tba *Part II of Tracking Entrepreneurial Venture Report due Week 10 10/25 Succession Planning – continued AMR article on succession planning Entrepreneurial library reading (pp. 327-336) 10/27 Crowne Inn Case Discussion Case write-up Additional assignment tba Week 11 11/1 Case Discussion: Zaplet Case Analysis & Presentation – Team 4 Case write-up Additional assignment tba 11/03 Corporate Entrepreneurship: Developing Internal Innovation Chapter 9 Entrepreneurial library reading (pp. 367-383) The 3M Innovation story Essay & Additional assignment tba Week 12 11/08 Case Discussion: Orchid Partners Case Analysis & Presentation – Team 5 Case write-up Additional assignment tba 11/10 Embracing Rapid Expansion: The Franchise Option Chapter 10 Entrepreneurial library reading (pp. 406-423) Additional assignment tba Week 13 11/15 The Challenge of Venture Capital for Growing Ventures Chapter 11 Entrepreneurial library reading (pp. 450-462) Essay & Additional assignment tba 11/17 Case Discussion: Google.com Case Analysis & Presentation – Team 6 Case write-up Additional assignment tba * Part III of “Tracking Entrepreneurial Venture” Report Due Week 14 11/22 Video Case study (TBA) Essay/case write-up 11/24 No Class: Thanksgiving Recess Week 15 11/29 Web-based Chapter: The challenges of global expansion Additional assignment tba Entrepreneurship, technology transfer and economic development (Lado & Vozikis, 1996) Additional assignment tba *Business Plans Due 12/01 Feedback/Evaluation Wrap-up -- Final Exam Date/Time/Place to be announced GOOD LUCK!!