Professional Documents
Culture Documents
Entrepreneurship is, essentially, a fancy word for a skill set that relates to
getting things done. Whether you dream to be an entrepreneur and start a
venture, attend graduate school, go to work for an established company, or
join a non-profit (or anything else), you will want to have meaningful ideas
that solve real-world problems, and see your ideas become real. This goal of
getting things done – no matter what the realm – relies on 1) creating
“packages of value” that others want, 2) devising strategies and taking
actions to effectively deliver value with resources that are available to you,
and 3) communicating ideas and persuading others (e.g., customers,
partners, investors) that it’s in their best interests to help you to make your
ideas a reality.
1. Entrepreneurial Thinking
Projects rarely fail due to a lack of ideas or innovation. Just consider how
many ideas you have and how few of them get realized! Rather, projects
fail because people don’t want what’s being offered. The process of
developing a product or service (and surrounding it with an organization)
that meets the needs of a group of people (e.g., customers) is best
achieved through a non-linear, iterative process that involves effectual
reasoning. This process of discovery and accomplishment is what we call
entrepreneurial thinking.
2. Resourcefulness
This is the ability to make the most out of the resources at hand. You can
be resourceful when you have nothing but a few dollars in your pocket
and a friend’s couch to sleep on, and also when you have millions of
dollars at your disposal. Resourcefulness requires an open mind and the
skill to identify, manage and creatively leverage existing resources.
3. Effective Communication
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Many great ideas die (or languish) because the person with the idea failed
to communicate effectively with others. Effective communication involves
the clear and concise sharing of information, combined with an ability to
persuade others to take appropriate action.
Foundations of Business and Entrepreneurship
Steve Schiffman & Steve Gold
Fall 2009
Basics
1. Come to class and participate – both are essential to teamwork and a good
grade.
2. Courtesy is key:
a. Be considerate of your classmates, your instructors, and our class
guests
b. Do not use laptops or mobile phones except directly relating to class
activities
c. When an assignment is noted, you’re responsible for getting it done on
time
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Grading
Each of the nine graded assignments is 10% of your grade; class participation and
timeliness completing ungraded assignments accounts for 10%. If you have any
questions about grading at any time, just ask.
Section 1: Foundation
Class 3:
Class 1: Class 2: Class 4:
Entrepreneurship? (discussion of
readings)
Value Reading
Letter to Self*
introspective
Syllabus/Readings
Class 7:
Class 5: Class 6: Class 8:
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Effective
Communication
Business Design Business Design Speaker and
Skills Presentations
Team Activity Presentations*
Presentation Readings
Presentation Reading
*Graded activity
Details:
○ Welcome to class
○ Meet your instructors
○ The New FBE – what’s changed?
○ Franklin W. Olin small group activity
○ What is entrepreneurship?
○ Handout: Course Syllabus
Assignments
Please review the course syllabus – we will go over it at the start of next
class.
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○ Small group (Lego) exercise relating to entrepreneurial
thinking/effectual reasoning
○ Discussion: Entrepreneurial Ventures as one way to apply
entrepreneurship
Assignment
Write a 1-page letter to yourself describing the goals you seek to achieve in
this course. Based on your current understanding of entrepreneurship (from
the readings and discussion), provide specific entrepreneurial learning
objectives. Part of your final grade will be determined by i) the clarity and
ambitiousness of your goals, and ii) your achievement of them as
demonstrated by your observed performance and individual written
assignments in this course. We encourage you to speak with your classmates
and instructors. Provide us with a copy of your 1-page letter at the start of
the next class. Keep a copy for yourself. All letters will be considered private.
Assignment
Write a single paragraph (no longer than a page) detailing “the values that I
value.” When you consider purchasing a product or service, what really drives
your decision? If you want you can select a specific product or service and
describe why you “exchanged value” to obtain/use it.
Assignment
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Class 5 (SEP 22 2009): Team Business Modeling Activity
○ Discuss reading
○ Small team activity – select an Inventables™ object and create a
business design
○ Introduce FBE Challenge (coming soon) and start to establish FBE
Challenge teams
Assignment
Assignment
Assignment
Assignment
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Introducing the FBE Challenge
Over the course of the next eight classes you will have an opportunity to put your
entrepreneurial ideas and skills into practice. The FBE Challenge is an educational
game and, as such, has both advantages and limitations. One advantage is that
your livelihood isn’t dependent on the outcome (although your grade is, at least in
part)! In terms of limitations, we’ve designed the game to focus on specific
entrepreneurial skills, especially “softer” skills relating to strategy, relationships,
marketing and sales. The reason for this is because you’ll have many great ideas in
your lives; being able to convince others to act on them will be the critical
difference between success and failure, e.g., your ability to make your ideas real.
For four weeks – from October 6 to October 30 – you will compete with your
classmates in teams to 1) put your newfound entrepreneurial skills to the test, and
2) see which team runs the most “successful” business (profits, stakeholder
satisfaction, etc.). During the “Pre-Challenge” (Section 2), you will:
• Conceive and design a business that sells one or more readily available
product(s). You can sell on the Babson campus (with permission)… and
beyond if you want (you get extra points).
• Negotiate for an investment of up to $250 per team. Since funding comes at
a cost (investors will own a piece of the business), this will have a significant
impact on your payoff.
During the “FBE Challenge” stage (Section 3) you will work with your team to
accomplish the following:
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• Abide by the Olin Honor Code regarding game rules, reporting income and
expenses promptly and accurately, acquiring resources, competing
honorably, respecting campus property, etc.
• Learn about what it means (for you) to apply entrepreneurial skills in a real-
life setting
• Participate in an accelerated venture – from organization to actual operations
and sales
• Get introduced to some business disciplines: accounting, finance, marketing,
management
• Experiment, go outside of your comfort zone, and have fun working with your
classmates
In Section 2 of FBE, you will learn a few of the practical aspects of getting an
entrepreneurial venture up and running. This includes a basic understanding of the
legal organization and financing of a company, along with some knowledge of
marketing, and accounting. You will work with your FBE Challenge Team to create
related strategies and plans for your own FBE Challenge business.
Class 11:
Class 9: Class 10: Class 12:
Marketing &
FBE Challenge
Company Entrepreneurial
Basics Private Team
Venture Financing
Organization Presentations to
-
- the Professors*
-
Accounting: Part 3*
Accounting: Part 2
Accounting: Part 1
*Graded
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Details:
Assignment
Team brief relating to your proposed legal structure due at the start of
next class: state your assumptions, select a legal structure, and provide a
rationale (2 page limit)
Assignment
Assignment
1
Team marketing plan (summary of intended marketing activities) due at
start of next class
Prepare team presentations for next class – each team will make a 10-
minute private presentation to your professors/mentors that describes
what you plan to do over the next two weeks. We want to see/understand
your business mission, organization, branding, marketing plan, sales
strategy, pricing strategy, and more. Important: you also need to tell us
how you are going to monitor and improve the business during the 2-week
period.
Assignment
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Section 3: FBE Challenge
Stage 3 marks the start of the FBE Challenge! This is your time to create a business
that you’ve designed with your team, and to operate it in an effort to optimally
deliver returns to your stakeholders.
Class 15:
Class 13: Class 14: Class 16:
Operate
Operate/
Launch/Operate Operate
Business*
Business* Shut Down*
Business*
No assignment No assignment
No assignment No assignment
*Graded (single grade issued for FBE Challenge team performance, e.g., revenue,
profits, teamwork, marketing, customer satisfaction, etc.; single grade issued
separately for presentation in week 18)
Details:
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Section 4: Reflection & Research
In Stage 4 of the course, we provide you with an opportunity to reflect on your FBE
Challenge experience, and to work individually and in small groups to learn more
about specific entrepreneurial topics.
Class 19:
Class 17: Class 18: Class 20:
Individual Research
Individual Research
FBE Challenge FBE Challenge Week
Week
Presentations*
Reflection
Class 23:
Class 21: Class 22: Class 24:
Small Group
Small Group
Small Group Small Group Research/Projects
Research/Projects
Research/Projects Research/Projects
No Assignment Prep
No Assignment No Assignment
Presentation
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Final Final
Presentations* Presentations*
No Assignment No Assignment
*Graded
Details:
Today is a team work day to provide you with time to prepare a presentation
about your FBE Challenge experience. Each team will prepare an engaging
and informative presentation that will be given to the class during the next
class period. Presentations should tell a story about what your team
achieved, and what lessons you learned.
Assignment
Finalize your team presentation and upload it by 12:00 midnight of the day
before next class. (If you do not have slides/visuals, please upload a narrative
summary of your presentation)
Assignment
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Class 21 (NOV 17 2009): Small group research/projects
○ Also: Read “Best Available Charitable Option” paper and discuss non-
profits
○ Student preparation of small group research for final presentation