Lahore University of Management Sciences

MGMT 481 Entrepreneurship

Fall Semester 2015
Instructor Dr Muhammad Shehryar Shahid
Room No. 310
Office Hours TBA
Email Muhammad.shehryar@lums.edu.pk
Telephone +92-42-35608425
Secretary/TA Saleem Khan
TA Office Hours TBA
Course URL (if any) Suraj.lums.edu.pk

COURSE BASICS
Credit Hours 3
Lecture(s) Nbr of Lec(s) Per Week 2 Duration 1 hr 15 mins
Recitation/Lab (per week) Nbr of Lec(s) Per Week Duration
Tutorial (per week) Nbr of Lec(s) Per Week Duration

COURSE DISTRIBUTION
Core -
Elective Elective
Open for Student Category Junior/Senior (university-wide)
Close for Student Category

COURSE DESCRIPTION
Welcome to be a part of the entrepreneurial revolution that has literally infected the contemporary global thinking! No other
jargon has so much in use in recent times as entrepreneurship, and it is certainly for a reason. That is, perhaps no other thing can
be so powerful, sustainable and thrilling as the phenomenon of new venture creation for its ability to solve the prevailing problem
of the mankind in its entirety. It is an introductory course on entrepreneurship intended to enhance your willingness to set out on
an entrepreneurial journey and give you a chance to think about alternative career options available to you in an economy so full of
unmet needs and so short of innovative solutions. In this semester we will assess, explore, critique and celebrate the phenomenon
of entrepreneurship.
This course will approach entrepreneurship as a mindset, an attitude and a behaviour to undertake value-creating initiatives in
situations with a certain level of uncertainty that is expected to lead to the creation of a new business entity, be it a new start-up or
a launch of new product or service within a large corporation. The course is designed in six modules with almost equal focus on the
students development of both hard and soft entrepreneurial skills. The discussion in the first three modules will predominantly
revolve around the cognitive part of the entrepreneurship process, which will allow the students to understand and challenge the
very logic of how expert entrepreneurs usually make decisions as opposed to a stereotypical manager working under a very
different scheme of things. The last three modules of the course will then deal with some contemporary analytical tools used in the
entrepreneurship education, coupled with certain tricks of the trade, in order to generally improve the students skills to develop
a more innovative and sustainable business model for whatever entrepreneurial pursuit they ever plan to undertake. This course,
therefore, promises a unique form of logic, which might at times be antagonistic to the conventional principles of management,
but then it is what entrepreneurship is all about.
Given the nature of the subject, the curriculum of this course will also ensure a substantial exposure to the living practice of
entrepreneurship through certain assignments, case study discussions and the guest speaker sessions that will be organized in the
university. Students will get an adequate chance to interact with different practicing entrepreneurs at different points along the
course in order to validate their classroom learning and refine their business ideas. In short, this course promises a blend of fun
and learning.
 Lahore University of Management Sciences
COURSE PREREQUISITE(S)

None

COURSE LEARNING OBJECTIVES

The course attempts to:
1. Enhance the entrepreneurial intentions of the students by improving their natural willingness to start a
business
2. Inspire the students to seek alternative career opportunities by making them evaluate their respective
social and economic environments.
3. Understand the process nature of entrepreneurship and learn the ways to manage it by working individually
in the class and in the form of groups outside the class to conduct multiple field assignments.
4. Develop the analytical skills of the students with regard to various stages of the entrepreneurship process,
starting from opportunity identification and idea generation to business model development
5. Educate the students about the theoretical underpinnings of the entrepreneurship subject with the aid of
practical assignments and projects

UNDERGRADUATE PROGRAM LEARNING GOALS & OBJECTIVES

General Learning Goals & Objectives
Goal 1 Effective Written and Oral Communication
Objective: Students will demonstrate effective writing and oral communication skills
Goal 2 Ethical Understanding and Reasoning
Objective: Students will demonstrate that they are able to identify and address ethical issues in an organizational
context.
Goal 3 Analytical Thinking and Problem Solving Skills
Objective: Students will demonstrate that they are able to identify key problems and generate viable solutions.
Goal 4 Application of Information Technology
Objective: Students will demonstrate that they are able to use current technologies in business and management
context.
Goal 5 Teamwork in Diverse and Multicultural Environments
Objective: Students will demonstrate that they are able to work effectively in diverse environments.
Goal 6 Understanding Organizational Ecosystems
Objective: Students will demonstrate that they have an understanding of Economic, Political, Regulatory, Legal,
Technological, and Social environment of organizations.

Major Specific Learning Goals & Objectives

Goal 7 (a) Program Specific Knowledge and Understanding
Objective: Students will demonstrate knowledge of key business disciplines and how they interact including
application to real world situations.
Goal 7 (b) Understanding the science behind the decision-making process (for MGS Majors)
Objective: Students will demonstrate ability to analyze a business problem, design and apply appropriate
decision-support tools, interpret results and make meaningful recommendations to support the decision-maker
 Lahore University of Management Sciences
Indicate below how the course learning objectives specifically relate to any program learning goals and objectives.
PROGRAM LEARNING GOALS AND
OBJECTIVES
Goal 1 Effective Written and Oral
Communication
Goal 2 Ethical Understanding and
Reasoning
Goal 3 Analytical Thinking and Problem
Solving Skills
Goal 4 Application of Information
Technology
Goal 5 Teamwork in Diverse and
Multicultural Environments
Goal 6 Understanding Organizational
Ecosystems
Goal 7 (a) Program Specific Knowledge
and Understanding
COURSE LEARNING OBJECTIVES COURSE ASSESSMENT ITEM
Develop the analytical skills of the
students with regard to various stages of Business model presentation and report
the entrepreneurship process, starting Idea pitch workshop
from opportunity identification and idea Class participation
generation to business model
development and managing venture
growth.
Develop the analytical skills of the Interview with the entrepreneur
students with regard to various stages of Business model report and presentation
the entrepreneurship process, starting Class participation
from opportunity identification and idea
generation to business model
development and managing venture
growth.
Understand the process nature of Idea pitch workshop
entrepreneurship and learn the ways to Group project
manage it by working individually in the Surprise assignment (TBA)
class and in the form of groups outside
the class to conduct multiple field
assignments.
Enhance the entrepreneurial intentions
of the students by improving their natural Interview with an entrepreneur
willingness to start a business or to Business model group project
undertake new ventures in an existing
firm.
Inspire the students to seek alternative
career opportunities by making them
evaluate their respective social and
economic environments.
Educate the students about the Class participation
theoretical underpinnings of the Midterm exam
entrepreneurship subject with the aid of Quizzes
practical assignments and projects
 Lahore University of Management Sciences
Goal 7 (b) Understanding the science
behind the decision-making process
Educate the students about the
theoretical underpinnings of the Class participation (case studies)
entrepreneurship subject with the aid of Group project presentations
practical assignments and projects. Idea pitch workshop
Develop the analytical skills of the
students with regard to various stages of
the entrepreneurship process, starting
from opportunity identification and idea
generation to business model
development and managing venture
growth

LEARNING OUTCOMES
Upon successful completion of this course, students should be able to:
1. Explain clearly the difference between two competing models of entrepreneurship and evaluate their
application in the Pakistani context
2. Describe the varying motives of being an entrepreneur and what it takes to be one particularly from the
point of view of starting a new business
3. Critically identify the key differences between the entrepreneurial and managerial thinking
4. Find a creative business idea and analyze how it is different from an opportunity
5. Use different analytical tools to translate a business opportunity into an integrative and sustainable
business model
6. Perform a critical analysis of a given business plan and formulate their recommendations with respect to
its operational, market and financial feasibility
GRADING BREAKUP AND POLICY

Component % of Total
Class Attendance 5%
Class Participation 15%
Assignments:
1. Book review 5%
2. Interview with an 5%
entrepreneur 10%
(Due date: Session 9)
3. Surprise assignment
(Due date: Session 20)
Midterm Exam 15%
Group Project
1. Idea Pitch 10%
(Due date: session 15 or 16)
2. Qualitative survey results 10%
(Due date: session 24)
3. Final report and presentation 15%
Quizzes (4-5) 10%
Total 100%
 Lahore University of Management Sciences
ATTENDANCE AND CLASS PARTICIPATION POLICY

Attendance:
Please be on time. You will be allowed to attend the session, but marked absent for the day if you enter after 10 mins.
You will be marked absent for the day if you remain away from the class for more than 10mins at any point during the
session.
You can have up to 3 absences throughout the course without losing any attendance points.
For more than 5 absences in the course, you will get a zero in attendance points.

Class Participation:
For every session, each student will be graded between 0-5 points depending on the quantity and quality of his/her
contribution
In order to score a CP please wait for instructors call by raising your hand, uncalled for CPs will not be counted for grading
at all and may lead to negative marks.
Failure to respond to cold calls may result in negative marks.
Not every student is guaranteed a chance in every CP session. In case, you are not given a chance for CP in 2 consecutive
sessions, you shall mention it to the instructor at the start of the next session to secure a chance on that day.

COURSE PROJECT
1.Idea Pitch Presentation:
Each group will present for 10mins outlining the following aspects of their business idea:
o Value proposition: What is your product/service? What pain or problem does it solve for the customers? What is
different and valuable about your product/service? How is it better than similar businesses?
o Type and size of target market: Demographic, psychographic and geographic profile of the customer segment(s)?
Size estimates of the target market (TOM, SOM and SAM)?
o Competitors analysis: Who are the top 3 main competitors/substitutes for your product/service? What is your
relative positioning in the market with regards to the critical success factors, i.e. Competitive Profile Matrix
(CPM)?
o Anticipated risks: Identify any anticipated critical risks that may hinder this business at any stage
o Team Profile: What made you think of this business idea? How is it compatible with your team profile?
No excuses permitted: it is a MANDATORY session for each group member. All those who are unable to attend will be
marked zero in this component.

2.Business Model Presentation:

Each group will be assigned a slot of 30-40mins to present their business model in front of a panel using the Business
Model Canvas
The template of the presentation will be distributed in the class by the instructor
No excuses permitted: it is a MANDATORY session for each group member. All those who are unable to attend will be
marked zero in this component.

3.Business Concept Test:

Five in-depth face-to-face interviews with:
2 interviews: Similar businesses
3 interviews: Industry experts, regulatory authorities (if required), suppliers and/or other important partners
Your evaluation will be based on the interview transcripts & recordings submitted on the given deadline
The aim of this survey is to get your business idea validated by people who are somehow practically involved in similar
ventures and can share with you on-ground insights related to the feasibility of your idea. In particular, you need to thoroughly
investigate the potential risks and pitfalls that you might face in the execution of your idea.
 Lahore University of Management Sciences
EXAMINATION DETAIL

Yes/No: Yes
Combine Separate: Combine
Midterm
Duration: 75-90 mins
Exam
Preferred Date: TBA
Exam Specifications: Short analytical questions/MCQs/Case study

Yes/No: No
Combine Separate:
Final Exam Duration:
Exam Specifications:

COURSE OVERVIEW/SCHEDULE
LECTURE/ RECOMMENDED OBJECTIVES/
TOPICS
MODULE READINGS/ACTIVITIES APPLICATION
Module 1: Entrepreneurship: An Introduction
Overview of the course outline,
methodology and grading scheme TBD: Inventory of
Ideology of the course: The Means Forms
Entrepreneurial Intentions Model
Session 1 Imperatives of entrepreneurship in
Pakistan
Importance of entrepreneurship in your
eyes?

FILM SESSION
Session 2
TBD: Hunting the Heffalump

The students will learn about the

different phases of business
History of Entrepreneurship in Pakistan development in Pakistan in the post-
partition era and the various
Session 3
political/regulatory factors that played
an important role in shaping the
landscape of entrepreneurship in the
country.
The students will learn the basic
Case Study: Hunting characteristics of an entrepreneurial
Who is an entrepreneur? the Heffalump: The personality with special focus on what
case study of four sets them apart from a typical manager
Entrepreneurial DNA inspirational Pakistan with regards to their motives to pursue
Session 4
entrepreneurs an entrepreneurial career.

TBS: Inventory of
Means Forms
 Lahore University of Management Sciences
Videos
Steve Jobs: The
commencement
speech

Module 2: The Entrepreneurship Process

Entrepreneurial Vs. Managerial Thinking
Effectual Vs. Causal logic of
entrepreneurship
Principles of effectual entrepreneurship
Session 5
o The bird-in-hand
principle
o The crazy quilt principle
o The lemonade principle
o The affordable loss
principle
This session will help students to learn
What makes the underlying principles of
entrepreneurs entrepreneurial thinking and that how it
entrepreneurial, by contrasts with the conventional logic of
Saras Sarasvathy managerial thinking. Understanding
these principles can help students
Videos address many of their typical fears with
Myths of regards to entrepreneurship.
entrepreneurship

Principles of effectual entrepreneurship Videos Students will be asked to spell out their
(cont..) Sara Sarasvathy personal fears with regards to starting
(optional) their own business and also to offer
Session 6
Fears of entrepreneurship TBD: Facing Your Fears suggestions through which such fears can
(handout) be addressed in the light of the principles
of effectual thinking.

Meet the Entrepreneur

Session 7
TBD: Surprise Assignment (last 15 mins)

The students will learn the various

Competing strategies of
entrepreneurship
o Fustest with the mostest
Session 8 o Creative Imitation
o Hit them where they
aint
o Ecological niche
strategies of entrepreneurship by using
Class discussion examples of the firms that have used
these strategies in different situations to
pursue different growth objectives. The
Video: Jessica Jackley students will be able to understand the
difference between two very widely
confused terms - invention and
innovation in the context of
entrepreneurship. Entrepreneurship
does not always mean invention; it is
rather the rarest form of it.

KIT KAT
Types of entrepreneurial ventures Class discussion cont
Session 1
o Starting a new venture
o Franchising TBS: Interview with an
 Lahore University of Management Sciences
o Buying an existing
business
Module 3: Idea Generation and Feasibility Analysis
Lateral Vs Linear Thinking
Creativity and innovation
Sources of Innovation
Session 10 Types of innovation
Principles of innovation
Why businesses fail?
Product Feasibility
Session 11 Market Feasibility
Organizational Feasibility
Industrial Feasibility
Financial Feasibility
Session 12
Feasibility Analysis
Session 13
Feasibility Analysis
Session 14
Entrepreneur
Video: Salman Khan
Chapter 5: Innovation: This session will discuss the critical
the creative pursuit of difference between an idea and an
ideas opportunity. The students will learn
about the characteristics of a good
Video: Lateral thinking business opportunity and the ways of
by Edward De Bono identifying one.
(optional)
A brief slideshow on These sessions will further delve on the
research about why process of opportunity recognition and
new businesses fail will help the students develop an
before the start of analytical framework to judge the
feasibility analysis financial, organizational, market and
Class discussion and personal feasibility of a given business
lecture slides idea. The same framework will be used
by them to develop ideas for their course
project.
Reading 1: Industry and
Competitor Analysis, by
Barringer and Ireland
Reading 2: Assessing a
New Ventures Financial
Strength and Viability, by
Barringer and Ireland
TBD: Feasibility
analysis checklist
Case study: Gardeners
(Product and Market
Feasibility)
Reading: Note on The students will apply the framework
Breakeven and developed in the previous sessions in a
Contribution Analysis hypothetical situation with the aid of
case studies.
Case study: Elite
Personal Training
(Financial)
 Lahore University of Management Sciences
Bootstrapping: The art of
conserving cash Chapter 12: Managing
Cash Flow by
KIT KAT Cash flow management in small Zimmmerer and
Session 2 businesses Scarborough

Techniques for avoiding a cash

crunch in a small company

Idea Pitch Presentations

Session 16
Each group will present a 10mins idea pitch in the class using the given template
Session 17 Midterm Exam
Module 4: Business Model Development and Innovation
In this session the students will learn
Value Innovation: A new mantra of value Blue Ocean Strategy: about a new philosophy of competition
creation From Theory to that will stretch their current
The Strategy Canvas Practice, by Kim and understanding of competitive strategy
Four-actions framework Mauborgne beyond the conventional beat the
Session 18
Paths to create blue oceans (cont..) competition approach. It will help the
TBD: Concept Test students to question the typical quality
Assignment and cost tradeoff while they decide the
competitive positioning of their
entrepreneurial ventures.

Guest Lecturer
The students will learn the fundamental
The Lean Startup Model Reading: Hypothesis- principles of the lean startup model
Session 19
Driven
Entrepreneurship

Case Study: Rent the The principles of the lean startup model
Session 20 The Lean Startup Model Runway will be applied in the context of a real life
startup

Session 21 Surprise Assignment Presentations

Video: Guy Kawasaki: The Art of Startup

Session 22
TBD: Zara and Tata Nano case studies

Business model vs. Business plan Reading: How to The students will learn about the
create a winning definition of business model and that
Theoretical characteristics of a business business model how it is different from a typical business
model plan.
Session 23
Mini Case studies: Moreover, the session will also teach the
Zara & Tata Nano class about how to conceive and draw a
business model.
 Lahore University of Management Sciences
Students will learn about the building
Session 24 Business Model Canvas 1 Reading: Business blocks of a business model with the aid
Model Analysis for of a latest tool business model canvas
Business Model Canvas 2 Entrepreneurs that they will use to design their
Session 25 respective business models in the course
Business Model Canvas 3 TBS: Business concept project.
Session 26 test (session 24)

Module 5: Special Entrepreneurial Skills

Students will be oriented with the
Class discussion and importance of creating a brand identify
presentation slides in the context of a new venture, and will
KIT KAT Guerilla Marketing also be taught about some cost-effective
Session 3 Video: Seth yet high-impact marketing techniques to
Godin create one.

Guest Lecturer
Session 28 (E-marketing)

TEXTBOOK(S)/SUPPLEMENTARY READINGS
Required Text:
All the recommended readings and case studies in the course outline will be available in the instructors course pack.

Other Reference Books:

Barringer, Bruce R. and Ireland, D. Entrepreneurship: Successfully Launching New Ventures, 3 rd Edition, Prentice Hall, 2010
Timmons, J., New Venture Creation Entrepreneurship for 21st Century, 7th Edition, McGraw-Hill International, 2007

Business Idea Websites:

http://www.springwise.com/
http://www.kickstarter.com/
http://smeda.org.gov

Supplementary Websites:
http://www.sethgodin.com/sg/
http://www.entrepreneur.com/
http://www.effectuation.org/