Entrepreneurship

Group	Teacher	Department	Language
Ed: 1	Lisa Hehenberger	Dirección General y Estrategia	ESP

Group	Teacher	Department	Language
Ed: 2	Lisa Hehenberger	Dirección General y Estrategia	ESP

COURSE CONTRIBUTION TO PROGRAM

This course is about the practice of entrepreneurship in a number of contexts, with an emphasis on new venture creation. The focus of this course is on key aspects of the entrepreneurial process: how entrepreneurs discover and evaluate opportunities, how they develop and validate business models, build their team and organization, attract external resources and investors, obtain financing, and communicate their ideas to external stakeholders. The broader aim, however, is on developing students' skills as entrepreneurs, managers or investors in dynamic environments.

The course seeks to provide useful insights not only for students interested in starting their companies, but also for those seeking to work for big corporations, consulting companies or as investors.

Esta asignatura trata de la práctica del emprendimiento en numerosos contextos, haciendo especial énfasis en la creación de nuevas empresas. Aborda los aspectos clave del proceso emprendedor: cómo los emprendedores descubren y evalúan las nuevas oportunidades, cómo desarrollan y validan sus modelos de negocios, crean sus equipos y su organización, atraen recursos externos y a los inversores, obtienen financiación y comunican sus ideas a los stakeholders externos. El objetivo general es, sin embargo, desarrollar las competencias de los estudiantes como emprendedores, gestores o inversores en entornos dinámicos.

La asignatura pretende proporcionar ideas útiles no solo a aquellos estudiantes interesados en emprender sus propios negocios, sino también a quienes busquen trabajar para grandes empresas, realizar consultorías de empresa o actuar como inversores.

CONTENT

1. Session 1: Opportunities in Entrepreneurship: Finding, evaluating and validating opportunities In this session we welcome you to the course. Key aspects of the course such as structure, contents, grading as well as team and individual tasks will be explained. Subsequently we will introduce you to the entrepreneurship domain and discuss various career opportunities in the entrepreneurship world. We will discus how to find and evaluate different business ideas and select the most promising opportunities. We will further focus on different approaches to validate different business opportunities in an interactive discussion. Required preparation: 1. Individual: Complete the blank personal intro slide and upload it to Moodle. 2. Individual: Reflect which business domain you are most passionate about. Further, please think about a business idea that you like to pursue in this course.
2. Session 2: Developing the business model. Complementing the team. Pitching to investors In this session we will discuss how to develop and validate a business model, how to build an entrepreneurial team, and how to convey the opportunity to external stakeholders. In addition, we will pose the following questions: What do we need to focus on as we launch new ventures? How can we craft an effective entrepreneurial strategy for a new venture? Teams will also present and discuss the venture projects, first steps taken, challenges you encountered and next steps. Using the Airbnb case as an example, we will discuss the challenges of creating a winning entrepreneurial team and a viable business model. Required preparation: 1. Individual: Read the Airbnb case & submit a short individual response to the case guiding questions 2. Team: Hand-in of 1. Entrepreneurial Challenge: Customer Problem Understanding
3. Session 3: Social entrepreneurship and Impact investing In this session, we will explore the topic of social entrepreneurship and impact investing to better understand how entrepreneurial solutions are developed and financed to tackle societal issues. We will explore how social entrepreneurship can help find, implement and scale solutions to the major social challenges facing our society, and how impact investing can fund and support such solutions. Using the Acumen Fund case, we will discuss how impact investors select investment opportunities based on a combination of a financial return and social impact objectives. Required preparation: 1. Individual: Read the Acumen Fund case and make an assessment of the two investment opportunities based on the capabilities assessment matrix. Submit a short document and come prepared to discuss in class. 2. Group: Discuss in your groups the potential social and/or environmental impact of your venture project and prepare a draft slide to be included in your final pitch deck.
4. Session 4: Key performance indicators, Financial metrics and financing the venture In this session, you will be introduced to the concept of key metrics and unit economics, to be able to analyze the financial feasibility of the venture. We will discuss how to develop key financial analyses for new ventures and how to engage in financial planning. In addition, using the Spotfire case, we will discuss key aspects of financing a new venture, such as valuation and access to sources of financing. Required preparation: 1. Individual: Read the Spotfire case & submit a short individual response to the case guiding questions. 2. Team: Hand-in of 2. Entrepreneurial Challenge: Customer Solution 3. Team: Groups prepare a short presentation of their venture projects (Presentation of idea and initial validation steps taken. PowerPoint slides & 3 minutes maximum). Assure to upload slides to Moodle before class and bring a copy of the slides on a USB stick to ensure fast transitions between presentations.
5. Session 5: Investment forum: Pitching your venture to investors In this session your team will pitch your venture project that you have developed throughout the course in a business angel forum type setting. The presentation time is 10 minutes maximum! Please make sure that you make a compelling case for your venture. Please be diligent not to include too many slides and focus on key messages. The task of an entrepreneurial pitch is not to explain every aspect, but to provide information on key aspects to make the investor follow up with you. Required preparation: 1. Team: Preparation of the pitches, upload slides to Moodle and bring a copy of the slides on a USB stick to enable fast transitions.
6. Final Hand-in The final hand-in needs to be submitted to Moodle a week after the final presentations. This gives you time to incorporate suggestions following the presentations. The final hand-in should contain four documents: 1. List of target investors: An Excel sheet that contains a list of investors that could be interested to invest in your type of venture. 2. Pitch Email: A concise and attention grabbing Email text that you would send to the investors to briefly pitch your venture project and create interest in an attached extended slide deck. 3. Extended slide deck: A PowerPoint slide deck that goes beyond the slide deck used for the pitch which has all relevant information to make a strong case for the venture. Samples will be provided on Moodle. 4. Financials: Detailed explanation on what to include here will be provided in class

1. Session 1: Opportunities in Entrepreneurship: Finding, evaluating and validating opportunities

In this session we welcome you to the course. Key aspects of the course such as structure, contents, grading as well as team and individual tasks will be explained. Subsequently we will introduce you to the entrepreneurship domain and discuss various career opportunities in the entrepreneurship world.
We will discus how to find and evaluate different business ideas and select the most promising opportunities. We will further focus on different approaches to validate different business opportunities in an interactive discussion.
Required preparation:
1. Individual: Complete the blank personal intro slide and upload it to Moodle.
2. Individual: Reflect which business domain you are most passionate about. Further, please think about a business idea that you like to pursue in this course.

2. Session 2: Developing the business model. Complementing the team. Pitching to investors

In this session we will discuss how to develop and validate a business model, how to build an entrepreneurial team, and how to convey the opportunity to external stakeholders. In addition, we will pose the following questions: What do we need to focus on as we launch new ventures? How can we craft an effective entrepreneurial strategy for a new venture?
Teams will also present and discuss the venture projects, first steps taken, challenges you encountered and next steps.
Using the Airbnb case as an example, we will discuss the challenges of creating a winning entrepreneurial team and a viable business model. Required preparation:
1. Individual: Read the Airbnb case & submit a short individual response to the case guiding questions
2. Team: Hand-in of 1. Entrepreneurial Challenge: Customer Problem Understanding

3. Session 3: Social entrepreneurship and Impact investing

In this session, we will explore the topic of social entrepreneurship and impact investing to better understand how entrepreneurial solutions are developed and financed to tackle societal issues. We will explore how social entrepreneurship can help find, implement and scale solutions to the major social challenges facing our society, and how impact investing can fund and support such solutions. Using the Acumen Fund case, we will discuss how impact investors select investment opportunities based on a combination of a financial return and social impact objectives.
Required preparation:
1. Individual: Read the Acumen Fund case and make an assessment of the two investment opportunities based on the capabilities assessment matrix. Submit a short document and come prepared to discuss in class.
2. Group: Discuss in your groups the potential social and/or environmental impact of your venture project and prepare a draft slide to be included in your final pitch deck.

4. Session 4: Key performance indicators, Financial metrics and financing the venture

In this session, you will be introduced to the concept of key metrics and unit economics, to be able to analyze the financial feasibility of the venture. We will discuss how to develop key financial analyses for new ventures and how to engage in financial planning.
In addition, using the Spotfire case, we will discuss key aspects of financing a new venture, such as valuation and access to sources of financing.
Required preparation:
1. Individual: Read the Spotfire case & submit a short individual response to the case guiding questions.
2. Team: Hand-in of 2. Entrepreneurial Challenge: Customer Solution
3. Team: Groups prepare a short presentation of their venture projects (Presentation of idea and initial validation steps taken. PowerPoint slides & 3 minutes maximum). Assure to upload slides to Moodle before class and bring a copy of the slides on a USB stick to ensure fast transitions between presentations.

5. Session 5: Investment forum: Pitching your venture to investors

In this session your team will pitch your venture project that you have developed throughout the course in a business angel forum type setting. The presentation time is 10 minutes maximum! Please make sure that you make a compelling case for your venture. Please be diligent not to include too many slides and focus on key messages.
The task of an entrepreneurial pitch is not to explain every aspect, but to provide information on key aspects to make the investor follow up with you. Required preparation:
1. Team: Preparation of the pitches, upload slides to Moodle and bring a copy of the slides on a USB stick to enable fast transitions.

6. Final Hand-in

The final hand-in needs to be submitted to Moodle a week after the final presentations. This gives you time to incorporate suggestions following the presentations.
The final hand-in should contain four documents:
1. List of target investors:
An Excel sheet that contains a list of investors that could be interested to invest in your type of venture.
2. Pitch Email:
A concise and attention grabbing Email text that you would send to the investors to briefly pitch your venture project and create interest in an attached extended slide deck.
3. Extended slide deck:
A PowerPoint slide deck that goes beyond the slide deck used for the pitch which has all relevant information to make a strong case for the venture. Samples will be provided on Moodle.
4. Financials: Detailed explanation on what to include here will be provided in class

Methodology

Entrepreneurship is about developing conceptual ideas, but is also about doing. Thus the focus of the course is on both thinking but also on some hands-on experience with real-life situations. To achieve this
goal, this course relies on a learning methodology that combines a diversified approach, involving interactive lectures, discussions with entrepreneurs, case discussions, and work on the own venture
project work. Additionally, participants get the chance to discuss their venture concepts and learn from entrepreneurs who will join us through video-conferencing or in person. A key element of the course is the
development of an own venture project in teams of 3-4 students. Following the teaching philosophy of this course you are encouraged to make this project as promising, conceptually validated, and realistic as
possible. We will also have an intensive final pitch session in the same format that you will present in an investors forum.

Assessment criteria

INDIVIDUAL
Class participation: 40%

GROUP
Final pitch: 20 %
Final project hand-in: 40%

Classroom attendance is mandatory. In order to pass the class successfully, you need to get at least a 5.0 (out of 10.0 points) as your final overall grade.

PARTICIPATION: Class participation is a fundamental component of the learning experience in this class, as illustrated by its weight in the final grade. Students are expected to attend all classes fully prepared in
order to meaningfully participate in class discussion. Students will have numerous opportunities for in-class participation: Several in-class activities (e.g. case-specific discussions, in-class group exercises, and
presentations) are specifically designed to foster discussion and communication. Important aspects of class participation to consider are:
- Attendance: Attendance is mandatory and a full attendance record is expected. If a student is going to miss a session he/she should notify the instructor in advance in the case of justified absence (absence is
only justified in cases of force majeure).
- Discussion: Participation in the class discussions is a key component for overall class participation assessment. Students are expected to engage in class discussion on a regular basis, but the amount of
"air time? is not the only criterion for evaluation. Students will also be assessed on the quality of their contributions: the extent to which the contributions are accurate and insightful, the extent to which they
reflect a solid preparation, and the extent to which they are helpful to other students and to the atmosphere in the classroom.

GROUP PROJECT
The venture project is a team-task that involves two main components: a final pitch and a project final deliverable. Both are explained in detail above and the evaluation criteria will be explained more in detail
in class.
While in general each team member will get the same grade, that is not necessarily the case. A confidential final peer evaluation will be used to determine the extent to which each student participated
in group activities and individual grades may be adjusted accordingly (grades will be adjusted only if the contribution of different members differs SUBSTANTIALLY from one another). Please note, however, that
part of the team learning outcome is to work with members with different levels of aspirations, abilities, ideas, etc. Only differences that are substantial to the final outcome will be taken into consideration.

Type:	OB	Curs:	1	Period:	S semester
ECTS Credits:	1 ECTS

Entrepreneurship (EDA99115)

General information

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