MGT 305 Entrepreneurship

This course gives students a comprehensive introduction in how to develop an innovative business idea, how to create a simple compelling business model and how to gain sustainable/transient competitive advantage as innovator. Furthermore, the course will introduce basic methods and tools that are important for getting started. These are creative problem solving methods, strategic management tools, generation of business models and business plans (i.e. Business Model Canvas, Value Proposition Design Canvas, Strategy Canvas etc.).

The intent of this course is to provide the frameworks, functions and workings of new ventures based on innovation and creativity.

The course examines:
a. Opportunity recognition and evaluation
b. The generation of marketable new ideas in new ventures;
c. The challenges to creating and maintaining an organization based on creativity and innovation with a special focus on innovative business models and disruptive innovation;
d. Real-time strategy and decision making;
e. Managing growth, evangelism, enchantment and selling the idea;
f. Managing ventures, gathering resources
g. Risk management, design of the entrepreneurial organization.

"Every great business starts with a small entrepreneurial idea." Peter Drucker

Peter Drucker, the economist who developed management into a science explicitly distinguished "small business owners" and "entrepreneurs". Entrepreneurship means more than just imitative start-up or self employment. It starts with innovation - the new idea that is powerful enough to start a successful business. Drucker also names a key prerequisite for a successful entrepreneurial venture: simplicity. In his understanding simplicity is the ultimate perfection.

The course will provide a lab-environment for planning and setting up your own business. We focus in a very practical workshop way on all aspects of starting a business: selecting promising ideas, initiating new ventures, and obtaining initial financing.

Students will work in a practical hands-on approach. We concentrate on how ventures are begun, how venture ideas and other key ingredients for start-ups are evaluated and derived, and how one promotes new venture proposals. We will work on a business plan project and the related presentations to different stakeholders. The course aims at enabling students to develop their own business ideas, support these with appropriate business models and develop a compelling business plan. It focuses especially on creating innovative concepts and value propositions.