LFU:online

This lecture introduces students to the skills and mind-set necessary to become an entrepreneurs. Setting up a plan how to build an own company, first steps of realization of an own company and building of real entrepreneurs will be the goal of this class. Upon completion of this course, students should consider becoming an entrepreneur as an attractive career choice.

Goal of the course

• First steps of setting up an own company
• Developing an entrepreneurial mind-set

This entrepreneurship lecture intends to provide an application-oriented approach to starting and running a business.
Because of this practical focus, the transfer of knowledge does not happen academically only. Speakers and guest lecturers from the entrepreneurship scene contribute to the practical approach of this class. A direct link between theory and practice is shown wherever possible. We endeavour to make our students internationally competitive by means of the best education possible. Our scholarly activities and research go hand in hand with public and private economy, and by providing students with this connection we hope to promote their courage and the readiness for entrepreneurship.
Students will be introduced to entrepreneurial tools such as the business model canvas or the lean start-up approach which will help them to translate their learned skills interest into a commercially viable business idea.
This lecture takes students through each phase of founding a real new business venture. The class combines some theoretical background with “trial and error” learning taught by experienced entrepreneurs with some academic skills. That means that this seminar does not only teach entrepreneurship but give some practical guidelines how to build an own company considering the most important strategic issues involved in starting and maintaining a venture while providing students with the tools and mapped out process necessary to cultivate a new business venture. At the end of the seminar each group will present their business plan as well as their first hands-on experiences. All participants of the lecture can contribute their own business-ideas.

• How to identify an opportunity for a new business? – The Right Idea!
• Mechanics of your basic model – What do you offer to whom and why? Compelling Customer Value Proposition
• Set up the Profit Formula: How do you make money? How much does it cost? How much do you earn?
• Define Key Resources: Team, Technology, Products, Information, Partnerships, Brand
• Define Key Processes: Creative Processes, Marketing, Manufacturing, Sourcing and Logistics, Sales Approach
• Define Key Metrics: Evolutionary Planning – Goal, People, Customer, Project Perspective , Key Performance Indicators,
• Define Culture and Norms: Set up Team Spirit, Leadership Principles, Typical Behaviors, IP-Policy: Open vs. Closes
• Setting up the Company: Requirements/Legal Forms of your Company/ Corporate Structure
• Finding Money: Considering Different Sources and their Consequences
• Design your Offerings/ Create First Prototypes
• Finding first Partners and Customers
• Managing Growth
• Successful Exit Strategies - Selling the Business

In the course of this lecture students will work on a business idea and complete different assignments in a small team (2-4 students). At the end of the course students will prepare a pitch presentation to present the business idea.
In each class a special topic relevant for setting up a business is presented. After the presentation, the topic will be discussed how to apply the new insights to the business ideas developed by students.
The peer-to-peer review will also be used to evaluate students’ work.

Students will be graded based on 4 different dimensions.

• Active participation in class (individual) 10%
• Assignments (individual & group) 30%
• Business Pitch Presentation (group) 25%
• Written Business Plan (group) 25%
• Peer-to-Peer Review (individual & group) 10%

Please notify the lecturers in case you miss a class. You are allowed to miss a maximum of one class; however, not the final class.

Kaplan and Warren (2009) Patterns of Entrepreneurship

Timmons (2004) Business Plans that Work

Sarasvathy, S. D. (2008) Effectuation – Elements of Entrepreneurial Expertise

Baron and Shane (2008) Entrepreneurship – A Process Perspective, Google Link: http://books.google.at/books?id=3EIqKJ-er-0C&printsec=frontcover&dq=Baron/Shane+%22Entrepreneurship+-+A+process+perspective%22+-&source=bl&ots=G7Rcu-YIjv&sig=50fE6LEKNFgWBbZfYbtLRzIcqw4&hl=de&ei=MOCdS9SXK5LCmgPF4uGeCw&sa=X&oi=book_result&ct=result&resnum=1&ved=0CAYQ6AEwAA#v=onepage&q=&f=false

Osterwalder & Pingeur (2010) Business Model Generation, Link: http://books.google.at/books?id=fklTInjiPQAC&printsec=frontcover&dq=osterwalder+and+pigneur+business+model+generation&source=bl&ots=95Iof6TERO&sig=bRaLENGclNdIcmLNGYiqldEUyD8&hl=de&ei=NWadTZrLGozFswb3l6TCBA&sa=X&oi=book_result&ct=result&resnum=5&ved=0CD8Q6AEwBA#v=onepage&q&f=false

Requirements

• Entrepreneurial spirit!
• Desire to become an entrepreneur
• Own business idea welcome but not obligatory

Please check regularly your mail account since the exact time schedule, extra reading, tasks and deadlines will be communicated via e-mail.