LFU:online

This course intends to provide an application-oriented approach to starting and running a business for aspiring students and future entrepreneurs. It takes the student through each phase of founding a real new business venture. The course combines some theoretical background with experiential learning. This means that this course does not teach entrepreneurship but rather give some practical guideline how to build your 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 course each student or group will present their entrepreneurial venture business plan as well as their first hands-on experiences.

• Plan how to build your own company • First steps of realization of your own company • Preliminary Meeting • Warm-Up and Team Building • 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

In each class we will discuss a special topic relevant for setting up a business which will be prepared and presented by a student group. Afterwards, we will discuss how to apply the new insights to your entrepreneurial ventures.

Each student/student group will have to prepare the theoretical input for one class. Each student/student group has to apply and integrate the learning from their class into their business venture.

In parallel to the course requirements each student/student group must gain hands-on real experience by applying the learning in the real business world. Each student/student group has to document and share their experiences in class.

Kaplan, Jack M. and Warren, Anthony C. (2020): Patterns of Entrepreneurship Management, 6^th Edition, John Wiley & Sons, Hoboken, NJ.

Ries, Eric (2011), The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Business, Crown Business, New York, NY.

Timmons, Jeffry; Spinelli, Stephen and Zacharakis, Andrew (2004): Business Plans that Work; A Guide for Small Business, McGraw Hill.

Positive assessment of the compulsory modules according to § 7 para. 2 lines 1, 2 and 3 Strategy and Leadership, Strategic Brand Management as well as Behavior in Organizational Units.

Entrepreneurial spirit! Desire to build your own company. Own business idea welcome but not obligatory.

Excursion to Obergurgl