BAEP 554

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The New Venture Business Plan

BAEP 554

Lloyd Greif Center for Entrepreneurial StudiesMarshall School of Business, Bridge Hall One (lower level)

University of Southern CaliforniaLos Angeles, CA 90089-0801

Phone: 213-740-0641Fax: 213-740-2976

www.marshall.usc.edu/entrepreneur

Instructor: Dr. Andrea BelzBio: http://entrepreneur.marshall.usc.edu/faculty/full-time-faculty/

Email: [email protected]: 14408R Mondays 6:30 9:30 p.m. HOH 304Office hours: Wednesdays 2-5 pm, otherwise please email for an appointment.

..........................................................................................................INTRODUCTIONTOTHECOURSE 1

.................................................................................................UNIVERSITYANDMARSHALLPOLICIES 2

.....................................................................................................................................CLASSPOLICIES 4

........................................................................................................................COURSEASSIGNMENTS 5

Introduction to the course

Course description and approachThis course is the capstone of the Entrepreneurship Program. It takes a feasible businessconcept and develops each element to create an integrated business plan. This course leveragesall the MBA coursework and builds on the lessons of BAEP 552 (Cases in Feasibility Analysis).Whereas BAEP 552 validated concepts through primary and secondary research and createdhigh-level economic analysis, this course takes the concept and brings it to reality.

Learning objectivesThis course prepares you to launch a new venture as a stand-alone enterprise or in a largeorganization. You will learn the general framework and specific skills to do the following:

Use the problem-solving approaches and processes of successful entrepreneurs Evaluate industry and market trends to exploit opportunities Identify and develop sources of sustainable competitive advantage Evaluate and develop value propositions, pricing models, and business models Successfully seek funding to develop your enterprise
http://entrepreneur.marshall.usc.edu/faculty/full-time-facultyhttp://www.marshall.usc.edu/entrepreneur/mailto:[email protected]:[email protected]://entrepreneur.marshall.usc.edu/faculty/full-time-facultyhttp://entrepreneur.marshall.usc.edu/faculty/full-time-facultyhttp://www.marshall.usc.edu/entrepreneur/http://www.marshall.usc.edu/entrepreneur/

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You will also develop:

Critical thinking skills: Analyzing data, solving problems, and making decisions Creative capabilities in idea generation Communication skills in written and oral presentations

Individual skills in task management and learning skills in a collaborative environment

This course provides students with tools to recognize and develop opportunities. It is not aspectator sport. To achieve these objectives through a stimulating and active learningexperience, the course will be centered on discussion rather than on lectures. We will use avariety of methods including problem-solving class exercises, case studies, individual and groupactivities, and guest lectures. Your evaluation will focus on the use and application of contentrather than simple content acquisition, emphasizing your ability to understand and articulate theso what? of new information.

Course prerequisitesEither BAEP 552 or BAEP 556. If you have not completed either of these courses, you mustspeak to the professor before the second class session to determine if you are prepared for theclass. Students who have not taken the prerequisites must become familiar with the methodsand approaches to feasibility analysis, as the course begins with students bringing a feasiblebusiness concept for maturation.

StructureThis class is highly structured but will change if the faculty discerns that students or conditionsindicate the need to change. Student desires and backgrounds are considered. Special projectsare encouraged, upon approval. Your expectations are important!

University and Marshall Policies

Confidentiality policyThroughout the Entrepreneur Program's classes and events, students will be exposed toproprietary information from other students, guest lecturers, and faculty. It is the policy of theEntrepreneur Program that all such information is to be treated as confidential. By enrolling inand taking part in the Entrepreneur Program's classes and activities, students agree not todisclose this information to any third parties without specific written permission from students,guest lecturers, or faculty, as applicable. Students further agree not to utilize any suchproprietary information for their own personal commercial advantage or for the commercialadvantage of any third party.

In addition, students agree that any legal or consulting advice provided without direct fee and inan academic setting will not be relied upon without the enlisted opinion of an outside attorneyor consultant without affiliation to the Program.

Any breach of this policy may subject a student to academic integrity proceedings as describedin the University of Southern California University Governance Policies and procedures asoutlined in SCAMPUS , and to any remedies that may be available at law.

The Greif Entrepreneurship Program, the Marshall School of Business, and the University ofSouthern California disclaim any responsibility for the protection of intellectual property ofstudents, guest lecturers or faculty who are involved in Program classes or events. Receipt of

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this policy and registration in our classes is evidence that you understand this policy and willabide by it.

Academic integrityUSC seeks to maintain an optimal learning environment. General principles of academic honesty

include the concept of respect for the intellectual property of others, the expectation thatindividual work will be submitted unless otherwise allowed by an instructor, and the obligationsboth to protect ones own academic work from misuse by others as well as to avoid usinganothers work as ones own. All students are expected to understand and abide by theseprinciples. SCampus, the Student Guidebook, contains the Student Conduct Code in Section11.00, while the recommended sanctions are located in Appendix A. http://www.usc.edu/dept/publications/SCAMPUS/gov/

Students will be referred to the Office of Student Judicial Affairs and Community Standards forfurther review, should there be any suspicion of academic dishonesty. The Review process canbe found at: http://www.usc.edu/student-affairs/SJACS/ Failure to adhere to the academic conductstandards set forth by these guidelines and our programs will not be tolerated by the USCMarshall community and can lead to dismissal.

Please be advised that your assignments will be randomly submitted to TurnItIn through theBlackboard system, which will generate an originality report on your paper. Bottom line: Youroriginal thought in addition to carefully cited sources will ensure that you dont run intoacademic integrity issues that may affect your grade or your status at USC. Any material citedverbatim from its source should be in quotes and contain a reference to a full citation for thatsource. Paraphrased work should also contain a reference to the source citation.

Add/Drop processIn compliance with USC and Marshalls policies classes are open enrollment (R-clearance)through the first week of class. All classes are closed (switched to D-clearance) at the end of the

first week. This policy minimizes the complexity of the registration process for students bystandardizing across classes. We can drop you from our class if you dont attend the first twosessions. Please note: If you decide to drop, or if you choose not to attend the first two sessionsand are dropped,you risk not being able to add yourself to another section this semester. Youcan only add a class after the first week of classes if you receive approval from the instructor.

Technology policyLaptop and Internet usage is not permitted during academic or professional sessions unlessotherwise stated by the professors. Use of other personal communication devices, such as cellphones, is considered unprofessional and is not permitted during academic or professionalsessions. ANY e-devices (cell phones, PDAs, iPhones, iPods, iPads, Blackberries, other texting

devices, laptops, etc.) must be completely turned off during class time. Videotaping facultylectures is not permitted due to copyright infringement regulations. Audiotaping may bepermitted ONLY if approved by the professors. Use of any recorded material is reservedexclusively for USC Marshall students.

Policy on accommodations for students with disabilitiesAny student requesting academic accommodations based on a physical, psychological or learningdisability is required to register with Disability Services and Programs (DSP) each semester. Aletter of verification for approved accommodations can be obtained from DSP. Please be sure


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http://www.usc.edu/student-affairs/SJACS/http://www.usc.edu/student-affairs/SJACS/http://www.usc.edu/student-affairs/SJACS/http://www.usc.edu/dept/publications/SCAMPUS/gov/http://www.usc.edu/dept/publications/SCAMPUS/gov/http://www.usc.edu/student-affairs/SJACS/http://www.usc.edu/student-affairs/SJACS/http://www.usc.edu/dept/publications/SCAMPUS/gov/http://www.usc.edu/dept/publications/SCAMPUS/gov/http://www.usc.edu/dept/publications/SCAMPUS/gov/http://www.usc.edu/dept/publications/SCAMPUS/gov/

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the letter is delivered to us as early in the semester as possible (by the second week of thesemester). DSP is located in STU 301 and is open from 8:30 AM to 5 PM, Monday throughFriday. The telephone number for DSP is (213) 740-0776.

Class policies

AttendanceAttendance at all class sessions is critical to the participation component of the course and tolearning in general as we will discuss material not found in the textbook; in addition, we willundertake a number of in-class exercises and strategy-building sessions that require your regularattendance. As part of the emphasis on successful teamwork, you will be evaluated on yourability to listen to and learn from others.

Please arrive on time so as not to disturb the class, a guest speaker, or interrupt the professor.You will be asked to sign an attendance sheet for each class. It is your responsibility toremember to sign the sheet. You may miss one complete class for any reason with no penalty.After missing one class, your participation grade will be affected.

Guests and invited speakersFrom time to time we may have guests or invited speakers. You are expected to be prompt soyou can greet them at the beginning of class. Please also check about my availability for officehours just before speakers' visits. We will inform you of changes as they occur.

Reading listHBS readings: You will be able to acquire the required articles at a discount from the HBSsite. A link will be emailed to you and posted in Blackboard so you can purchase and downloadthe cases. Any additional readings are provided free of charge in Blackboard.

Book: You are required to purchase The McGraw-Hill 36-Hour Course: Product Development, byAndrea Belz. This book summarizes many of the issues in business plan development andincludes mini-cases, which you will be expected to have read.

A due date for the completion of readings is given in the Course Plan. On the day the readingswill be discussed, please come to class prepared to contribute your analysis and insights on whatyou have read. This will contribute to the participation portion of your grade.

Classroom exercisesWhen possible, classes will begin with small group work in which you will review variouselements of your business plan with your classmates. Please bring a single hard copy of eachsubmission to review with your colleague. The participation evaluation includes your role inthese exercises.

English as a second languageIn the rare case where a student is unable to participate for language or other reasons, pleaseconsult me early in the semester. You will have an opportunity to evaluate your ownparticipation at the end of the semester.

Technology use (see University and Marshall policies)Laptops and cell phones are forbidden in class. There is no point in attending if you are focusedon another activity.


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Course Assignments

IntroductionDo not skip this section as the following guidelines apply to ALL assignments

without exception. You will be penalized if you do not follow them.

Blackboard communicationCourse communication will take place through announcements in class, emails, and onBlackboard (blackboard.usc.edu). All emails will go through Blackboard; therefore, it's imperativethat you have a fully operational Blackboard account with a current and correct email addressposted. You are responsible for regularly checking Blackboard for announcements and newmaterials as well as to deliver your assignments. Emails rejected because your account is fullwill not be resent.

Assignment format No hard copies will be accepted for any work. Submit everything on Blackboard. A l l s u b m i s s i o n s m u s t b e i n P D F fi l e s l a b e l e d a s f o l l o w s :

Yourlastname_assignmentname_551. No other formats are accepted, including Word,Pages, OpenOffice, GoogleDoc, PowerPoint, Keynote, or others.

If you make an error and submit the wrong file, do not email it to me. The version onBlackboard is the final submission. Blackboard will not accept multiple submissions.

All comments will be posted in Blackboard. It is highly encouraged that you reviewthese before the end of the semester.

Documents must be written in 12 pt Times New Roman or a similar font, with 1margins, and single-spaced.

All documents exceeding 1 page in length must have headers containing page numbersand the file name on all pages.

All assignments are subject to penalties for language errors.

Deadlines All assignments must be posted to the Blackboard assignment page by 6:30 pm on the

due date posted in the Schedule of Assignments. Note the dates on schedule ofassignments, as some are not the same as dates on which we are in the classroom.

If you will not be in class on the due date, your assignment must still arrive by on thedue date.

You are certainly encouraged to submit files before the deadline.Please keep copies ofall your files and emails until the end of the semester.

No hard copies will be accepted. Ever!

Penalties

Assignments will be accepted after the deadline with the following penalties: Assignments turned in after the required time on the due date and within 24 hours of

the due date will lose 10% of the total points possible. Papers turned in 24 hours after the due date will lose 20% of the total points. No papers will be accepted 48 hours after the date due.


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mailto:[email protected]:[email protected]:[email protected]

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Correcting grading errorsIf you do not inform me of missing or incorrect grades within two weeks of the grades beingposted, the grades will be assumed correct. Do NOT wait until the end of the semester tocheck your grades or to appeal a grade on any assignment.

Evaluation of classroom participationThe attendance, participation, and in-class exercises portion of the grade is 200 points and isevaluated in a number of ways. Obviously, participation requires attendance. It is impossible toearn a participation grade if you are not in class. Missing more than one class sessionduring the semester will affect the participation grade.

Current eventsSuccessful entrepreneurs must be keenly aware of the current economic and fundingenvironment. You must demonstrate an understanding by bringing in one article from areputable news source (The Wall Street Journal, the Los Angeles Times, CNN, etc.), defined ashaving an active editorial function separate from the writing and reporting function. This article

should describe something of interest to the entrepreneurial community or on your industry ofinterest. Please bring the link or the printed article to class and prepare to discuss it for 3-5minutes.

Evaluation schemeTo achieve an A or A- in this class, you will need to go well beyond the minimum requirementsas stated in the syllabus in terms of the quality of your work and your involvement in andcontribution to the class. An A is a sign of superior work and, much like the efforts ofentrepreneurs, reflects the fact that you stood out from the crowd.

Acknowledgment of requirementsReceipt of this Syllabus and registration in this class will serve as evidence that you understandand accept the requirements of this course.


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Schedule of assignments

Due date Assignment Max # of

pages

Points

1/23 Concept statement 1 25

1/30 Industry and market analysis 3 1002/6 Marketing and sales plan 3 100

2/13 Management and organization plan 3 100

2/20 Business model and flowchart 3 100

2/27 Financial plan 3 100

3/6 Launch plan 3 100

3/6 Draft Stranger Log 1 50

3/13 Draft business plan 20 50

4/3 Draft pitch 10 slides 50

4/10 Financing plan 3 100

4/10 News article N/A 50

4/17 Stranger Log 2 50

4/24 Executive Summary 1 150

4/24 Final pitch 10 slides 200

5/1 Final business plan 20 400

5/1 Fundability N/A 50

5/1 Self-assessment 1 25

Participation N/A 200Total possible points 2,000


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Course planWeek Date Readings Topics Deliverable

1 1/16 Introduction to class

Feasibility analysis

Risk

Concept statements2 1/23 PanelPro

Ch. 1, 2

Speaker: Scott Sangster

General strategy for entrepreneurship

Industry value chain analysis

Estimating market size

Primary and secondary research

Concept statement

3 1/30 SeaMicro

Ch. 3, 4, 5

Speaker: IP panel (Kevin DeBre and DavidSharifi)

Lead users

Value propositions and pricing

Sales forecasts (top-down/ bottoms-up)

Industry and market analysis

4 2/6 Scaling a start-upCh. 7, 8

Legal structuresOrganizational charts

Roadmaps and milestones

Recruiting

Advisory Boards, Boards of Directors

Marketing and sales plan

5 2/13 Business model analysis

Ch. 9, 10

Business models

Business process flowchart

Management andorganization plan

6 2/20 Pack-iTS Speaker: Jim Schaefer

Financial statements

Sensitivity analyses

Cash conversion cycles

Business model andflowchart

7 2/27 Ch. 11 Speaker: Simon Burrow

Launch

Strategic partnerships

Lead users, revisited

Financial plan

8 3/6 TruckItNow businessplan

Market challenge

Stranger Log status report

Launch plan

Draft stranger log9 3/13 Financials, revisited Draft business plan10 3/20 No class (spring break)11 3/27 How VCs evaluate

opportunities

Ch. 6

Speaker: Malcolm Cloyd

Fundability

Entrepreneurial finance12 4/3 Practice pitches I Draft pitch13 4/10 Practice pitches II Financing plan

Last day to submit newsarticle

14 4/17 New Venture Seed Competition Final stranger log15 4/24 Elevator pitch competition Executive Summary

Final pitch16 5/1 Final business plan competition Final business plan

Self-assessment


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