The Sloan Foundation, the Coleman Foundation, the Kauffman Foundation, Inc. magazine, and a consortium of business schools committed funds to produce a new type of business education called the Real-Time Case (RTC).

Here is the course description that students found at four universities last year:

As you read this, the managers of a new high-tech company, Optasite Inc., are striving to achieve the entrepreneurial dream. On a special website you will follow that company, and see their progress week by week. But you will do more than just watch. You will be actively engaged with the company, analyzing its problems, and making input. You will be participating in the world's first in-depth, real-time case study.

Unlike traditional case studies, this real-time case will dig deeply into one company during an entire semester. At this moment, a case writer is stationed full-time at the case company. Each week the writer will provide us with the information we need to analyze a particular problem or question about the company. But our goal is not analysis for its own sake. Instead, we want to go beyond critiquing, and make valuable recommendations to the company. The company is counting on us to perform, and we want to deliver.

Survey data from students indicated that the real-time case appealing: two-thirds of the students rated it equal to or better than any course they had taken previously. Satisfaction scores were the highest ever recorded at two universities. Steps are being taken now to make the make a new real-time case each year, and to use it for teaching business subjects in addition to entrepreneurship.

The business plan and business plan presentations are key tools, used by both entrepreneurial educators and collegiate entrepreneurs. This presentation demonstrates an experiential teaching-learning technique applied in undergraduate courses for both entrepreneurial majors and for liberal arts undergraduates with interests in entrepreneurship. As a modified version of the "one pager" new venture summary plan submitted by entrepreneurs to angel investors and at venture capital funding source presentations, this teaching technique shows students how to answer five critical questions asked of all new ventures: What are you building? Why does this business exist? How will you build the business? What is the work to be done? What results will you measure?

The One Page Business Plan (OPBP) is a very straightforward, versatile, consistent, flexible tool and can be used for a variety of purposes. There is no room for fluff or filler in this exercise. The use of key words and short phrases tells the reader or audience that only the essence of the "business concept" is being presented for review. The fact that the business model is only one page communicates that the investment in reading and listening is limited. The OPBP can be used by students to develop a plan for a small company, or as a summarization exercise of a traditional business plan. The OPBP purposes extend to profit centers, departments, program or projects. As a document that summarizes the ideas for a new business, the OPBP is also a presentation tool or a personal or professional planning device.

At Sierra Nevada College, we have adopted this technique in entrepreneurship courses taught across the curriculum to liberal arts students. In two 45 minute sessions, with the support of a workbook, students follow templates, complete worksheets, and review their new venture proposals collaboratively first with a learning partner and them within small groups. For larger classes, a OPBP poster session is appropriate. Future entrepreneurs learn the power of strategic words and short phrases. Students learn the process of integrating all of their inter-disciplinary studies, both in academia and real-life to create a compelling story of how they are going to build a successful business. Students learn that everyone sells through out their careers even if their profession is not sales. Finally students learn to tell the "story" of their business with just enough facts and details to convince the audience that the business is viable, but leave the audience wanting to schedule a meeting to learn more.

By the end of the exercise, students learn the value of stating the vision, mission, strategies, objective and plans for their new ventures. At the conclusion of the Sierra Nevada College entrepreneurship course required of all liberal art students, all students are required to stand and deliver a ten minute presentation of their new venture. The OPBP is the foundation for that public presentation delivered to faculty, students, college and university staff and invited member of the business and entrepreneurial community.

As you move through this course we will provide you with the opportunity to "do" or engage in many learning activities to advance your knowledge and entrepreneurship understanding. You will be gathering information form a variety of sources, to test the value and benefit of your observations.

Reflective Observation your discernment of the learning outcome
In analyzing the entrepreneurial activity:

• What did you notice or learn that you want to remember?
• In what way did this experience challenge my assumption(s) about Entrepreneurship?
• I identified correctly the following (entrepreneurial concept, problem, facts, timeliness, issues, importance, causes). That was because of ?
• My classmates helped to identify the following (entrepreneurial concept, problem, facts, timeliness, issues, importance, causes). That was because of ?
• Which of my values was affirmed by this experience?
• What have I learned about myself in this experiential situation?
• The most successful part of this entrepreneurship activity for me was? Why?
• The new skill or "piece" of knowledge I can to see in this situation was?
• I liked/disliked about this experience I contributed
• If I could do any part of this experience over, it would be? Why?
• What I learned in other experiential activities in this course that helps me better understand this most recent experience is?

Abstract Generalization your conclusions from the outcome
In developing insightful instincts:

• What hypothesis, conclusion, principles, or guidelines can I draw from this most recent experience reflecting on the Entrepreneurship?
• From this experience I developed the following hunch(es) about entrepreneurship
• From this experience I learned the following principle(s) about entrepreneurship
• From this experience I can see the value of the following guideline(s) for entrepreneurship
• From this experience what can I do to affect the greatest potential for improvement in my understanding of entrepreneurship

Active Experimentation your decision of what to do next as a result/outcome
In assessing what to do next:

What do you need next in order to have confidence (the feeling that you will perform well) in your own entrepreneurial abilities, in your won readiness to use what you have learned in this course? What do you need to create an opportunity to test your hunches or conclusions in another situation? Who or when can you gain an opportunity to practice certain entrepreneurship skills?

• Of the items that I noticed in the reflective process of the entrepreneurial activity, I want to practice
• The one or two new "pieces" of new knowledge" that I experienced and I want to try out is
• I can go to for an opportunity to practice and gain a new entrepreneurial skill?
• In my current situation, the people who are in my expanded network practicing these skills are
• As I think about entrepreneurship and extra-curricular activities, I might select to practice the skills or abilities (conduct a trial) and increase my competence are
• Of the thing(s) I saw in this situation, I am eager and excited to attempt
• The opportunity for learning that I want to pursue as a result of this experience is

The Network Referral Stories (NRS) file is a highly effective teaching strategy that has proven itself over 11 years to be a valuable link for students, between the regular schedule of course reading assignments and an on-going interactive dialogue regarding the realities of entrepreneurial perseverance. The NRS file creates a critical mass of self-selected mentoring resources during the semester for the course "Entrepreneurship and New Venture Development". This 15-week cumulative project augments the start-up business plans developed by the student new venture teams, and has proven to be extremely valuable to students on four-key fronts:

1) initiates an on-going dialogue,
2) builds new venture vision and perspective,
3) forges high-level advisory relationships, and
4) secures extraordinary internships.

The NRS file requires each student to bring in one standard manila folder. They each mark the tab "CURRENT" and I then explain that this 9"x12" space will become their most valuable resource during the next 15 weeks as they are introduced to entrepreneurship and the new venture development process. I open my briefcase and pull out my own "CURRENT" folder and in just 10 minutes, I present them with my most recent NRS entries from my personal consulting projects over the last month or so.

NRS entries include: someone's business card, a clipped article about an intriguing entrepreneur, a phone number for a great referral, a web URL or email address for a related product or service, maybe a brochure picked up at a trade fair or exhibit. Other areas from which to draw NRS material include: a) firm owners cited in the Pacific Coast Business Times (a local weekly covering new businesses, venture capital, entrepreneur profiles), b) personal introductions made at the monthly Central Coast MIT Enterprise Forum, c) the individual chosen by each student for the EIE (entrepreneur interview editorial) assignment, and d) cold call referrals secured during the research of the student teams' start-up business plan.

There is just one rule for the NRS folder: Only put something in that has value-added potential. It must be followed-up within two weeks or it gets dropped from the folder. I can ask any student on any day (with no prior notice) to open the folder, and in five minutes, relay a compelling "story" to the class from the student's growing list of professional contacts. And they can also ask me to do the same. This creates a heightened awareness in class as students work very hard to have great contacts, so they are able to add value to the semester's on-going dialogue about entrepreneurial success and new venture development issues. The NRS file can be tailored to fit with all course readings, topics covered by outside speakers, all phases of researching new venture ideas, and in meeting all milestones for the start-up business plan semester project.

One of the difficulties in most entrepreneurial courses is what to give for a final examination. This past semester I had the opportunity to develop and teach a course entitled "Financing the Emerging Enterprise". In this course we examined all of the possibilities for financing a new venture including bank debt, private investors, venture capital and IPO's. As we progressed toward the end of the semester I was searching for a perfect final that would test what the students learned, but more importantly give them some hands on experience with the problems facing entrepreneurs.

At our University sponsored Entrepreneurship conference, I met Fred Nelson who is the CEO of a company called Accounting Computers Inc. He has been very successful in the past, with a turn-key computer system for distributors, but is now caught in a change of technology. Fred told me how he had put together a business plan and was wrestling with whether or not to bring in partners, private investors or venture capitalist. I invited him to present the question to our class, and he enthusiastically agreed. What followed was a live final exam, based on an actual company presented by the CEO and majority shareholder.

Fred came to the class in the second last week and presented his business plan, which was also on his web site so that the students could access it at any time. This was complete with a full set of financial statements and current operating results. After a half-hour presentation, the students were able to ask questions and get as much background as they needed. During the week that followed they not only had access to the information but could also contact Fred by e-mail. Their assignment was to come up with the best financial and business strategy for the company. They were to hand in a written presentation complete with any attendant analysis. Then the following week Fred returned and each member of the class presented their strategy in person to him. The results were spectacular. The exchange between the students and the owner was direct and pointed. Fred was impressed with the "freshness of ideas" that the students brought. The students responded with gusto to a rare opportunity to analyze a real privately held, entrepreneurial driven company. They gained an experience that I'm sure will stay with them the rest of their lives.

I realize that this was a unique opportunity, and duplicating it will be difficult. However, the point is that the closer we can get our students to the reality of the problems facing entrepreneurial firms, and give them some practice at developing solutions, the more successful we will be as educators.

The student group consisted of 23 part-time students who were working engineering management professionals working mostly in the wireless communications industry. All held undergraduate degrees in an engineering field. The primary objective of the course was to provide each student with a realistic experience the nature of entrepreneurial management.

Description of the Teaching Practice
The vehicle for the course pedagogy the Balanced Scorecard (BSC) developed by Kaplan & Norton. The beginning of the first class session was devoted to explaining the course objectives including a detailed discussion the course structure. The teacher ended the first class session by leading the class through a training session in BSC methodology using training materials provided by the Balanced Scorecard Collaborative.

At the beginning of the second class session, the teacher established a live or real time case study. The teacher began playing the role of the Chair and CEO of a global wireless telecommunications provider addressing a group of senior and mid-level executives. The key points in his remarks to the management team were:

Staying in role, the Chair/CEO responded to clarification questions, insisting that everyone stay in the role they chose to play. The Chair/CEO then reminded that his office was located directly across the hallway from the conference room, and that he would available only the same evening each week for limited face-to-face consultations. At other times, the Chair/CEO could be reached via email. The Chair/CEO then walk out of the conference room (classroom) and did not return until the 10th week of the course to participate in the task force's presentation of their final report with the exception of an unscheduled 15 minute observation visit.

Observations and Conclusions

The course took on a life of its own between the 4th and 5th class sessions or three weeks into the task force project. The students had taken control of the project and entrepreneurial leadership began to emerge at the strategic, operational, and tactical levels. The final report was a masterpiece.

Bob and Carol want to quit their jobs and work for the new business full time. Ted is planning to stay with the CPA firm for the time being but will handle the accounting for the business. Alice is looking to put her money in something she is passionate about which this business is. Bob, Carol and Ted have little money to invest. All parties expect that the business may lose money for the first year or two but are confident that in the long run it is a viable business venture.

One item the business will obviously need is an old biplane. Bob has found one that is in good shape but needs about $10,000 worth of repairs. The plane could be bought for $150,000. Eventually, the business will want several such planes. The plan is to eventually acquire the planes and hire a few pilots and travel the country conducting air shows and doing barnstorming demonstrations. They will also take people on rides for a fee. For now, Bob and Carol will have to do all the traveling and flying. Carol will also handle the marketing and advertising for the business.

The parties have approached you as a new business consultant and asked for your recommendations regarding the start up of the business. Specifically, they want your recommendation as to the form of business in which they should operate (along with the reasons for recommending that form) as well as preparation of the necessary documents to accompany that form of business, i.e. a partnership agreement, articles of organization, an operating agreement, articles of incorporation, bylaws, etc. You will need to create a name for the business, last names for the owners, and any other information needed for the start up documents. Identify any assumptions you made or information that would be helpful in making your recommendation that was not furnished. Consider ancillary items like stock options, repurchase agreements, tax elections, etc. The more aspects of the start up you consider, the better your project.

Your recommendations and accompanying documents should be typed. While you may (and should) consult resources outside your textbook, you may not share documents with each other. Each student is expected to do their own work and come up with their own recommendations. You will be asked to briefly present and defend your recommendations to the class. The assignment is due September 25 at class time.

A few years ago, I had the idea that the standard "business plan" approach to entrepreneurship education reflected neither the reality of the process of entrepreneurship, nor the ideal approach to helping students find good business ideas. In most entrepreneurship courses, students "brainstorm" an idea and then write a feasibility or business plan to evaluate the viability of that idea. In reality, most entrepreneurs begin with an idea that is generated from substantial industry, product, or technology experience. While some students bring such experience to the table and have already generated what may be a high quality idea, many have not, and the resultant business plans suffer. Furthermore, the process does little to teach students how to apply business school tools to identify opportunities.

I argue that the best approach to entrepreneurship education may not be to start with the idea and move to analysis (the business plan model), but to start with analysis and, through the creative process, move to idea generation (and later more extensive evaluation). Thus, I propose the concept of a Sector Opportunity Study wherein we start with a given sector (broadly defined vertically), analyze the sector through various strategic/analytical frameworks, and thereby identify opportunities within the sector. Thus, we start with an industry and search for an opportunity. Similarly, we begin with analysis and move to creativity, rather than starting with creativity and moving to analysis. The final outcome should be a list and description of potential opportunities. From there, the second entrepreneurship course can be utilized to translate the idea into a business plan.

The Sector Opportunity Study can be seen as an intelligent, flexible, and narrowing search process. While searching various information sources and applying analytical tools students' should be alert to indications of potential opportunities, as the identification of an opportunity will likely result from attentiveness. Quite naturally, the direction of search may

change over time to reflect the evidence brought to light.

The following is the related process I have proposed to my students. I'm certain that it could be enhanced, but it is a start:

1. Define the boundaries of the sector. This will be a critical step, as it will help insure that we can complete the project within the scope of the semester. The sector can represent an entire industry, a strategic group within an industry or a technology that is likely to impact an industry or a number of industries. If you choose the latter, I encourage you to focus either on the technology itself rather than the impact on a specific industry, or select and analyze one sector the technology will impact
2. Analyze the structure and value chain of the industry. In performing this task, it is appropriate to think in terms of the entire value chain of the industry. Many opportunities for improving the efficiency or customer value created by an industry reside in the linkages between various stages in the production of the good or service.
3. Analyze the major players at each stage of the industry.
4. Identify potential opportunities.

Rationale: To help "Introduction to Entrepreneurship" students to look for opportunity in what they read and hear, and to help them to develop a creative approach to new business development.

Required Activity: To bring to class two of the coolest products, ideas, concepts, technologies, information items or whatever grabs your interest/captures your imagination that you can find during the week.

Each week you are required to document "two cool" items and their sources (forms provided by instructor). For each class, be prepared to present one of the two items when they are being shared. The class will then select one item from those presented, and will brainstorm (either in teams or with the entire class we may alternate) about different ways to commercialize the concept, and discuss some of the barriers and opportunities inherent in the idea.

Possible Sources of Cool Items: World Wide Web, journals (trade, industry, scientific), magazines, newspapers, other media, other entrepreneurs

Note: This is an activity that counts toward the student's class participation grade. The exercise will take about 35-45 minutes, usually at the beginning of the class period, unless there is a guest speaker.

EEE 370-Spring 2002 Mondays 7:00-9:45 p.m.

Name: _________________________________________________________
Date of Class session): _____________________________________________

Cool Item # 1
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

Source of Information for Cool Item #1 ( e.g., journal and issue date, source and date of news broadcast, etc.):
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

Cool Item # 2
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

Source of Information for Cool Item #2 ( e.g., journal and issue date, source and date of news broadcast, etc.):
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________

Comments:___________________________________________________________________

Objectives:

1) To create awareness of innovation in our surroundings; to help EEE 370 students to look for opportunity in what they read and hear, and to help them to develop a creative approach to new business development.

2) To give students practice scanning their environment for new ideas.

3) Used early in the semester to help students to get acquainted with each other as a group and in newly-formed teams.

4) To introduce business concepts in short, experiential bursts.

5) To be a vehicle for discussion about whether the concepts are just cool ideas or real opportunities.

Preparation:

One week before the assignment is due, give the students the following instructions with the form on the other side:

Group Instructions:

"Bring to class two of the coolest products, ideas, concepts, technologies, information items or whatever is truly innovative and grabs your interest/captures your imagination that you can find during the week. This should be a concept that is totally new to you.

Each week that I announce we will have "Two Cool" the following week, you are required to document two "cool" items and their sources (forms provided by instructor). For each class, be prepared to present one of the two items when they are being shared. (If someone else has an item similar to yours, you have the second item as a back-up.)

Possible Sources of Cool Items: Internet (sites for patents, inventions, new products, MIT Media Lab, etc.), journals (trade, industry, scientific), magazines, newspapers, other media, other entrepreneurs"

Class activity/Process: After generating a group list of Two Cool items with the entire class (recorded on an overhead projector or someplace where all can see them), the class will then select one item from those presented, and will brainstorm (either in teams with each team selecting a different concept, or with the entire class on the same concept we may alternate) about different ways to commercialize the concept, and discuss some of the barriers and opportunities inherent in the idea.

Student Presentation: Select a spokesperson (or two) to present the team findings. Professor either comments after each team, or debriefs at the end of the discussion, summarizing the important points that were made in the discussion.

Supplies: Markers and large pads of paper for teams to record their responses; tape to put up the large sheets around the room so all can see them.

Alternative discussion topics:

1) Team: elevator speech You are the management team for this company. You are to prepare an elevator speech which captures the interest of a potential investor in two or at the most, three sentences. Then select a spokesperson to present the elevator speech. (One other team member may assist by holding the paper for the class to read the important points which the spokesperson presents. I usually ask someone from another team to role play the investor in the elevator.)

Preparation: Prior to this Two Cool discussion session, I spend about 5 minutes explaining what is an elevator speech and asking the class what they think are some examples of important points.

2) Team: business model concepts "Think about your team's Two Cool concept and what it would take to start a business around this concept. Provide five statements about what is needed. (Examples:What is the size of the business? What specifically is your product, if not obvious? Who is your market? What special expertise is needed to start this business?)"

After the team presents their item, as a group we discuss (in rapid-fire response from the tops of their heads) how much (capital) might be needed to start this business. Some respond with very high amounts and some with low amounts. I ask why it would cost so much or so little and by the end of the discussion, we usually have a couple of alternative models that could be used to develop a business around the concept. (Examples of alternatives: National versus regional market, bootstrapping versus investor capital, borrowed resources and outsourcing versus buying everything and setting up own operations, etc.)

Hints:

1) I generally take between 15 and 25 items depending on the number of students in the class and the amount of time I have allocated to the discussion. Early in the semester I use this as a way to generate discussion and get students comfortable speaking in the class group. I also get them used to my calling on them randomly when no one volunteers. The risk is low in this exercise and they learn that I expect them to be prepared to participate.)

2) This is an effective exercise if done twice in a semester, and early in the semester, using different discussion topics. More than twice, it loses its impact and spontaneity.

3) I count this activity toward the student's class participation grade. The exercise takes about 5 minutes to generate the list, 10 minutes for team discussion, 15-20 minutes for presentations with instructor comments, and another 5 for the wrap-up (total 40-45 minutes).

Originator of exercise:

Marcene Sonneborn
President of Innovation Management Consulting, Inc.
Adjunct, Syracuse University
School of Management
EEE Program

Phone: 315-425-5144
Fax: 315-233-1259
Email: mssonneb@eznet.net or msonneborn@tdo.org

Exercise Description:
On the first evening of class, I like to start the semester by getting students to think about who is an entrepreneur. The two big questions I pose are: 1) do traits common to all entrepreneurs exist and 2) are there specific behaviors required of all entrepreneurs? To answer these questions, I use an exercise with three separate components.

First, without having read anything, I ask them these two questions and record their responses in a list on the board.

Second, I expose them to 2 entrepreneurs with seemingly very different approaches. You can do this with articles, cases, and the like but I have found that I can engage them effectively by using short videos. The Greif Entrepreneur Center (USC Marshall School of Business) produces videos of speeches by their "Entrepreneurs of the Year" which are well done. Last semester, the students watched a 20 minute or so speech by Sky Dayton (founder of EarthLink) and another one by Angelo Mozilo (founder of Countrywide Credit Industries).

After watching/reading about one of the entrepreneurs, I ask the students to revisit their list and amend it based on how the speech by the entrepreneur changed their perceptions.

I then have the students watch the second video and again come back to their list, think about how the traits or behaviors might have changed, and make additions or refinements to the list.

Third, we compare and contrast the entrepreneurs and try to reconcile the differences between the entrepreneurs and develop a distilled list of traits/behaviors.

Objectives:
To identify/expose stereotypes students may have about entrepreneurs and the skills required to be an entrepreneur. Help students clarify the essence of entrepreneurship and understand the common thread on the multiple paths to successful entrepreneurship.

Preparation:
No preparation is required from the student's perspective. The instructor needs to familiarize him/herself with the entrepreneurs.

Resource materials:
Cases, articles, or videotapes.

Set-up:
VCR, whiteboard or chalkboard

Process:
The three steps of the exercise take some time. I usually allot at least 1/1/2 hours for it. Since my class is usually at night and are scheduled for 2 hour blocks, I spend a little time going over the syllabus and course expectations and then devote the rest of the class to this discussion. If you have a shorter class session, you could do this on the second day of class. Another option is to only use one entrepreneur in identifying and discussing relevant traits/behaviors. You might choose one that will be very different than common perceptions of an entrepreneur.

Key Lecture Points:
Entrepreneurs have many different characteristics. While it is hard to come up with a definitive set of traits that describes all entrepreneurs, there are some critical behaviors essential to the success of a new venture. For example: an entrepreneur must be able to identify a clear underserved need, exhibit passion about that opportunity, demonstrate flexibility and resourcefulness in the pursuit of that opportunity and assemble a good team/delegate. (In contrast, for example, you can discuss how the age of the entrepreneur, the experience of the entrepreneur in that industry and the experience of the entrepreneur in starting a business may vary a great deal from firm to firm). Most entrepreneurs are calculated risk takers rather than gamblers but are able to tolerate ambiguity well. Regardless of the industry, innovation is essential. Industries may define what constitutes innovation differently but some new combination must exist. The entrepreneurial venture is typically growth oriented.

1. Experience how a product gets from R&D to market.
2. Explore the different perspectives of the inventors and marketing professionals.
3. Learn the difference between product features and customer benefits.

Preparation and resource materials:

1. This exercise requires an assortment of parts that can be used to create new productswhich can be a variety of things one could find in an office, kitchen, workshop or toy box including plastic wheels, wooden dowels, paper towel tubes, clay, giant paper clips, empty pen tubes, spatula, small boxes, etc. Four to six of these pieces are put into a paper lunch bag. A bag is prepared for each team of four students. All bags are placed on a table at the front of the room.
2. One roll of masking tape is needed for each team. This is the "product adaptation material."
3. A clock or watch to time exercise segments.
4. One slip of notepaper is needed for each student. This is the "secret ballot."
5. Four each of the following or similar are needed as prizes: Gold medal winners receive a small bag of gold foil covered, chocolate coins; second place winners receive a "cool grand" (frozen Hundred Thousand Grand chocolate bars).

Set-up:
No special room arrangement is required. Assign students to teams of four. Two students will be the inventors; two students will be the marketing consultants. They may self-select their roles. Students will move to sit with their team mates.

Group instructions and process:
Our goal is to get a glimpse at the invention-to-market process from two perspectives--the inventor and marketing department.

1. The inventors will have 5 minutes to create a product from the company's invention laboratory (the table with the lunch bags). They will select a bag, bring it back to their group's table, empty the bag, create a product using only the contents of the bag and a limited amount of "product adaptation material" (masking tape). During this time, the market consultants may observe and take notes but may not speak. Invention is the purview of the R&D team. The inventors must also define:
   • What is the product? (i.e., this is an automatic side-mirror cleaning device for trucks)
   • What are the important product features? (it is solar-powered, with independent controls, etc.)
2. At the end of the inventors' time, the marketing consultants will have 5 minutes to draft an initial marketing strategy including:
   1. Define most profitable initial target market
      Is this B2B? or B2C? Describe primary characteristics of the most likely target market (i.e., long-haul truckers in the East)
   2. Design the 4Ps
      • Product: Name of product and what unique benefits it provides (what does it do for the customer).
      • Price: All raw materials and production costs total $5/piece for the initial quantity. Determine your pricing strategy (sold by each, any quantity discounts, packaged with other products) and the sales price per unit.
      • Place: Determine if there are any unique packaging requirements or special shipping requirements. Will they be sold to distributors, over the Internet, directly through retail, etc.? Describe the fundamentals of your distribution strategy.
      • Promotion: Tell how your target market will discover and purchase your invention. Describe how you'll get their attention, demonstrate benefits, and convert curiosity into orders.
3. The teams then make a 4-minute presentation to the Board of Directors (remainder of the students). The Board will vote on the top two inventions to be marketed this year using a secret ballot. Each Board member will indicate their 1st and 2nd choices. The President (course instructor) will tabulate votes to select the winners. If your team is selected, you get a fabulous bonus.

Discussion questions:

1. To inventors: What was the most important thing you were thinking about when you designed the product?
2. To marketers: What do you wish you could have said to the inventors as they developed their product? What were some of the key pieces of information about the market that you were missing in developing your initial marketing strategy?
3. What is similar/different about the perspectives of the investors versus that of the marketing consultants?

Key lecture points:
Those who create products often focus more on improving design, enhancing technical qualities, etc. which may or may not be important or even perceptible to the target marketthey are product feature focused. Successful product introduction matches product attributes to the benefits desired by the market. "Marketeers" are benefits focused; they design the 4 Ps to garner customer acceptance (and sales). The more intimately they know their target market, the better the match and the steeper the sales curve.

Originator of exercise:

LoAnn Ayers
Washington State University
2710 University Drive
Richland, WA 99352

Phone: 509-372-7252
E-mail: ayers@tricity.wsu.edu

Objectives:

• To appreciate the importance of brainstorming
• To learn where entrepreneurs may find ideas for new ventures
• To integrate personal interests and preferences to an opportunity
• To overcome some myths and emphasize that an idea may not translate into an opportunity
• To appreciate the trends, such as aging population and elder care, that may enhance small business start-ups
• To exchange ideas with a partner via email, and then the entire class
• And, to start the team process for writing a small business plan

Set-up:

1. Each student in the class is given a two page typewritten homework assignment:
   1. list their brainstorming ideas for a new business
   2. outline their interests, preferences, and expectations
   3. list relevant trends in society and
   4. a short paragraph on how one of their ideas matches their personal preferences.
      (To save time, everything is in outline form except for "d").
2. After typing this assignment they must email it (as an attachment) to a partner to get feedback. They then cut and paste their partner's response on the bottom of their own paper.
3. At the start of the next class, I play the Broadway tune "The Impossible Dream" and place the papers around the classroom
4. The class then has 30 minutes to walk around and read section "a" of as many papers as possible. They take informal notes on different ideas that they have read.
5. After 30 minutes, I ask the class to orally state which ideas they like the best and if these ideas have a high probability of success. I then have a fifteen-minute wrap-up on key points.

What Happens:
The class realizes that there are so many ideas to explore. Yet, many of them may not really be a viable opportunity in the marketplace. Students also appreciate the importance of integrating ideas with their own preferences and interests. And, unlike Don Quixote, they realize that successful entrepreneurs are more than dreamers and idealists.

Discussion Questions:

1. How does the song tie-in with the assignment and entrepreneurship?
2. Where do ideas for small business start-ups come from? Which sources are the most popular? What are some common methods, such as checklists, to encourage brainstorming?
3. What are some of the myths that exist about entrepreneurship?
4. How do we know if an idea is a good opportunity? What impact do the trends in society have on creating new ventures?
5. Why is it so important to make sure that your idea for a new venture ties-in with your personal lifestyle wishes?

Key Summary Lecture Points:

1. Match your personal lifestyle preferences with the type of business you might start. Don't pick a venture that might make you miserable as an entrepreneur. Also, know the difference between lifestyle and high growth businesses.
2. Recognize common brainstorming techniques, but know that an idea is not always a good opportunity. A successful entrepreneur is more than a dreamer and idealist.
3. It takes time to search for a good opportunity
4. Recognize where entrepreneurs frequently obtain ideas for a start-up
5. Integrate the trends and societal needs with your own ideas. You must begin the process of seeing if your best idea has merit for actually becoming a small business venture. You now have a beginning process in starting your team project for writing a small business plan.

Objective of First LessonStudents will develop a Mind Map that will provide an insightful look into their own personal strengths and weaknesses. In the second lesson students will create another Mind Map looking at themselves as potential entrepreneurs.

A Mind Map is a powerful graphic technique, which provides a universal key to unlock the potential of the brain using both sides (leftlogic, analysis, sequence, etc. and rightimagination, daydreaming, color, etc.) plus Gestalt (seeing the whole picture). It was created by Tony Buzan in the late 1960's and is used in many businesses today.

Depending upon the level of the student, a Mind Map could be simply explained as a tool similar to a road map that uses right brain logic and left brain creativitya fun and unique way to examine themselves, a topic or a problem.

Resource materialsattached Mind Maps.
Instructions or rules of Mind Mapping:
(Normally the person building the Mind Map creates the central idea and the key words. These have been provided in the prepared Mind Map in order to have consistency in thinking in order to make comparisons from the first lesson to the second. As much color should be used as possible. A completed sample Mind Map is also included in order for the student to view the finished product.

1. The more branches created from the key words, the more effective the Mind Map.
2. Use images, words, symbols, codes and dimensions throughout.
3. Print in upper and lower case letters.
4. Use outlines to embrace all branches from each key word.
5. Look at the sample Mind Map for direction.
6. Work as fast as you can.
7. Let your thoughts go.
8. Do not dwell on any idea.
9. Write down each word on its own line and connect it to another.

Discussion: Describe the experience. Were you honest about yourself? How would you compare to any successful entrepreneur you might know? Did you learn any new about yourself?

Lecture Points: What do you think are the characteristics that make for a successful entrepreneur? Is there a "perfect background" to be an entrepreneur? What are the most common problems areas? How can weaknesses be corrected? Can anyone be an entrepreneur? (The first and second lessons go together. The students should leave with questions and ideas that are answered in the next lesson.)

Sources:
Make the Most of Your Mind, Tony Buzan
Use Both Sides of Your Brain, Tony Buzan
The Mind Map Book, Tony Buzan
Starting Your Own Business, Jan Norman
No B.S., No Holds Barred, Kick Butt, Take No Prisoners, and Make Tons of Money Business Success Book, Dan Kennedy
Entrepreneurship, Hisrich and Peters
http://www.mapyourmind.com/
http://www.mind-map.com/

Objectives:
Students will have an entrepreneurial experience. They learn how to look for and find a client for their marketing plan. They learn how to plan for, design and conduct a presentation to convince a potential client (to market themselves). This represents a useful way to start the class, to develop team bonds, and to get good quality marketing plans. Students have the opportunity to talk to a variety of business owners, entrepreneurs and have a better understanding on how to approach them.

Description:
This exercise takes place in the first two weeks of the Marketing Management class I teach (case class). The class meets for three hours, once per week. Students have to prepare a marketing plan for a client they have to find. The marketing plan will be orally defended in the last class meetings.

First class meeting:
Rules of the game are presented to the students:

1. Students form teams. Teams of two students work best. If the class is big --> teams of three.
2. Each team will have to work for a client, a local business, and develop a marketing plan. Students have to look for prospects and convince them of the usefulness of their work (students have to show creativity and entrepreneurial sprit to convince).
3. Teams have two weeks to find clients that will accept them as "consultants."
4. In the 3rd class meeting each team will make a short presentation (less than 4 minutes) and share with the class their trials and lessons learned.
5. Students will work with the client and develop the marketing plan.
6. Students will defend their marketing plan by the end of the semester. They have to turn in the plan to the client (first copy + cover letter) and the instructor (second copy + cover letter). The final grading is based on the client's feedback, the class and the instructor's grading.

During the two weeks (between the first class meeting and the third one) the instructor is available for advice, coaching, etc. The second class meeting is not related to client hunting.

Third class meeting:
Each team will present (short presentation of less than 4 min) their findings. They share with the other teams the lessons learned while "client hunting:"

What did they do to find a client? How did they approach the client? How painful it was? How many refusals and what was the reason for each refusal? What did they learn from refusals? Did they have a plan or did they improvise? What approaches are working? What can you tell about future cooperation during the elaboration of the marketing plan? How interesting the marketing plan will be? This will trigger an interesting class debate on how to find and work for a client:

• How demanding "clients" are;
• How busy clients are (you have their attention for several minutes only);
• How hard it is to "sell"

Notes:

1. If a team cannot find a client in time the instructor calls the SBDC to assist the students.
2. The exercise is not difficult to implement. The exercise was used to start the class for several years. The instructor has to have a back-up plan for teams that are unable to find a client (in this case the on-campus SBDC). However, it did not happen frequently.
3. The exercise can be used in any case class (such as entrepreneurship strategy or business plan development).
4. I am giving the students two weeks to hunt. I tried one week too. It was not enough for many teams to find clients.

Appendix

Summary of students' findings:

Ideas for selling themselves as a team of consultants:

Plan the activity: several teams acted systematically. They conducted secondary research (for example yellow pages), elaborated lists with desired industries/businesses, established criteria, and ranked them, systematically approached the prospects, made presentation, etc. (however, very few less than 20 percent did so)

Elaborate a list of preferences (the majority had established a short list)

Call friends, relatives and ask for help (more than 75 percent used this)

Visit the SBDC on-campus and ask for clients that need help (less than 50 percent thought to use the SBDC. Conclusion: the SBDC does not market itself efficiently, or at least, is not visible enough)

Call prospects to set appointments (is it wise to call? It seems it's better to go and speak to the manager/owner see the whites of his/her eyes)

Plan the selling presentation (what to tell, how to behave during the 5-10 minutes they can hope get the manager's attention)

Interesting approaches:

You get professional help for free (the majority used this approach)

Help us: the instructor is mean and will skin us alive if we do not come up with a client to work for (it seemed to work in several instances)

A combination of the above

This represents an interesting exercise in preparing a "sales presentation" and a warm-up for what will happen in class for the rest of the semester. Students work hard to find a client. It turns out to be a sort of competition between teams (though it was not designed to be one).

One student put it best: This is entrepreneurship in action. Other findings:

• It is hard
• Very often they were refused (even by relatives and/or friends).
• Each failure represents a learning experience: They learn how to better sell themselves and what changes to make in the next presentation

Research Project: Analysis of a Fast Growing Company

Your (consulting) "team" has just met with a new client the CEO of one of the 2001 Fortune Small Business 100 Fastest-Growing Companies. After the meeting, you receive the following email: To recap the discussion we had today:I am thrilled with the growth our company has experienced so far, but am concerned about its continued growth prospects as we move forward. I am particularly interested in understanding more clearly the key elements underlying our success, and what could threaten our future competitiveness.

Finally, I would welcome your "team's" recommendations for "Action Steps" for our company, based on your research and analysis. As agreed I will arrange a meeting on 10/16/01 at 1:45p.m. with members of our senior management and board of directors. I am looking forward to your presentation at this meeting. Meanwhile, please do not hesitate to obtain all information from whatever sources you feel can provide you with the facts necessary to arrive at the best solution.

The Project

1.Your team's job is to apply your resourcefulness and ambition to make recommendations to the company. Merely going to the company's website won't cut it!

2.Once your team analyzes what you've found, prepare a report for the CEO. Accompany the report with a cover letter to the CEO, summarizing the most significant information detailed in your report, as well as your recommendations. Remember, entrepreneurs usually do not read more than a few pages of data, so your report should be concise (max. 6 pages double-spaced) yet reflective of your extensive research and thorough analysis.

3. Your presentation will be accompanied by an interactive discussion between members of your team and the panel (representing the board and senior managers of the "company").

4. The "company" may challenge anyone on your team, so be prepared! Each team will be graded on their thoroughness, ingenuity, outside the box thinking and creativity.

5.The team with the most thoroughly and creatively researched and analyzed report will enjoy a chauffeur-driven limousine ride around campus for team members and their friends as well as the just reward of "being the best".

I have my entrepreneurship major students invite their parents who own businesses to campus. The parents address the UD Entrepreneurship Club the night before class. The presentations to the Club are about their family businesses and the dynamics that occur in a family business. The following morning, the parents have read the attached case, as have the students, and each parent takes one of the proposed questions and answers it the best they can.

Then the entire class expresses opinions on each question. After all five questions have been answered, transfer of company ownership is looked at in an entirely new light.Temporary Inc. of Rockville (TIR) is a locally owned franchise, started and owned by Martin Edwards since 1965. TIR is part of the global Temporary employment system. TIR pays a fee to Temporary, just like other independent' franchises, and receive benefits such as national marketing, software systems, some legal advise, and seminars for employee development.

Martin, now 60 years old, wants to turn over management control to two sons who are active in the business. Older son Bill is a natural people person', and most agree would be the logical next President. Mike, the current CFO, would logically stay as CFO when Martin steps down as the current President. Martin's intention is to promote Bill from VP of Sales to President and leave Mike as CFO.

Besides these two sons, Martin has another son and daughter not active in the business. Both live in Rockville, have successful careers, and do not participate in the company in any way, other than listening to the normal war' stories at family events.

TIR operates profitably and has no debt. There are no major issues with current management other than the routine struggle for market share and trying to stay with or ahead of competition.

Martin and his wife feel that the only fair way to divide-up the current common stock owned solely by Martin is to give 25% of the stock to each child. Martin believes that since the children are mature enough to handle the responsibility of business ownership, and with the history and respect for the family' company, each child will place the best interests of the company before each individual's self interest.

Martin has come to you. As a highly respected friend and fellow family business owner, he is looking for advice, sensing that there may be potential trouble spots he may be overlooking.

(Please disregard any tax issues for sake of simplicity. Other issues like compensation, contracts, control, risk, and liability are fair game!)

1. Before Martin gives any promotions or stock to the children, what general advice would you give him?
2. Would you agree to simply divide the stock equally among the four children, or should Martin consider other methods of stock or equity distribution, while still keeping the distribution fair'?
3. Assuming for discussion purposes that Martin does make an equal stock distribution, what kinds of trouble may surface in the future among the four siblings?
4. Would you recommend to Martin that he not interfere in any way once the transition is accomplished, or would you suggest he find some way of staying involved with company management? If he should stay involved somehow, what methods of involvement might be appropriate?
5. Since each child has been given a good education and has no unusual financial or physical needs, share your thoughts with Martin about whether simply selling TIR for the highest price, and giving each child an equal monetary distribution, might be a legitimate alternative.

I use this exercise in an Innovation and Entrepreneurship class, but it could also be used in an innovation or creativity module in a conventional entrepreneurship class. It is an excellent ice breaker for the first day of class where students don't know each other.

Objectives:

• Encourage students to think out-of-the-box
• Introduce students to the new product development process
• Appreciate different problem solving skills
• Use rapid prototyping (fail fast to succeed sooner)
• Understand functionality versus features versus the managerial challenge
• Learn to build on the ideas of others

Preparation:
No advanced preparation required

Resource Materials:

1. Stack of newspapers and 3 rolls of scotch tape
2. Spaghetti and pack of small marshmallows
3. A prize for the winning team (something fun; something inexpensive one for each member in the group).

Set-up:
Move all the tables and chairs out of the way to create large open spaces for groups to construct their product. Divide class into 5 teams of 4-6 students.

Group instructions:

1. Choose one of the 2 sets of construction materials i.e. either the tape and newspaper or the spaghetti and marshmallows.
2. Build a structure that reaches as high as possible.
3. The structure you build must have an "identity", e.g. a rocket or a church steeple.
4. The group with the tallest structure wins a prize. However in order to win the prize, you have to know each of the group member's name and something special about them.
5. You have 10 minutes to complete the exercise.
   
   No other instructions are provided besides the above i.e. the execution is completely open for interpretation to allow for creative solutions. Beyond these instructions answer every question with a question.

Process:

1. Materials are selected (1 min)
2. Students typically brainstorm to decide what to build and then do a quick division of labor (3-5 min)
3. Building (and rebuilding failed attempts) (7-10 min)
4. Review each group's structure and ask them to report the process they followed (10-15 minutes)
5. Link exercise to innovation (5 10 minutes)

Discussion questions:

• What do you think exercise was about?
• What do you think about the materials you decided to use? Would you choose the other materials if you were asked again? Why?
• What assumptions did you make? Did this limit your creativity?
• Can you identify the different problem solving skills of individuals in your group or between the groups?

AcceleratorOnline, (http://www.acceleratoronline.com/) was created by the University Business Center at Fresno State, targeting entrepreneurs who are unable to attend live classroom training, but who are motivated to start their own business. AO was based on the entrepreneurs' training program offered through the Central Valley Business Incubator.

Through AcceleratorOnline, Web-based, online courses have been developed for training in business plan development. These Blackboard courses are accessible from the project's Web site. Customers apply online and receive notification within 48 hours of application. If accepted, they receive a login and password that gives them access to the curriculum. The curriculum has six components. Trainees have two months to complete a business plan. Usage and access are closely monitored.

The unique aspect of AcceleratorOnline, however, is the delivery of services. Trainees communicate using discussion boards and e-mail. E-mails can be sent from the instructor to the group or from the instructor to an individual. Similarly, trainees can communicate with one and other or hold group discussions. In addition, a consultant is available on an anytime, anywhere basis to provide assistance and answer questions. Trainees are required to submit their homework online. Coursework and homework assignments are geared toward constructing the final business plan.

Originally funded through state and federal grants, AO is now a fee-based service. About 50% of our trainees have launched a business.

We also run parallel classes addressing the needs of very low-income areas, which, in addition to access online, also provide hands-on classroom training and assistance. Computer banks and high-speed Internet access are offered as well.

Presbyterian College is building the Student/Faculty Entrepreneurial Research Fund to enable students and faculty to engage in a variety of entrepreneurial projects both now and in the future. Fund-raising started in January 2003 with a goal of at least $312,000, and already the college has raised 80% of the total. The first project on the college's list is to create an upscale restaurant in the downtown area. (PC sits in the middle of a small town, and the college is an integral part of the community.) Last fall, as part of the business plan competition in my Small Business Management course, two students worked with a local restaurateur to build a business plan for this upscale restaurant. The college has created a unique partnership with a local building owner, the restaurateur, local investors, students, and faculty to create a limited liability company that will serve as the source of capital for this restaurant project. Once the restaurant is established, students will have the opportunity to explore a variety of real-world management issues in the field. Future projects will involve faculty and students working to develop other businesses in the community.

Plan A: Offer them a very brief business scenario, preferably in an industry they know little about (say, airlines or trucking) - and ask them to identify as many "very good" opportunities as they can in, say, 10 minutes). You also ask them to assess their own competence in this setting. The quantity - and especialy the quality of the opportunities tends to correlate with the perceived competence. (I've also used your scale as a covariate as well.)

Plan B: Split the class in half and give one group some rea