Description
Brief information with regards to new venture analysis winter 2015 university of manitoba.
UNIVERSITY OF MANITOBA
I.H. ASPER SCHOOL OF BUSINESS
ENTR 4100 (A01) NEW VENTURE ANALYSIS
WINTER 2015
INSTRUCTOR
Name: Stuart Henrickson Office Location: 526 Drake Centre
Phone: (204) 474-8422 Office Hours: M/W/F 0900 - 1630
Fax: (204) 474-7698 Class Times: T/Th 1300 - 1415
Email: [email protected] Class Dates: J an. 6 – Apr. 9, 2015
Classroom: 108 Drake Centre
TEXTBOOKS
Spinelli, Ensign, Adams, New Venture Creation: Entrepreneurship for the 21
st
Century, 2
nd
Canadian
Edition, McGraw-Hill Ryerson, 2014
OR
Timmons, Spinelli, Ensign, New Venture Creation: Entrepreneurship for the 21
st
Century, Canadian
Edition, McGraw-Hill Ryerson, 2010.
• Note that course deviates from the textbook at times, and therefore the textbook is strongly
recommended but not required.
COURSE DESCRIPTION
Welcome to Business Venture Analysis! While entrepreneurship takes many forms from social
entrepreneurship to venture creation this course focuses on the development and launching of a venture-
style business. This type of business is characterized by the commercialization of a new business venture
and entry into a fast growing market. It is also characterized by an exit-oriented philosophy, e.g. sale of
the company to a competitor, a private equity or VC firm, another member of the value chain, or via an
IPO, and by the use of external equity to grow the business. This external equity can take the form of
angel, venture capital or both. This class is designed to take you through the entire start-up process from
opportunity recognition to launch. Further, it is designed to help you prepare and present your proposed
venture to possible investors in the formats you are most likely to encounter, e.g. elevator pitch, written
presentation and the formal pitch.
Business Venture Analysis is designed to be very experiential as you will be working with real
technologies and creating a venture you would be comfortable and capable of launching. These may be
new ventures that you come up with, or it may be a venture that is “pitched” to you from external
entrepreneurs/inventors that are seeking your assistance. For your presentations to be successful, you
must be able to convey the sense you are committed to launching and running this venture. Note that this
is NOT only a course for students wanting to run their own business or developing a new venture, it is
also for those students that want live experience training to be in an executive decision-making position
such as a CEO/CFO/COO/CIO and have the opportunity to present to world-class “business world”
experienced judges at competitions around North America.
In this course, you will typically work in groups of 3-6 to prepare the written plan and the accompanying
presentations. You will also have the opportunity to compete in the 2015 Manitoba New Venture
Championships (April 11, 2015) if you choose.
COURSE OBJECTIVES
The objectives of this course are to develop the business model for a proposed new venture and present it
to potential investors. To accomplish these objectives each group will prepare a written business plan and
the presentations necessary to approach potential investors. These will set out the key areas of interest to
an investor, and strategies for both entering and exiting the market. It’s important to realize these
different forms of communication complement each other and are used at different points in the contact
process. The following list details the specific objectives to be covered.
1. Market Validation: Performing a market and competitive assessment of the proposed market.
This includes developing a model of the addressable target market.
2. Management: Identifying shortcomings in the core management team and developing a
recruitment program to build the management team.
3. Intellectual Property: Developing a strategy to use product benefits and intellectual property to
create an unfair merchandise advantage for the proposed venture.
4. Valuation: Understanding the process involved in valuing the proposing venture and developing
the necessary financial strategy to enter the market. This includes understanding the money
components sought by potential investors.
5. Marketing Strategy: Understanding the process and developing the necessary market entry
strategy for the proposed venture.
6. Presentation Skills: Understanding the role various presentation styles play in pitching the
proposed venture to potential investors and learning the necessary skills for these methods.
2
COURSE OUTLINE
Grade Components
Individual:
Participation - Individual 10%
Interview with an Entrepreneur Assignment 15%
Idea Pitch 10%
Business Plan Presentation (individual) 10%
Individual Sub-total 45%
Group:
Market Validation 15%
Written Business Plan (individuals can deviate by +/- 50%) 30%
Business Plan Presentation (group) 10%
Group Sub-total 55%
Total 100%
Final grades will be assigned as follows:
Cumulative Marks Grade GPA Performance
90-100 A+ 4.5 Excellent
80-89 A 4.0 Very Good
75-79 B+ 3.5 Good
70-74 B 3.0 Satisfactory
65-69 C+ 2.5 Marginal
60-64 C 2.0 Unsatisfactory
50-59 D 1.0 Unsatisfactory
Below 50 F 0.0 Unsatisfactory
3
CLASS SCHEDULE
Session 1: January 6, 2015
1.
2.
3.
4.
Review of course outline
Introductions
The entrepreneurial mind
The entrepreneurial process
Readings: Chapter 1 – The Entrepreneurial Mind
Chapter 2 – The Entrepreneurial Process
Session 2: January 8, 2015
1.
2.
3.
Ideas versus opportunities
Presentation of available venture ideas
“Interview with an Entrepreneur” assignment introduced
Readings: Chapter 3 – The Opportunity
Session 3: January 13, 2015
1.
2.
Hand-in of idea summary, group members, and roles
Choosing a name and logo
Readings: None
Due Today: Single page outlining venture, team, and roles/responsibilities
NO CLASS: January 15, 2015
Session 4: January 20, 2015 – Guest Speaker
1.
2.
Organizing your business
Registration process
Readings: Class notes
Session 5: January 22, 2015
1. Management, advisory teams, consultants
Readings: Chapter 6 – The New Venture Team
Session 6: January 27, 2015
1.
2.
3.
Technical feasibility
Market validation
Market validation mini-assignment
Readings: Class notes
4
Session 7: January 29, 2015
1.
2.
3.
4.
Results of market validation
Competition
Managing supply
“Market Validation” assignment introduced
Readings: Class notes
Due Today: “Interview with an Entrepreneur” concept due by beginning of class
Session 8: February 3, 2015
1. Preparing Your Business Plan:
• Executive summary
• Problem
• Company and solution
• Industry and competition
• Target market and validation
Readings: Chapter 4 – Business Plan & Class notes
Session 9: February 5, 2015
1. Preparing Your Business Plan:
• Margins
• Marketing and distribution
• Design and development
• Operations
Readings: Chapter 4 – Business Plan & Class notes
Session 10: February 10, 2015
1. Preparing Your Business Plan:
• Management team, advisory
• Implementation schedule
• Risks and mitigants
• Financial projections
Readings: Chapter 4 – Business Plan & Class notes
Session 11: February 12, 2015
1. How to do an Idea Pitch
Readings: Class notes
NO CLASS: February 17, 2015 (Reading Week)
NO CLASS: February 19, 2015 (Reading Week)
5
Session 12: February 24, 2015
1. Student Idea Pitches
Readings: None
Session 13: February 26, 2015
1. Student Idea Pitches
Readings: None
Due Today: Market Validation assignment by the beginning of class.
Session 14: March 3, 2015
1. Student Idea Pitches
Readings: None
Session 15: March 5, 2015 – Guest Speaker
1. Protecting your idea
Readings: Class notes
Session 16: March 10, 2015
1. Managing your cash flows
Readings: Class notes
Session 17: March 12, 2015
1. Financing alternatives
Readings: Chapter 9 – Financing the Venture
Chapter 11 – Obtaining Debt Capital
Session 18: March 17, 2015
12.
Expansion – rapid growth
Expansion - franchising
Readings: Chapter 12 – Rapid Growth
Chapter 13 – Franchising
Session 19: March 19, 2015
1.
Start-up valuations
Readings: Chapter 10 – Valuation, Structure & Negotiation & Class notes
6
Session 20: March 24, 2015 – Guest Speaker
1. Government Programs
Readings: None
Session 21: March 26, 2015 – Guest Speaker
1. Challenges of being an entrepreneur
Readings: None
Session 22: March 31, 2015
Due Today: Presentation of Business Plans
NO CLASS: April 2, 2015
Session 23: April 7, 2015
Due Today: Presentation of Business Plans
Session 24: April 9, 2015
Due Today: Presentation of Business Plans
April 16, 2015
Due Today: Written Business Plans due by 11:59pm CST.
7
ASSIGNMENTS
Participation – Individual (10 marks)
Students must actively participate in all classroom discussions.
Grading: Participation grades will be awarded on two criteria:
1) Attendance – 5 marks. Each class missed will result in the reduction of 1 mark.
2) Contribution – 5 marks. Awarded based on quality of contribution. Provided on a sliding scale
relative to contributions by peers.
“Interview with an Entrepreneur” Assignment – Individual (15 marks)
This is an individual assignment, however this term we will allow groups of two people given the size of
our class.
Exercise:
You must identify, secure an appointment with and write a brief report detailing the motivations of, and
lessons learned by, an entrepreneur of a new venture.
The entrepreneur and/or idea must be:
- The entrepreneur must have built the venture from start-up OR has been running his/her own
business for at least 3 years.
- The business could be a successful business or a failed business.
The entrepreneur for this assignment cannot be:
- A classmate in the Asper School of Business.
- An owner of a franchise (such as Tim Hortons, UPS, Deco)
Report Requirements and Grading:
- Explain the project/concept and your interview process (1 mark)
- Provide your list of questions in the appendix (2 marks)
- Explain (12 marks):
o the entrepreneur’s motivation to set up this project/business
o what unique approach did he/she take to accomplish the company’s goals
o what he/she learned throughout the process
o where he/she was successful/failed
o would he/she do a project like this again
o any other things that you feel are pertinent
- Note that marks are based on quality of the explanation and analysis, not on just answering the
above questions.
- You are also partially graded on your quality versus that of your peers. Note that groups of 2 will
be marked separately than individuals.
8
Further Guidelines:
- Content: The purpose of this interview is to discover the motivations that caused this person to
become an entrepreneur and the lessons they’ve learned over their career.
- Length: No specific restrictions (has your boss ever told you to hit a page min or max at work?).
I would expect most reports to have a cover page, main body of 2-10 pages, and appendices, but
these are only guidelines.
- Sources: You must reference all quotes, articles, books, internet sources, etc.
- For consistent readability, please use 1.5 spacing, 12 point font.
Deadline: January 29, 2015 – Submit your completed paper by beginning of class. Late assignments
will be marked out of 75% if late, decreasing by 25% for each day late.
Market Validation Assignment – Individual (15 marks)
Exercise: Conduct a market validation exercise with the product or service that your Group has selected.
Your report should include the following:
• Main Report - You should include at least (but not limited to):
o Brief outline of your product/service and the problem it solves
o Outline of your target market and/or product positioning
o Interview process (including number of interviewees, length of interview, in
person/phone/etc.)
o Results of the interviews
o What did you learn? / What changes are needed to the product/service?
• Appendices
o Question list
o Any other pertinent information
Further Guidelines:
- Content: Like in business, your report should be a quality report with pertinent (but not
redundant) detail for an executive to review.
- Length: No specific restrictions (has your boss ever told you to hit a page min or max at work?).
I would expect most reports to have a cover page, main body of 2-10 pages, and appendices, but
these are only guidelines.
- Sources: You must reference all quotes, articles, books, internet sources, etc.
- For consistent readability, please use 1.5 spacing, 12 point font.
Deadlines:
o February 26, 2015 – Submit your completed paper by beginning of class. Late
assignments will be marked out of 75% if late, decreasing by 25% for each day late.
9
Idea Pitch Assignment – Individual (10 marks)
Exercise:
Each student is to present an Idea Pitch for their venture or an alternative venture that they choose. Each
pitch is to be no more than 2 minutes and should cover the primary aspects of your venture based on class
discussions and the uniqueness of your venture. Your objective is to “sell” your concept to the audience
by providing important information on your venture, while at the same time ensuring that your message is
understood and no material aspects of the venture are missing. No props or presentation notes can be used
in the presentation.
Grading:
o 50% based on the instructor scoring, 50% based on the audience scoring.
o Like all ventures, each investor has their own viewpoint, and risk/reward criteria. Your
objective is to the masses, just like you would when approaching a large group of
investors in a private equity offering or public offering.
Deadlines: Student pitches in class from February 24 – March 3, 2015.
Business Plan Assignment – Group Project (50 marks)
Business plans can be completed in groups ranging from 3-6 members. Based on previous classes you
should expect to spend approximately 10 hours per week working on your plan and related assignments.
If you’re shooting for an “A” in this course, you should be prepared to invest 70-100 hours on your
business plan alone.
Business Plan Criteria:
- They must be for a new venture and involve an underlying concept that has the potential to serve
as a platform device for a fast-growth company. It’s best if this idea has passed the “proof of
concept” stage, i.e. it’s more than an untested idea. If your proposed project is for a new software
product, for example, you MUST have sample code written and be prepared to demonstrate one
or more of the product’s planned features.
- You should also confirm there is a market for your product by conducting a market viability study
prior to the completion of your business plan. This will prevent you from developing a plan for a
company that has a limited chance of success.
- All members of the team must hold senior management positions in the proposed venture. This
role must be based on previous work/volunteer experience and not necessarily your area of study.
- The plan should require multiple rounds of financing over the five years it covers. This financing
must be a combination of owners’ equity, outside equity (from FF&F), debt, internally generated
funds, and other sources, e.g. tax credits or government support.
- Further guidelines:
o Report length is based on providing pertinent (not redundant) information to a potential
investor, creditor, alliance partner, etc. Detail is important, but should not be excessive.
The report should include:
? 1 page title page
? 1 page executive summary
? Body of report would typically be 10-30 pages of text (guideline only)
? Appendices as required (support documents, financials, etc.)
10
o 12-point font, 1.5 spacing
o You must also include copies of all reference sources cited in your plan, i.e. journal
articles, research reports, magazine articles and newspaper columns in a separate folder.
o The following financial statements should be included:
? Cash Flow – monthly for first year
? Income Statement – annual for 3 years
? Balance Sheet – annual for 3 years
Formal Presentation and Question and Answer Session:
o Each team will have a 20 minute running clock to make their presentation and answer
questions. The instructor and any guest reviewer(s) can ask questions at any time during
the presentation so it’s a good idea to limit your presentation to a maximum of 12-15
minutes. Other students may ask questions at the end of the presentation until the 20
minute time has run out.
Other Details:
o Your written and formal presentation grades will be based on your ability to convince the
instructor and any guest reviewer(s) this is a viable investment opportunity. It will not be
based on the fact you’ve included information under all the necessary headings.
Grading:
o Business Plan (30 marks) – This may be increased or decreased by up to 50% based on
your group’s peer assessment of your contributions.
o Presentation – Group presentation and content (10 marks)
o Presentation – Individual presentation, content and Q & A (10 marks)
Deadlines:
o March 31 – April 9, 2015 – Presentation of business venture in class.
o April 16, 2015 – Submit your written business plan by 11:59pm CST. Late assignments
will be marked out of 75% if late, decreasing by 25% for each day late.
University Email Policy:
Effective September 1, 2013, the U of M will only use your university email account for official
communications, including messages from your instructors, department or faculty, academic advisors,
and other administrative offices. If you have not already been doing so, please send all emails from your
UofM email account. Remember to include your full name, student number and faculty in all
correspondence.
For more information visit: http://umanitoba.ca/registrar/e-mail_policy
Unclaimed Assignments:
Pursuant to the FIPPA Review Committee’s approved recommendations as of August 15, 2007, all
unclaimed student assignments will become the property of the faculty and will be subject to destruction
six months after the completion of any given academic term.
11
It is critical to the reputation of the I. H. Asper School of Business and of our degrees that everyone associated with
our faculty behaves with the highest academic integrity. As the faculty that helps create business and government
leaders, we have a special obligation to ensure that our ethical standards are beyond reproach. Any dishonesty in
our academic transactions violates this trust. The University of Manitoba Graduate Calendar addresses the issue of
academic dishonesty under the heading “Plagiarism and Cheating.” Specifically, acts of academic dishonesty
include, but are not limited to:
o using the exact words of a published or unpublished author without quotation marks and without
referencing the source of these words
o duplicating a table, graph or diagram, in whole or in part, without referencing the source
o paraphrasing the conceptual framework, research design, interpretation, or any other ideas of another
person, whether written or verbal (e.g., personal communications, ideas from a verbal presentation) without
referencing the source
o copying the answers of another student in any test, examination, or take-home assignment
o providing answers to another student in any test, examination, or take-home assignment
o taking any unauthorized materials into an examination or term test (crib notes)
o impersonating another student or allowing another person to impersonate oneself for the purpose of
submitting academic work or writing any test or examination
o stealing or mutilating library materials
o accessing tests prior to the time and date of the sitting
o changing name or answer(s) on a test after that test has been graded and returned
o submitting the same paper or portions thereof for more than one assignment, without discussions with the
instructors involved.
Many courses in the I. H. Asper School of Business require group projects. Students should be aware that group
projects are subject to the same rules regarding academic dishonesty. Because of the unique nature of group
projects, all group members should exercise special care to insure that the group project does not violate the policy
on Academic Integrity. Should a violation occur, group members are jointly accountable unless the violation can be
attributed to a specific individual(s).
Some courses, while not requiring group projects, encourage students to work together in groups (or at least do not
prohibit it) before submitting individual assignments. Students are encouraged to discuss this issue as it relates to
academic integrity with their instructor to avoid violating this policy.
In the I. H. Asper School of Business, all suspected cases of academic dishonesty involving a graduate student (i.e.
MBA, MSc or PhD student) will be reported directly by the instructor to the Dean of the Faculty of Graduate
Studies.
ACADEMIC INTEGRITY
I.H. Asper School of Business, The University of Manitoba
12
STUDENT IDENTIFICATION: (PLEASE PRINT CLEARLY)
_____________________ _______________ ___________ _______________________________
Last Name First Name Middle Initial U of M Student Identification Number
_________________________________ ________________________________________
Course # Instructor Name
________________________________ _______________________________
Student’s Signature Date
TO BE COMPLETED BY THE ATTENDING PHYSICIAN: (after the above section is completed)
(PLEASE PRINT CLEARLY)
___________________________________ _________________________________ ___________
Physician’s Last Name Physician’s First Name Middle Initial
__________________________________ _________________________________ ___________
Street Address City, Province Postal Code
________________________ ________________________
Telephone Number Fax Number
To the attention of the physician: Your evaluation of the student’s condition is being used for the purpose of
determining whether or not the student has a valid reason to miss an important exam or assignment. Your
professional evaluation is necessary to ensure that only valid cases are excused.
I certify that the nature of the student’s condition is severe enough to prevent the student from taking an
exam or completing an assignment. If requested, my associates or I will verify for the above named
instructor/administrator that this information is accurate.
The student’s condition will likely span the following dates:
______________________________ until _______________________________
(Indicate start date) (Indicate end date)
______________________________ ______________________________
Physician’s Signature Date
NOTES TO PHYSICIAN:
• Please make a note in the student/patient’s file indicating that the student has given the above named
instructor/administrator permission to verify with you, your staff, or your colleagues, that the information
contained on this form is correct. Thank you for your professional evaluation of this student’s condition.
• PLEASE ATTACH THIS FORM TO YOUR REGULAR OFFICE STATIONERY THAT INDICATES THE STUDENT
VISITED YOUR OFFICE.
NOTES TO STUDENT:
• The use of this form is at the option of the student. However, in order to obtain an excused absence for an
assignment or exam the student must obtain a doctor’s certification that the student’s condition is severe
enough to prevent the student from taking the exam or completing the assignment.
• It is NOT SUFFICIENT to provide a note that only indicates the student visited the doctor’s office.
May 2009
MEDICAL ABSENTEEISM FORM
I.H. Asper School of Business, The University of Manitoba
Stuart Henrickson MBA, CFA, CMA, CFP
Executive Director
Stu Clark Centre for Entrepreneurship
I.H. Asper School of Business
Stuart Henrickson is the I.H Asper Executive Director for Entrepreneurship at the Asper School’s Stu Clark
Centre for Entrepreneurship.
Stuart has spent over 25 years involved in corporate and investment banking, project finance, and advisory
services working for such world class organizations as Merrill Lynch, CIBC, Koch Industries, Chase
Manhattan, and Standard Bank. Stuart has led over 80 capital markets and private debt, equity, and structured
product transactions raising in excess of $17 billion in Canada, the U.S., Europe, Asia, and the Middle East.
For the past 10 years, he has also been an active angel investor with investments across 4 continents. After a
career working around the globe, in 2010 Stuart came back to his hometown of Winnipeg and created Red
Leaf Capital Corp. to provide advisory services and M & A (mergers and acquisitions) capabilities to
Manitoba companies and is currently on the boards or advisory boards of numerous local companies and
non-profit organizations.
In addition to a B. Comm. (honours) from the University of Manitoba and an MBA from the University of
Calgary, Stuart also has Chartered Financial Analyst (CFA), a Certified Management Accountant (CMA) and
Certified Financial Planner (CFP) designations.
FACULTY BIOGRAPHY
I.H. Asper School of Business, The University of Manitoba
14
doc_892251187.pdf
Brief information with regards to new venture analysis winter 2015 university of manitoba.
UNIVERSITY OF MANITOBA
I.H. ASPER SCHOOL OF BUSINESS
ENTR 4100 (A01) NEW VENTURE ANALYSIS
WINTER 2015
INSTRUCTOR
Name: Stuart Henrickson Office Location: 526 Drake Centre
Phone: (204) 474-8422 Office Hours: M/W/F 0900 - 1630
Fax: (204) 474-7698 Class Times: T/Th 1300 - 1415
Email: [email protected] Class Dates: J an. 6 – Apr. 9, 2015
Classroom: 108 Drake Centre
TEXTBOOKS
Spinelli, Ensign, Adams, New Venture Creation: Entrepreneurship for the 21
st
Century, 2
nd
Canadian
Edition, McGraw-Hill Ryerson, 2014
OR
Timmons, Spinelli, Ensign, New Venture Creation: Entrepreneurship for the 21
st
Century, Canadian
Edition, McGraw-Hill Ryerson, 2010.
• Note that course deviates from the textbook at times, and therefore the textbook is strongly
recommended but not required.
COURSE DESCRIPTION
Welcome to Business Venture Analysis! While entrepreneurship takes many forms from social
entrepreneurship to venture creation this course focuses on the development and launching of a venture-
style business. This type of business is characterized by the commercialization of a new business venture
and entry into a fast growing market. It is also characterized by an exit-oriented philosophy, e.g. sale of
the company to a competitor, a private equity or VC firm, another member of the value chain, or via an
IPO, and by the use of external equity to grow the business. This external equity can take the form of
angel, venture capital or both. This class is designed to take you through the entire start-up process from
opportunity recognition to launch. Further, it is designed to help you prepare and present your proposed
venture to possible investors in the formats you are most likely to encounter, e.g. elevator pitch, written
presentation and the formal pitch.
Business Venture Analysis is designed to be very experiential as you will be working with real
technologies and creating a venture you would be comfortable and capable of launching. These may be
new ventures that you come up with, or it may be a venture that is “pitched” to you from external
entrepreneurs/inventors that are seeking your assistance. For your presentations to be successful, you
must be able to convey the sense you are committed to launching and running this venture. Note that this
is NOT only a course for students wanting to run their own business or developing a new venture, it is
also for those students that want live experience training to be in an executive decision-making position
such as a CEO/CFO/COO/CIO and have the opportunity to present to world-class “business world”
experienced judges at competitions around North America.
In this course, you will typically work in groups of 3-6 to prepare the written plan and the accompanying
presentations. You will also have the opportunity to compete in the 2015 Manitoba New Venture
Championships (April 11, 2015) if you choose.
COURSE OBJECTIVES
The objectives of this course are to develop the business model for a proposed new venture and present it
to potential investors. To accomplish these objectives each group will prepare a written business plan and
the presentations necessary to approach potential investors. These will set out the key areas of interest to
an investor, and strategies for both entering and exiting the market. It’s important to realize these
different forms of communication complement each other and are used at different points in the contact
process. The following list details the specific objectives to be covered.
1. Market Validation: Performing a market and competitive assessment of the proposed market.
This includes developing a model of the addressable target market.
2. Management: Identifying shortcomings in the core management team and developing a
recruitment program to build the management team.
3. Intellectual Property: Developing a strategy to use product benefits and intellectual property to
create an unfair merchandise advantage for the proposed venture.
4. Valuation: Understanding the process involved in valuing the proposing venture and developing
the necessary financial strategy to enter the market. This includes understanding the money
components sought by potential investors.
5. Marketing Strategy: Understanding the process and developing the necessary market entry
strategy for the proposed venture.
6. Presentation Skills: Understanding the role various presentation styles play in pitching the
proposed venture to potential investors and learning the necessary skills for these methods.
2
COURSE OUTLINE
Grade Components
Individual:
Participation - Individual 10%
Interview with an Entrepreneur Assignment 15%
Idea Pitch 10%
Business Plan Presentation (individual) 10%
Individual Sub-total 45%
Group:
Market Validation 15%
Written Business Plan (individuals can deviate by +/- 50%) 30%
Business Plan Presentation (group) 10%
Group Sub-total 55%
Total 100%
Final grades will be assigned as follows:
Cumulative Marks Grade GPA Performance
90-100 A+ 4.5 Excellent
80-89 A 4.0 Very Good
75-79 B+ 3.5 Good
70-74 B 3.0 Satisfactory
65-69 C+ 2.5 Marginal
60-64 C 2.0 Unsatisfactory
50-59 D 1.0 Unsatisfactory
Below 50 F 0.0 Unsatisfactory
3
CLASS SCHEDULE
Session 1: January 6, 2015
1.
2.
3.
4.
Review of course outline
Introductions
The entrepreneurial mind
The entrepreneurial process
Readings: Chapter 1 – The Entrepreneurial Mind
Chapter 2 – The Entrepreneurial Process
Session 2: January 8, 2015
1.
2.
3.
Ideas versus opportunities
Presentation of available venture ideas
“Interview with an Entrepreneur” assignment introduced
Readings: Chapter 3 – The Opportunity
Session 3: January 13, 2015
1.
2.
Hand-in of idea summary, group members, and roles
Choosing a name and logo
Readings: None
Due Today: Single page outlining venture, team, and roles/responsibilities
NO CLASS: January 15, 2015
Session 4: January 20, 2015 – Guest Speaker
1.
2.
Organizing your business
Registration process
Readings: Class notes
Session 5: January 22, 2015
1. Management, advisory teams, consultants
Readings: Chapter 6 – The New Venture Team
Session 6: January 27, 2015
1.
2.
3.
Technical feasibility
Market validation
Market validation mini-assignment
Readings: Class notes
4
Session 7: January 29, 2015
1.
2.
3.
4.
Results of market validation
Competition
Managing supply
“Market Validation” assignment introduced
Readings: Class notes
Due Today: “Interview with an Entrepreneur” concept due by beginning of class
Session 8: February 3, 2015
1. Preparing Your Business Plan:
• Executive summary
• Problem
• Company and solution
• Industry and competition
• Target market and validation
Readings: Chapter 4 – Business Plan & Class notes
Session 9: February 5, 2015
1. Preparing Your Business Plan:
• Margins
• Marketing and distribution
• Design and development
• Operations
Readings: Chapter 4 – Business Plan & Class notes
Session 10: February 10, 2015
1. Preparing Your Business Plan:
• Management team, advisory
• Implementation schedule
• Risks and mitigants
• Financial projections
Readings: Chapter 4 – Business Plan & Class notes
Session 11: February 12, 2015
1. How to do an Idea Pitch
Readings: Class notes
NO CLASS: February 17, 2015 (Reading Week)
NO CLASS: February 19, 2015 (Reading Week)
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Session 12: February 24, 2015
1. Student Idea Pitches
Readings: None
Session 13: February 26, 2015
1. Student Idea Pitches
Readings: None
Due Today: Market Validation assignment by the beginning of class.
Session 14: March 3, 2015
1. Student Idea Pitches
Readings: None
Session 15: March 5, 2015 – Guest Speaker
1. Protecting your idea
Readings: Class notes
Session 16: March 10, 2015
1. Managing your cash flows
Readings: Class notes
Session 17: March 12, 2015
1. Financing alternatives
Readings: Chapter 9 – Financing the Venture
Chapter 11 – Obtaining Debt Capital
Session 18: March 17, 2015
12.
Expansion – rapid growth
Expansion - franchising
Readings: Chapter 12 – Rapid Growth
Chapter 13 – Franchising
Session 19: March 19, 2015
1.
Start-up valuations
Readings: Chapter 10 – Valuation, Structure & Negotiation & Class notes
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Session 20: March 24, 2015 – Guest Speaker
1. Government Programs
Readings: None
Session 21: March 26, 2015 – Guest Speaker
1. Challenges of being an entrepreneur
Readings: None
Session 22: March 31, 2015
Due Today: Presentation of Business Plans
NO CLASS: April 2, 2015
Session 23: April 7, 2015
Due Today: Presentation of Business Plans
Session 24: April 9, 2015
Due Today: Presentation of Business Plans
April 16, 2015
Due Today: Written Business Plans due by 11:59pm CST.
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ASSIGNMENTS
Participation – Individual (10 marks)
Students must actively participate in all classroom discussions.
Grading: Participation grades will be awarded on two criteria:
1) Attendance – 5 marks. Each class missed will result in the reduction of 1 mark.
2) Contribution – 5 marks. Awarded based on quality of contribution. Provided on a sliding scale
relative to contributions by peers.
“Interview with an Entrepreneur” Assignment – Individual (15 marks)
This is an individual assignment, however this term we will allow groups of two people given the size of
our class.
Exercise:
You must identify, secure an appointment with and write a brief report detailing the motivations of, and
lessons learned by, an entrepreneur of a new venture.
The entrepreneur and/or idea must be:
- The entrepreneur must have built the venture from start-up OR has been running his/her own
business for at least 3 years.
- The business could be a successful business or a failed business.
The entrepreneur for this assignment cannot be:
- A classmate in the Asper School of Business.
- An owner of a franchise (such as Tim Hortons, UPS, Deco)
Report Requirements and Grading:
- Explain the project/concept and your interview process (1 mark)
- Provide your list of questions in the appendix (2 marks)
- Explain (12 marks):
o the entrepreneur’s motivation to set up this project/business
o what unique approach did he/she take to accomplish the company’s goals
o what he/she learned throughout the process
o where he/she was successful/failed
o would he/she do a project like this again
o any other things that you feel are pertinent
- Note that marks are based on quality of the explanation and analysis, not on just answering the
above questions.
- You are also partially graded on your quality versus that of your peers. Note that groups of 2 will
be marked separately than individuals.
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Further Guidelines:
- Content: The purpose of this interview is to discover the motivations that caused this person to
become an entrepreneur and the lessons they’ve learned over their career.
- Length: No specific restrictions (has your boss ever told you to hit a page min or max at work?).
I would expect most reports to have a cover page, main body of 2-10 pages, and appendices, but
these are only guidelines.
- Sources: You must reference all quotes, articles, books, internet sources, etc.
- For consistent readability, please use 1.5 spacing, 12 point font.
Deadline: January 29, 2015 – Submit your completed paper by beginning of class. Late assignments
will be marked out of 75% if late, decreasing by 25% for each day late.
Market Validation Assignment – Individual (15 marks)
Exercise: Conduct a market validation exercise with the product or service that your Group has selected.
Your report should include the following:
• Main Report - You should include at least (but not limited to):
o Brief outline of your product/service and the problem it solves
o Outline of your target market and/or product positioning
o Interview process (including number of interviewees, length of interview, in
person/phone/etc.)
o Results of the interviews
o What did you learn? / What changes are needed to the product/service?
• Appendices
o Question list
o Any other pertinent information
Further Guidelines:
- Content: Like in business, your report should be a quality report with pertinent (but not
redundant) detail for an executive to review.
- Length: No specific restrictions (has your boss ever told you to hit a page min or max at work?).
I would expect most reports to have a cover page, main body of 2-10 pages, and appendices, but
these are only guidelines.
- Sources: You must reference all quotes, articles, books, internet sources, etc.
- For consistent readability, please use 1.5 spacing, 12 point font.
Deadlines:
o February 26, 2015 – Submit your completed paper by beginning of class. Late
assignments will be marked out of 75% if late, decreasing by 25% for each day late.
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Idea Pitch Assignment – Individual (10 marks)
Exercise:
Each student is to present an Idea Pitch for their venture or an alternative venture that they choose. Each
pitch is to be no more than 2 minutes and should cover the primary aspects of your venture based on class
discussions and the uniqueness of your venture. Your objective is to “sell” your concept to the audience
by providing important information on your venture, while at the same time ensuring that your message is
understood and no material aspects of the venture are missing. No props or presentation notes can be used
in the presentation.
Grading:
o 50% based on the instructor scoring, 50% based on the audience scoring.
o Like all ventures, each investor has their own viewpoint, and risk/reward criteria. Your
objective is to the masses, just like you would when approaching a large group of
investors in a private equity offering or public offering.
Deadlines: Student pitches in class from February 24 – March 3, 2015.
Business Plan Assignment – Group Project (50 marks)
Business plans can be completed in groups ranging from 3-6 members. Based on previous classes you
should expect to spend approximately 10 hours per week working on your plan and related assignments.
If you’re shooting for an “A” in this course, you should be prepared to invest 70-100 hours on your
business plan alone.
Business Plan Criteria:
- They must be for a new venture and involve an underlying concept that has the potential to serve
as a platform device for a fast-growth company. It’s best if this idea has passed the “proof of
concept” stage, i.e. it’s more than an untested idea. If your proposed project is for a new software
product, for example, you MUST have sample code written and be prepared to demonstrate one
or more of the product’s planned features.
- You should also confirm there is a market for your product by conducting a market viability study
prior to the completion of your business plan. This will prevent you from developing a plan for a
company that has a limited chance of success.
- All members of the team must hold senior management positions in the proposed venture. This
role must be based on previous work/volunteer experience and not necessarily your area of study.
- The plan should require multiple rounds of financing over the five years it covers. This financing
must be a combination of owners’ equity, outside equity (from FF&F), debt, internally generated
funds, and other sources, e.g. tax credits or government support.
- Further guidelines:
o Report length is based on providing pertinent (not redundant) information to a potential
investor, creditor, alliance partner, etc. Detail is important, but should not be excessive.
The report should include:
? 1 page title page
? 1 page executive summary
? Body of report would typically be 10-30 pages of text (guideline only)
? Appendices as required (support documents, financials, etc.)
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o 12-point font, 1.5 spacing
o You must also include copies of all reference sources cited in your plan, i.e. journal
articles, research reports, magazine articles and newspaper columns in a separate folder.
o The following financial statements should be included:
? Cash Flow – monthly for first year
? Income Statement – annual for 3 years
? Balance Sheet – annual for 3 years
Formal Presentation and Question and Answer Session:
o Each team will have a 20 minute running clock to make their presentation and answer
questions. The instructor and any guest reviewer(s) can ask questions at any time during
the presentation so it’s a good idea to limit your presentation to a maximum of 12-15
minutes. Other students may ask questions at the end of the presentation until the 20
minute time has run out.
Other Details:
o Your written and formal presentation grades will be based on your ability to convince the
instructor and any guest reviewer(s) this is a viable investment opportunity. It will not be
based on the fact you’ve included information under all the necessary headings.
Grading:
o Business Plan (30 marks) – This may be increased or decreased by up to 50% based on
your group’s peer assessment of your contributions.
o Presentation – Group presentation and content (10 marks)
o Presentation – Individual presentation, content and Q & A (10 marks)
Deadlines:
o March 31 – April 9, 2015 – Presentation of business venture in class.
o April 16, 2015 – Submit your written business plan by 11:59pm CST. Late assignments
will be marked out of 75% if late, decreasing by 25% for each day late.
University Email Policy:
Effective September 1, 2013, the U of M will only use your university email account for official
communications, including messages from your instructors, department or faculty, academic advisors,
and other administrative offices. If you have not already been doing so, please send all emails from your
UofM email account. Remember to include your full name, student number and faculty in all
correspondence.
For more information visit: http://umanitoba.ca/registrar/e-mail_policy
Unclaimed Assignments:
Pursuant to the FIPPA Review Committee’s approved recommendations as of August 15, 2007, all
unclaimed student assignments will become the property of the faculty and will be subject to destruction
six months after the completion of any given academic term.
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It is critical to the reputation of the I. H. Asper School of Business and of our degrees that everyone associated with
our faculty behaves with the highest academic integrity. As the faculty that helps create business and government
leaders, we have a special obligation to ensure that our ethical standards are beyond reproach. Any dishonesty in
our academic transactions violates this trust. The University of Manitoba Graduate Calendar addresses the issue of
academic dishonesty under the heading “Plagiarism and Cheating.” Specifically, acts of academic dishonesty
include, but are not limited to:
o using the exact words of a published or unpublished author without quotation marks and without
referencing the source of these words
o duplicating a table, graph or diagram, in whole or in part, without referencing the source
o paraphrasing the conceptual framework, research design, interpretation, or any other ideas of another
person, whether written or verbal (e.g., personal communications, ideas from a verbal presentation) without
referencing the source
o copying the answers of another student in any test, examination, or take-home assignment
o providing answers to another student in any test, examination, or take-home assignment
o taking any unauthorized materials into an examination or term test (crib notes)
o impersonating another student or allowing another person to impersonate oneself for the purpose of
submitting academic work or writing any test or examination
o stealing or mutilating library materials
o accessing tests prior to the time and date of the sitting
o changing name or answer(s) on a test after that test has been graded and returned
o submitting the same paper or portions thereof for more than one assignment, without discussions with the
instructors involved.
Many courses in the I. H. Asper School of Business require group projects. Students should be aware that group
projects are subject to the same rules regarding academic dishonesty. Because of the unique nature of group
projects, all group members should exercise special care to insure that the group project does not violate the policy
on Academic Integrity. Should a violation occur, group members are jointly accountable unless the violation can be
attributed to a specific individual(s).
Some courses, while not requiring group projects, encourage students to work together in groups (or at least do not
prohibit it) before submitting individual assignments. Students are encouraged to discuss this issue as it relates to
academic integrity with their instructor to avoid violating this policy.
In the I. H. Asper School of Business, all suspected cases of academic dishonesty involving a graduate student (i.e.
MBA, MSc or PhD student) will be reported directly by the instructor to the Dean of the Faculty of Graduate
Studies.
ACADEMIC INTEGRITY
I.H. Asper School of Business, The University of Manitoba
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STUDENT IDENTIFICATION: (PLEASE PRINT CLEARLY)
_____________________ _______________ ___________ _______________________________
Last Name First Name Middle Initial U of M Student Identification Number
_________________________________ ________________________________________
Course # Instructor Name
________________________________ _______________________________
Student’s Signature Date
TO BE COMPLETED BY THE ATTENDING PHYSICIAN: (after the above section is completed)
(PLEASE PRINT CLEARLY)
___________________________________ _________________________________ ___________
Physician’s Last Name Physician’s First Name Middle Initial
__________________________________ _________________________________ ___________
Street Address City, Province Postal Code
________________________ ________________________
Telephone Number Fax Number
To the attention of the physician: Your evaluation of the student’s condition is being used for the purpose of
determining whether or not the student has a valid reason to miss an important exam or assignment. Your
professional evaluation is necessary to ensure that only valid cases are excused.
I certify that the nature of the student’s condition is severe enough to prevent the student from taking an
exam or completing an assignment. If requested, my associates or I will verify for the above named
instructor/administrator that this information is accurate.
The student’s condition will likely span the following dates:
______________________________ until _______________________________
(Indicate start date) (Indicate end date)
______________________________ ______________________________
Physician’s Signature Date
NOTES TO PHYSICIAN:
• Please make a note in the student/patient’s file indicating that the student has given the above named
instructor/administrator permission to verify with you, your staff, or your colleagues, that the information
contained on this form is correct. Thank you for your professional evaluation of this student’s condition.
• PLEASE ATTACH THIS FORM TO YOUR REGULAR OFFICE STATIONERY THAT INDICATES THE STUDENT
VISITED YOUR OFFICE.
NOTES TO STUDENT:
• The use of this form is at the option of the student. However, in order to obtain an excused absence for an
assignment or exam the student must obtain a doctor’s certification that the student’s condition is severe
enough to prevent the student from taking the exam or completing the assignment.
• It is NOT SUFFICIENT to provide a note that only indicates the student visited the doctor’s office.
May 2009
MEDICAL ABSENTEEISM FORM
I.H. Asper School of Business, The University of Manitoba
Stuart Henrickson MBA, CFA, CMA, CFP
Executive Director
Stu Clark Centre for Entrepreneurship
I.H. Asper School of Business
Stuart Henrickson is the I.H Asper Executive Director for Entrepreneurship at the Asper School’s Stu Clark
Centre for Entrepreneurship.
Stuart has spent over 25 years involved in corporate and investment banking, project finance, and advisory
services working for such world class organizations as Merrill Lynch, CIBC, Koch Industries, Chase
Manhattan, and Standard Bank. Stuart has led over 80 capital markets and private debt, equity, and structured
product transactions raising in excess of $17 billion in Canada, the U.S., Europe, Asia, and the Middle East.
For the past 10 years, he has also been an active angel investor with investments across 4 continents. After a
career working around the globe, in 2010 Stuart came back to his hometown of Winnipeg and created Red
Leaf Capital Corp. to provide advisory services and M & A (mergers and acquisitions) capabilities to
Manitoba companies and is currently on the boards or advisory boards of numerous local companies and
non-profit organizations.
In addition to a B. Comm. (honours) from the University of Manitoba and an MBA from the University of
Calgary, Stuart also has Chartered Financial Analyst (CFA), a Certified Management Accountant (CMA) and
Certified Financial Planner (CFP) designations.
FACULTY BIOGRAPHY
I.H. Asper School of Business, The University of Manitoba
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doc_892251187.pdf