Entrepreneurship: Entrepreneurial Spirit, Mindset, and Actions

SMU Classification: Restricted
ENTREPRENEURSHIP
Entrepreneurial Spirit, Mindset, and

Actions
Prof. David Gomulya, PhD
David Gomulya. Copyrighted. (C) 1

Entrepreneurship course
overview
 Course objectives
 Introducing each other
 Pedagogical approaches and engagement rules
 Teaching Assistant
 Course syllabus

Course objectives
 Write a business plan and develop a short description
about an entrepreneurial idea
 Assess the feasibility of business ideas and
opportunities
 Have a sense of what to expect and what to look out
for when starting a new business
 Understand and work toward resolving the limitations
of a static business plan

Course objectives
Entrepreneurial
Decisions
Idea Venture
• Stream of positive cash flows

• Stable network of stakeholders
• Sustainable market presence

Main Framework
FEASIBILITY VALUE
Is it doable? Is it worth
Technology (availability,
access, risks, entry barriers)
doing?
Financial (funds required,
Market feasibility (product
funds available, forecasts,
MARKET need, competition, growth,
price sensitivity)
economy, politics, timing)
Can I do it? Do I want to do

What do I need?
Who else do I need? Can I
it?
Why do I want this?
YOU get their help?
What am I willing to give
Why me?
up?
When will I give this up?
David Gomulya. Copyrighted. (C)

Course objectives
- in simpler English
 To prepare you to start a business while minimizing
risks!
 Hope for the best!
 But if things don’t work out, you can try again!

Pedagogical approach
Class exercises
Business Plan
Pedagogical approach
 Tacit knowledge via class exercises
 Build intuition, instinct, and tacit skills
 Like riding a bike
 Does not show up in reports directly but matters a lot in
real life and setting the right trajectory
 Codified knowledge via reading materials and slides
 Instill disciplined research and entrepreneurship
 Independent reading
 Help to draft the business report

Class statistics (to be

updated)
David Gomulya. Copyrighted. (C) Slide Number 10

Class statistics
 For final year students
 This course are doable for final years
 But of course some time and efforts are needed
 I am understanding of job offers and interviews, but please be
understanding as well about the course requirements.
 Think of last opportunity to start something in school.
 To non-business students
 I truly welcome you all.
 Don’t feel overwhelmed.
 Talk to me and TA if needed.
 Don’t feel nervous about speaking up as well.

Introducing yourselves
 Go to
https://www.wooclap.com/G
SPENTRE

Future-citizen skills
13
14
15
16
17
Pro tips!
 You don’t have to start a business tomorrow.
 But you cannot just sit back in this course and
“download” info passively.
 Must be engaged. Must participate.
 Start-up is very hands on. Practical. Must connect
with the real world.
 Otherwise, I fear it will not be a good use of your
time.

Rules of engagement
(Don’ts)
 Don’t mistaken my intent.
 Don’t keep any frustration, concerns, or
dissatisfaction to yourself.
 Don’t expect me to cover every part of the textbook.
 Don’t be afraid to communicate your ideas.
 Please don’t worry about grades, although I am
understanding. Yet, skills are far more sustainable
these days.

Rules of engagement
(Do’s)
 Be open minded.
 For specific customization, approach me
whenever you want to.
 Mutual understanding and respect is very
much appreciated.
 Please put up your name tents in class, and
identify yourself when speaking online.

Rules of engagement
- in simpler English
 We want to build a community of learners
 Social – find like-minded people even long after
this course is over.  So be nice and respectful.
 Cognitive – understand why you are interested in
this or what you really want.  So engage and
reflect.
 Teaching – learn practical skills to execute, the
How.  So participate in class exercises.

Teaching Assistant
 Role of TA:
 Ombudsman
 “a person who investigates and attempts to resolve complaints and proble
ms, as between employees and
an employer or between students and a university.”
 He will email you after every class.
 Please let him know if you have any questions, remarks, or concerns
about the class immediately.
 Your identity will be anonymous (“cross my heart and hope to die!”)
 I will convey my answer via him as well. That way, you will remain
anonymous unless you want to engage me directly.

Teaching Assistant
 Role of TA:
 Copy him if you are absent for whatever reasons
 He will help me to monitor class participation
 However, I will exercise my independent judgment as well. When in
doubt, I will give benefits of the doubt.
 Copy him when you ask for questions.
 He is more than competent to answer your questions.
 He can add to what I said too.

Course roadmap
Lessons 2 and 3
Lesson1 Lessons 4 and 5
Entrepreneurial
Entrepreneurial Spirit, Entrepreneurial Strategy
Opportunity
Mind, and Actions Business Models
Pitch
Lesson 11 Lessons 9 and 10

Lesson 6
Growth, Harvest, and Marketing
Team Consultation
Exit Finance
Lesson 12 & 13 Lesson 7

Field Interview (No class)
Team Presentations Lesson 8: Recess

Course reading
 Optional reference:
 Robert Hirsch, Michael Peters, Dean Shepherd,
International Edition 2017, Entrepreneurship (10th ed.),
McGraw-Hill [Subsequently referred to as HPS].
 Randy Komisar, 2000, The Monk and Riddle: The
Education of the Silicon Valley Entrepreneur, Harvard
Business School Press.
 W. A. Sahlman, 2008, How to Write a Great Business Plan,
Harvard Business School Press.
 I will provide other online articles and cases

Other sources
 Some more resources for Business Plans
 http://www.bplans.com/
 Business Plan Templates:

 https://www.startuploans.co.uk/business-plan-template/
 https://www.bplans.com/business-plan-template.pdf
 http://www.sba.gov/smallbusinessplanner/index.html
 https://unctad.org/en/docs/iteiia5_en.pdf

Course reading
 Some more resources for Business Plans
 http://www.bplans.com/
 WSJ Center for Entrepreneurs:
http://www.miniplan.com/wsjminiplan/index.cfm?Affiliate
=wsj
 Deloitte:
http://www.deloitte.com/dtt/cda/doc/content/WEBP_cv1(1)
.pdf
 Businessweek:
http://allbusiness.businessweek.com/3473091-1.html
 US Small Business Administration:
http://www.sba.gov/smallbusinessplanner/index.html
 US Small Business Advancement Centre:
http://www.sbaer.uca.edu/business_plan/businessPlan.pdf

Course assessment
 Individual Class Participation 20%
 50% attendance and 50% class contributions
 Individual Elevator Pitch 20%
 Individual Entrepreneur Interview Memo* 30%
 Team-based Project* 30%
-----------------------------
TOTAL 100%
*Hand in hard copy before presentation and email soft copy

Important assignment dates
1. Individual Elevator Pitch: Lesson 3

2. Individual Entrepreneur Interview Memo: Lesson 10
3. Team Presentation: Lesson 11 & 12
4. Revised slide deck Week 13
Submit assignment before class starts unless it is in-class

assignment

Individual elevator pitch

 Entrepreneurs need to sell their ideas
constantly, and concisely.
 Need to captivate audience in the first few
minutes.
 Elevator pitch prepares you for such an
opportunity.
 I will provide more guideline and tips later.

Individual entrepreneur
interview memo
 Entrepreneurship is not theoretical physics.
 I will later distribute an interview protocol and guideline.
 Highlight background, opportunity recognition, enabling
factors, and any reasons for exit.
 More helpful if in the area you are interested in.
 Team interview but individual report:
 no more than four pages of text (double spaced, 1-inch margin
on all sides, Arial font size 12).
 Provide contact information and team photo.
 Have fun!

Individual entrepreneur
interview memo
 Academia and Industry complement, NOT substitute,
each other.
 Academia:
 We simplify the world using frameworks and principles
 Advice is quite generalizable and based on a lot of date
 But, does not cover industry-specific info - the ins and outs!
 Industry:
 Knows the ins and outs, the connections, players, trends,
products etc.
 But advice tends to be anecdotal, based on individual
experiences.
 Can be a nightmare to make sense all the different advice and
tips! David Gomulya. Copyrighted. (C) 32
Team-based project
 A business plan of your start-up.
 A team of 4-6 members with 2-3 majors.
 Try to have team and idea as early as Week 3.
 If ideas are from a previous module, please
inform me and submit the previous project. I
will focus on the improvements.

Entrepreneurship and
Learning
 Not “guru” approach
 Dialogue
 Feedback
 Email: dgomulya@smu.edu.sg
 Phone: 6828-9694

Get processes set

up and paying
customers, and life
is good! 
(We can discuss if you already have a
business)
35
10-min break
36
Entrepreneur video
 A picture is worth a thousand words.
 A motion picture is worth more!
 Just immerse yourself and enjoy.

Prep. for case
38
CASE METHOD GUIDELINES
Adapted from
William Ellet. The case study
handbook: A student’s guide. HBR
Press.
Case Method
 Skills for case method
 Can read a case and give meaning in relation to
issues or questions asked
 Can communicate clearly
 Can offer persuasive response or take a stand

(Bloom’s evaluate level)
Source: William Ellet. The case study handbook: A student’s guide. HBR
Press.
40
Case Method
 Textbook vs case
Press.
41
Case Method
 How to analyse a case
1. Recognize the main issue and most efficient way
to investigate it
2. Read the case actively and efficiently to gather
evidence
3. Follow a path of analyses (i.e., systematic) to
reach conclusion
Press.
42
Case Method
1. How to recognize the main issue and most
efficient way to investigate it?
 Decision scenario: must take a stand and persuade
others
 Evaluation scenario: list and weigh pros and cons;
identify criteria of evaluation
 Problem diagnosis: identify root cause of problems
− or success
Press. 43
Case Method
2. How to read case actively and efficiently to
gather evidence?
 Cannot review all possible sources; focus on
specific aspects
 Categorize the data
 Identify their relevance
 Capture info if relevant
Press.
44
Case Method
2. How to read case actively and efficiently to
gather evidence?
 Look at the beginning and the end, and then scan the rest
first
 Usually this gives some sense of what scenario the case is
about, i.e. what to do
 List major actors and things they need to know
 Then scan cases and zoom in on relevant sections
 Stop and think – not read! Analyse and evaluate (in real life
must decide on actions to take)
Press.
45
Case Method
3. How to analyse a case effectively?
 Go step by step in a systematic manners
 What decision needs to be made?
 What criteria will you use to decide?
 What specific measures for each criterion?
 If quantitative, what do you need to calculate?
Press.
46
Case Method
 Students’ responsibilities
 Be prepared
 Take part in discussion: You learn better
 Don’t be afraid; most students are somewhat
uncomfortable; don’t need brilliant comments to
contribute
 Extend respect and expect it in return
 Accept conflict as a natural part of the
collaboration
 Listen well
47
Press.
Video debrief
 Why is Tob successful?
 What mistakes could he have avoided?

Background helps: Traits
Source: Timmons, 2004

Background factor: Education

Propensity
Poor Wealthy
Uneducated Highly educated
Source: Amer Bhide, 2004

Favourite definition
 Pursue of opportunity without regard
for resources at hand.
51
Video by Reid Hoffman

 All careers will be entrepreneurial (~ 75%
into the video)

Help build the nation

 11 Oct 2007 during the Entrepreneur of
the Year Awards, Defence Minister Teo
Chee Hean said …
 Whether they are running their own business
as entrepreneurs, working in a corporation, or
in the public sector, they must have this
entrepreneurial midset
 Not everyone will run his own business, but
we must produce people with an
entrepreneurial mindset
Accelerator towards
your goal!

For next class

 Read for class
 Case study
 HPS Chapter 4
 Innovator’s DNA

Entrepreneurship: Entrepreneurial Spirit, Mindset, and Actions

Uploaded by

Copyright:

Available Formats

You might also like

Entrepreneurship: Entrepreneurial Spirit, Mindset, and Actions

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Entrepreneurship: Entrepreneurial Spirit, Mindset, and Actions

Uploaded by

Copyright:

Available Formats

SMU Classification: Restricted

Entrepreneurial Spirit, Mindset, and

Prof. David Gomulya, PhD

David Gomulya. Copyrighted. (C) 1

David Gomulya. Copyrighted. (C) 2

David Gomulya. Copyrighted. (C) 3

• Stream of positive cash flows

David Gomulya. Copyrighted. (C) 4

Can I do it? Do I want to do

David Gomulya. Copyrighted. (C)

David Gomulya. Copyrighted. (C) 6

David Gomulya. Copyrighted. (C)

Class statistics (to be

David Gomulya. Copyrighted. (C) Slide Number 10

David Gomulya. Copyrighted. (C) Slide Number 11

David Gomulya. Copyrighted. (C) Slide Number 12

David Gomulya. Copyrighted. (C)

David Gomulya. Copyrighted. (C)

David Gomulya. Copyrighted. (C) 20

David Gomulya. Copyrighted. (C) 21

David Gomulya. Copyrighted. (C)

David Gomulya. Copyrighted. (C)

Lesson 11 Lessons 9 and 10

Lesson 12 & 13 Lesson 7

Team Presentations Lesson 8: Recess

David Gomulya. Copyrighted. (C) 24

 I will provide other online articles and cases

David Gomulya. Copyrighted. (C) 25

 Business Plan Templates:

David Gomulya. Copyrighted. (C) Slide Number 26

David Gomulya. Copyrighted. (C) 27

*Hand in hard copy before presentation and email soft copy

David Gomulya. Copyrighted. (C) 28

Important assignment dates

1. Individual Elevator Pitch: Lesson 3

Submit assignment before class starts unless it is in-class

David Gomulya. Copyrighted. (C) 29

Individual elevator pitch

David Gomulya. Copyrighted. (C) 30

David Gomulya. Copyrighted. (C) 31

David Gomulya. Copyrighted. (C) 33

David Gomulya. Copyrighted. (C) 34

Get processes set

David Gomulya. Copyrighted. (C)

Prep. for case

CASE METHOD GUIDELINES

 Can offer persuasive response or take a stand

 Identify their relevance

 Capture info if relevant

David Gomulya. Copyrighted. (C)

Background helps: Traits

Source: Timmons, 2004

David Gomulya. Copyrighted. (C)

Background factor: Education

Source: Amer Bhide, 2004

David Gomulya. Copyrighted. (C)

Video by Reid Hoffman

David Gomulya. Copyrighted. (C) 52