mme - entrepreneurial strategy kick-off - edxrwthx+entrepreneurialstrategy+wise... · mme -...

School of Business and Economics

TIME Research Area | Innovation & Entrepreneurship Group (WIN)

MME - Entrepreneurial Strategy

Kick-off

Prof. Malte Brettel, Dr. Jan Kemper, Patricia Strauß, Sebastian Kruse

Aachen | 26 September 2017


2© Innovation & Entrepreneurship Group

Please address all questions regarding the course to:

[email protected]

Entrepreneurial Strategy

Lecture Team

Prof. Dr. Malte Brettel

brettel

@time.rwth-aachen.de

Dr. Jan Kemper

kemper


Patricia Strauß

strauss


Sebastian Kruse

kruse




Entrepreneurial success stories are well known…

Source: Google picture search



Source: http://techcrunch.com/2015/03/03/in-the-age-of-disintermediation-the-battle-is-all-for-the-customer-interface/#.ytvo6j:BbyF; Illustration: blogs.perficient.com

Start-ups are changing the world



Source: Bloomberg (http://www.visualcapitalist.com/chart-largest-companies-market-cap-15-years/)

Things can change really fast…



Source: The Econiomist; http://www.economist.com/news/business/21703428-chinas-wechat-shows-way-social-medias-future-wechats-world?fsrc=scn%2Ffb%2Fte%2Fpe%2Fed%2Fwechatsworld, TechCrunch: https://techcrunch.com/2017/06/27/facebook-2-billion-users/

… and they won’t stop changing real fast



1. Course objectives

2. Course content & concept

3. Deliverables & grading

4. Timeline

5. Contact data

Appendix: How to use edX

Agenda: Kick-off






4. Timeline

5. Contact data


Agenda: Kick-off



Practice

Help students apply new theoretical

knowledge to real-life examples

Encourage students to create their own

business idea and develop / evaluate it

Have guest speakers sharing their

entrepreneurial experience and expertise

Prepare students to better understand & possibly pursue a career in the field of entrepreneurship

As founders

As investors

As consultants

As scholars

…

Course objectives (I/II)

Theory

Teach basics of entrepreneurship in this

course

Lay the foundation for optional advanced

entrepreneurship courses or own

entrepreneurial ambitions



You will learn...

How entrepreneurs think.

What you need to do to think and act like an entrepreneur.

How to create and market business ideas.

How to get started and find the right team.

Which pitfalls you need to keep in mind.

What is really important in the early phase of entrepreneurship.

Course objectives (II/II)






4. Timeline

5. Contact data


Agenda: Kick-off



The course is structured in 7 consecutive chapters

Key content

Unfold your entrepreneurial personality

Build your own team and establish relevant partnerships

Create your business idea and evaluate its potential

Apply the process of successful entrepreneurs

Get your company started in the best possible way

Watch out for critical obstacles of new venture

Approach1

Idea2

Get yourself started3

The Entrepreneur

and his team4

Pitfalls6

Lean start-up5

Marketing7 Market your idea with great skills



Approach Idea1

SAME ENTREPRENEURIAL MINDSET

PERSONALITYIndividual, congenital

CULTUREGroup-specific, learned

HUMAN NATUREUniversal, congenital

[7]

Tory Burch

USA

[8]

Muhammad Yunus

Bangladesh

[9]

Core Content:

Made vs. Born

How do entrepreneurs think?

The entrepreneurial approach

Pitfalls Chapter 6: Approach

2

Core Content:

Idea or opportunity

Origin of ideas

Quick evaluation

Detailed evaluation

Pitfalls Chapter 6 : Idea

Chapter 1 & 2: Unfold your entrepreneurial personality &

Create your business idea and evaluate its potential

6 6



Get yourself started The entrepreneur and his team3

Core Content:

Uncertainty & Means

The entrepreneurial process

Affordable loss & Contingency

Start with why

Pitfalls Chapter 6 : Get yourself started

4

Core Content:

The entrepreneur

Why a team?

Building up your team

Partnerships

Pitfalls Chapter 6 : The entrepreneur and

his team

ENTREPRENEURAL UNCERTAINTIES

MARKET

Customers

Size and growth

Channels

Competitors

[1]

PRODUCT

Cost

Technology

Materials

Suppliers

Design

[3]

MANAGEMENT

Capabilities

Financial Strength

Talent

Learning Skills

Strategies

[2]

[6]

EFFECTIVE TEAMWORK

INPUT

Team composition

Adequate skills

Heterogeneity

Organization

Experience

Job experience

Team structure

Clear roles

Control of tasks

Size

LeadershipTEAM TASKS

Complexity of tasks

Insecurity of

environment

Independence

Team effectiveness

Performance

Happiness

Available resources

Training

Technical support

Targeted markets

Organizational

structure

Reward of group

achievement

Control and

monitoring

PROCESS OUTPUT

Team process

Open

communication

Support from each

other

Conflicts

Discussion of common

strategy

Importance of

individual input

[3]

Chapter 3 & 4: Apply the process of successful entrepreneurs &

Build your own team and establish relevant partnerships

6 6



Lean start-up Marketing5

Core Content:

Build-measure-learn

Minimum viable product

Validated learning

Pivot

Pitfalls Chapter 6 : Lean start-up

7

Core Content:

Marketing strategy framework in Startups

Knowing your customer

Challenges

BUILD MEASURE LEARN LOOP

1

IDEA

MEASURE

BUILD

PRODUCT

LEARN

DATA

The BML Loop aims at generating validated learnings in the market

[1]

PITFALL: ENTREPRENEURIAL OVERCONFIDENCE

While self-efficacy is vital... ...overconfidence is detrimental!

Entrepreneurial self-efficacy

High perceived feasibility

Building of

entrepreneurial

intentions

Increased

likelihood of

success

Entrepreneurial overconfidence

Over-asses their abilities

Ignore

important

information

Increased

probability of

failure

[1,2]

Chapter 5 & 7: Get your company started in the best possible

way & Market your idea with great skills

6



Read

& Hear

Watch videos

Participate in hands-on sessions

Learn from real experiences

“Do the real thing”

Passive

Active

Students only recap

between 10-30%

Students recap

up to 80 %

Source: Adapted from Edgar Dales's Cone of Experience

Combining online and offline learning encourages active

discussion and supports long-term comprehension

“F

lip

pin

g t

he c

lassro

om

”



Our goal: Providing you a unique learning experience



(1) Lecture videos

What

Understand the basics of entrepreneurship by watching the lecture videos online

Prove understanding through recap questions (see (2))

When

Any time during the week prior to the next chapter



(2) Recap Questions

What

Based on the content of lecture videos reply to the recap questions below:

Answer questions & submit answers, your replies will be corrected automatically and in real-time

When

Any time during the week prior to the next chapter - latest submission at 23:59 on the day of the deadline

(see document on timeline in edX for exact dates)

Recap questions:



(3) Seminars & Case Study

What

Discussion of the video content and prior reading

Selective deep-dives by working on case studies in groups of 5 during the afternoon of the seminar day

Q&A with content from lecture videos

When

In the classroom (see document on timeline in edX for exact dates)



(4) (Peer-based) Feedback

What

Create individual group presentations and send/ upload video or slides after the working session to the

teaching staff ([email protected])

Groups for in-class presentations will be selected randomly and the result will be dicussed

When

In the classroom (see document on timeline in edX for exact dates)



(5) Additional Reading

What

Two theoretical papers, related to the main topic of the respective lecture, will be uploaded prior to seminar

day and be discussed in class

Some insights from the latest developments in science to add to the practical focus of the lectures

When

Any time during the week prior to our seminar days (see document on timeline in edX for exact dates)



(6) Optional Content

What

Search the internet for optional content that you can gain extra knowledge and understanding from to stand

out in class discussions e.g. Interviews from founders that share their personal experiences or other

interesting pieces of information related to the topic at hand

Three lectures will be provided speakers talking about their own experiences

When

See document on timeline in edX for exact dates






4. Timeline

5. Contact data


Agenda: Kick-off



Deliverable Grading

Percentage of

final grade

Oth

ers

Final exam

Homework

Group Work 10%

30%

60%

∑ = 100%

Pass with at least 50% of

total and passed exam

To-Do

Correctly answer final exam

questions (e-Exam)

Pass the exam to pass the class

(at least 50%)

Create & upload video/slides

No passing requirement

Correctly answer multiple choice

questions below lecture videos

No passing requirement

Freq.

Once

During each

Seminar Day

After each

video lecture

∑= 40%

Continuous

(1-60 points)

twice

(maximum of 30 points

during each seminar)

~ 30 videos

(maximum of 80 points

to be reached)

Detailed explanation on

next slide

Grading – Overview



Group WorksRecap Questions

Submitting deliverables will be necessary to get a good grade

Multiple choice questions that

cover the main findings in each

lecture video

They can be found below all

lecture videos of all weeks

Recap questions are graded

"Pass" or "Fail"

Tasks to help you create an own

business idea, develop and

evaluate it

Work in groups of five

Points are attributed for each

group (no individual grading)

submitted on time

There are no wrong answers but

there are incomplete ones

10 points

Points for recap

questions and group

work are

attributed if:

• Answers are

submitted on time

• Group work

submitted on time

(during seminar day)

Grading – Details

Each correct answer = 0,375 points

Max. 80 correct answers

= 30 real points

30 points



During exam preparation, she watched

the videos and repeated the lectures. In

the exam she reached

Pass: 39 points

The group work was great fun and she

achieved

10 points

--- 27 ---

During the semester she was very diligent

and reached

71 correct answers out of 80 = 27 points

(71 answers * 0,375 points)

Exam

60 points

60%

Recap

Questions

30 points

30%

Group Work

10 points

10%

100 points 100 %60 + 80:2,66 + 10 = 100 points

The partial points sum up to

39 + 27 + 10 =

76 points

The maximum achievable score is

100 points, equal to 100%

Andrea achieves a total of 76%

and passes the class

Grading – Example I

Andrea attends the class Entrepreneurial Strategy




archieved

10 points

--- 28 ---

During the semester she was a little lazy

though and only reached


(11 * 0,375)

Exam

60 points

60%

Recap

Questions

30 points

30%

Group Work

10 points

10%

100 points = 100 %


32 + 4 + 10 =

46 points


100 points, equal to 100%

Andrea achieves a total of 46%

and FAILS the class

Grading – Example II


During exam preparation, she watched

the videos and repeated the lectures. In

the exam she reached

Pass: 32 points



During exam preparation, she was

occupied with different things and didn’t

study hard enough. In the exam she

reached

FAIL: 28 points < 30 points/ 50%


archieved

10 points

--- 29 ---

During the semester however she was very

diligent and reached


(71 * 0,375)

Exam

60 points

60%

Recap

Questions

30 points

30%

Group Work

10 points

10%

100 points = 100 %


28 + 27 + 10 =

65 points


100 points, equal to 100%.

Grading – Example III


Andrea achieves a total of

65% but still FAILS the

class.



Content of exam

Relevance for final exam:

Lecture videos

Seminar days and Cases

Recap Questions

Two readings (tbd)

Additional content






4. Timeline

5. Contact data


Agenda: Kick-off



Timeline

September October November January

Le

ctu

res

in

class

*Guest

Speaker

De

live

rable

s

RecQ

Case

Study

Final

Exam

26.09.

16:30

14.10.

9:00

10.11.

9:00tbd

19.12.

16:00

23.01.

16:00

21.11.

16:00

*Optional Participation in Guest Lectures on subjects: Entrepreneurial Trends, Mind Set and Marketing

December

edXContinuously work on the course content online over the entire semester

06.10.

23:59

13.10.

23:59

20.10.

23:59

27.10.

23:59

03.11.

23:59

17.11.

23:59tbd

14.10.

16:00

10.11.

16:00

1. Exam (PT1): 23.02.2018 16.00 – 18.00 Uhr

ZuseLab, PPS

2. Exam (PT2): 15.03: 10.30 – 13.00 Uhr

ZuseLab, PPS



Exemplary timeline of in class sessions

non-binding

09:00 – 10:30 Recap and application to real-life by Dr. Jan Kemper

10:30 – 12:30 Theory/ Research: Working with research papers & discussion

(paper reading mandatory before seminar)

13:30 – 15:00 Group Work on Case Study - groups will be assigned

(Case study handed out in class)

15:00 – 16:30 Presentation of Results

16:30 – 17:00 Outlook and Feedback

Morning

Lunch

Afternoon

12:30 – 13:30 Lunch Break



To get & submit all online contents, you get a personal

access to edX edge

Please also see detailed

description in the appendix

of this document

1. Follow the link within the email which you will receive later today

2. Create an edX account

3. Register on the Course Information Page

4. Welcome to the course: Course Layout

i. Announcements / Course info

ii. Courseware

iii. Discussion forum

iv. Progress

5. Lecture videos

i. Watching videos

ii. Answering recap questions






4. Timeline

5. Contact data


Agenda: Kick-off



Please address all questions regarding the course to:

[email protected]


Lecture Team

Prof. Dr. Malte Brettel

brettel


Dr. Jan Kemper

kemper


Patricia Strauß

strauss


Sebastian Kruse

kruse




Thank you for your attention!

Thank

You!






4. Timeline

5. Contact data


Agenda: Kick-off



• Email to be sent out

after Kick-off

• First content will be

published later

today


1. Follow the link within the email, which you will receive later

today

EdX link to the online class of: Entrepreneurial Strategy



• Visit

https://courses.edx.org/r

egister and fill out the

registration form

2. Create an edX account

Important: Use your

email-address with which

you have received the

invitation mail



• Link will be send via

email

3. Register on the Course Information Page




• We are going to use 4

of the pages located

in the top banner

4. Welcome to the course: Course Layout




• This is where you will

find all lectures, control

questions, and

homework exercises

(released prior to each

session) as well as

further documents

• Videos are located

within the left bar

sorted by chapters

• Click on a video name

and it will appear in the

main window on your

right

4.1 Courseware




• Most of you should be

familiar with L2P

(RWTH online

platform)

• This year, we will only

use edX for

announcements

• You will find your

announcements here,

listed in a

chronological order

4.2 Announcements / Course info



• The discussion page is

only going to be used

for the Tutorial: to

upload pitch-videos and

corresponding

assignments / the final

presentation

• The discussion page is

NOT going to be used

for general

questions, technical

problems, social

interaction, etc.

4.3 Discussion / Tutorial



• The progress page

gives you an instant

feedback on everything

you have done

• Please remember: you

have a limited amount

of tries on recap

questions

Not answering a recap

question will be

considered as if you have

answered it wrong

4.4 Progress



• This is a blended

learning course,

which means that you

can consume the

necessary content by

watching the videos

• After watching the

videos, you will be

asked to answer three

questions regarding

the respective topic

• Questions are either

singe choice, multiple

choice or numerical

5. Watching videos and answering control questions

mme - entrepreneurial strategy kick-off - edxrwthx+entrepreneurialstrategy+wise... · mme -...

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