ENTREPRENEURSHIP

ENTREPRENEURSHIP

Fabrizio Sammarco

Instructional goals

The course aims to give students the knowledge they need to develop a business project. The fundamental learning objectives of the course are as follows: To comprehend the concept of entrepreneurship and its integration within the national and international socio-economic context. To develop an understanding of the components of scenario analysis that facilitate the comprehension of the predominant technological, social, environmental and economic trends that characterize the entrepreneurial ecosystem. To assimilate and implement the critical elements and methodologies that typify the development of an entrepreneurial project. The possession of a mature critical spirit, analytical skills and lateral thinking is essential. The subject is required to adopt the role of an individual in the process of establishing a novel enterprise. This is to be achieved through the means of personal simulation.

Intended learning outcomes

Knowledge and understanding: the student at the end of the course will have acquired the knowledge needed to understand what is meant by entrepreneurship, to know the elements characterising the construction of a business project and the related methodologies. Application: The course is based on a combination of theoretical skills and applied methodologies. The more theoretical contents that are developed during the lessons are constantly applied in several steps by the students in the development of a business case. A similar process occurs at the conclusion of the course, which is marked by a written and oral examination that involves the presentation of a business initiative. The concept of autonomy of judgement is of particular significance in this context. It is the student's ability to make independent assessments that is of primary importance. External testimonials can assist students in becoming aware of the main elements that characterize the national and international entrepreneurial context. The integration of authentic case studies within the classroom environment, complemented by the practical application of business scenarios throughout the course, is designed to foster the development of critical thinking, analytical capabilities, and lateral thinking skills among students. Furthermore, the critical spirit is continuously cultivated through classroom discussion. Throughout the duration of the course, students will have the opportunity to refine their communication skills by engaging in business cases and participating in a final examination that incorporates a presentation on a business project. The objective of the course is to cultivate students' interest and curiosity in the subjects taught, with the ultimate aim of inspiring independent study. The course has been designed to facilitate the acquisition of transversal skills that will equip learners with the knowledge and tools necessary to develop their own business initiative. These skills will include an understanding of behavioral economics and AI Literacy.

Course Contents

Definition of Entrepreneurship Enterprise and innovation: the main technological trends from machine learning to AI Cognitive biases and prejudices in doing business How social impact and sustainability are changing entire markets Innovation and Impact The effects of crises in the world: how scenarios are changing Complexity, uncertainty and ‘future thinking’: theories and models The entrepreneurial ecosystem, dimensions, actors The steps of building an entrepreneurial initiative Customer's needs and Value proposition Business model definition The market and competitors Financial business plan and definition of investment needs Methods of business valuation Funding of business ideas: Investments stages, types, instruments and actors Investment management and Exit strategy Elevator pitch Impact-oriented entrepreneurship: strategies and methods

Reference Books

Mandatory: Slides and any handouts given by the professor on Luiss Learn during the course. Recommended: Textbooks: Business Model Generation, by A Osterwalder, Y Pigneur The startup owner’s manual, by S Blank The Lean Startup, by Eric Ries The corporate startup, by T Viki, D Toma, E Gons Making Ideas Happen: Overcoming the Obstacles Between Vision and Reality, by Scott Belsky The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail, by Clayton M. Christensen Papers: Great Innovators Think Laterally, by Ian Gonsher and Deb Mills-Scofield, HBR April 2013 Entrepreneurship, M. Laverty et. al, Openstax 2020

Teaching Methods

Lectures, classroom discussion, real case analysis, exercises through business case development and idea pitching simulations, executive lecture by external guests. In particular, business case development will be supported using the online platform What a Venture.

Assessment Method

The exam will consist of a written and oral exam: The written exam will consist of a mix of multiple choice and open-ended questions The oral exam will consist of a presentation of a business project created by the students. It is desirable that students work in groups of at least 4-6 people. The students must communicate with the group members and project topics within week 4. Non-attending students will be able to carry out an individual essay, communicating the topic to the teachers within week 4 Each week of work on the Business Case, students will be provided with a maximum of 10 mockups to support the drafting of their business idea. The final grade will be determined as follows: 40% by written exam and 60% by oral exam. Failure to achieve the minimum grade on one of the two exams (written or oral) will result in a repeat of the exam whose grade was insufficient. For the oral exam all the members of the group must unanimously accept the result in order to upload the grade in the system. Attending students may receive 3 extra points based on active participation in all 4 phases of the business case that will be developed during the course and in general to the classroom activities, the teaching team will record the students' interventions.

Thesis assignment criteria

Average exam grade already taken of 27/30. Maximum of 3 exams still to be taken at the time of the thesis request. Proposed topic and mode of development of the work Submission to professor for approval of: Thesis title/topic Abstract in which you explain the objective of the thesis and how you want to carry out the work and first bibliographic references Meetings with the teacher will be organized only after the student has identified and deepened a topic of interest and started the research and always after work have been done with regards to the paper.

Week 1

Onboarding: The following topics will be covered in this module: Objectives, Methodology, Tools and Teaching Team Business Ethics The Mindset of the Entrepreneur Complexity Management and Fractal Economics Risk and Entrepreneurial failure Discussion of real cases

Week 2

Business Idea & Innovation: Identification of an opportunity, inventiveness and creativity: how a business idea is born How to identify and analyse market needs: customers needs and ‘customer centric’ approach for personas Business and Innovation: Italian entrepreneurial ecosystem: size and players; comparisons with other markets Market trends: how some new technologies are revolutionizing entire markets Discussion of real cases

Week 3

Business and Innovation: Mission, Vision and Value proposition of the product or service Finding and developing a business idea: how to identify a market opportunity and problem to be solved Idea generation and selection methodologies Customers and Personas: market segmentation Project work: Teamwork definition

Week 4

AI Literacy for Entrepreneurship: Using AI in the design of Personas for a stress test of the business idea Cognitive Bias Bootcamp: Analysis of potential biases underlying the Entrepreneurial Project Project work: What a Venture 1/4

Week 5

Market sizing: Competitor analysis Market contest analysis: barriers, risks and opportunities From market segmentation to economic estimation of the potential market Scalability, profitability and sustainability Business Model Canvas Go-To-Market Strategies Project Work: What a Venture 1/4

Week 6

Project Work: What a Venture 2/4 I Pitch review

Week 7

Economic and Financial Plan: The Economic and Financial Plan and the definition of investment requirements Strategic Plan Operational Plan and Info Memo Project work: What a Venture 2/4

Week 8

Public Speaking and Pitching: How to Build a Successful Elevator Picth Public Speaking Classroom Pitch Rehearsal Project Work: What a Venture 3/4

Week 9

Life Cycle of a Start-Up: Life Cycle of a Start-Up and Investment Phases Funding a Business Idea: Instruments and Actors Working Capital Financing Other Financing/Investment Measures II Pitch review

Week 10

Life Cycle of a Start-Up: Methods of Evaluating a Business Investment Management and Exit Strategy Project work: What a Venture 4/4

Week 11

HR basics: Team and Governance Economic planning: RAL and payroll Corporate Culture and Leadership Communication and Marketing: Creating a marketing strategy Segmentation and proliferation through AI Optimising the sales funnel with segmentation Using social channels to launch and grow the company Project work: What a Venture 4/4

Week 12

Legal and Regulatory Compliance: Data protection Contracts and regulations for start-ups Privacy by design and GDPR Ethical development policy Project work: What a Venture 4/4