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Introducing YourCo. Experiential Learning at Chicago GSBThe Class: New Enterprise and Small Business ManagementYourCo. SimulationPurposePlayOutcome. Elements of Performance. ConceptualKnowledge. DomainKnowledge. ActionSkills. Actions. Outcomes. . . . . . . Source: Davis and Hogarth 1992. GSB Entrepreneurship Curriculum.
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1. New Enterprise and Small Business Management and the YourCo. Simulation GameDeveloped by Waverly Deutsch, Ph. D.Clinical Assistant Professor of EntrepreneurshipUniversity of Chicago Graduate School of Business The University of Chicago Graduate School of Business
5807 South Woodlawn Avenue, Chicago, Illinois 60637
Tel 773.834.1134 Fax 773.834.4046
gsbwww.ChicagoGSB.edu/entrepreneur
2. Introducing YourCo Experiential Learning at Chicago GSB
The Class: New Enterprise and Small Business Management
YourCo. Simulation
Purpose
Play
Outcome
3. Elements of Performance
4. GSB Entrepreneurship Curriculum New Venture Strategy
Opportunity identification
Private Equity and New Venture Finance
Funding start-ups
New Venture Challenge
Business plan creation
But, what do you do?
New Enterprise and Small Business Management
Execution – “A vision without execution is a hallucination.” Steve Case, AOL
5. Overview of the Course State of Entrepreneurship
Entrepreneurial Characteristics and Start-up Business Models
Market Segmentation and Selection
Marketing Tactics
Sales
Product Development
Operations
Growth Challenges
Alternatives to Starting Your Own Business
Diversification or Exit
6. YourCo. Simulation “Year” in the life of a start-up
Idea, Proof-of-concept, Early Growth
Eight assignments paralleling course content
Launch
Market selection and 1st marketing campaign
Sale
Product improvement
Operations
Diversification or exit
CRISIS
7. Report Format 2 Pages to address specific issue
Write a one paragraph elevator pitch describing your business.
Using your own backgrounds as the guideline, describe the management team.
Assess any critical holes in personnel and describe how you plan to fill those holes.
Determine the amount of seed funding you need to launch and describe how you raised it.
3 additional pages each assignment
Page 3 -- Tell me anything else I need to know about what happened during this month of operations.
Page 4 – Week 1: Create a basic budget for 1 year of operation. Each week: show one month of burn.
Page 5 -- Describe how you arrived at the above. What data did you discover? What sources did you look at? Who did you talk to?
A limited number of exhibits – resumes, graphics, data, etc. – are allowed
8. Grading There are 8 points per assignment
5 for the answer to the specific question
3 for how you arrived at it – methodology and research
Plus 2 potential bonus points for follow-up or miscellaneous
Points are awarded for
Creativity
Completeness
Credibility
Businesses models are assigned a difficulty multiplier between .9 and 1.1
Winning team is guaranteed a “A” in the course
9. “Play” of the Game and the ROLL of Luck In class challenges of critical accomplishments
YourCo. Probability Calculators
ROLL a 10 sided die to determine success
10. Other Accoutrement
11. Outcomes Key teaching points
Intellectual property, business licenses and permits, taxes, etc.
Insight learning
Networking
“I learned more in our one hour conversation with him than I could have learned reading on the Internet forever.”
Experience
“This class kept me awake at night worrying about all the details of our ‘fake’ business.”
“I learned more about being an entrepreneur through this class than I could have any other way, short of starting my own business.”
12. Thank you. Waverly Deutsch
Waverly.deutsch@ChicagoGSB.edu