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ENTREPRENEURSHIP

Entrepreneurial Spirit, Mindset, and

Actions

Prof. David Gomulya, PhD

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

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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

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Course objectives

Entrepreneurial
Decisions

Idea Venture

• Stream of positive cash flows

• Stable network of stakeholders
• Sustainable market presence

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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?

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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!

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Pedagogical approach

Class exercises
Business Plan
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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

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Class statistics (to be

updated)

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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.

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

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Future-citizen skills

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Future-citizen skills

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Future-citizen skills

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Future-citizen skills

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Future-citizen skills

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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

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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

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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

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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%

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TOTAL 100%

*Hand in hard copy before presentation and email soft copy

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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

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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.

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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!

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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
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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.

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Entrepreneurship and
Learning
 Not “guru” approach
 Dialogue
 Feedback
 Email: [email protected]
 Phone: 6828-9694

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Get processes set

up and paying
customers, and life
is good! 
(We can discuss if you already have a
business)

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10-min break

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Entrepreneur video
 A picture is worth a thousand words.
 A motion picture is worth more!
 Just immerse yourself and enjoy.

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Prep. for case

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CASE METHOD GUIDELINES

Adapted from
William Ellet. The case study
handbook: A student’s guide. HBR
Press.
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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.
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Case Method
 Textbook vs case

Source: William Ellet. The case study handbook: A student’s guide. HBR
Press.

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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

Source: William Ellet. The case study handbook: A student’s guide. HBR
Press.

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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

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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

Source: William Ellet. The case study handbook: A student’s guide. HBR
Press.
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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)
Source: William Ellet. The case study handbook: A student’s guide. HBR
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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?

Source: William Ellet. The case study handbook: A student’s guide. HBR
Press.

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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
Source: William Ellet. The case study handbook: A student’s guide. HBR
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Video debrief
 Why is Tob successful?
 What mistakes could he have avoided?

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Background helps: Traits

Source: Timmons, 2004

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Background factor: Education

Propensity

Poor Wealthy
Uneducated Highly educated

Source: Amer Bhide, 2004

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Favourite definition
 Pursue of opportunity without regard
for resources at hand.

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Video by Reid Hoffman

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

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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
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Accelerator towards
your goal!

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For next class

 Read for class
 Case study
 HPS Chapter 4

 Innovator’s DNA

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