Entrepreneurship

Entrepreneurship

Course Co-Learner Dr.K.Prabhakar

Professor, School of Management

04/10/23 SRM University-Entrepreneurship Course

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Course Focus

• The course is divided into three segments albeit interconnected. The first segment addresses the need for innovation, creativity and introduces design thinking as a tool to create value.

• The second segment endeavours to introduce business canvas consisting of nine interconnected key elements for creating business models.

• The final unit consists of actualization of innovation, design thinking and business models in the form of entrepreneurship. This course provides students a new set of tools for experience in finding and developing innovative alternatives to address value creation either for profit or for non profit or social enterprise.


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Outcomes Expected…

1. Develop a broad range of high-value alternatives

2. Identify and work through conceptual blocks in idea generation

3. Utilize both top-down and bottom-up tools to frame business problems

4. Use customer experience as a driver of insightful alternative generation

5. Cycle between qualitative iteration and evaluation to improve strategic options


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Outcomes Expected

6. Explore and communicate ideas with a broad set of tools 7. Review different creativity methodologies and models 8. Creation of business canvas with focus on nice key

elements of business model creation. 9. Understand entrepreneurial process by way of studying

different case studies and find exceptions to the process model of entrepreneurship.

10. Design business plans that are suitable for funding.


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Evaluation • The requirement for the course will be the development of a

business plan on a venture either for profit or not for profit or social enterprise. Students will work in teams, ideally in four to develop an idea for a new venture, research its potential, perform analysis to identify resources needed and write a business plan and submit for evaluation.

• This work serves as the basis for two substantial efforts: first, development of a written business plan with marketing objectives, position statement and financial projections using spreadsheet analysis.

• The teams have to make an oral presentation of that plan to a panel of managers and venture capitalists (10%). Working for a self help group or for a social enterprise and presenting an experience sharing report (10%). Attendance (5%). Cycle Test 1 (10%); Model Test (15%); Final Test (50%).

• Best business plan will carry a prize of 1000/- sponsored by instructor.


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Mentors

Six experienced entrepreneurs will serve as mentors to the business plan groups. The mentors will be identified and assigned to students before starting of the class. Confirmed mentors: (Aravind Thyagarajan (F2F),Dhruv Lakra( online and Skype) ,Suhas Gopinath (online and Skype)

In addition 1million/1million roundtables exclusively for students will be conducted with Sramana Mitra. (http://1m1m.sramanamitra.com/ )


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Unit 1

• Innovation and Design Thinking (15 lecture sessions with 6 practice sessions)


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Alternative Generation and Refinement

Interspersed among the lectures there will be an exercise in idea creation and alternative generation and fine tuning. The case of Equitas will allow immediate practice in the tools and techniques covered in class.

Participants will work together in small teams to frame an unstructured issue, challenge constraints given customer needs, and refine and present an innovative approach to a challenging strategic opportunity.


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Innovation and Business Strategy

The value of more and better alternatives in decision analysis and the role of innovation in development and execution of business strategy are emphasized. Why innovation is most important and introduces a new model that recognizes and depends on the strengths of both innovators and implementers and cycles among them for refinement of the most valuable ideas. The stress of this unit will be on execution of the idea.


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Unit 2• Individual Creativity

Theory and practice of identifying hurdles to individual creativity and looking at problems in new ways will be the focus. Exercises and games are given with interactive session to stimulate imagination and practice new ways of thinking.

• Defining and Framing ProblemsUnderstanding of scope is critical in defining specific issues to be addressed in problem solving exercise. Methodology will be provided on how to define specific issues such as musee and exercises will be given.

• Individual Creativity and Organizational CreativitySocial conventions, habits, and group dynamics are likely to prevent individuals’ creativity in teams and in the business context.


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Unit 3

• Design Thinking: Framing Problems from a Customer's Point of View

• Using methodology specially designed for students of SRM University on design thinking, students are encouraged to frame problems from customer point of view. Examples will be from extractive sector, innovation sector infrastructure sector and social sector.

• Customer Understanding and Customer needs as source of ideas


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Unit 3• Successful product and service innovations are the result of a

customer-centric perspective and process. IDEO Product Development will be studied with help of case studies.

• Models and Prototypes• Refinement and iteration of alternatives are central to successful

innovation, whether you are addressing a product in development or a high-level business problem. Depending on where you are in the innovation cycle, different tools can be used for communication and insight. We explore techniques for iterative learning and idea sharing, as well as a process and rationale for working on the most valuable or difficult parts of a problem first.

• Road blocks to Organizational Innovation• This unit addresses the issue of Knowing-Doing Gap, Weird Ideas

That Work, and the new Hard Facts, Dangerous Half-Truths, and Total Nonsense: Profiting from Evidence-Base Management.


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Unit 3• Organizational Models• The most important aspect of organizational innovation and its

success is organizational structure in the form of, right people leading and participating, with clear and appropriate process, and culture aligned with innovation needs. The class discusses various components of innovation models and the structures required to support them.

• Successful Innovation in Business• Successful business innovators share their innovations. Aravind

Tyagarajan who has 40 patents to his credit and Chief Inventor of HD Medical Group will share his thoughts and process of innovation.

• Innovation and Business Strategy Integration • Integrating innovative and evaluative thinking into decision

processes• Creating, iterating and communicating ideas• Implementing appropriate organizational longer-term initiatives


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Unit 4

• Business Models (Ten Sessions with three practical sessions)

• This segment will address nine elements of Business canvas. Each of the elements will be discussed in detail with examples from three sectors; extractive sector, manufacturing sector and innovation sector.

• Value propositions-Customer relationships-Customer segments-Channels-Key resources-Key activities-Key partners-Cost structure-Revenue streams.


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Unit 5• Entrepreneurship (15 sessions with 3 practical sessions) • Twelve case studies will be discussed in the class with

focus on how the entrepreneurial process has taken shape. The commonalities and differences with respect to different entrepreneurial ventures will be studied. Reality check will be done by students to understand the changed context and environment of the organizations.

• Case 1: Switz foods Private Limited; Case 2: Aadharshila Design Studio ;\Case 3: Subhikaha Retail Chain; the rise and fall ;Case 4: From Stabilizer to Theme Park; Case 5: Emerging Trends in Outsourcing (eClerx) ;Case 6: Navnirmiti; Case 7: Foster Foods ;Case 8: 1.Entrepreneurial leader and native intelligent achiever with a vision for future India: yatra of Shanmugappa; Case 9: Gandhian Marxism with ethics and values of sustainability coexisting with capitalism: lal Salam to governance of Dayakar Reddy; Case 10: Mirakle couriers; the business of silence and signs.


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Text Books

• Ramachandran, Kavil (2009).Entrepreneurship Development, Tata-McGraw-Hill Publication, New Delhi. (ISBN:0070248877)

• Osterwalder, Aelexander & Pigneur Yves (2010). Business Model Generation, John Wiley &Sons,Inc.USA (ISBN: 978-0470-87641-1)


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References

• Drucker.F,Peter (2006). Innovation and Entrepreneurship, Harperbusiness. (ISBN 0060851139)

• • Ambrose, Gavin & Harris Paul (2009). Design Thinking, Ava Publishing,

(ISBN 2940411174).• • Chahal,Gurbaksh (2008).The Dream: How I Learned the Risks and

Rewards of Entrepreneurship and Made Millions, Palgrave Macmillan, (ISBN 0230610951)

• Hisrich, Robert, Peters Michael & Dean Shepherd (2006).Entrepreneurship. Tata McGraw Hill Education Private Limited, (ISBN 0070620172)

• Yuvnesh Modi, Rahul Kumar, Alok Kothari (2012). The Game changers: 20 extraordinary success stories of entrepreneurs from IIT Kharagpur, Random House. (ISBN 8184002734)


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References

• Bansal, Rashmi (2010). Connect The Dots, Eklavya Foundation. (ISBN 8190453025).

• Bansal, Rashmi (2010). I Have A Dream, Westland And Tranquebar Press. (ISBN 9380658384)

• Bansal, Rashmi (2010). Stay Hungry Stay Foolish, Eklavya Foundation, (ISBN 8190453017)

• Shankar ,Raj (2010). Entrepreneurship: Theory And Practice, Tata Mc-graw Hill Publishing Co.ltd.-new Delhi (ISBN 8182092698)

• Roy, Rajiv (2011). Entrepreneurship. Oxford University Press. (ISBN 0198072635)

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