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BUSI 2800 Entrepreneurship 1 of 9 (c) Tom Duxbury

Entrepreneur Learning Project

Objectives

• Gain direct learning from engaging with real world entrepreneurs

• Gather insights from individual examples of entrepreneurship

• Develop teamwork and project management skills

Undertaking an Entrepreneur Learning Project

This project is a descriptive type of case study, which documents the startup conditions

and experiences of an entrepreneur. Case studies provide an essential opportunity for

connecting directly with the world of entrepreneurship; for this reason it is mandatory for

students registered in the Entrepreneurship Minor or Concentration program at Sprott. Other

students may elect to undertake this project at their discretion. Students who do not submit

this project will have 15% of their grades reallocated to the final exam.

Deliverable Options

You may choose between two subject options for your Entrepreneur Case Study:

either another entrepreneur (Option A), or yourself (Option B).

Option A - Research and present another entrepreneur's new venture experience.

- Select an entrepreneur willing to discuss various aspects of their new venture

experience to construct a case study.

- Find background information on the company, industry, competitors, and overall

business environment.

- Design and conduct an interview to draw as much useful information for future

entrepreneurs as possible

- This option may be done as a solo project, or paired with a classmate of your own

choosing.

Your case study should include the following sections:

1) introduction,

2) background of the entrepreneur,

3) industry environment upon starting,

BUSI 2800 Entrepreneurship 2 of 9 (c) Tom Duxbury

4) early successes and challenges encountered,

5) key learnings/advice for entrepreneurs,

6) outlook for the future and conclusions.

Your group has two choices of format: a) written report or b) video.

a) Written Report. If you choose to submit a written report, it should be

maximum 10 pages of double-spaced, 12-point font text. Be sure to use

proper APA style referencing in your report - any text that is not your own should

be clearly identified and properly referenced. Including direct quotations

from your entrepreneur is an effective way to validate your points and make

your study an interesting read. The report should be uploaded to cuLearn by the

due date.

b) Video. If you elect to make a video interview of the entrepreneur, it should

be edited to 6-8 minutes in length and include the same information as the written

report option. Do not go overtime, there is no need. Keep in mind that video

submissions are held to the same content and quality expectations as written

reports, and should 'flow' in a logical order. Submission of a video case should not

be viewed as a 'shortcut' alternative; the format will require considerable effort to

present the same depth of information as that possible with a written report. A

video which is difficult to watch for technical reasons (e.g. poor sound) defeats the

purpose of the project.

Note: a video submission is a media choice only; those that have done them report

it's much harder to convey required information in this format than written work.

You should plan to include extra background information of your own (e.g. industry

size upon startup) in the video. Do not forget to conclude with a clip of yourself

summarizing key learnings from the video. A simple "talking head" interview -

without any further contribution from the author- will achieve a much worse than

average grade.

Submission: You should upload your video to YouTube with "BUSI 2800" assigned as

a tag, and submit a web URL link to it on cuLearn. Include all team member names.

All material must be submitted online by the due date on the course outline. For

written reports, a hard copy should be provided to the TA. Be sure to include a cover

BUSI 2800 Entrepreneurship 3 of 9 (c) Tom Duxbury

page with the names of participants listed. For videos, the participants should appear

either at the beginning or end for credit. No credit is given for a late submission.

Option B - Report on your own, personal entrepreneurial case progress throughout the

course. There is an opportunity to receive regular personal mentorship advice from the

instructor with this option, and it should be considered by anyone currently starting

their own new business.

- This is a solo project. You must obtain permission to undertake this option with the

course instructor.

- You, the entrepreneur, must be actively engaged in starting a new business, or a

recently formed one, throughout the course

- Your own personal case must describe a bona fide entrepreneurial business in its

formation. The true test of a real business is customers; therefore you must

achieve revenues and paying customers before the end of the term.

- The due date for all submissions is extended to immediately before the last lecture

in this option, in order to allow for weekly updates.

- Further information on commitments are attached to Appendix C at the end of this

note.

Grading

This exercise is worth 18% of the final grade to team members. Grading is based upon

content quality, added value to learning, and overall presentation style. Your case study should

be an interesting and factual read/watch, and primarily illustrate to others what was learned in

the process of starting a new business.

Steps (Option A)

1. Select an entrepreneur to base your case study upon. Use your imagination and your

team's network of resources to find candidates. Entrepreneurs by definition must have founded

and personally invested resources in a new venture. They must also be engaged in running the

income-generating business now. Student entrepreneurs may be used as interviewees;

however they must meet the test of being legitimate, current entrepreneurs who have

BUSI 2800 Entrepreneurship 4 of 9 (c) Tom Duxbury

achieved customer revenues. A summer painting franchisee would not qualify, for example. In

case of doubt consult your instructor. If you are at a loss for an entrepreneur to interview,

contact your instructor for assistance, at least two weeks before the due date.

Contact your selected entrepreneur and set a time for the interview. Let them know it will take

10-30 minutes, and that they will need to sign a waiver (Appendix B) for class use. The

interview is an essential part of this assignment; you cannot submit a case study without having

conducted one.

2. Organize your questions. Use open-ended questions to generate as much insightful

conversation about the business as possible. All interviews should include answers to these

specific questions:

- where did the idea for your new business come from?

- how did you determine how feasible it was, initially?

- how did you finance your new business?

- what was your biggest surprise?

- what advice do you have for someone starting a new business today?

Consider sending questions in advance, so your interviewee can prepare his/her answers.

3. Conduct the interview by arriving on time, and starting with signing the waiver

(Appendix B). You might find it helpful to record the interview if possible. During the interview,

try to draw out conversation by asking for examples, or prompting for more information about

the entrepreneurial experience.

4. Review and reflect upon your interview; what is the story being told? Do extra

research as appropriate– eg., the internal and external environment, product, competition,

strategies. Feel free to include pictures, exhibits or other reference material. Include

quotations as appropriate, but do not submit a word-for-word transcript of the interview. If

your report is nothing more than a "talking head" interview you can expect a minimal grade.

5. Send a thank you note (right away) and a copy of your final case study (when ready)

to your interviewee.

6. Submit signed waiver (Appendix B) to the course instructor with the materials on the

due date.

BUSI 2800 Entrepreneurship 5 of 9 (c) Tom Duxbury

BUSI 2800 Entrepreneurship 6 of 9 (c) Tom Duxbury

APPENDIX A – Sample Suggestions for Interview Questions (do not ask all of the questions

below)

A. How did you start your venture?

• How did you spot the opportunity? How did it come about and/or develop?

• What were your goals when you started? What were you lifestyle need or other personal requirements? Was there a good fit?

• How did you evaluate the opportunity in terms of the critical elements for success?

• The technical requirements of the business? The market? The financial requirements of the business and income potential? The people necessary to make it all work?

• Did you find or have partners? What kind of planning did you do? What kind of financing did you have?

• Did you have a start-up business plan of any kind? Please tell me about it.

• How much time did it take from the idea to the first day of business? How many hours a day did you spend working on it?

• How much capital did it take? How long did it take to reach positive cash flow and break even sales volume? How did you finance the business? Your own savings, family &

friends, angels, banks, bootstrapping? Tell me about the pressures and crises during that

early survival period.

• What outside help did you receive? Did you have experienced advisors? Lawyers?

• Accountants? Tax experts? Patent Experts, How did you develop these contacts and how long did it take? How did they make a difference to your company

• What was your family situation at the time?

• What did you perceive to be your own strengths? Weaknesses? What did you perceive to be the strengths of the venture? Weaknesses?

• What was your most triumphant or exciting moment? Your worst moment?

B. Once your business got underway

• What were the most difficult gaps to fill and problems to solve as you began to grow?

• When you looked for key people for partners, advisors, managers, or employees, were there any personal attributes of attitudes you were especially seeking because you

knew they would fit with you and were important to success? How did you find them?

• Are there any attributes among partners and advisors that you would definitely try to avoid?

• Have things become more predictable or less and how?

• How does the time you spend with your business compare with when you first started?

• What are your plans for the future? Expand, Maintain, Harvest?

• Have your goals for the business changed? How? Have your personal goals in life changed? How?

C. Concluding Questions

BUSI 2800 Entrepreneurship 7 of 9 (c) Tom Duxbury

• What do you consider your most valuable asset(s) – the thing(s) that enabled you to succeed?

• If you had it to do over again, would you do it again, in the same way? • As you look back, what do you feel are the most critical concepts, skills, attitudes, and

know-how you needed to get your company started and grow to where it is today?

What will be needed in the next five years? To what extent can any of these be learned?

• Some people say there is a lot of stress being an entrepreneur. What have you experienced?

• What things do you find personally rewarding and satisfying as an entrepreneur?

• What have been the rewards, risks, and tradeoffs? • Who should try to be an entrepreneur? And who should not? • What advice would you give an aspiring entrepreneur? Could you suggest the three

most important lessons you have learned? How can I learn them while minimizing the

tuition?

(Appendix A credit: V. Gough – adapted with permission)

BUSI 2800 Entrepreneurship 8 of 9 (c) Tom Duxbury

APPENDIX B – ENTREPRENEUR WAIVER

Know All by these present that

______________________________________ (printed name[s] of entrepreneur) of the City of

_________________ in the Province of _____________, for no consideration paid by the

Sprott School of Business of Carleton University at Ottawa Ontario, was hereby remised,

released and forever discharged, and by these presents do for ourselves, our heirs, executors,

administrators and assigns, remise, release and forever discharge the Sprott School of Business

of Business at Ottawa, Ontario, their employees, students, administrators and assigns, of and

from any and all manner of action and actions, cause and causes of action, sits, debts, dues,

sums of money, claims and demands whatsoever at law or in equity which we now have or may

have in the future, regarding all matters related to the creation and subsequent use of a

interview which I have agreed to give to a team of Sprott School of Business students from

Carleton University on ____________________________. (date of interview)

It is agreed and acknowledged that Sprott School of Business of Carleton University shall be the

sole owner of the said interview contents and it is further agreed and acknowledged that the

contents may be used in wide variety of educational purposes in diverse settings before diverse

audiences.

IN WITNESS WHEREOF we have hereunto set our hand and seal this ______ day of _________,

20____.

SIGNED, SEALED AND DELIVERED

______________________________________

Signature of Entrepreneur(s) named above

In the presence of

___________________________________

WITNESS NAME (Printed)

____________________________________

Signature of Witness

BUSI 2800 Entrepreneurship 9 of 9 (c) Tom Duxbury

APPENDIX C

Supplementary info for those doing case studies on their own

entrepreneurial development (Option B)

If you have been approved for this option, congratulations! You will be taking us through your

own personal development and progress in the world of entrepreneurship. Note, this option is

for entrepreneurs in the actual process of starting a new business (not a theoretical one),

therefore the context should be in terms of early development, prototypes, gaining customer

traction, and making sales. You are informing us about the progress in the formation of a real

business.

Objectives:

- Give the entrepreneur an experiential opportunity to apply course learnings directly to

themselves, get feedback from classmates, and further their own objectives

- Reward (with grades) entrepreneurial outcomes and hands-on knowledge application,

rather than more traditional grading methods (e.g. exams)

- Give entrepreneurs more direct access to mentorship from course instructors and

other students

- Provide future student entrepreneurs with valuable advice and observations.

Commitments:

1. Blogs

- Every week before class student entrepreneurs will submit at least one blog entry of 2-

3 paragraphs. The first blog should include introductory information about the entrepreneur,

their intended business objectives, their goals and motivation for starting the business, the

industry environment, and anything else needed to bring readers "up to speed". A typical

blog would include commentary on what the learnings were from recent lectures, how they

might be applied to their situation (or not), what new challenges they are dealing with, how

they are customer testing their business model (or should be), what might be next on their

priority "to-do" list, etc. etc. It should be of interest to fellow students, and provide enough

BUSI 2800 Entrepreneurship 10 of 9 (c) Tom Duxbury

lessons learned that it would inform future entrepreneurs of what's working (or not). The last

one is due the last class in the term. Post your blogs on the cuLearn site under 'Class

Discussion Forum'; 'Personal Case Study Blogs' before class. Give it a meaningful title that will

attract readership.

2. Social Engagement

- You should have a company-in-progress website (even a simple one) we can all see

- You should be a group member of Busi2800 on Linkedin.com and be available for

networking

- You should have a Twitter account and regularly tweet #busi2800 with your

commentary onprogress and learnings (these can be extracted from your weekly

blog if you wish). Ideally you would tweet at least twice per week. Inform the

instructor of your Twitter ID so they may follow you.

3. Hand in report

- An abbreviated version of the one described on cuLearn for those interviewing other

entrepreneurs. Five pages should be sufficient to describe the rationale behind the

new business and how it's progressing. This is due before the last class in the term.

4. Optional extra

- You should be considering grooming your business proposition for presentation to the

Carleton Entrepreneurs panel. Feel free to include your blog comments on how that

experience is progressing; if you wish assistance with the presentation preparation, just

ask.