Entrepreneurship BS IT

GC UNIVERSITY, FAISALABAD
FACULTY OF ECONOMICS & MANAGEMENT SCIENCES

LYALLPUR BUSINESS SCHOOL (LBS)
Course Specifications
ENTREPRENEURSHIP
BAM- ---
Fall – 2023-24
http://www.gcuf.edu.pk/
COURSE SPECIFICATIONS
Basic Information
Course Title: ENTREPRENEURSHIP
Course Code:
Course credits/week: Theory: 03 Lab: Nil Total: 03
Pre-requisite(s):
Co-requisite(s):
Program(s) on which the course is given: BS – IT
Is the course major or minor element of the Major: Minor:
program:
Department offering the program: Lyallpur Business School
Department offering the course: Management Division
Academic year/level: 3
Revision #: 1
Last revised on (date): 23.08.2023
Overall Aims of the Course
Course Description:
Welcome to Entrepreneurship! The paper is an introductory course intended to provide students with
knowledge of entrepreneurship and the vital role played by entrepreneurs in the global economy. To
achieve this, this course focuses on the creation of new ventures, the skills necessary for success in an
entrepreneurial venture, and factors associated with new venture success. Entrepreneurship is
interdisciplinary so this paper provides students with the opportunity to draw together elements of
other papers such as finance, economics, management, marketing, production and so forth, showing
how these must fit together to create a whole organization, rather than viewing these as a series of
unrelated components.
This paper also mixes theory with practice. Students are challenged to apply principles, concepts and
frameworks to real world situations, particularly on assignments including the business plan and on
exams. This subject helps students determine if they want to start their own ventures or if they prefer
to operate as corporate entrepreneurs working within an existing organization. Companies
increasingly want and need employees who can identify problems and opportunities, exercise
initiative and develop creative solutions, and build support while implementing their ideas. The
concepts and skills emphasized in this subject are useful whether starting a new business or
innovating within an existing organization
Course Objectives:
Upon the completion of this course students will achieve basic competence in:
• understanding the concepts of entrepreneurship, innovation, intrapreneurship and small
business management
• be familiar with a variety of behavioral and personality issues in new venture creation.
• thinking and design thinking to develop new venture ideas
• how to use customer ethnography and interviews to validate value proposition(s) of new
venture ideas
• how to use the business model canvas to operationalize new venture ideas how to evaluate
growth opportunities
• how to write a business plan
Learning Outcomes:
After taking this course, students are able to:
• To define, identify and/or apply the principles of entrepreneurial and family business.
• To define, identify and/or apply the principles of viability of businesses, new business
proposals, and opportunities within existing businesses;
• To define, identify and/or apply the principles of entrepreneurial management and growth
through strategic plans, consulting projects and/or implementing their own businesses.
• To define, identify and/or apply the principles of preparing a startup business plan
emphasizing financing, marketing, and organizing;
• To define, identify and/or apply the principles of creating and defending an entrepreneurial
marketing plan.
• To define, identify and/or apply the principles of developing pro forma financial statements.
• To define, identify and/or apply the principles of new venture financing, growth financing,
and growth financing for existing businesses.
Class Format & Weekly Work Plan:

Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along
with any of its uncertainties in order to make a profit. It is a concept based and discussion-driven course
with application, thus the vast majority of our classes will be focused on concept discussion and
practical implications.
Our weekly class Instructions and discussions will follow this format:
1st – 2nd Week
Chapter – 1: INTRODUCTION TO ENTREPRENEURSHIP
What Is Entrepreneurship? Why Become an entrepreneur? Characteristics Of Successful
Entrepreneurs, What Went Wrong? How A Lack of Passion and Too Few Customers, Common
Myths About Entrepreneurs, Types Of Start-Up Firms, Changing Demographics Of
Entrepreneurs, Entrepreneurship’s Importance, Partnering For Success, The Entrepreneurial
Process
(Page 3 – 38) (ENTREPRENEURSHIP; Successfully Launching New Ventures by Bruce R. Barringer
& R. Duane Ireland, 4th Edition)
3rd Week
CHAPTER 2: Recognizing Opportunities and Generating Ideas
Recognizing Opportunities and Generating Ideas, Identifying and Recognizing Opportunities,
Observing Trends, Solving A Problem, Solving The Same Problem In Different Ways, Finding
Gaps In The Marketplace, Personal Characteristics Of The Entrepreneur, What Went Wrong?
(Page 41 – 73) (ENTREPRENEURSHIP; Successfully Launching New Ventures by Bruce R. Barringer
& R. Duane Ireland, 4th Edition)
Reading Case 1: Diane Mulcahy. Universities should be preparing students for the gig
economy. Harvard Business Review, October 03, 2019. HBSP Davidsson, P., Recker, J., & von Briel,
F. (2021).
4th Week
CHAPTER 3: FEASIBILITY ANALYSIS
Product/Service Feasibility Analysis, Industry/Target Market Feasibility Analysis,
Organizational Feasibility Analysis, Partnering for Success: Finding The Right Business
Partner, Financial Feasibility Analysis, First Screen.
(Page 77 – 105) (ENTREPRENEURSHIP; Successfully Launching New Ventures by Bruce R.
Barringer & R. Duane Ireland, 4th Edition)
5th Week
CHAPTER 4: Writing a Business Plan
Writing A Business Plan, The Business Plan, Reasons For Writing A Business Plan, Who Reads
The Business Plan—And What Are They Looking For? Guidelines For Writing A Business Plan
Outline Of The Business Plan, Exploring Each Section Of The Plan, Partnering For Success:
Types Of Partnerships That Are Common In Business Plans, Presenting The Business Plan To
Investors.
6th Week
CHAPTER 5: Industry and Competitor Analysis
Industry And Competitor Analysis, Industry Analysis, Studying Industry Trends, The Five
Forces Model, The Value of The Five Forces Model, Industry Types And The Opportunities
They Offer, Competitor Analysis.
Research Article 1: COVID-19 as External Enabler of entrepreneurship practice and research. BRQ
Business Research Quarterly, 24(3), 214-223.
7th- 8th Week
CHAPTER 6: Developing an Effective Business Model
Business Models, The Importance and Diversity Of Business Models, How Business Models
Emerge, Potential Fatal Flaws Of Business Models, Components Of An Effective Business
Model, Core Strategy, Aspects Of Your Business Model, Strategic Resources, Partnership
Network, Partnering For Success.
Mid Semester Examination
10th Week
CHAPTER 7: Preparing the Proper Ethical and Legal Foundation
Preparing The Proper Ethical and Legal Foundation, Initial Ethical And Legal Issues Facing A
New Firm, Establishing A Strong Ethical Culture For A Firm, Choosing An Attorney For A
Firm, Drafting A Founders’ Agreement, Avoiding Legal Disputes, Obtaining Business
Licenses And Permits
CHAPTER 8: Assessing a New Venture’s Financial Strength and Viability
Introduction To Financial Management, Financial Objectives of A Firm, The Process Of
Financial Management, Partnering For Success: Organizing Buying Groups To Cut Costs And
Maintain Competitiveness, Financial Statements And Forecasts, Historical Financial
Statements, Forecasts, Pro Forma Financial Statements.
(Page 253 – 286) (ENTREPRENEURSHIP; Successfully Launching New Ventures by Bruce
R. Barringer & R. Duane Ireland, 4th Edition)
Reading Case 2: Roger L. Martin and Sally R. Osberg: How Social Entrepreneurs Make Change
Happen. Harvard Business Review, October 14, 2015. HBSP
11th Week
CHAPTER 9: Building a New-Venture Team
Creating A New-Venture Team, The Founder or Founders, What Went Wrong? Devver: How
Miscues in Regard To The Composition And Management Of A New-Venture Team, Can Kill
A Start-Up, Recruiting And Selecting Key Employees, The Roles Of The Board Of Directors,
Rounding Out The Team: The Role Of Professional, Advisers, Board Of Advisers, Lenders
And Investors
Local case 1: Medium Term Budgetary Framework (MTBF)
12th Week
CHAPTER 10: Getting Financing or Funding
The Importance of Getting Financing Or Funding, Why Most New Ventures Need Funding,
Sources Of Personal Financing, Preparing To Raise Debt Or Equity Financing, Sources Of
Equity Funding, Business Angels, Venture Capital, Initial Public Offering, Sources Of Debt
Financing, Commercial Banks, Other Sources Of Debt Financing, Creative Sources Of
Financing And Funding.
Reading Case 3: Guy Clapperton: Why Successful Crowdfunding Requires a Social-Media Mind-
Set. Harvard Business Review, December 03, 2012. HBSP
13th Week
CHAPTER 11: Unique Marketing Issues
Unique Marketing Issues, Selecting A Market and Establishing A Position, Segmenting The
Market, Selecting A Target Market, Establishing A Unique Position, Branding, The 4ps Of
Marketing For New Ventures, Product, Price, Place, Promotion, Partnering For Success: How
Landing A Partnership With An Influential Web Site And Soliciting Feedback From
Customers Can Accelerate A Start-Up’s Visibility And Growth.
14th Week
CHAPTER 12: The Importance of Intellectual Property
The Importance of Intellectual Property, The Importance of Intellectual Property, The Four
Key Forms of Intellectual Property, Patents, Types of Patents, Who Can Apply For A Patent?
The Process of Obtaining a Patent, Partnering For Success: Individual Inventors And Large
Firms: Partnering To Bring New Products To Market, Trademarks, Copyrights, Trade Secrets,
Conducting An Intellectual Property Audit
Local case 2: Potato value chain: A case of Two Famers in OKARA
15th Week
CHAPTER 13: Preparing for and Evaluating the Challenges of Growth
Preparing For Growth, Partnering for Success, Reasons for Growth, Managing Growth,
Challenges Of Growth
CHAPTER 14: Strategies for Firm Growth
Strategies For Firm Growth, Internal Growth Strategies, External Growth Strategies
16th Week
CHAPTER 15: Franchising
What Is Franchising and How Does It Work? What Is Franchising? How Does Franchising
Work? Establishing A Franchise System, When to Franchise, Steps to Franchising a Business,
Selecting and Developing Effective Franchisees, Advantages And Disadvantages Of
Establishing A Franchise System, Buying A Franchise, What Went Wrong? Trouble At Curves
International, Is Franchising Right for You? The Cost of a Franchise, Partnering For Success:
Using Co-Branding To Reduce Costs And Boost Sales, Finding A Franchise, Advantages And
Disadvantages Of Buying A Franchise, Steps In Purchasing A Franchise, Legal Aspects Of The
Franchise Relationship.
Final Semester Examination
Class Format:
Active involvement of students is needed in class discussions to understand this course.
Our weekly class Instructions and discussions will follow this format:
Weekly Course Objectives
WEEK TOPIC Intended Learning Objectives
• Explain entrepreneurship and discuss its importance.
• Describe corporate entrepreneurship and its use in established firms.
• Discuss three main reasons people decide to become entrepreneurs.
• Identify four main characteristics of successful entrepreneurs.
• Explain the five common myths regarding entrepreneurship.
• Explain how entrepreneurial firms differ from salary-substitute and
lifestyle firms.
Introduction to • Discuss the changing demographics of entrepreneurs in the United
1&2
Entrepreneurship States.
• Discuss the impact of entrepreneurial firms on economies and
societies.
• Identify ways in which large firms benefit from the presence of
smaller entrepreneurial firms.
• Explain the entrepreneurial process. Behavior and Personality Traits
of Entrepreneurs
Conduct an interview of a local businessman
• Explain why it’s important to start a new firm when its “window of
opportunity” is open.
• Explain the difference between an opportunity and an idea.
• Describe the three general approaches entrepreneurs use to identify
opportunities.
• Identify the four environmental trends that are most instrumental in
creating business opportunities.
Recognizing • List the personal characteristics that make some people better at
Opportunities recognizing business opportunities than others.
3
and Generating • Identify the five steps in the creative process.
Ideas • Describe the purpose of brainstorming and its use as an idea
generator.
• Describe how to use library and Internet research to generate new
business ideas.
• Explain the purpose of maintaining an idea bank.
• Describe three steps for protecting ideas from being lost or stolen.
COVID-19 as External Enabler of entrepreneurship practice and
research. BRQ Business Research Quarterly, 24(3), 214-223.
• Explain what a feasibility analysis is and why it’s important.
Feasibility • Discuss the proper time to complete a feasibility analysis when
4 developing an entrepreneurial venture.
Analysis
• Describe the purpose of a product/service feasibility analysis
and the two primary issues that a proposed business should
consider in this area.
• Explain a concept statement and its contents.
• Describe the purpose of a buying intentions survey and how
it’s administered.
• Explain the importance of library, Internet, and gumshoe
research.
• Describe the purpose of industry/market feasibility analysis
and the two primary issues to consider in this area.
• Discuss the characteristics of an attractive industry.
• Describe the purpose of organizational feasibility analysis and
list the two primary issues to consider in this area.
• Explain the importance of financial feasibility analysis and list
the most critical issues to consider in this area.
• Explain the purpose of a business plan.

• Describe the two primary reasons for writing a business plan.
• Describe who reads a business plan and what they’re looking for.
• Explain the difference between a summary business plan, a full
business plan, and an operational business plan.
• Explain why the executive summary may be the most important
section of a business plan.
Writing a Business • Describe a milestone and how milestones are used in business
5 Plan plans.
• Explain why it’s important to include separate sections on a
firm’s industry and its target market in a business plan.
• Explain why the “Management Team and Company Structure”
section of a business plan is particularly important.
• Describe the purposes of a “sources and uses of funds” statement
and an “assumptions sheet.”
• Detail the parts of an oral presentation of a business plan.
• Explain the purpose of an industry analysis.
• Identify the five competitive forces that determine industry
profitability.
• Explain the role of “barriers to entry” in creating disincentives for
firms to enter an industry.
• Identify the nontraditional barriers to entry that are especially
associated with entrepreneurial firms.
Industry and • List the four industry-related questions to ask before pursuing the
6 Competitor idea for a firm.
Analysis • Identify the five primary industry types and the opportunities they
offer.
• Explain the purpose of a competitor analysis.
• Identify the three groups of competitors a new firm will face.
• Describe ways a firm can ethically obtain information about its
competitors.
• Describe the reasons for completing a competitive analysis grid.
• Describe a business model.

Developing an • Explain business model innovation.
7-8 Effective Business • Discuss the importance of having a clearly articulated business
Model model.
• Discuss the concept of the value chain.
• Identify a business model’s two potential fatal flaws.
• Identify a business model’s four major components.
• Explain the meaning of the term business concept blind spot.
• Define core competency and describe its importance.
• Explain the concept of supply chain management.
• Explain the concept of fulfillment and support.
Mid Term Exams
• Describe how to create a strong ethical culture in an
entrepreneurial venture.
• Explain the importance of “leading b example” in terms of
establishing a strong ethical culture in a firm.
• Explain the importance of having a code of conduct and an
ethics training program.
• Explain the criteria important to selecting an attorney for a
new firm.
• Discuss the importance of a founders’ agreement.
• Provide several suggestions for how entrepreneurial firms can
avoid litigation.
• Discuss the importance of nondisclosure and noncompete
agreements.
Preparing
• Provide an overview of the business licenses and business
the Proper Ethical
permits that a start-up must obtain before it starts conducting
and Legal business.
Foundation
• Discuss the differences among sole proprietorships,
partnerships, corporations, and limited liability companies.
• Explain why most fast-growth entrepreneurial ventures
10 organize as corporations or limited liability companies rather
than sole proprietorships or partnerships.
• Explain the two functions of the financial management of a

firm.
• Identify the four main financial objectives of entrepreneurial
ventures.
Assessing a New
• Explain the difference between historical and pro forma
financial statements.
Venture’s Financial
Strength and • Explain the purpose of an income statement.
Viability • Explain the purpose of a balance sheet.
• Explain the purpose of a statement of cash flows.
• Discuss how financial ratios are used to analyze and interpret
a firm’s financial statements.
• Discuss the role of forecasts in projecting a firm’s future
income and expenses.
• Explain what a completely new firm bases its forecasts on.
• Explain what is meant by the term percent-of-sales method.
• Identify the primary elements of a new venture team.
• Explain the term liability of newness.
• Discuss the difference between heterogeneous and
homogeneous founding teams.
• Identify the personal attributes that strengthen a
founder’s chances of successfully launching an
entrepreneurial venture.
• Describe how to construct a “skills profile” and explain
how it helps a startup identify gaps in its new-venture
Building a New- team.
11 Venture Team • Describe a board of directors and explain the difference
between inside directors and outside directors.
• Identify the two primary ways in which the
nonemployee members of a startup’s new-venture team
help the firm.
• Describe the concept of signaling and explain its
importance.
• Discuss the purpose of forming an advisory board.
• Explain why new ventures use consultants for help and
advice.
• Explain why most entrepreneurial ventures need to raise
money during their early life.
• Identify the three sources of personal financing available
to entrepreneurs.
• Provide examples of how entrepreneurs bootstrap to
raise money or cut costs.
• Identify the three steps involved in properly preparing to
raise debt or equity financing.
Getting Financing
12 or Funding • Discuss the difference between equity funding and debt
financing.
• Explain the role of an elevator speech in attracting
financing for an entrepreneurial venture.
• Describe the difference between a business angel and a
venture capitalist.
• Explain why an initial public offering (IPO) is an
important milestone in an entrepreneurial venture.
• Explain the purpose of market segmentation.

• Describe the importance of selecting a target market.
• Explain why it is important for a start-up to establish a unique
position in its target market.
• Illustrate the two major ways in which a company builds a
Unique Marketing brand.
13 Issues • Identify the four components of the marketing mix.
Contrast cost-based pricing and value-based pricing.
• Explain the difference between advertising and public
relations.
• Explain how firms can use social media to strengthen their
brand and promote their products.
• Weigh the advantages and disadvantages of selling direct
versus selling through intermediaries.
• Describe the seven-step sales process.
• Define the term intellectual property and describe its

importance.
• Specify the rules of thumb for determining whether a particular
piece of intellectual property is worth the time and expense of
protecting.
• Discuss the four major forms of intellectual property: patents,
trademarks, copyrights, and trade secrets.
• Describe the six-step process for obtaining a patent.
14
The Importance of • Identify the four types of trademarks.
Intellectual Property • Identify the types of material that are eligible for copyright
protection.
Discuss the legal environment that facilitates trade secret
protection.
• Identify the most common types of trade secret disputes.
• Describe some of the physical measures that firms take to
protect their trade secrets.
• Explain the two primary reasons for conducting an intellectual
property audit
• Explain the term sustained growth.
• Describe how firms can properly prepare for growth.
• Discuss the six most common reasons firms pursue
growth.
• Explain the importance of knowing the stages of growth.
• Describe the most important factors for firms to focus on
during each stage of growth.
• Describe the managerial capacity problem and how it
inhibits firm growth.
• Discuss the challenges for firm growth imposed by
Preparing for and adverse selection and moral hazard.
Evaluating the • Discuss the day-to-day challenges of growing a firm.
Challenges of • Explain why “cash flow management” is a challenge for
Growth growing a firm.
15 • Explain how “quality control” can become a challenge
for growing a firm.
• Explain the difference between internal growth

strategies and external growth strategies.
• Identify the keys to effective new product development.
Strategies for Firm • Explain the common reasons new products fail.
Growth • Discuss a market penetration strategy.
• Explain what an “international new venture” is and
describe its importance to entrepreneurial ventures.
• Discuss the objectives a company can achieve by
acquiring another business.
• Identify a promising acquisition candidate’s characteristics.
• Explain “licensing” and how it can be used as a growth
strategy.
• Explain “strategic alliances” and describe the difference
between technological alliances and marketing alliances.
• Explain “joint ventures” and describe the difference
between a scale joint venture and a link joint venture.
• What is franchising and how does it work?

• Establishing a franchise system,
• buying a franchise,
• legal aspects of the franchise relationship,
16 Franchising • more about franchising
Class Discussion on:
• Entrepreneurship in Pakistan as tool of Economic
Development
• Importance of SMEs for the economic development of a
country.
Final Project Submission & Presentations
END TERM EXAMINATION
Make-up Class, if needed / Revision Session
Required Learning Source

Bruce R Barringer and R Duane Ireland, Entrepreneurship
Successfully Launching New Venture, 6th Edition. 2022 (Pearson)
Text Book(s): Or
(Title, Author, Entrepreneurship – Theory Process Practice by Donald F. Kuratko and
Edition, Publisher) Howard H. Frederick
Additional material provided by the class teacher
1. Robert D. Hisrich, Michael P. Peters, And Dean A. Shepherd,
Entrepreneurship 10th edition
Reference Book(s): 2. William Bygrave and Andrew Zacharakis, Entrepreneurship,
second edition
(Title, Author,
Edition, Publisher) 3. Entrepreneurship and Innovation: Global Insights from 24 Leaders,
Rothman Institute of Entrepreneurship
Assignments Schedule
No. Week Assigned Week Due QUIZ TESTS
1 4 7 Two surprise quiz tests will be conducted during
the semester for better preparation of the students.
2 12 15
Examination / Weighting of Assessments & Quizzes

Quizzes + Assignments + Class Participation + Projects 20 %
Mid-semester examination 30 %
End-semester examination 50 %
Grading Criteria
Letter Grade Percentage Marks
A 80 -100 EXCELLENT
B 65-79.99 GOOD
C 50-64.99 SATISFACTORY
D 40-49.99 PASS
The examinations of mid-term and end-term question papers will be designed by following bloom taxonomy
as per table given below.
Instructor Responsibilities:
In keeping with the format of this class, I see myself as your immediate supervisor. In that sense,
I plan to mentor each of you so that you learn how to make the best decisions possible, to
understand and apply key entrepreneurial concepts, and to prepare you to become a successful
entrepreneur. Thus, besides class time, where I will often put you on the spot, I expect there
will be many times we will communicate outside of class, and I will do my best to help you in
a timely fashion.
Student Responsibilities:
You are expected to arrive to class on time, professionally dressed, and prepared for the day.
You should be fully prepared to discuss and debate the course material assigned for that date.
You are expected to participate at all levels and offer objective praise and criticism of your
classmates’ analyses and conclusions. This course is not for the meek or timid. You must
contribute to a greater understanding of Consumer Behavior. This course is a combination of
doing (homework), thinking, and discussing.
Useful Tools / Advice:

This course is time and labor-intensive. Be certain to schedule enough time in your weekly
planning to accommodate.
You need to have good access to the Web and an e-mail account.
Please always do your best work.

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GC UNIVERSITY, FAISALABAD

FACULTY OF ECONOMICS & MANAGEMENT SCIENCES

Class Format & Weekly Work Plan:

• Explain the purpose of a business plan.

• Describe a business model.

• Explain the two functions of the financial management of a

• Explain the purpose of market segmentation.

• Define the term intellectual property and describe its

• Explain the difference between internal growth

• What is franchising and how does it work?

Required Learning Source

Examination / Weighting of Assessments & Quizzes

Useful Tools / Advice:

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