ENTREP 2006 - Opportunity Assessment
North Terrace Campus - Summer - 2017
General Course Information
Course Code ENTREP 2006 Course Opportunity Assessment Coordinating Unit Entrepreneurship, Commercialisation & Innov Centre Term Summer Level Undergraduate Location/s North Terrace Campus Units 3 Contact Intensive: 36 to 40 hours Available for Study Abroad and Exchange Y Course Description Developing an opportunity assessment programme; Assessing potential success of a number of possible opportunities; Risk analysis of commercialisation of innovation; Assessing technological innovations; Assessing market and financial issues of commercialisation; Constructing and communication of conclusions.
Course Coordinator: Dr Gary HancockCourse Coordinator: Dr Gary Hancock
Phone: +61 8 8313 0125
Dr. Hermina Burnett
Dr. Hermina Burnett was born in the Netherlands, but has lived in Australia for over twenty five years. She arrived in Australia as a primary school teacher, but instead of continuing her career, she joined the ‘migrant dream’ by founding and operating four successful commercial companies.
Because of her interest in other start-up entrepreneurs like herself and (Not-for-profit) Entrepreneurship in general, Hermina developed a federally funded Not-for-profit ‘Business Incubation’ program for the Northern Metropolitan Region of Melbourne and worked as the general manager of New Business Development Services. This service provided a range of networking events, seminars, counselling and mentoring programs to more than 300 start-up entrepreneurs in their first three years of operation.
Hermina returned to university to undertake an MBA followed by a PhD to further develop and teach Entrepreneurship & Innovation courses at undergraduate and postgraduate levels in Australia and overseas.
Based on her different experiences in for profit and not-for-profit Entrepreneurship practice, teaching and research, her interests and research papers are in Business Incubation, Social Entrepreneurship and Entrepreneurship Education.
Hermina holds a BEd, a Post Grad.Cert in Teaching & Learning Higher Ed, an MBA and a PhD.
Rajeev has leadership and management skills in senior roles in higher education and entertainment industry. He is a dynamic, mature, self-starter with outstanding communication and people skills. Rajeev is an Australian citizen with 25 years of experience of which 10 years has been in senior management. He has successfully established 2 start-ups including leading a media company to public listing. He has a unique blend of international experience with teaching, film, sports, and student recruitment experience across several international markets including Australia, Singapore, Malaysia, India, Middle East and South Africa.
Phone: +61 8 8313 7422
The full timetable of all activities for this course can be accessed from Course Planner.Class no: 92012
Monday 23rd January 9am - 6pm
Tuesday 24th January 9am - 6pm
Wednesday 25th January 9 am - 6pm
Thursday 26th January NO CLASS (Australia day)
Friday 27th January 9am - 6pm
Nexus 10, UB34 Teaching Room
Exam date: Monday, 30th January 2017
3pm to 5pm
Nexus10 UB35 Teaching Room
Course Learning Outcomes
On successful completion of this course, students will be able to:
1 identify entrepreneurship theory and principles, especially in the context of assessment of new ventures as distinct to traditional business 2 conduct detailed market research (primary and secondary) and become familiar with external and internal environmental scanning techniques 3 articulate a new venture investment proposition and communicate ideas and concepts effectively 4 build an assessment process for a new opportunity or venture to determine its viability and sustainability 5 develop and use appropriate assessment frameworks for different new ventures and present these to fellow students and industry 6 identify the areas of risk and ethical dilemmas in research commercialisation and/or in introducing new technologies or other innovations into a market
University Graduate Attributes
This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:
University Graduate Attribute Course Learning Outcome(s) Deep discipline knowledge
- informed and infused by cutting edge research, scaffolded throughout their program of studies
- acquired from personal interaction with research active educators, from year 1
- accredited or validated against national or international standards (for relevant programs)
1, 2, 4, 5, 6 Critical thinking and problem solving
- steeped in research methods and rigor
- based on empirical evidence and the scientific approach to knowledge development
- demonstrated through appropriate and relevant assessment
2, 4, 5, 6 Teamwork and communication skills
- developed from, with, and via the SGDE
- honed through assessment and practice throughout the program of studies
- encouraged and valued in all aspects of learning
1, 2, 3, 5 Career and leadership readiness
- technology savvy
- professional and, where relevant, fully accredited
- forward thinking and well informed
- tested and validated by work based experiences
1, 2, 3, 4, 5, 6 Intercultural and ethical competency
- adept at operating in other cultures
- comfortable with different nationalities and social contexts
- able to determine and contribute to desirable social outcomes
- demonstrated by study abroad or with an understanding of indigenous knowledges
3, 4, 5, 6 Self-awareness and emotional intelligence
- a capacity for self-reflection and a willingness to engage in self-appraisal
- open to objective and constructive feedback from supervisors and peers
- able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
3, 5, 6
Required ResourcesText book:
Fredrick, Howard, O'Connor, Allan and Kuratko, Donald F. (2016).
Entrepreneurship: Theory, Process and Practice,
4th Edition. Cengage Learning.
Recommended ResourcesA comprehensive list of readings will be available on MyUni
Candidates may also benefit by consulting the following text:
Timmons, Jeffry A., Gillin, L. M., Burshtein, S., and Spinelli, Stephen Jr. (2010).New Venture Creation: Entrepreneurship for the 21st Century – A Pacific Rim Perspective, 1st Edition. McGraw-Hill Irwin.
The University of Adelaide’s Barr Smith Library provides a range of learning resources including texts, journals, periodicals, magazines, and access to online databases and information services. It also offers a virtual library which is accessible via the University’s website. Access to the Library's electronic resources.
Online LearningMyUni is the University of Adelaide's online learning environment. It is used to support traditional face-to-face lectures, tutorials and workshops at the University. MyUni provides access to various features including announcements, course materials, discussion boards and assessments for each online course of study.
Learning & Teaching Activities
Learning & Teaching ModesThis course is offered in blended learning mode with the face-to-face component offered as intensives.
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.As a guide, a 3 unit course comprises a total of 156 hours work (this includes face-to-face contact, any online components, and self-directed study).
Learning Activities SummaryThis is a draft schedule and session dates are a guide only. The timetable may be changed during the course delivery if necessary.
Content Preparation / Activities DAY 1 Introduction Topic 1 Introduction
- Overview of course and outline of syllabus,
assignments and assessment
- Confidentiality and personal backgrounds
- My Uni Tools
-the core ofentrepreneurial activity
Frederick, O’Connor and Kuratko 2016, Ch 6, 9.
Timmons, Jeffry A. & Spinelli, Stephen c2009, 'Ch. 3
Topic 2 The Opportunity Landscape
- Scanning for opportunities
- Opportunity and innovation
- Entrepreneurial thinking and behaviour
- The power of creativity
Visionary thinking - building future scenarios
Frederick, O’Connor and Kuratko 2016, Ch 2, 9.
Canton, James 2007
Tanner, David c1997
Topic 3 Exercise - Exploring Opportunity Concepts
- Group activity
- Guidelines for individual presentation
- Knowing your audience
Overview of the elements of an opportunity screen
Topic 4 Value Proposition and compelling need
- Problem definition
- Creating Value
Communicating the need
Solomon 2002, Ch 4 DAY 2 Exploring Opportunity Topic 5 Identifying/Assessing the customer
- Needs and wants
- Customer identification and segmentation
- Customer motivations
Frederick, O’Connor and Kuratko 2016, Ch10
Lehman & Winer 2005, Ch5
Kaplan & Warren, 2009 Ch 4
Topic 6 Right time, right place?
- Market analysis
- Environment analysis: The importance and impact
of environmental factors
- Dources of opportunities
- Life cycle analysis
Rice et al 2010, Ch3
Schaper & Volery 2004, Ch3
Topic 7 Industry and Market Dynamics
-Channels to market
- Industry value chain analysis and profitability
- Channel power and five forces analysis
Frederick, O’Connor and Kuratko 2016, Ch 9
Rice et al 2010, Ch 3
DAY 3 Assessing sustainability Topic 8 Competitor Analysis
- Who are your competitors?
- Category mapping exercise
- Competitive position
Frederick, O’Connor and Kuratko 2016, Ch 9
Aaker, David A. c2001
D'Aveni, Richard A. 2007
Topic 9 Sustaining of New Ventures
- Thinking about Exit
- Resource based view
- Internal value chain and other logics
Frederick, O’Connor and Kuratko 2016, Ch 3, 11
Dollinger 2003 Ch2
Afuah 2003 Ch 3
Topic 10 Concept presentations
- Individual presentations
- Pitching concepts review and discussion
Topic 11 Internal Sustainability
- Value and Principles
- Business Ethics
Frederick, O’Connor and Kuratko 2016, Ch 3
Wickham 2006, Ch18
DAY 4 Operational Assessment Topic 12 Assessing the Entrepreneur and the Team
- Capabilities and constraints
- Personal objectives
- Management team
- Identifying gaps and building teams
Frederick, O’Connor and Kuratko 2016, Ch 2
Williams, Alan 1999
Topic 13 Assessing Strategy
- The business model
- Acquiring resources
- Entry strategy and failing fast
- Building resilience
Frederick, O’Connor and Kuratko 2016, Ch 11
Morris, Schindehutte and Allen 2005
Topic 14 Risk (Can the risks be managed?)
- SWOT analysis
- Risk Management principles
- Fatal flaws
- Building resilience
Frederick, O’Connor and Kuratko 2016, Ch 2, 5, 16
English 2006, Ch 5
Topic 15 Assessing Finance
- Acquiring resources
- Managing cash
- Start-up resources
- Set-up costs
- Fixed and variable ongoing costs
- Break-even analysis
Frederick, O’Connor and Kuratko 2016, Ch 5, 14 Topic 16 Examination See MyUni
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
An overview of the course assessment appears in the following Table. Details appear in the following section:
# Assessment Length Weighting Learning Outcomes 1 Concept proposal and Executive Summary (Individual) 1-2 minutes,
(5% Oral presentation &
5% Executive summary)
1,2 2 Opportunity Assessment Plan (Individual) Max 2000 words
30% 4,5,6 3 Opportunity Assessment Frameworks project and presentation (Group) Max. 3500 words
30% (10% Oral presentation & 20% written report) 1,3,4 4 Exam (Individual) 2 hour 30% 3,4,5 Total 100%
Assessment Related RequirementsIt is expected that assignments will be typed, using word processing software such as Microsoft Word. Submit your assignments as per the instructions in the following section.
Font 12, Line spacing of 1.5 lines. If software other than Microsoft Word is used, the file format must be one that can be read using Word, such as .doc or .rtf (rich text format).
Please note: PDF (Acrobat) format is not acceptable unless accompanied by an editable Microsoft Word document or similar.
All assignments may be scrutinised using Turn-It-In as per University policy.
Students should attend all classes in order to pass the course. There is considerable experiential learning in workshops during the intensive classes that build your knowledge and thus enable you to be successful in this course.
Course results are subject to moderation by the ECIC Board of Examiners
Assessment DetailAssessment 1: An Opportunity Concept (Individual)
Weighting: 10% (5% Oral Proposal and 5% Executive Summary)
Submission Details: Executive Summary through MyUni, Oral presentation in class
This assignment comprises a one-minute oral presentation (pitch) of a proposal to seek permission to explore an opportunity concept and prepare a short Executive Summary of the opportunity.
This is your chance to attract team members for assignment three and showcase your skills and abilities. The opportunity could be from your workplace, be known to you through family or friends, or be a new venture. As a minimum your presentation and summary should include the following:
1. A description of the product or service including value proposition
2. Identification of the potential customers and/or end-users and competition
3. A description of the market in terms of life cycle theory (right time, right place?)
4. What type of funding is required and how you are going to get this funding
6. Risks involved for you and investors
7. Any supporting evidence that the opportunity is real and exists
The pitch will allow up to an additional 5 minutes for question time.
Your Executive Summary should address at least all the points included in your presentation and further include an outline of the tasks to be undertaken to complete the opportunity assessment. Depth and detail is not the objective of this assignment rather it is concerned with your ability to structure and present a persuasive and compelling case.
Length and Presentation:
The Executive Summary no more than 750 words (2 pages). 12 point font, 1.5 spacing
Oral presentation – one minute with up to 5 minutes for questions.
Criteria by which your assessment will be marked:
The oral presentation will be assessed against the following criteria:
• Engagement with the audience
• Extent of preparation
• The structure of the pitch and executive summary
• The professionalism of the presentation, and
• The persuasiveness of your argument
The executive summary will include an assessment of the extent to which the key content areas are covered succinctly and accurately.
Assessment 2: Opportunity Assessment Project (Group)
For start-up entrepreneurs looking to raise capital for their new venture early-stage investors such as Venture Capitalists (VC) and Business Angels can be awfully hard to find, and when you do find them, it's even tougher to get investment dollars out of them. It is equally difficult to get a bank loan or to find crowd funding as external investors are taking on serious risk; new ventures frequently have little or no sales in the beginning and the founders often lack business experience.
Based on desk research and possible interviews with knowledgeable people develop four different opportunity assessment frameworks (team size depending) with your team (max. 4 members) for the following four opportunities.
1. Develop an opportunity assessment framework that can be used through Crowd funding to assess a small team of artists who want to start a cooperative selling art made by unemployed young people.
2. Develop an opportunity assessment framework that can be used by a Bank Manager to assess a start-up entrepreneur wants to set up a rooftop bar in Adelaide.
3. Develop an opportunity assessment framework that can be used by a Business Angel to assess two university students who want to set up a 24/7 fitness center.
4. Develop an opportunity assessment framework that can be used by a Venture Capitalist firm to assess a small team of start-up entrepreneurs who want to set up a business specialising in software tools for online retail businesses.
By using existing or self-developed assessment frameworks, you need to draw together, justify and demonstrate the value of the four different funding perspectives:
1. Crowd funding
2. Entrepreneurs themselves (equity funding or via bank loans)
3. Angel investors and
4. Venture Capital investors.
An example of one framework is the Timmons Quickscreen, which will be discussed in class. Conclude your team assignment by recommending and proposing your chosen or developed assessment frameworks and argue how and why they need to differ.
Length and Presentation:
3500 words (10 pages)
Reports are to be posted to the MyUni grade centre. The body of the report should not exceed 3500 words; however, appendices may be used for supporting documents or demonstration of analysis to the extent that is appropriate.
The report should be submitted as an electronic version in WORD. No report will be accepted in Adobe Portable Document Files (pdf) (they cannot be electronically marked).
Criteria by which your assignment will be marked:
The standards by which the assignment will be assessed include:
• Ability to find, access and interpret available literature
• Ability to recognise important aspects of concept validation
• Ability to present principles in a succinct and usable format
• Completeness and coverage of the Opportunity Assessment Framework report
Assessment 3: Opportunity Assessment (Individual)
Prepare an Opportunity Assessment plan that outlines the possibilities of a technology or business concept of your own choice. Make your recommendations clear and base these on clearly articulated conclusions drawn from your opportunity assessment investigations and analysis.
This Opportunity Assessment Project is NOT a business plan or a feasibility plan.
It should focus on the opportunity assessment frameworks discussed in class and not the whole venture It should be focussed on the decision on whether to act on an opportunity or wait until another, better opportunity comes along. There are two possible outcomes:
1. Yes, this appears to be a feasible and sustainable opportunity. The report should fully outline the reasons and rationale for this assessment to the reader of the report. Your report should further recommend what actions are next required to capitalise on the opportunity.
2. No, this is not a sustainable opportunity. The report should fully outline the reasons and rationale for this assessment to the reader of the report. In this case, the report should suggest a course of action in response to the rejected opportunity.
3. Consider using the Opportunity frameworks and tools developed and presented in the course.
Length and Presentation:
2000 words (6 pages for body) 12 point font, spacing 1.5
The body of the report should not exceed 2000 words; however, appendices may be used for supporting documents or analysis to the extent that is appropriate. The report should be submitted as an electronic version in WORD. No report will be accepted in Adobe Portable Document Files (pdf) (they cannot be electronically marked).
Criteria by which your assessment will be marked:
• Ability to find, access and interpret available literature relating to opportunity assessment
• Ability to apply the assessment principles presented in the course
• Originality and ability to present your findings in a clear succinct manner
• Ability to draw sound conclusions from your investigation
• Ability to make clear recommendations based on the analysis and conclusions
• The inclusion of external data
• The inclusion of additional research
• The extent to which assumptions have been validated.
• Succinctness and businesslike presentation
Assessment 4: Exam (Individual)
Submission Details: 2-hour in class exam
You will be expected to complete a combination of short answer and essay type questions for this exam. Questions will be designed to test your knowledge of topics relevant to this course. You can expect the exam to cover between four and eight of the following topic areas:
• Defining opportunity
• Value proposition
• Entrepreneurial thinking
• Innovation and the opportunity landscape
• Environmental analysis
• Market analysis
• Identification of customer, value proposition and compelling need to buy
• Internal analysis
• Competitive analysis
• Issues of sustainable competitive advantage
• Financial analysis, cash projections and break-even analysis
• Entrepreneur and team, networks and advisors
• Risk identification and what to do about potential risks
• Exit strategy and ROI
Length and Presentation:
Completed on paper in the timeframe of the exam (two hours). Worksheets will be provided as relevant.
Criteria by which your assessment will be marked:
• Depth of your knowledge of the selected topic areas
• The extent to which you are able to relate analytical tools to the opportunity assessment task
• Your understanding of risk relative to commercial opportunities in terms of markets and/or technology
• Your ability to frame opportunity within the context of feasibility and sustainability
• Clarity of written expression
• Succinct presentation of ideas and concepts
SubmissionAll text based assignments must be submitted via MyUni.
Please refer to step by step instructions: MyUni Learning Centre
There are a few points to note about the submission of assignments:
- Assignment Submission: Assignments should not be emailed to the instructor; they must be lodged via the MyUni Course site (unless specified to do both). Note that assignments may be processed via TURNITIN, which is an online plagiarism prevention tool.
- Cover Sheet: Please submit, separate to your assignment, the completed University of Adelaide Assessment Cover Sheet providing details of yourself and your team members (if applicable), your assignment, the course, date submitted, etc. as well as the declaration signed by you that this is your (your team’s) work. Note that the declaration on any electronically submitted assignment will be deemed to have the same authority as a signed declaration.
- Backup Copy of Assignments: You are advised to keep a copy of your assignments in case the submitted copy goes missing. Please ensure that all assignment pages are numbered. If your assignment contains confidential information, you should discuss any concerns with the Course Lecturer prior to submission.
- Extensions of Time: Any request for an extension of time for the submission of an assignment should be made well before the due date of the assignment to the Course Lecturer. Normally, extensions will only be granted for a maximum of two weeks from the original assignment submission date. Extensions will only be granted in cases of genuine extenuating circumstances and proof, such as a doctor’s certificate, may be required.
- Failure to submit: Failure to submit an assignment on time or by the agreed extension deadline may result in penalties and may incur a fail grade. Note that a late penalty of 5% of the total available marks for that assessment item will be incurred each day an assignment is handed in late (Unless otherwise stated in 'Assessment Related Requirements' or 'Assessment Detail' above). Assignments handed in after 14 days from the due submission date will fail even if a 100% mark is granted for the work.
Resubmission & Remarking
Resubmission of an assignment for remarking after reworking it to obtain a better mark will not normally be accepted. Approval for resubmission will only be granted on medical or compassionate grounds.
Grades for your performance in this course will be awarded in accordance with the following scheme:
M10 (Coursework Mark Scheme) Grade Mark Description FNS Fail No Submission F 1-49 Fail P 50-64 Pass C 65-74 Credit D 75-84 Distinction HD 85-100 High Distinction CN Continuing NFE No Formal Examination RP Result Pending
Further details of the grades/results can be obtained from Examinations.
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