30 Jun THE ANATOMY OF A START-UP
The purpose of this project is to explore the entrepreneurial process through the experiences of one individual acting as an entrepreneur. It is also an opportunity to find an entrepreneur who has been active in an industry that you are interested in exploring in more detail.
Each student will conduct a learning interview with an entrepreneur/founder (start-up, successful, failed, retired) of his/her choice. This assignment exposes the student to an individual who is or has been actively engaged in an entrepreneurial activity. Such interaction will provide the student insight that cannot be obtained from class room experience alone.
It is your responsibility to identify and contact an entrepreneur; this is part of the course experience. Choose an entrepreneur within an industry that is personally interesting to you, within your field of study, or within the industry you wish to have a business someday.
Topics that should be included in the paper include:
• BACKGROUND: Who is the entrepreneur, and how did you identify him/her? What is his/her background (family education, prior work experience)?
• OPPORTUNITY IDENTIFICATION: How did the entrepreneur identify the business opportunity? Did he/she test different ideas before settling on this opportunity?
• ENTREPRENEURIAL PROCESS: What process did the entrepreneur use to develop the business? Critique the process the entrepreneur used to develop the business. Note the critical successes and failures that the entrepreneur experienced. What could the entrepreneur have done differently to reduce risk?
• MEASURING SUCCESS: Is the venture successful? By what criteria can the venture be viewed as successful? Has the entrepreneur given up anything by choosing his/her career path? What sacrifices have been made?
• JUDGMENT: Would you invest in this venture? Would you work for this entrepreneur? Based on what you have learned from this person, do you believe you could be a successful entrepreneur? Explain why or why not.
Basic guidelines:
• Ideally, your entrepreneur will have started a business in an area of interest to you personally. The more this is true, the more insights you will gain into what you may want to do to prepare yourself to be a successful entrepreneur.
• You must conduct the interview in person (appropriate attire is encouraged). No phone or email/chat interviews are allowed. Get started and organized early so that you can get on the entrepreneurs schedule.
• You may not interview family members, friends, or students unless you obtain prior permission from me; you should expand your network. Please provide all contact information for the entrepreneur that you interview (or scan a business card).
• Dont just report the interview, but also critique the entrepreneurs process (e.g., do you agree with the way the entrepreneur launched the business? What should they have done differently?). See topics above. I am not looking for a transcription of the interview. Tell a story—bring your own passion into it.
• Connections to class concepts and material enhance your work.
• Include a reflection by you of the extent to which the experiences of your interviewee were consistent with or contradicted what we explored together in class.
• The paper should be approximately 7 to 9 pages, double-spaced (1600 to 2100 words).
Real entrepreneurship is downright messy. Your final paper will no doubt be different, depending on the particulars of the entrepreneur you choose. Entrepreneurial ideas and frameworks to support this project will be distributed in class to help you create questions and focus your write up.
Some additional suggestions:
• Note the critical milestones that the entrepreneur reached.
• Including direct quotes makes for more interesting reading.
• Write a thank you letter. Little things count in business.
• Send an introductory email outlining some of the topics and/or questions you will ask the person before the interview.
• Schedule the interview as soon as possible as entrepreneurs schedules are often tight, and your biggest challenge will be to find free time to meet them.
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