Experiential Classroom Using Business Plans to Create a Fantastic Classroom Experience Syracuse University 2007

“Make no little plans: they have no magic to stir men’s blood.” Daniel Burnham

Throw into the Fire  Make it real  Talk to people  Interview 20 business people – Call Reports  Survey 20 customers – qualitative, then quantitative

Hit with a Hammer  Lot’s of feedback  Different sources  Great use of business community  In the Fire sessions

Plunge into Cold Water  Market research  Interaction of team  Mentors/Boards  Iteration produces creativity

Process is the Key  Provide a planning framework  Integrate into entrepreneurship curriculum  Your attitude is key  Expect students to start the business  Investor orientation “We always plan too much and always think too little” Joseph Schumper Joseph Schumper

In the Fire  Throw into the Fire: real world  Hit with a Hammer: feedback, fast & frequent  Plunge into cold water: thinking & analysis “Don’t worry about people stealing your ideas. If they are any good, you’ll have to ram them down people’s throats.”

Business Plan Must Address  Strong market  Attractive industry  Compelling need  Clear value proposition  Sustainable competitive advantage  Understanding of profitability & cash flow  Management 8

Experiential Ideas I  In the Fire  Elevator speeches  Golden Phone (San Diego)  Introduce risk (Don Kuratko)  Present/Revise/Present (Oregon)

Experiential Ideas II  Team selection  Due diligence by other teams (Babson)  “Board” meetings off campus  Negotiate term sheets  Business plans as case studies  Business Plan competitions

“When men speak of the future, the gods laugh” Chinese Proverb

Sources of Concepts  Tech transfer  Local companies – non core business  Incubators  Very early stage entrepreneurs  Engineering student projects

Issues  Selecting concepts  Form vs. substance  Grad students vs. undergrads  Engineering students  Confidentiality  Criticism – lots of reasons not to start a business  In the Fire can be time intensive

Curriculum Organization  Implementation  Management Team  Get a customer  Resources Required  Introduce to investors  Legal  Business Plan  Executive Summary  Product/Service  Industry & Market  Marketing Strategy  Development Strategy  Operations Strategy  Management  Financial Projections  Offering & Valuation  Feasibility Plan  Will anyone buy it?  Can you make a profit?