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MGMT 295D – BUSINESS PLAN DEVELOPMENT Spring 2022 – 4 Units Course Syllabus Effective date: March 28, 2022 Instructor and TA Information Instructor: Email: Mobile: Office location: Office hours: Jon Funk (Continuing Lecturer) [email protected] 310-701-4744 NA Tuesdays 12:30 – 4 pm. Sign-up sheet provided by TA’s weekly. Additional sessions by appointment. Section 1 Teaching Assistant Email: Section 2 Teaching Assistant Email: Janli Gwo [email protected] Giana Tansman [email protected] Utilize the TAs for questions and advice. Any questions they aren’t able to answer will be forwarded to Professor. Course meeting times and location Course Day & Time: Classroom: BruinLearn Course Site: Thursdays 8:30am – 11:20am PT (Section 1) 1:00pm – 3:50pm PT (Section 2) D-301 https://bruinlearn.ucla.edu/courses/131939 Contact BruinLearn support first if issues accessing course site Pre-requisites/Co-requisites Enforced prerequisite: MGMT 295A Course Description Catalog: Lecture, three hours. Fundamentals of developing effective written business plans. Basic principles of developing plans for sales, marketing, product or service, operations, financials, and management and staffing functions of new startup businesses. From the Instructor: For the purposes of this course, a successful startup is defined as follows: “A new for-profit business established to meet a market need and having achieved self- sustaining status, i.e. able to generate sufficient internal cash flow to sustain operations without external capital infusions.” In this course, teams will develop a complete business plan for a startup enterprise. Each week will address one of the sections of the business plan or a topic directly bearing on the overall plan. The completed plan will be the final deliverable for the course. Students will also prepare and then give an oral presentation of the plan, which will be presented to an external group of panelists for critique, advice and suggestions. This is a team-based course. Students are required to work in 4-6 person teams to produce a plan based on a on a concept agreed upon prior to the beginning of the quarter. (See Team section.) Course Objectives The course objective is to produce a well-researched and complete business plan. For first-time founders, a business plan significantly increases the likelihood of a startup company’s success. A credible plan also provides a platform on which to base changes in strategy and execution which will inevitably be necessary, as well as substantially improves a startup’s prospects for raising outside capital. The plan can also be used as a reference in discussions with advisors, employees and other potential partners. The course aims to: 1. Educate students on the basics and construct each section of a structured business plan. Based on each team’s initial business hypothesis, students will: • Define the product or service • Prepare industry and competitive analysis • Perform market research • Conduct primary research • Plan for production and delivery of the product or service • Prepare credible and detailed financial projections • Learn about the alternatives for raising outside capital • Further develop the capabilities to work within a collaborative team-based structure. 2. Introduce students to relevant reading materials that provide actionable information to support the students’ achievement of the course objectives. 3. Introduce students to relevant external resources, especially within the Anderson community, including other information sources and a speaker series comprised of successful founders and investors. Course Materials Required: • Most assigned readings are reserved in a “Coursepack” on the Harvard Business Publishing website. You are expected to purchase or otherwise acquire these readings. You will have to register on the HBP site if you haven’t already. Most are $4.25 each. 295D – Business Plan Development | Syllabus | 2 THIS IS THE LINK TO COURSEPACK Please let me know immediately if you have issues gaining access. Excerpts from The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup. Noam Wasserman. Princeton, NJ: Princeton University Press, 2013. Assigned excerpts will be distributed on the BruinLearn site. All other materials will be provided on the course site. o • • Other recommended resources: • • Further reading suggestions: o Harvard Business Essentials and Alfred E. Osborne, Entrepreneurs Toolkit. Boston, MA; Harvard Business School Press, 2005. o Jeff Scheinrock and Matt Richter-Sand, The Agile Start-Up: Quick and Dirty Lessons Every Entrepreneur Should Know. Hoboken, NJ, John Wiley and Sons, Inc., 2013 o Tom Eisenman, Why Startups Fail: A New Roadmap for Entrepreneurial Success. New York, NY Currency, 2021 o Noam Wasserman. The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup. Princeton, NJ: Princeton University Press, 2012. o Dermot Berkery, Raising Capital for the Serious Entrepreneur. New York, NY; McGraw Hill, 2008. o Jessica Livingston. Founders at Work: Stories of Startups' Early Days. Berkeley, CA: Apress, 2008. o Daniel Goleman. Emotional Intelligence: Why It Can Matter More Than IQ. (10th Anniversary Edition). New York, NY: Bantam Dell, 2005. Online Resources: Selected reference sites pertinent to this course and entrepreneurship. Please feel free to let me know of possible additions to this list. o https://www.ycombinator.com/library (iconic Y-Combinator’s resource library) o http://steveblank.com (metasite with comprehensive resources) o http://stvp.stanford.edu (Stanford Technology Venture Partners) o http://www.startupucla.com (Startup UCLA) o https://www.clerky.com/ (legal documents and advice) o www.sba.gov (Small Business Administration) o www.startupbiz.com (business plans & forms) o http://www.uspto.gov (Patent & Trademark Office) o www.bplans.com (sample business plans) o http://techcrunch.com (covers technology start-ups) o www.nvca.org (National Venture Capital Association; information on venture capital) o www.pwcmoneytree.com (Worldwide venture capital investment activity) Course Outline 1 Quarte r week Class date 1 3/31/ 22 2 4/7/2 2 3 4/14/ 22 4 5 1 4/21/ 22 4/28/ 22 6 5/5/2 2 7 5/12/ 22 Assignment due Class topics Assigned readings Speaker(s) • Course introduction • Finalize teams • “Lean Strategy”, “Beating the Odds When You Launch a New Venture” (Coursepack) • None • Deliverable #1: Hypothesis Summary • Deliverable #2: Working Financial Model • Hypotheses Review • Financial Modeling • Financial Accounting Review (MGMT 403) excerpts, “Building an Economic Model” (BruinLearn) • None • Product Definition and Competition • “The Elements of Value”, Case: “Rent the Runway” (Coursepack) • Section 1 Ian Chen founder Discotech • Section 2 Max Berg founder Eliqs Anderson ‘17 • Deliverable #3: Product Definition and Competitive Analysis • Secondary and Primary Research • Industry Research and Analysis • “Note on Market Research”, Case: “Dropbox: It Just Works” (Coursepack) • Sections 1 and 2 Mick Maclaverty / Cory Micheel founders Highway Benefits Anderson ‘19 • Deliverable #4a: Industry Analysis • Deliverable #4b: Primary Research Plan QUARTER “MIDPOINT” • Primary Research • Sales and Marketing (1) • “Selling and Marketing in the Entrepreneurial Venture” (Sections 1 – 2.1), Case: “iPhone Applications…” (Coursepack), Founder’s Dilemma excerpts (to be announced) (BruinLearn) • Section 1 Sherry Villanueva founder Acme Hospitality • Section 2 Mikel Noriega founder Elenita Anderson ‘19 • • TENTATIVE Progress Summaries • Sales and Marketing (2) • TENTATIVE Completed Team Survey Deliverable #5: Progress Summary • Deliverable #6: Primary Research Results • Sales and Marketing (3) READING SCHEDULE WEEKS 6-9 SUBJECT TO CHANGE • “Customer Discovery and Validation for Entrepreneurs” (Coursepack), Founder’s Dilemma excerpts (to be announced) (BruinLearn) • “What Entrepreneurs Get Wrong”, “Selling and Marketing…” (Sect. 2.5 – 2.6), Case: “Fitness Anywhere” (Coursepack), Founder’s Dilemma excerpts (to be announced) (BruinLearn) • To be determined • Sections 1 and 2 Debbie Mullin founder Copper Cow SUBJECT TO CHANGE Revisions to the course schedule will be distributed as necessary on BruinLearn. 295D – Business Plan Development | Syllabus | 4 Quarte r week Class date 8 5/19/ 22 9 10A 10B Assignment due Class topics Assigned readings Speaker(s) • Deliverable #7: Sales and Marketing Plan • Operations and Management • “The Legal Forms of Organization”, :Why Startups Fail”, Case: to be announced (Coursepack), Founder’s Dilemma excerpts (to be announced) (BruinLearn) • Section 1 Nikao Yang founder AdColony Anderson ‘06 • Section 2 Theo Lee founder KPop Foods Anderson ‘17 • Raising Capital • “Bootstrap Finance…”, “Financing New Ventures…” (Coursepack) • To be announced 5/26/ 22 • Deliverable #8: Operations Plan • Deliverable #9: Draft Projections • Final Presentations • Section 1 - Group 1 • Section 2 - Group 1 • None • None 6/2/2 2 • Final Business Plan: Written Plan (Group 1) • Final Business Plan: Presentations (Group 1) • • Final Presentations Section 1 - Group 2 • Section 2 - Group 2 • None • None 6/9/2 2 Final Business Plan: Written Plan (Group 2) • Final Business Plan: Oral Presentations (Group 2) 295D – Business Plan Development | Syllabus | 5 Weekly Deliverables These are required written assignments scheduled throughout the quarter, each representing a brief “first draft outline” of a section of the final Business Plan. All are due at the beginning of class. Deliverables are to be delivered in PDF form as instructed in the first class session or as the Professor may direct. I will provide instructional “Guidance” in lecture the week prior to a deliverable’s due date. Weekly deliverables are not graded; however, I will provide written comments and feedback which will be returned to the teams in the week following the submission. You and your team will quickly get a sense of how you’re doing by the character and volume of my comments. Investing time on each deliverable will greatly improve the final plan. Final Deliverables The Final Plan and the Final Presentation are due at the same time depending on your team’s presentation date. Final presentations for each section will be divided into two groups, the first in week #10 during scheduled class time and the second during the scheduled Final session in week #11. The final Business Plan is due at the beginning of the session in which the final presentation is being given. During the quarter teams will be asked for their presentation date choice and we will do our best to accommodate preferences. Not all team members need to be present for the Final Presentation as long as it has been cleared with the Professor and the rest of the team. Each team is required to attend the entire session in which it presents. Course Management Communications from Instructor/TA Announcements on BruinLearn will be the primary method of communications to students. Please read all communications. In Class Each class will typically include review and discussion of most or all of the following elements: • Quiz: There will be 4 unannounced in-class quizzes on the reading materials. Details will be announced (no quiz in the first lecture). • Readings: All readings are required and will be discussed in class. • Exercises: In-class exercises to enhance concept understanding will be conducted. • Discussion: Topics regarding the reading material will be provided in advance. Students are expected to do the reading and review the questions to enhance class engagement. • Lecture: Classes will include a lecture on one of the sections of the business plan. • Speakers: Guest speakers will present for 45 minutes in sessions where a speaker is included. Attendance policy In-person attendance is required. TA’s will take attendance visually for each session. One excused absence is permitted without penalty. To qualify as an excused absence, the student must notify the TA at least the day before the class session with a valid explanation for the absence. For each excused absence beyond the permitted single absence, 2 points will be deducted from the 5 possible points. Each unexcused absences will result in a 2-point deduction for each occurrence. 295D – Business Plan Development | Syllabus | 6 This policy does not apply to Final Presentations. Details will be provided in lecture. Remote Attendance A student may attend a class via Zoom by prior arrangement only with the approval of the instructor. Remote attendance will be counted as an excused absence. Remote attendance requires that the camera be on for the entire session, and the student be clearly visible. Participation will not be possible for students attending on Zoom. Quizzes There will be 5 unannounced multiple-choice in-class quizzes administered at the beginning of selected classes. These quizzes are intended to provide motivation to the assigned material in advance and to enhance class participation. See below for grading details. final grade. There is no quiz in the first lecture. Class Participation Engaging with the class by live participation helps the entire class. Participation is defined by speaking in class. If you want to participate, raise your hand. I’ll do my best to fairly call upon students. I do not attempt to assess the “importance” of a participation instance. Each student will be evaluated upon his or her total instances of participation. At the end of the quarter the total will receive and points allocated over a normalized 18-point scale. See below for grading details. Office Hours Office Hours are initially scheduled for Tuesdays 1230-4 pm. Not all team members are required to attend a session. The TA’s will post a signup sheet on BruinLearn each week after the end of Section 2. Please follow the link for further instructions. Class engagement and laptops I request that all students minimize other activities during class time and devote their full attention during each class session. I may cold-call on students to strengthen engagement. If possible, I ask you take written notes instead of using your laptop out of respect for your fellow students nearby, and because research shows the learning experience is improved. If you have your laptop open, please use it for note-taking or other in-class directed activities only. Otherwise, close your laptop. Phones Phones must be off during class. Teams Size • • A 4-5 person team size is strongly recommended. Smaller teams are not permitted. 6-person teams are permitted; however, these teams will be assigned a heavier workload to ensure individual student workload fairness for all teams. Deliverables with measurable goals, including the final Business Plan, will have those numerical targets increased proportionately. 295D – Business Plan Development | Syllabus | 7 Organization It’s strongly recommended that students arrive on the first day of class as members of a complete team with an identified business concept to be used as the basis for the course. It’s helpful if at least one student be proficient in Microsoft Excel. If you are not a member of a formed team by the first class, we will be allocating time to finalize team formation: • For teams with 2-3 members with a concept and requiring additional team members to reach the minimum, you will be required to recruit other students to create a complete team. • For individual students (“free agents”), you will be responsible for finding a place on an existing team. Split Teams Teams divided between the two sections are NOT permitted. Having all team member present in the same session during class will enhance team collaboration and improved team dynamics. BPD Teams and BCO As of the publication of this Syllabus, admission to the BCO Program requires: • • • • A minimum of 3 students on each team to take both EVI and BPD (they can be different team members) At least 3 team members have received a B+ or better. 5-person teams in BPD are recommended for BCO. 4-person teams meeting grade and other criteria for BCO can add a 5th member to apply to BCO even if that member hasn’t taken EVI and/or BPD. At least 3 students must have worked on the same plan in BPD as that used for the BCO application. For a 6-person team the team must provide a compelling case for why all 6 members are needed. For example, they must lay out the specific skill sets each member has, and that all roles are necessary. The BCO selection process handles each 6-person team request on a case-by-case basis. Evaluation and Grading Grades Your overall course grade will be determined by your team’s and your individual performance using the grading distribution below, and how your performance ranks in comparison with other students in the class according to the grade distribution model at Anderson. Note that courses in which an overall grade of C is received must be offset by higher grades in the same term for students to remain in good academic standing at UCLA. Grade Categories and Percentages The course will be graded using the following percentages for each of the categories below. For ongoing review of in-quarter trackable grading categories, please contact the Professor. Category Grade % Final Business Plan (team) Final Oral Presentations (team) Quizzes (individual) Class Participation (individual) 45% 15% 12% 18% 295D – Business Plan Development | Syllabus | 8 Attendance (individual) Intra-Team Peer Feedback (end of quarter) (individual) Total 5% 5% 100% Quizzes (12%) There will be 5 in-class quizzes, each consisting of 4 questions. At the end of the quarter, the top 3 scores for each student will be totaled to provide the point score for that student. Class Participation (18%) Engaging with the class by live participation helps the entire class and is a meaningful portion of a student’s grade. It will be tracked by the TA’s and aggregated at the end of the quarter. Participation is defined by speaking in class. If you want to participate, raise your hand. I’ll do my best to fairly call upon students. I do not attempt to assess the “importance” of a participation instance. Each student will be evaluated upon his or her total instances of participation. At the end of the quarter the total will receive and points allocated over a normalized 18-point scale. Attendance (5%) Attendance is mandatory and will be graded as previously described. Final Business Plan (45%) This is the final result of the class, hence the major weighting. It will be graded according to the quality of analysis and thinking and how well the plan adheres to what the instructor stresses should be included. Clear, concise, mistake-free writing and grammar are essential. Detailed guidance will be provided well in advance of the due date for the plan. Final Oral Presentations (15%) The conclusion of the course is a final oral presentation of each business plan. It is NOT an investor pitch. Final presentations will be scheduled in two groups, the first taking place during the class time in week #10 and the second during the final session the following week. Groupings will be determined during the quarter. Generally, the presentation will be made to the class and 2-3 “panelists” (professional investors, founders and startup professionals) who provide candid feedback. As the final plans are presented, each attending student will act as an angel investor and invest up to a hypothetical $100,000 in one, several or all of those ventures that he or she believes are worthy of their investment. (other than their own team). Further details will be provided. Reviewers, class feedback, and ranking of plans will be considered in the presentation section of your grade. The presentation will be graded as to how effectively the presenters orally and visually convey the content contained in the final plan. Intra-Team Peer Evaluation (5%) At the end of the quarter and using a confidential feedback form to be provided in advance of the final presentations, each student will provide evaluations on each of the other team members as well as comments on team dynamics. This ensures the instructor has a sense of internal load balancing and team cooperation. 295D – Business Plan Development | Syllabus | 9 Other Information BCO Admission Requirements (for reference only – questions contact the BCO Office) • • • • • • 5 person teams EVI: Entrepreneurship & Venture Initiation o At least 3 members of the BCO team must take this course o At least 3 members of the BCO team must earn a B+ or better Business need not be the same for EVI and BPD BPD: Business Plan Development o At least 3 members of the BCO team must take this course (they can be different team members) At least 3 members of the BCO team must earn a B+ or better BPD business DOES need to be the same business to qualify for BCO UCLA Policies Code of Conduct All participants in the course are bound by the UCLA Student Conduct Code: (https://deanofstudents.ucla.edu/individual-student-code) Academic Integrity UCLA is an institution of learning, research, and scholarship predicated on the existence of an environment of honesty and integrity. As members of the academic community, instructors, students, and administrative officials are all responsible for maintaining this environment. It is essential that all members of the academic community practice academic honesty and integrity and accept individual responsibility for their work. Academic misconduct is unacceptable and will not be tolerated in this course. Cheating, forgery, dishonest conduct, plagiarism, and collusion in academic misconduct erode the University's educational, research, and social roles. Students who knowingly or intentionally conduct or help another student engage in acts that violate UCLA’s expectations of academic integrity will be subject to disciplinary action and referred to the Dean of Students’ Office. Please familiarize yourself with UCLA’s Academic Integrity Policy: https://www.deanofstudents.ucla.edu/Academic-Integrity. Speak to your instructor if you have any questions about what is and is not allowed in this course. Integrity in Research Integrity in research includes not just the avoidance of wrongdoing, but also the rigor, carefulness, and accountability that are hallmarks of good scholarship. All persons engaged in research at the University are responsible for adhering to the highest standards of intellectual honesty and integrity in research. Please familiarize yourself with the University of California Policy on Integrity in Research (https://www.ucop.edu/academic-personnel-programs/_files/apm/apm-190-b.pdf) 295D – Business Plan Development | Syllabus | 10 Accessible Education & Inclusive Education Disability Services UCLA is committed to providing a barrier-free environment for persons with documented disabilities. If you are already registered with the Center for Accessible Education (CAE), please request your Letter of Accommodation in the Student Portal. If you are seeking registration with the CAE, please your request for accommodation via the CAE website. Students with disabilities requiring academic accommodations should their request for accommodations as soon as possible, as it may take up to two weeks to review the request. For more information, please visit the CAE website (www.cae.ucla.edu), visit the CAE at A255 Murphy Hall, contact CAE by phone at (310)825-1501, or by telecommunication device for the deaf at (310) 206-6083. Equity, Diversity, and Inclusion Please familiarize yourself with UCLA Anderson’s commitment to maintaining an equitable, diverse, and inclusive community: (https://www.anderson.ucla.edu/about/equity-diversity-and-inclusion) 295D – Business Plan Development | Syllabus | 11